\
I
I
«
COINAGE LAWS
OF
1792 TO 1804,
WITH AN
FOURTH EDITION— REVISED AND CORRECTED TO AUGUST I, 1894.
<*
PREPARED UNDER THE DIRECTION OF THE COMMITTEB
ON FINANCE, U. S. SENATE.
March 5, 1894. — Submitted by Mr. Voorukk.s, from the Committee
on Finance, and ordered to be printed.
WASHINGTON:
GOVERNMENT PRINTING OFFICE.
1894.
SUBJECT INDEX.
A.
Ta^e.
Abrasion of coins, allowance for 46
Addresses, extracts from inaugural 585, 586
Agriculture :
acreage under crops, etc 465
losses by the depreciation of silver 452,462
number of people engaged in 448, 465
prices of products. (See Prices.)
value of all products 465
Argentine Republic:
exports of merchandise . 819-822
imports and exports of gold and silver 182, 819, 82^5
imports of merchandise 814-819
monetary system of 788
Arizona, production of gold and silver 316
Assay offices :
Boise City, Idaho <. . 44, 55
Charlotte, N. C 16,44
New York, N. Y 29, 44, 55
Attorney-General, letter relative to lawful character of silver certificates.. 787
Australasia :
imports and exports of gold 166
monetary statistics of 132
Australia :
financial conditions in 400
gold production in 368
Austria, monetary statistics of 157
Austria-Hungary :
imports and exports of gold » 175
imports and exports of silver 176
B.
Bacon and hams, prices of 458
Bank of France, metallic reserve 144
Banking, bills introduced in Congress relating to. (See Hills.)
Banks conducted in violation of law, inquiry concerning 331
Banks :
coin and coin certificates held by
national, condition of
deposits in
earnings and dividends
statistics relating to
private, condition of
savings, condition of
State, condition of
Banks of issue of principal countries, situation of.
Barley :
prices of
production of
Beef, prices of
Belgium :
imports and exports of gold and silver
monetary statistics of
216-218
219-222,224,225
... 215, 219-222, 224-229
230,462
215
239,240,242-245
236-238, 240, 242-245, 449
.... 234,240,242-245,449
102
790
466
458,464
171
145,156
m
IV
Page.
Bills relating to banking, coinage, and currency, introduced in Fifty-third
Congress —
H. R. 1, summary of proceedings 473-517
introduced in House 473
passed by the House 486
received in Senate and referred to Committee on Finance 487
reported back from Committee on Finance 487
passed by Senate 512
signed by the President 518
IT. R. 3 544
H. R.ll - 544
H.R.29 544
H.R, 64 545
H.R. 65 545
H. R. 66 545
H.R. 127 546
II. R. 128 - 546
H.R. 135 547
H. R. 136 - 547
H.R. 147 547
H. R. 168 547
H.R. 171 548
H.R. 172 553
H.R. 181 553
H. R. 211 554
H.R. 246 554
H.R. 256 - 555
H.R, 258 555
H.R. 265 555
H.R. 266 556
H.R. 289 : 556
H.R. 292 557
H.R. 293 557
H.R. 332 558
H.R. 339 558
H. R, 384 558
H. R. 392 559
H. R. 1914 559
H. R. 1951 559
H. R. 1957 560
H. R. 1959 * 560
H. R, I960 561
H. R. 1980 561
H. R. 2014 * 562
H. R. 2344 564
H. R. 2368 564
H. R. 2374 565
H. R. 2659 j 565
H. R, 2662 565
H. R. 2872 565
II. R. 2879 566
H.R. 3238 566
H. R. 3301 567
H. R. 3378 567
H.R. 3424 568
H. R. 3427 568
H. R. 3430 568
H.R. 3434 569
H. R, 3438 569
H. R, 3623 569
H. B, 3759 570
H.R. 3760 570
H. R. 3825 571
H. R, 4005 571
II. R. 4016 572
H. R. 4232 572
H. R. 4250 575
H. R. 4310 576
H. R. 4326 577,844,845
V
Bills relating to banking, coinage, and currency, introduced in Fifty-third
Congress — Continued.
H. R. 4391
H. R. 4392
H. R. 4412
H. R. 4447
H. R. 4477
11. R. 4664
H. R. 4896
H. R. 4956
Introduced in Souse and referred to Committee on Coinage, Weights,
and Measures
reported back to House
passed the House
reported to Senate
passed the Senate
examined and signed
vetoed by President
reconsidered and rejected
reports accompanying
H. R. 4960
H. R. 4988
H. R, 5011
H. R. 5386
H. R. 5401
H. R. 5446
H. R. 5448
H. R. 5654
H. R. 5749
H. R. 5820
H. R. 5864
H. R. 5941
H. R. 6077
H. R. 6181
H. R. 6517
H. R. 6612
H. R. 6618
H. R, 6763
H. R. 6811
H. R. 6864
H. R. 6951
H. R. 6967
H. R. 7047
H. R. 7067
H. R. 7211
H. R. 7530
H. R. 7575
S. 1
S. 2
S. 3
S. 8
S. 12
S. 21
S. 46 :
S. 52
S. 53
S. 289
S. 294
S. 325
S. 414
S. 438
S. 453
S. 462
S. 484
S. 485
S. 486
S. 545
S. 570
S. 595
Page.
577
577
577
578
751
751
751
711, 752
711
711
728
729
732
732
732
735-737
840-844
752
755
756
757
757
757
760
761
762
764
764
765
766
766
766
766
767
768
768
770
770
771
772
773
773
774
775
525
525
525
526
526
526
527
528
529
529
529
530
530
530
531
531
532
533
534
534
534
536
VI
Page.
Bills relating to banking, coinage, and currency, introduced in Fifty-third
Congress— Continued.
S. 751 536
S. 765 537
S. 883 537
S. yi6 537
S. 1050 538
S. 1151 539
S. 1177 743
S. 1178 744
S. 1284 744
S. 1388 745
S. 1566 746
S 1814 747
S. 1923 747
S. 1986 747
S. 2029 .* 747
S. 2115 748
Bland seigniorage bill. See Bills, H. it. 4953.
Bland seigniorage bill and Sherman law, operations compared 436
Boise City, Idaho, assay office 44, 55
Bonds, Government:
gold received from sales of 829-832
Pacific railroad 249
prepayment of interest on 320-323
purchases of 312
subscriptions and sale of five per cent loan of 1904 779-783
Brazil, cash value of imports from, in depreciated currency 826-828
British colonies, financial conditions in 398
Brussels monetary conference, 1892 200-207
Bullion. (See Gold and Silver.)
Butter, prices of 458
C.
California, gold production in
Canada, financial conditions in
Cape Colony:
financial conditions in
imports and exports of gold
imports and exports of silver
Carpets, prices of
Cash in United States Treasury
Cattle, prices of
Certificates :
coin, held by national banks
gold, outstanding
silver, outstanding
issue authorized
opinion of Attorney-General, regarding
redemption of, in gold
Charlotte, N. C., assay office established at
Cheese, prices of
Chicago, deposits and reserve
Chile, imports and exports of gold and silver..
China:
imports and exports of gold and silver
monetary statistics of
prices of staple products *
Circulation :
national bank.,.
of principal countries
of principal European banks
of United States
Clearing house :
New York, transactions of
United States, transactions of
Coffee, prices of
315, 367
399
399
182
183
459
246,250.337
464
127-129,216-222,241
127-129, 207, 254, 261, 262
127-129, 207, 254, 263, 264
64, 69
787
328
16
458
226
182
181
155
463
223
130,162.163,305,433
162,163.440
- 115. 126, 127. 129. 207, 215, 263,
261 . 439, 454, 457, 465, 686, 695, 697, 699
232
233
459
VII
Page,
Coinage:
acts establishing standards 3, G, 7, 10, 15, 19, 25, 26, 27,
31, 32, 33, 34, 37, 47, 62, 64, 83-89
Argentine Republic 788,789
Australasia 132,298-304
Austria 157,298-304
Belgium 145,298-304
Central and South America 298-304
China 155
D en m ark 155, 298-304
fineness of, in principal countries 197
of foreign money at United States mints authorized 43
France 142, 144, 298-304
Germany 150, 298-304
gold 90,92,98,99,298-304
Great Britain and colonies 131, 298-304
India 133, 138, 298-301, 788, 789
Italy 148,298-304
J apan 153, 298-304
laws of the United States regulating 1-77,81
Mexico 156, 298-304
minor i 94,95,96
Netherlands 150, 298-304
Norway 155, 298-304
Persia 158
Peru 156
Portugal 149,298-304
recoinage of, the world 102, 188
Russia 159, 298-304, 788
Scandinavian Union 155, 298-304
Ernest Seyd’s letter on 279
silver 91, 98, 99, 115, 116, 263,
264, 276, 277, 291, 298-304, 317, 640, 645-647, 655-707
South and Central America 298-304
Spain 149, 298-304
Sweden 155, 298-304
Switzerland 145, 298-304
Turkey 298-304
United States mints 90, 98, 298-304
Venezuela 160
of the world 99, 101, 102, 298-304, 440
Coins :
foreign, legal-tender value of, established 7, 10, 11, 12, 16, 25, 31, 57, 81-83
recoinage of 57
value of 100, 193, 846
relative value of gold and silver in England 435
United States, authority for coining 81-89
gold 83, 87
minor 86, 89
silver 84, 88
stock of 124,129,207
Colorado, production of gold and silver 316
Columbian half dollars, coinage authorized 76
Commerce of the United States 257-260
Commission, Royal British 684
Comstock lode 382
Confederation, articles of, relating to coinage 1
Conference, monetary, in Brussels, 1892 200-207
Conferences, monetary, in Paris, 1868, 1878, 1881 199
Congressional debates, extracts from 429
Constitution of the United States, provision for coinage, etc 1
Copper, acts providing for coinage of 6, 7, 10, 24, 31, 32
Copper, operations of the French syndicate, the Seci6t6 des Metaux 396
Corn :
prices of 438, 445, 458, 464, 790
production of 466
Cotton :
cloth, prices of 790
consumption of 468
VIII
Page.
Cotton — Continued.
prices of 432, 437, 438, 458, 464
production of 467
Counterfeiting, penalties provided for 11, 33, 41, 57, 64, 73
Currency (see also Circulation):
amount of outstanding paper 127-129, 207-213, 254
depreciated, imports from countries having 823-828
Indian commission’s report on 133
legislation of the United States 1-77, 81
principal countries 130, 305
redeemed and reissued or destroyed since January 14, 1875 783-786
redemption of fractional 63
reform of 654
reports, extracts from 81
revised statutes relating to , 60
Currency Problem, paper by J. Barr Robertson 339
D
Dablonega, Ga., mint established at 16
Debates :
extracts from Congressional 429
index to 518, 738
Debt:
State, per capita 470
United States public 246, 250-253, 335
of various nations 445,447
Denmark :
imports and exports of gold and silver 178
monetary statistics of 155
Denver, Colo., assay office at 55
Depositors in savings banks, number of 236, 237
Deposits :
and reserve in reserve cities 226
loan and trust companies 236, 240
national bank 215
private banks 239, 240
savings bank 236-238, 240
State banks 234,235,240
Depreciated currency, imports from countries having 823-828
Depression, Frederick C. Waite on causes of 277
Diagrams :
gold dollar and commodities as measured by silver standard 451-1
prices of gold and twenty leading commodities as measured by silver
stan d aid 451-1
price of butter, eggs, and steel rails as measured by gold standard 451-1
fluctuations of exchange from 1820 to 1873 * 451-2
fluctuations in price of commodities and silver measured by gold 451-3
appreciation of gold measured by purchasing power from prices of 1873. 451-3
relative appreciation or depreciation of gold and silver measured by
Soetbeer’s index numbers 451-4
annual average fluctuation in value of gold measured by silver on basis
of 1 to 15£ ' 451-6
relative production of gold in value measured by production of silver.. 451-6
Dies:
destruction of 54
for national medals 54
Discount, annual average in Europe , 164
Dividends and earnings of national banks 230, 462
Dollar :
gold, coinage discontinued
silver, bullion value jof
trade
Drilling, prices of
73
105-1 08, 110, 111, 434, 44 5, 4 58
647, 654
459
E.
Earnings and dividends of national banks
Ecuador, monetary statistics of
230,462
161
IX
I'nfit*.
Expenditures and receipts of United States 770
Exports :
gold from Argentine Republic 182,822
Australasia 106
Austria-Hungary 175
Belgium 145,171
Cape Colony 188
Chile 182
China 181
Denmark 178
Ecuador 161
France 142,109
Germany 150,176
Great Britain and Ireland ... 131,164,349
India 167,813
Italy 148,173,813
Japan... 153,180
Mexico • 156, 181
Netherlands 150,177
Norway 155,178
Peru 156
Portugal 174
Russia 159, 179, 802
Scandinavian I'nion 155,178
Spain 149, 174
Sweden 178
Switzerland 146,172
United States 117,118,255,456
merchandise from Argentine Republic •. 820-822
India 808-813
Russia 798-802
United States r 257-260,441
silver from Argentine Republic 182,822
Austria-Hungary 176
Belgium 145, 171
Cape Colony ". 183
Chile 182
China 181
Denmark 178
Ecuador 161
France 142, 170
Germany 150, 177
Great Britain and Ireland 112, 131, 165
India 168,813
Italy 148,173
Japan 153, 180
London 112
Mexico 156, 181
Netherlands 150,178
Norway 178
Peru 156
Portugal 175
Russia 159, 179, 802
Scandinavian Union 156, 178
Spain 149, 174
Sweden 156, 178
Switzerland . 146,172
United States 256,317
wheat from United States and India 448
Extracts from Mint, Currency, and other Treasury Reports 81
F.
Failures in United States 457
Fibers, consumption of 468
Fineness of coinage in principal countries 197
'Flax, hemp, etc. :
consumption of 468
juices of 790
X
Page.
Flour, prices of 790
Foreign coins:
coinage at U. S. mints autliori/.cd 43
legal-tender values of, establisheu 7, 10, 11, 12-16, 25, 31, 57
recoinage of 57
values of 100, 193, 846
France :
imports and exports of gold 169
imports and exports of silver 170
monetary statistics of 142, 359
Freight rates 459
Future of Silver, by Edward Suess 361
G.
Geological conditions governing supply of gold and silver (see paper on
Future of Silver, by Edward Suess) 361
Germany :
imports and exports of gold 176
imports and exports of silver 177
monetary statistics of 150
Ginghams, prices of 459
Glass, prices of window 459
Goblets, prices of 459
Gold:
coins and coin certificates held by national banks 216-222, 241
stock of, in United Kingdom 352
stock of, in United States 124, 129,261,262
coinage of principal countries 99, 101, 102, 298-304
coinage of United States 90, 92, 98, 99, 298-304
coinage of one and three dollar pieces discontinued 73
consumption of 391, 455
deposits of bullion at mints anti assay offices authorized 30,60
exports of. (See exports.)
geological conditions governing supply of (see paper on Future of
Silver, by Edward Suess) 361
imports of. (See imports.)
_ -l _ a __ x • i rn xt no r» < .. t -t i r><\ « o on r>r»rv
298-304, 315, 349, 434. 436, 441-444. 445
received in Treasury, November 1, 1893, to June 13, 1894 829-832
reciprocal value of gold and silver 414,451
recoinage by various countries 188-192
relative value of gold and silver coins in England 435
stocks in European banks ■ 694
in principal countries 130, 305
in United States . 124, 129, 207-211, 261, 262, 352, 394
supply, continuance of 386
Gold and silver standard countries, population, revenues, expenditures,
etc., of 185
Gold prices of commodities (Sauerbeck) 431
Gold standard countries, population, revenues, expenditures, etc 185
Grain, production of all kinds of 464, 466, 467, 469
Great Britain and Ireland:
imports and exports of gold 164, 349
imports and exports of silver 165
monetary statistics of 131, 164, 165
Groats, prices of 790
Gunny bags, prices of 790
H.
Hemp :
(lax, etc., consumption of 468
prices of 790
Hides, ju ices of 790
XI
I.
Fa<re.
Idaho, production of gold and silver 316
Imports :
from countries having depreciated currency 823-828
gold into Argentine Republic 182,819
Australasia 166
Austria-Hungary 175
Belgium 145,171
Cape Colony 182
Chile 182
China 181
Denmark 155,178
Ecuador 161
France 112, 1G9
Germany 150, 17G
Great Britain and Ireland 131, 164, 349
India 1G7, 808
Italy 148,173
Japan 153,180
Mexico 181
Netherlands ■ 150, 177
Norway 155, 178
Portugal 174
Russia 159, 179, 797
Scandinavian Union 155,178
Spain 149, 174
Sweden - 155, 178
Switzerland 145, 172
United States 118,255,456
Venezuela 160
merchandise into Argentine Republic 813-819
India 803-808
Russia 791-797
United States 257-260, 441
silver into Argentine Republic 182,819
Austria-Hungary 176
Belgium 145, 171
Cape Colony 183
Chile 182
China 181
Denmark 178
Ecuador 161
France 142, 170
Germany 150, 177
Great Britain and Ireland 131, 165
India., 113,168,683,808
Italy 148,173
Japan 153, 180
Mexico 181
Netherlands 150, 178
Norway 178
Portugal 175
Russia 159, 179, 797
Scandinavian Union lo5, 178
Spain 149, 174
Sweden 156,178
Switzerland 146, 172
United States 256
Venezuela 160
Inaugural addresses, extracts from 585, 586
India:
financial and commercial conditions in 402
imports and exports of gold 167, 808
silver 113,168,683,808
imports of merchandise 803,808
monetary statistics of 133, 353, 788
prices of staples 789,790
report of currency commission 133
Indigo, prices of 790
XII
Page.
Iron, bar, prices of 459
Interest on Government bonds anticipated by the Treasury Department 320-323
Italy :
imports and exports of gold and silver 173
monetary statistics of 147
J.
Japan :
imports and exports of gold and silver - 180
monetary statistics of 153
Jute, prices of 790
L.
Laws, United States coinage and currency (see also Bills) 1-77,81
Lard, prices of 458
Leather, prices of 790
Legal tender, what constitutes 59
Legislation, currency, and coinage of the United States ( see also Bills) 1-77, 81
Linseed, prices of 789
Loan and trust companies, condition of 236, 240, 242-245, 449
Loans and currency, revised statutes relating to 60
Losses to farming interests by the depreciation of silver 452,462
M.
Manufactures, Eleventh Census, statistics of 461,467
Meats, production of 468,469
Message of President, calling special session of Congress to consider the
financial situation 267
Messages, extracts from annual Presidential 589-607
Metals, precious. (See Gold and Silver.)
Mexico :
imports and exports of gold and silver 181
monetary statistics of 156
Mints:
acts establishing and regulating 1, 6, 8, 10, 14, 16, 17, 27, 36, 44-58
reports, extracts from 81
standard weight established for 14,54
Molasses, prices of 459
Monetary conference in Brussels, 1892 200-207
Monetary conference in Paris, 1868, 1878, 1S81 199
Monetary systems of principal countries 130, 305, 433
Montana, production of gold and silver 316
N.
Nails, prices of 459
National banks :
condition of 219-222, 449
earnings and dividends of 230
notes withdrawn from circulation 311
statistics, United States „ 215,219-231
Netherlands :
imports and exports of gold 177
imports and exports of silver 178
monetary statistics of 150
Nevada, production of gold and silver 315
New Mexico, production of gold and silver 316
New Orleans, La., mint established at 16
New York :
assay office 29, 55
clearing-house transactions 232
deposits and reserve 226, 228
Nickel :
acts providing for coinage of 33, 34
coinage of three-cent piece discontinued 73
XIII
Page.
Norway :
imports and exports of gold and silver 178
monetary statistics of 155
Notes :
national bank —
outstanding 127-129, 213, 219-223, 254
withdrawal from circulation 311
principal European banks 440
Treasury —
amount outstanding 127-129, 207-210, 213, 254, 263, 264
issue authorized in payment for silver purchased 70
redemption of 270, 311, 832-839
circulating, proposed issue of .• 274, 529
O.
Oats :
prices of 438, 464, 790
production of. 1 466
Opium, prices of 790
P.
Pacific Railroad bonds, sinking fund, etc 249, 253, 338
Panics, coincidence of 458
Paper money. ( See Currency.)
Paris, monetary conferences in, 1868, 1878, 1881 199
Payment, resumption of specie. 61, 61 1 , 615, 620. 625, 630, 936, 638
Pepper, prices of 459
Per capita circulation of principal countries 130, 305, 433
Persia, monetary statistics of 158
Peru, monetary statistics of 156
Philadelphia, mint located at 10, 12, 13, 14
Population, etc., of various countries 130, 185
Pork, prices of 458, 464
Portugal :
imports and exports of gold 174
imports and exports of silver 175
monetary statistics of 149
Precious metals. (See Gold and Silver.)
President:
extracts from annual message of 589-607
inaugural address of 585, 586
message, calling special session of Congress to consider the financial
situation 267
veto of Bland seigniorage hill 732
Prices :
affected by the demonetization of silver 469
bacon and hams 458
barlev 790
beef/. 458,464
bonds, Government 313, 778, 783
butter 458
carpets 459
cattle 464
cheese 458
Chinese staple products 463
coffee 459
commodities (Sauerbeck) > 431,450,451
corn 438, 445, 458, 464, 790
cotton 432, 437, 438, 458, 464
cloth 790
drilling 459
flax 790
flour 790
ginghams 459
glass, window 459
goblets 459
groats 790
gunny bags 789
XIV
Prices — Continued.
hardware
hemp
hides
India staple products
indigo
iron, bar
jute
lard
leather
linseed
molasses
nails
oats „
opium
pepper
pork .•
print cloths
prints .
quinine
rails, steel t
rier
Russian staple products
rye
saltpeter
sheeting
shellac
shirting
silk
silver, in London
in New York
paid by United States
steel rails
sugar
tea
tobacco
undershirts
wages, relation to
wheat
in Bombay and London
wool
yarn
Print cloths, prices of
Prints, prices of
Profits of national banks
Private banks, condition of
Public debt, statement
Purchases :
Government bonds
silver bullion, act authorizing
silver by United States
Purchasing clause of Sherman law, repeal of
Page.
466
760
790
789,790
790
459
789
458
790
789
459
459
438,464,790
790
459
458,464
459
459
459
459
789
790
790
789
459
790
459
790
104, 105, 110, 431, 432, 434, 683
104. 105. 110; 434, 445,458
. . . 123. 124, 293-296, 307-310, 325-327
459
459
459,790
438,458,464
459
439,458
132, 438, 445, 4 17, 452, 158, 163, 464, 789
344,789
790
790
459
459
230,462
239, 240, 242-245
246,250,335
312
70
111,118-124,276,277,
293-296, 307-310, 317, 318, 325-327, 424
473-517
Q.
Quinine, juices of.
459
R
Railroads, construction of
Rails, prices of steel
Ratio of silver to gold 4, 105-108, 130, 198, 305, 1 1 1, 432, 434, 448,
Receipts and expenditures of United States
Recoinage :
principal countries 102, 188-
silver under ratio of 20 to 1, cost of
Recorder, New York, editorial on free coinage of silver
470
459
451
776
192
271
272
XV
rage.
Redemption:
fractional currency 63
Government obligations in gold 832-839
silver certificates in gold 328, 832
Treasury notes in silver 270, 31
Refining, charges fixed for 28, 29, 49
Repeal of purchasing clause of Sherman law 473-517
Reserve —
and deposits in reserve cities 226-229
metallic, of principal European banks 162, 440, 444
Resolutions, joint, relative to banking, coinage and currency introduced
in the Fifty-third Congress :
S. Res. 4 539
S. Res. 24 539
H. Res. 15 580
H. Res. 25 580
H. Res. 37 581
H. Res. 63 581
Senate 749, 750
Resumption of specie payment 61, 611, 615, 620, 625, 630, 636, 638
Revised Statutes, sections relating to coinage 44-58
Rice :
production of 468
prices of 789
Robertson, J. Barr, paper on the Currency Problem 339
Russia:
exports of merchandise 798-802
gold production 160,371
imports of merchandise * 791-797
imports and exports of gold and silver 159, 179
monetary statistics 159, 788
prices of staples 790
Rye, prices of 790
S.
St. Louis, deposits and reserve
Saltpeter, prices of
San Francisco, Cal., mint established at
Savings banks, condition of
Scandinavian Union:
imports and exports of gold and silver . . .
monetary statistics of
Secretary of the Treasury. ( See Treasury.)
Seigniorage :
on silver coinage
Bland bill. (See Bill H. R. 4956.)
Seyd, Ernest, letter on the subject of coinage
Sheeting, prices of
Shellac, prices of
Sherman law :
compared with Bland bill
repeal of purchasing clause
Shirting, prices of
226
789
27
236-238, 240, 242-245, 449
178
155
117, 291, 317, 840
279
459
790
436
473-517
459
Silk:
consumption of 468
prices of 790
Silver :
certificates, issue authorized 64, 69
opinion of Attorney-General regarding 787
redemption in gold 328
coinage 115, 116, 263, 264 276, 277, 298-
304, 317, 640, 645, 646, 647, 655-707
laws relating to 1-77
coins, stock of, United States 115, 124-129
coin and coin certificates held by national banks 216, 222, 241
consumption of, in mechanic arts 391, 455
cost of production 390
course of, from 1848 to 1893 113
XVI
Page.
Silver — Continued.
deposits of bullion at mints and assay offices authorized 30
depreciation since 1872, causes of 113
dollar, bullion value of 105-108, 110
exports. (See Exports.)
extraction of, from the ores 377
The Future of, paper by Edward Suess 361
geological conditions governing supply of (sec paper on Future of Silver,
by Edward Suess) 361
imports. (See Imports.)
price of, in London 104, 105, 110, 112, 318, 431, 432, 434, 683
in New York 104, 105, 110, 112, 318, 434, 445, 458
purchases of, by United States Ill, 118-124, 276,
277, 293-296, 307-310, 317, 318, 325-327, 425
act au thorizing 70
production of 101, 102, 103, 104,
185, 194, 275, 276, 298-304, 315, 349, 434. 436, 44 1-444, 445
ratio of, to gold 105-108, 130, 198, 305, 414, 432, 434, 448, 451
recoiuage by various countries 188-192
recoining under ratio of 20 to 1, cost of 271
Beigniorage on coinage 117,291,317
sources of supply 390
Btock of, in European banks 694
in principal countries 130,305
in United States Ill, 125, 129, 207-214, 263, 264
trade dollar 69, 647, 654
reciprocal value of silver and gold 414, 451
relative value of silver and gold coins in England 435
Silver-standard countries, population, revenues, expenditures, etc 186
Society des Mdtaux 396
Spain : *
imports and exports of gold and silver 174
monetary statistics of 149
Specie payments, resumption of 61, 611, 615, 620, 525, 630, 636, 638
State banks, condition of 234, 240, 242-245, 449
Statutes, Revised:
relating to loans and the currency 60
relating to coinage 44-58
Steel rails, prices of 459
Suess, Edward, paper on the Future of Silver 361
Sugar :
prices of 459
production of 468, 469
Sweden :
imports and exports of gold and silver 178
monetary statistics of 155
Switzerland :
imports and exports of gold and silver 172
monetary statistics of 145
T.
Taxation of the nations 453
Tea, prices of 459, 790
Three-ccnt nickel piece, coinage discontinued 73
Tliree-dollar gold" piece, coinage discontinued 73
Tobacco, prices of 438, 458, 464
Trade dollar 69, 647, 654
Transvaal, gold production in 374
Treasury, United States:
cash in 246,250,337
notes, issue authorized in payment for silver purchased 70
redemption of, in silver 270, 311
Secretary of, extracts from annual reports 81. 610-707
letter relative to the redemption of Treasury notes issued under the
act of .July 14, 1890, and also relative to the exchange of gold coin
for silver dollars 270
letter showing the necessity for the immediate appropriation of
$300,000 for continuing recoiuage of fractional silver coins 270
XVII
Treasury, United States — Continued.
Secretary of, extracts from annual reports — Continued.
letter relative to the cost of recoining silver currency under the pro-
posed ratio of one to twenty 271
letter recommending the passage of the hill (S. 291) to provide lor
the issue of circulating notes to national banks 274
letter transmitting information relating to the purchase and coinage
of silver under the act of July f 1 , 1890 276
letter relative to the purchase of sil\ er bullion in the month of July,
1893 - 292
letter relative to the purchases of silver bullion in the month of
August, 1893 297
letter giving information relative to the redemption in silver of
notes issued under the Sherman act 311
letter relative to the withdrawal of national-bank notes from circu-
lation by national banks 311
letter giving a statementof Government bonds purchased since 1879. 312
letter ti’ansmitting statement of national banks that have dimin-
ished and enlarged circulation, etc 314
letter giving amount of exports of silver bullion „ 317
letter giving information why silver bullion was not purchased in
the months of ,July and August, 1893 318
letter giving statementof interest on Government bonds anticipated
by the Treasury Department 220
letter stating that no money has been borrowed by the Government
since March 5, 1885 324
letter giving purchases of silver bullion during September, 1893 .. . 324
letter relative to the redemption of silver certificates in gold 328
letter stating the number of silver dollars coined under the acts of
February 28, 1878, and July 14, 1890, etc 329
letter relative to appropriation for freight on bullion 330
letter replying to inquiry relative to banks conducted in violation
of law 331
letter relative to deficiency in Government revenues 332
letter relating to redemption of Treasury notes in gold, the purchase
of sils er bullion, the disposition of the seigniorage, etc 360
letter transmitting statement of purchases of silver bullion in Octo-
ber, 1893 424
letter relative to the necessity for issuing bonds in order to replen-
ish the coin reserve and meet public expenses 776
letter giving information as to the sales of bonds xmder the notice
of January 17, 1894 778
letter giving a statement of the paper money redeemed and reissued
or destroyed since January 14, 1875 783
letter relative to the currency and the productions of India, Russia,
and the Argentine Republic 788
letter relative to cash value of imports from countries having depre-
ciated paper, etc 823
letter transmitting statement of gold coin received since November
1, 1893, and payments made in gold, etc . 828-839
Statements 776,777
Trust companies, condition of 236, 240, 242, 245, 449
Twenty-cent silver piece 62, 66
U.
Undershirts, prices of 459
United States, views of Edward Suess on financial conditions 409
Utah:
memorial of governor and legislative assembly relative to silver coinage 839
production of gold and silver 316
V.
Value of foreign coins 100,193
Veto of Bland seigniorage bill 732
Venezuela, monetary statistics of 160
XVIII
Wages :
purchasing power of 458
and prices, relative 439
in 1860 and 1885 in dollars and grains of gold 446
Waite, Frederick C., letter relative to the cause of financial and industrial
depression 277
W ealth and debts of nations 447
Weight:
standard for mint 14, 54
deviations allowed in adjusting coins 51
Wheat:
exports from United States and India 448
prices of . . 432, 438, 445, 447, 452, 458, 463, 464, 789
prices of, in Bombay and London 344, 789
production of 460, 466, 467, 469
production and imports in United Kingdom per capita 345
Wool :
consumption of 468
prices of 790
World’s coinage 99, 101, 297-304, 440
World’s Fair souvenir half dollars, coinage authorized 76
y.
Yarn, prices of.
790
COINAGE LAWS UNITED STATES, 1792 TO 1893.
ARTICLES OF CONFEDERATION OF JULY 9, 1778.
Article 9. * * * The United States in Congress
assembled shall also have the sole and exclusive right and
power of regulating the alloy and value of coin struck by
their own authority, or by that of the respective States —
tixing the standard of weights and measures throughout
the United States. * * *
CONSTITUTION OF THE UNITED STATES.
Article 1, Section 8, Paragraph 5.
To coin money, regulate the value thereof, and of foreign
coin, and fix the standard of weights and measures j
Briscoe t\ The Bank of the Commonwealth of Kentucky, 11
Pet., 257 ; Fox v. The State of Ohio, 5 IIow., 410; United States v.
Marigold, 9, How., 560.
Article 1, Section 10, Paragraph 1.
No state shall * * * coin money, emit bills of credit,
make anything but gold and silver coin a tender in pay-
ment of debts. * * *
ACT OF APRIL 2, 1792.
i
Establishing a mint and regulating the coins of the United States.
Section 1. Be it enacted by the Senate and House of Rep- [.Mint ^stat-
resentatives of the United States of America in Congress assem- 'of'u’overm
bled, audit is hereby enacted, and declared, That a Mint ' for ment-
the purpose of a national coinage be, and tlie same is es-
tablished; to be situate and carried on at the seat of the
Government of the United States, for the time being: And
that for the well conducting of the business of the said
Mint, there shall be tlie following officers and persons,
namely, — a Director, an assayer, a chief coiner, an engraver,
a treasurer.
Sec. 2. And be it further enacted, That the Director of the Director to cm-
Mint shall employ as many clerks, workmen, and servants workmeu>
as he shall from time to time find necessary, subject to the
approbation of the President of the United States.
Sec. 3. And be it further enacted, That the respective onty of the
functions and duties of the officers above mentioned shall uflicei3'
be as follows: The Director of the Mint shall have the chief
management of the business thereof, and shall superintend
all other officers and persons who shall be employed therein.
The assayer shall receive and give receipts for all metals Assayer.
which may lawfully be brought to the Mint to be coined ; see. 2.
shall assay all such of them as may require it, and shall’
deliver them to the chief coiner to be coined. The Chief Cbief coiner,
coiner shall cause to be coined all metals which shall be re-
ceived by him for that purpose, according to such regula-
tions as shall be prescribed by this or any future law. The Engraver.
S. liep. 235 1 1
2
Treasurer.
To take oath.
And give bond.
Act of Mar. 3,
1794, cli. 4, gee. 2.
Salaries.
Accounts, how
and where to be
settled.
engraver .shall sink and prepare the necessary dies for such
coinage, with the proper devices and inscriptions, but it
shall be lawful for the functions and duties of chief coiner
and engraver to be performed by one person. The treas-
urer shall receive from the chief coiner all the coins which
shall have been struck, and shall payor deliver them to
the persons respectively to whom the same ought to be paid
or delivered; he shall morever receive and safely keep all
monies which shall be for the use, maintenance and support
of the Mint, and shall disburse the same upon warrants
signed by the Director.
Sec. 4. And he it f urther enacted , That every officer and
clerk of the said Mint shall, before he enters upon the exe-
cution of his office, take an oath or affirmation before some
judge of the United States faithfully and diligently to per-
form the duties thereof.
Sec. 5. And he it further enacted , That the said assay er,
chief coiner and treasurer, previously to entering upon the
execution of their respective offices, shall each become
bound to the United States of America, with one or more
sureties to the satisfaction of the Secretary of the Treasury,
in the sum of ten thousand dollars, with condition for the
faithful and diligent performance of the duties of his office.
Sec. 6. And he it further enacted , That there shall be al-
lowed and paid as compensations for their respective serv-
ices— To the said Director, a yearly salary of two thousand
dollars, to the said assayer, a yearly salary of one thousand
five hundred dollars, to the said chief coiner, a yearly salary
of one thousand five hundred dollars, to the said engraver,
a yearly salary of one thousand two hundred dollars, to the
said treasurer, a yearly salary of one thousand two hundred
dollars, to each clerk who maybe employed, a yearly salary
not exceeding five hundred dollars, and to the several sub-
ordinate workmen and servants, such wages and allow-
ances as are customary and reasonable, according to their
respective stations and occupations.
Sec. 7. And he it further enacted , That the accounts of the
officers and persons employed in and about the said Mint
and for services performed m relation thereto, and all other
accounts concerning thebusiness and administration thereof,
shall be adjusted and settled in the Treasury Department
of the United States, and a quarter yearly account of the
receipts and disbursements of the said Mint shall be ren-
dered at the said Treasury for settlement according to such
forms and regulations as shall have been prescribed by that
Department; and that once in each year a report of the
transactions of the said Mint, accompanied by an abstract
of the settlements which shall have been from time to time
made, duly certified by the Comptroller of the Treasury,
shall be laid before Congress for their information.
UniU'd stm-s to Sec. 8. And he it further enacted , That in addition to the
cause buildings authority vested in the President of the United States by a
to bo provided, resolution of the last session, touching the engagement of
artists and the procuring of apparatus for the said Mint,
the President be authorized, and he is hereby authorized to
pause to be provided and put in proper condition such build-
3
18, 1837.
Hal f eagles.
Ibid.
Quarter eagles.
Ibid.
Dollars or
ings, ami in such manner as shall appear to him requisite
tor the purpose of carrying on the business of the said Mint;
and that as well the expenses which shall have been in-
curred pursuant to the said resolution as those which may
be incurred in providing and preparing the said buildings,
and all other expenses which may hereafter accrue for the
maintenance and support of the said Mint, and in carrying
on the business thereof, over and above the sums which
may be received by reason of the rate per centum for coin-
age herein after mentioned, shall be defrayed from the to^o^iTitayed^
Treasury of the United States, out of any monies which
from time to time shall be therein, not otherwise appropri-
ated.
Sec. 9. And be it further enacted , That there shall be from Metals and de-
time to time struck and coined at the said mint, coins of tho'coiu's"^) be
gold, silver, and copper, of the following denominations, 8tg,ck- 1 fFch
values and descriptions, viz. Eagles — each to be of the maty 12, i8?a.
value of ten dollars or units, and to contain two hundred f^otof June
and forty-seven grains and four eighths of a grain of pure, 28,1834,8.1.
or two hundred and seventy grains of standard gold. Half Act of January
eagles — each to be of the value of live dollars, and to con
tain one hundred and twenty three grains and six eighths
of a grain of pure, or one hundred and thirty five grains of
standard gold. Quarter Eagles — each to be of the value of
two dollars and a half dollar, and to contain sixty one grains
and seven eighths of a grain of pure, or sixty seven grains
and four eighths of a grain of standard gold. Dollars or miYts
units — each to be of the value of a Spanish milled dollar as Jan
the same is now current, and to contain three hundred and uary’is/isn, j!"*.
seventy-one grains and four sixteenth parts of a grain of Act Febru a im-
pure, or four hundred and sixteen grains of standard silver. 12,1873.
Half Dollars — each to be of half the value of the dollar or Half dollars,
unit, and to contain one hundred and eighty-five grains hbid-
and ten sixteenth parts of a grain of pure, or two hundred ruaryn,”^ s!
and eight grains of standard silver. Quarter Dollars — each L 0uar t er
to be of one fourth the value of the dollar or unit, and to lark ' c °
contain ninety- two grains and thirteen sixteenth parts of a
grain of pure, or one hundred and four grains of standard
silver. Dismes — each to be of the value of one tenth of a
dollar or unit, and to contain thirty seven grains and two
sixteenth parts of a grain of pure, or forty one grains and
three fifth parts of a grain of standard silver. Half Dismes
— each to be of the value of one twentieth of a dollar, and
to contain eighteen grains and nine sixteenth parts of a
grain of pure, or twenty grains and four fifth parts of a
grain of standard silver. Cents — each to be of the value of
the one hundredth part of a dollar, and to contain eleven Mar17?’ hornet
penny- weights of copper. Half Cents — each to be of the onW’ 21, 1857™
value of half a cent, and to contain five penny-weights and Hair cents
half a penny- weight of copper.
Sec. 10. And be it further enacted , That, upon the said vices.
r*oins respectively, there shall be the following devices and
legends, namely: Upon one side of each of the said coins
there shall be an impression emblematic of liberty, with an
inscription of the word Liberty, and the year of the coinage;
and upon the reverse of each of the gold and silver coins
Ibid.
Dismes.
Ibid.
Half dismes.
Ibid.
Cents.
See act of ,Tan-
Ibid.
Of what
do
4
there shall be the figure or representation of an eagle, with
this inscription, “United States of America,” and upon
the reverse of each of the copper coins, there shall be an in-
scription which shall express the denomination of the piece,
namely, cent or half-cent, as the case may require.
Ratio of gold to Sec. 11. And be it further enacted, That the proportional
value of gold to silver in all coins which shall by law be
current as money within the United States, shall be as
fifteen to one, according to quantity in weight, of pure gold
or pure silver; that is to say, every fifteen pounds weight of
pure silver shall be of equal value in all payments, with one
pound weight of pure gold, and so in proportion as to any
greater or less quantities of the respective metals,
oki^eoin for Sec. 12. And be it further enacted, That the standard for
fiioy, how toTo all gold coins of the United States shall be eleven parts fine
regulated. to one part alloy ; and accordingly that eleven parts in twelve
of the entire weight of each, of the said coins shall consist
of pure gold, and the remaining one twelfth part of alloy;
and the said alloy shall be composed of silver and copper,
in such proportions not exceeding one hal f silver as shall be
found convenient; tobe regulated by the director of the mint,
for the time being, with the approbation of the President of
the United States, until further provision shall be made by
law. And to the end that the necessary information may
Director to rc- be had in order to the making of such further provision,
ot'themmtToucb° it shall be the duty of the director of the mint at the
ins the alloy of expiration of a year after commencing the operations of
the said mint, to report to Congress the practice thereof
during the said year, touching the composition of the alloy
of the said gold coins, the reasons for such practice, and
the experiments and observation which shall have been
made concerning the effects of different proportions of sil-
ver and copper in the said alloy.
siUeT coins ;fair Sec. 13. And be it further enacted, That the standard of
ioy, iiow to bo all silver coins of the United States, shall be one thousand
regulated. four hundred and eighty- five parts fine to one hundred and
seventy-nine parts alloy; and accordingly that one thousand
four hundred and eighty-live parts in one thousand six hun-
dred and sixty four parts of the entire weight of each of
the said coins shall consist of pure silver, and the remain-
ing one hundred and seventy-nine parts of alloy; which
alloy shall be wholly of copper.
hrh!I8goid ™ud Sec. 14. And be it further enacted, That it shall be law-
giver bullion, to ful for any person or persons to bring to the said mint gold
expense.'1 lre) ol and silver bullion, in order to their being coined; and that
the bullion so brought shall be there assayed and coined as
speedily as may be after the receipt thereof, and that free
of expense to the person or persons by whom the same
shall have been brought. And as soon as the said bullion
shall have been coined, the person or persons by whom the
same shall have been delivered, shall upon demand receive
in lieu thereof coins of the same species of bullion which
lsmilchnj). .rif shall have been so delivered, weight for weight, of the pure
how the nm-jor gold or pure silver therein contained : Provided nevertheless,
c'oTn a 'tb'croior. That it shall bo at the mutual option of the party or parties
percent8 half bringing such bullion, and of the direction of the said
mint, to make an immediate exchange of coins for standard
Alloy.
5
bullion, with a deduction of one half per cent, from the
weight of the pure gold, or pure silver contained in the said
bullion, as an indemnili cation to the mint for the time
which will necessarily be required'for coining the said bull-
ion, and for the advance which shall have been so made in Dut of Secro.
coins. And it shall be the duty of the Secretary of the tary of Treasury
Treasury to furnish the said mint from time to time when- herem
ever the state of the Treasury will admit thereof, with such
sums as may be necessary tor effecting the said exchanges,
to bo replaced as speedily as may be out of the coins which
shall have been made of the bullion for which the monies
so furnished shall have been exchanged; and the said de-c^e [’oa^.0D^r
duction of one half per cent, shall constitute a fund towards tuto a fund, &c.
defraying the expenses of the said mint.
Sec. 15. And be it further enacted , That the bullion which eriu^cofn^To
shall be brought as aforesaid to the mint to be coined, shall S^en8
be coined, and the equivalent thereof in coins rendered, if alty on* giving
demanded, in the order in which the said bullion shall have'"“f ijrefer'
been brought or delivered, giving priority according to pri-
ority of delivery only, and without preference to any person
or persons; and if any preference shall be given contrary
to the direction aforesaid, the officer by whom such undue
preference shall be given, shall in each case forfeit and pay
one thousand dollars; to be recovered with costs of suit.
And to the end that it may be known if such preference
shall at any time be given, the assayer or officer to whom
the said bullion shall be delivered to be coined, shall give
to the person or persons bringing the same, a memorandum
in writing under his hand, denoting the weight, fineness
and value thereof, together with the day and order of its
delivery into the mint.
Sec. 16. And be it further enacted , That all the gold and lawful8 tender*
silver coins which have been struck at, and issued from the
said mint, shall be a lawful tender in all payments whatso-
ever, those of full weight according to the respective values
herein before declared, and those of less than full weight at
values proportional to their respective weights.
Sec. 17. And be it further enacted, That it shall be the conformabi™8^*
duty of the respective officers of the said mint, carefully and the standard
faithfully to use their best endeavors that all the gold and "elght’ &c-
silver coins which shall be struck at the said mint shall be,
as nearly as may be, conformable to the several standards
and weights aforesaid, and that the copper whereof the
cents and half cents aforesaid may be composed, shall be of
good quality.
Sec. 18. And the better to secure a due conformity of the toTreaervea8nro6t
said gold and silver coins to their respective standards, Be less than three
it further enacted , That from every separate mass of stand- coinTobemfsay^
ard gold or silver, which shall be made into coins at tlieed;
said Mint, there shall be taken, set apart by the Treasurer
and reserved in his custody a certain number of pieces, not
less than three, and that once in every year the pieces so
set apart and reserved, shall be assayed under the inspection
of the Chief Justice of the United States, the Secretary and when an d by
Comptroller of the Treasury, the Secretary for the Depart- 'v J0IU &c'
ment of State, and the Attorney General of the United
States, (who are hereby required to attend for that purpose
6
at the said Mint, on the last Monday in July in each year,)
or under the inspection of any three of them, in such man-
ner as they or a majority of them shall direct, and in the
presence of the Director, assayer and chief coiner of the said
Mint; and if it shall be found that the gold and silver so
assayed, shall not be inferior to their respective standards
herein before declared more than one part in one hundred
and forty-four parts, the officer or officers of the said Mint
whom it may concern shall be held excusable; but if any
greater inferiority shall appear, it shall be certified to the
President of the United States, and the said officer or offi-
cers shall be deemed disqualified to hold their respective
offices.
Penalty for de- Sec. 19. And be it f urther enacted, That if any of the gold
Lasing the coins, or silver coins which shall be struck or coined at the said
Mint shall be debased or made worse as to the proportion
of fine gold or fine silver therein contained, or shall be of
less weight or value than the same ought to be pursuant to
the directions of this act, through the default or with the
connivance of any of the officers or persons who shall be
employed at the said Mint, for the purpose of profit or gain,
or otherwise with a fraudulent intent, and if any of the said
officers or persons shall embezzle any of the metals which
shall at any time be committed to their charge for the pur-
pose of being coined, or any of the coins which shall be
struck or coined at the said Mint, every such officer or per-
son who shall commit any or either of the said offences,
shall be deemed guilty of felony, and shall suffer death.
Money of ac- Sec. 20. And be it f urther enacted, That the money of ac-
pressed° in° dot count of the United States shall be expressed in dollars or
iars, &c. units, dismes or tenths, cents or hundredths, and milles or
k.s. 3503. thousandths, a disme being a tenth part of a dollar, a cent
the hundredth part of a dollar, a mille the thousandth part ot
a dollar, and that all accounts in public offices and all pro-
ceedings in the courts of the United States shall be kept and
had in conformity to this regulation.
ACT OF MAY 8, 1792.
To provide for a copper coinage.
MinUot0urcinwe Section 1. Be it enacted by the Senate and House of Rep-
copper0 andcha voresentatives of the United States of America, in Congress
comod into cents, assembled, That the Director of the Mint, with the approba-
tion of the President of the United States, be authorized to
contract for and purchase a quantity of copper, not exceed-
ing one hundred and fifty tons, and that the said Director,
April 24, 1800, as soon as the needful preparations shall be made, cause
the copper by him purchased to be coined at the Mint into
is- cents and half cents, pursuant to “ the act establishing a
Mint, and regulating the coins of the United States;” and
that the said cents and half cents, as they shall be coined,
be paid into the Treasury of the United States, thence to
issue into circulation.
ell. 1.
1702, cli.16.
Wlieuce to
sue.
7
Sec. 2. And be it further enacted. That after the expiration cwV°eu ^
of six calendar months from the time when there shall have certain sum baa
been paid into the Treasury by the said Director, in cents [^\,r^ryinU>
and half cents, a sum not less than iif'ty thousand dollars,
which time shall forth with bo announced by the Treasurer
in at least two gazettes or newspapers, published at the seat
of the Government of the United States, for the time being,
no copper coins, or pieces whatsoever, except the said cents
and half cents, shall pass current as money, or shall be paid, p
or offered to be paid or received in payment for any debt, 0fKg ttfpS
demand, claim, matter or thing whatsoever; and all copper ^.Jer copper
coins or pieces, except the said cents and half cents, which com“’
shall be paid or offered to be paid or received in payment
contrary to the prohibition aforesaid, shall be forfeited, and
every person by whom any of them shall have been so paid
or offered to be paid or received in payment, shall also for-
feit the sum often dollars, and the said forfeiture and pen-
alty shall and may be recovered with costs of suit for the
benefit of any person or persons by whom information of
the incurring thereof shall have been given.
ACT OF JANUARY 14, 1793.
An act regulating the coinage of copper.
Be it enacted by the Senate and House of Representatives Act of April 2,
of the United States of America in Congress assembled, That 1792, ch-16-
every cent shall contain two hundred and eight grains of contents of
copper, and every half cent shall contain one hundred and and lialf
four grains of copper; and that so much of the act entitled see act of
“An act establishing a mint, and regulating the coins of ^ct hof 1Febru-
the United States,” as respects the weight of cents and half ary 21,1857,8.4.
cents, shall be, and the same is hereby repealed.
ACT OF FEBRUARY 9, 1793.
An act regulating foreign coins, making them a legal tender, and establishing
their value, etc.
Section 1. Be it enacted by the Senate and House of Rep- nates of foreign
resentatives of the United States of America in Congress as- com3establlshed-
sembled , That from and after the first day of July next,
foreign gold and silver coins shall pass current as money
within the United States, and be a legal tender tor the
payment of all debts and demands, at the several and re-
spective rates following, and not otherwise, viz: The gold
coins of Great Britain and Portugal, of their present stand-
ard, at the rate of one hundred cents for every twenty-
seven grains of the actual weight thereof; the gold coins of
France, Spain and the dominions of Spain, of their present
standard, at the rate of one hundred cents for every twen-
ty-seven grains and two-fifths of a grain, of the actual
weight thereof. Spanish milled dollars, at the rate of one
hundred cents for each dollar, the actual weight whereof
shall not be less than seventeen pennyweights and seven
grains; and in proportion for the parts of a dollar. Crowns
8
of France, at tlie rate of one hundred and ten cents for
each crown, the actual weight whereof shall not be less
thaw eighteen pennyweight and seventeen grains, and
in proportion for the parts of a crown. But no foreign
coin that may have been, or shall be issued subsequent to
the tirst day of January, one thousand seven hundred and
ninety-two, shall be a tender, as aforesaid, until samples
thereof shall have been found, by assay, at the Mint of the
United States, to be conformable to the respective stand-
ards required, and proclamation thereof shall have been
made by the President of the United States,
except Spanish Sec. 2. Provided always, and be it further enacted , That
«i >i l a i- s s ii ail at the expiration of three years next ensuing the time when
tender. b° a the coinage of gold and sil ver, agreeably to the act, entitled
“An act establishing a Mint, and regulating the coins of
the United States,” shall commence at the mint of the
United States, (which time shall be announced by the proc-
lamation of the President of the United States,) all foreign
gold coins and all foreign silver coins, except Spanish
milled dollars and parts of such dollars, shall cease to be a
legal tender, as aforesaid.
other foreign Sec. 3. And be it further enacted, That all foreign gold
anow.to 'JtiC01IRtl and silver coins, (except Spanish milled dollars, and parts
of such dollars,) which shall be received in payment for
monies due to the United States, after the said time, when
the coining of gold and silver coins shall begin at the Mint
of the United States, shall, previously to their being issued
in circulation, be coined anew, in conformity to the act, en-
titled “An act establishing a Mint and regulating the
coins of the United States.”
7iit"-fti°79,,1fiti't°f 4- And be it further enacted, That from and after
fifth section of'^a the first day of July next, the fifty-fifth section of the act,
certaiu act rating entitled “An act to provide more effectually for the collec-
pealed. tion of the duties imposed by law on goods, wares and mer-
x 1799, ch. 22, see. chandise imported into the United States,” which ascer-
tains the rates art which foreign gold and silver coins shall
be received for the duties and fees to be collected in virtue
of the said act, be, and the same is hereby repealed.
Sec. 5. Fixes the annual time for making assays.
ACT OF MARCH 3, 1794.
In alteration of the act establishing a Mint, etc.
itoccipt* for Section 1. Provides the method of receipting atthe Mint
and the delivery of the metals to the treasurer of the Mint.
Bond. Sec. 2. Provides for execution of bond by the chief coiner
and assay er.
Sec. 3. Repealing clause.
ACT OF MARCH 3, 1795.
An act providing further for the Mint and regulating the coins of the United
States.
Additional Section 1. Provides for additional officers of the Mint
mint ofliceni. and prescribes their duties.
9
Sec. 2. Requires an official oath and the giving of seen Oath and boud.
rity.
Sec. 3. Defines their compensation. curios.
Sec. 4. Authorizes temporary appointments by the Presi- ''Vmporaryap-
t j x j 1 1 j intments.
dent.
Sec. 5. And be it further enacted, Tiiat the treasurer of "/vcaaurer of
the mint shall, and lie is hereby directed, to retain two cents tlTu part ofbu’n-
per ounce from every deposit of silver bullion below the ><>» deposited,
standard of the United States, which hereafter shall be
made for the purpose of refining and coining; and four cents
per ounce from every deposit of gold bullion made as afore-
said, below the standard of the United States, unless the
same shall be so far below the standard as to require the
operation of the test, in which case, the treasurer shall retain
six cents per ounce, which sum so retained shall be accounted
for by the said treasurer with the treasury of the United
States, as a compensation for melting and refining the same.
Sec. 0. And be it further enacted , That the treasurer tllTre^s”™rsh”1|
the mint shall not be obliged to receive from any person, ,,ot bJobiigedto
for the purpose of refining and coining, any deposit of silver 0cffclb'^;1
bullion, below the standard of the United States, in a smaller ion’.081 a ° u
quantity than two hundred ounces; nor a like deposit of
gold bullion below the said standard, in a smaller quantity
than twenty ounces.
Sec. 7. And be it further enacted, , That from and after officers of th<
the passing of this act, it shall and may be lawful for the prefe'rencIYu
officers of the mint to give a preference to silver or gold bullion of the
bullion, deposited for coinage, which shall be of the stand- unaed states!116
ard of the United States, so far as respects the coining of
the same, although bullion below the standard, and not yet
refined, may have been deposited for coinage, previous
thereto, any law to the contrary notwithstanding ; Provided, , 1792, ch. ig, sec.
That nothing herein shall justify the officers of the mint, 15‘
or any one of them, in unnecessarily delaying the refining
any silver or gold bullion below the standard, that may be
deposited, as aforesaid.
Sec. 8. And be it. further enacted, That the President of President may
the United States lie, and he is hereby authorized, when- weight 6 of cop6
ever he shall think it for the benefit of the United States, to per coin,
reduce the weight of the copper coin of the United States;
Provided, such reduction shall not, in the whole, exceed two
pennyweights in each cent, and in a like proportion in a
half cent; of which he shall give notice by proclamation,*
and communicate the same to the then next Congress.
Sec. 9. And be it further enacted , That it shall be the Mode of dis-
duty of the treasurer of the United States, from time to and haiT(ieuu!ls
time, as often as he shall receive copper cents and half cents
from the treasurer of the mint, to send them to the bank or
branch banks of the United States, in each of the states
where such bank is established ; and where there is no bank
established, then to the collector of the principal town in
such state (in the proportion of the number of inhabitants
of such state) to be by such bank or collector, paid out to
the citizens of the state for cash, in sums not less than ten
*Weiglit changed by proclamation of the President, January 26, 1796.
10
dollars value; and that tlie same be done at the risk and
expense of the United States, under such regulations as
shall be prescribed by the department of the treasury.
ACT OF FEBRUARY 1, 1798.
Relative to the legal tender of foreign gold and silver coins.
i7<wCcii°f5Feb' 9’ to GnaGted by the Senate and Bouse of Representatives of
Act of Fob. o, the United' States of America in Congress assembled, That the
179i802Ucb?38.ed’ second section of an act, intituled u An act regulating
foreign coins, and for other purposes,” be, and the same is
hereby suspended, for and during the space of three years
from and after the first day of January, one thousand
seven hundred and ninety-eight, and until tbe end of the
next session of Congress thereafter, during which time the
said gold and silver coins shall be and continue a legal
tender, as is provided in and by the first section of the act
aforesaid; and that the same coins shall thereafter cease
to be such tender.
ACT OF APRIL 24, 1800.
An act appropriating money for the purchase of copper, etc.
copper for copper Section 1. Authorizes the purchase of copper equiva-
colna. lent to the amount of cents and half cents coined subse-
quent to March, 1799, and provides an annual purchase of
copper thereafter equivalent to the annual coinage of cents
and half cents.
Expense of re- Sec. 2. Directs the retention of bullion sufficient to cover
fining, how paid. the expense()f reflning.
ACT OF MARCH 3, 1801.
An act concerning the Mint.
Section 1. Directs mint to remain in Philadelphia until
March, 1803.
Assays of Sec. 2. Places certain duties with regard to the mint
)1U8, upon the Chief Justice, Secretary and Comptroller of tbe
Treasury, Secretary of State, and Attorney-General and
other duties upon the district judge of Pennsylvania,
United States district attorney for Pennsylvania, and the
commissioner of loans for Pennsylvania.
ACT OF MARCH 3, 1803.
Mint at Phila-
delphia.
Continues in force act of March 3, 1801, for five years.
11
ACT OP APRIL 10, 1806. Foreign gold
and silver coin*
Regulating the legal-tender value of foreign coins in the United States.
to be current in
the United States
at the following
Be it enacted by the Senate and House of Representatives™'™1
of the United States of America in Congress assembled , That
from and after the passage of this act, foreign gold and sil-
ver coins shall pass current as money within the United
States, and be a legal tender for the payment of all debts coins and rates,
and demands, at the several and respective rates following,
and not otherwise, viz:
The gold coins of Great Britain and Portugal, of their
present standard, at the rate of one hundred cents, for every
twenty-seven grains of the actual weight thereof; the gold
coins of Prance, Spain, and the dominions of Spain, of their
present standard, at the rate of one hundred cents, for every
twenty-seven grains and two-fifths of a grain, of the actual
weight thereof. Spanish milled dollars, at the rate of one
hundred cents for each, the actual weight whereof shall not
be less than seventeen pennyweights and seven grains, and
in proportion for the parts of a dollar. Crowns of France
at the rate of one hundred and ten cents, for each crown, thf treasury to
the actual weight whereof shall not be less than eighteen cause _ assays of
pennyweights and seventeen grains, and in proportion for
the parts of a crown. And it shall be the duty of the Sec- the Mint, &c., and
retary ot the Treasury, to cause assays ot the foreign gold the result to con-
and silver coins made current by this act, to be had at the grcss anuualb-
Mint of the United States, at least once in every year, and
to make report of the result thereof to Congress, for the
purpose of enabling them to make such alterations in this
act, as may become requisite, from the real standard value
of such foreign coins. And it shall be the duty of the Sec-
retary of the Treasury, to cause assays of the foreign gold
and silver coins of the description made current by this act,
which shall issue subsequently to the passage of this act,
and shall circulate in the United States, at the Mint afore-
said, at least once in every year, and to make report of the
result thereof to Congress, for the purpose of enabling Con-
gress to make such coins current, if they shall deem the same
to be proper, at their real standard value.
Sec. 2. Repeals 1st section of act of February 9, 1793, tender quaiitySof
and suspends operation of second section of same act for foreign coin for
three years from April 10, 1800. three years.
ACT OF APRIL 21, 1806.
Ail act for the punishment of counterfeiting, etc.
Section 1. Provides penalties for counterfeiting coins of Counterfeiting
the United States, or those of foreign countries made cur- mesUonCd.nd d°
rent in the United States.
Sec. 2. Provides penalties for importing false or coun- . Penalties for
x ° importing.
terreit coins.
Sec. 3. Provides penalties for impairing, falsifying, etc., ai^io8-ufosr
the coins of the United States. coins? ^
12
Jurisdiction of
individual States
preserved.
Sec. 4. Continues jurisdiction of individual
offenses made punishable by this act.
States over
ACT OP APRIL 1, 1803.
de4,i"ht at PMlar Prolongs continuance of
further term of five years.
the mint at Philadelphia for
ACT OF DECEMBER 2, 1812.
Mint at Phila-
delphia.
Provides for a continuance of the mint at Philadelphia for
a further term of live years after the 4th of March, 1813.
ACT OF APRIL 29, 1816,
To regulate the legal tender value of certain foreign coins within the United
States.
Act of Mar.
3, 1819, ch. 97.
Regulations as
to the currency.
Act of Mar.
3, 1821, ch. 53.
1823. eh. 50.
Assay of for-
eign coins.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled. That from
the passage of this act and for three years thereafter, and
no longer, the following gold and silver coins shall pass
current as money within the United States, and be a legal
tender for the payment of all debts and demands, at the
several and respective rates following, and not otherwise,
videlicet: the gold coins of Great Britain and Portugal, of
their present standard, at the rate of one hundred cents for
every seventy-seven grains, or eighty-eight cents and eigh t-
ninths per pennyweight; the gold coins of France, of their
present standard, at the rate of one hundred cents for every
twenty-seven and a half grains, or eighty-seven and a quar-
ter cents per pennyweight; the gold coins of Spain, at the
rate of one hundred cents for every twenty-eight and a half
grains, or eighty-four cents per pennyweight; the crowns
of France, at the rate of one hundred and seventeen cents
and six-tenths per ounce, or one hundred and ten cents for
each crown weighing eighteen pennyweights and seventeen
grains; the five-franc pieces at the rate of one hundred and
sixteen cents per ounce, or ninety-three cents and three
mills for each five-franc piece, weighing sixteen penny-
weights and two grains.
Sec. 2. Provides for an assay annually of the foreign coins
made current by the act, and a report of the result to Con-
gress.
ACT OF JANUARY 14, 1818.
Mint at Phila-
delphia.
Certain duties
assigned c o 1 •
lector of port.
Section 1. Continues the mint at Philadelphia for a
term of five years from the 4tli of March, 1818.
Sec. 2. Transfers the duties enjoined on the commissioner
of loans of Pennsylvania to the collector of the port of Phila-
delphia.
13
ACT OF MARCH 3, 1019.
Continues in force the legal-tender value in the United States of foreign coins.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled , That
the gold coins of Great Britain and Portugal, of their pres-
ent standard, shall be a legal tender in the payment of all
debts, at the rate of one hundred cents for every twenty-
seven grains, or eighty-eight cents and eight-ninths per
pennyweight; the gold coins of France, of their present
standard, at the rate of one hundred cents for every twenty-
seven and a half grains, or eighty-seven and a quarter cents
per pennyweight; the gold coins of Spain at the rate of
one hundred cents for every twenty-eight and a half grains,
or eighty-four cents per pennyweight, until the first day or
November next; and that from and after that day foreign
gold coins shall cease to be a tender within the United
States, for the payment of debts or demands.
Sec. 2. Continues in force two years from April 29, 1819,
the provisions of the act of April 29, 1810, relatin
coins.
Act of March 3,
1821, ch. 53.
Gold coins of
Great 15 r i t a i n
and Portugal.
g to silver
Of France.
Of Spain.
Current until
1st Nov., 1819;
then to cease.
Act of April
29, 1816.
ACT OF MARCH 3, 1821.
Regulates the legal-tender value of the crown and five-franc piece of France.
This act continues in force for two years from April 29, vaiuf French
1821, the provisions of the act of April 29, 1816, relating coins. °
to crowns and 5-lranc pieces of France.
ACT OF MARCH 3, 1823.
Continues the mint at Philadelphia for a period of five years from March 4,
1823.
Section 1. Continues the mint as above. continuing
mint at Philadet
Section 2. Continues the duties heretofore assigned topl,ia'
the collector of the port.
Seg. o. 1 rovides foi piopei deductions as a charge for charge for re
refining or alloying silver bullion. fining.
ACT OF MARCH 3, 1823.
This act continues in force for a further period of two Legal tender
years from March 4, 1823, the provisions of the act of™?ue of Frencb
March 3, 1821, in regard to the five-franc piece and crown com3’
of France.
14
Statute n. ACT OP MARCH 3, 1823.
Mar. 3, 1823.
Regulating the legal-tender value of foreign coins.
Act of Mar. 3, Be it enacted by the Senate and House of Representatives of
18g<’.w’ coins of the United States of America , in Congress assembled , That,
Portn^i^rance ^rom ail(i after the passage of this act, the following gold
and slain, to bo coins shall be received in all payments on account of public
mention account lai,(ls? af the several and respective rates following, and not
of lands. otherwise, viz: the gold coins of Great Britain and Portu-
gal, of their present standard, at the rate of one hundred
cents for every twenty-seven grains, or eighty-eight cents
and eight-ninths per pennyweight; the gold coins of France,
of their present standard, at the rate of one hundred cents
for every twenty-seven and a half grains, or eighty-seven
and a quarter cents per penny weight : and the gold coins
of Spain of their present standard, at the rate of one hun-
dred cents for every twenty-eight and a half grains, or
eighty-four cents per pennyweight.
Annual assay. Sec. 2. Provides for the annual assay of the foregoing
coins and report to Congress.
ACT OF MAY 19, 1828,
Continuing the Mint at Philadelphia, and for other purposes.
Continuing Sectiow 1. Continues the Mint at Philadelphia until
otherwise provided by law.
Establishes Sec. 2. Establishes the brass troy weight procured in
standard weight, jgoy as th c standard troy pound of the Mint.
Series of Sec. 3. Provides that the Director of the Mint shall pro-
weights. cure a series of weights, requisite subdivisions and mul-
tiples of this pound weight, and that all transfers of the
Mint shall be regulated by this standard, to bo tested an-
nually in the presence of the Assay Commissioners.
when silver Sec. 4. And be it further enacted, That when silver bul-
to'require the lion, brought to the Mint for coinage, is found to require
testrati°n °f Ul° f'ic operation of the test, the expense of the materials em-
ployed in the process, together with a reasonable allowance
for the wastage necessarily arising therefrom, to be deter-
mined by the melter and refiner of the Mint, with the appro-
bation of the Director, shall be retained from such deposit,
and accounted for by the treasurer of the Mint to the Treas-
ury of the United States.
savor bullion Sec. 5. And be it further enacted , That, when silver bul-
found to contain ]ion, brought to the Mint for coinage, shall be found to con-
!XP° 10n ° tain a proportion of gold, the separation thereof shall be
effected at the expense of the party interested therein :
Proviso. Provided , nevertheless , That, when the proportion of gold is
such that it cannot be separated advantageously, it shall
be lawful, with the consent of the owner, or, in his absence,
at the discretion of the Director, to coin the same as an or-
dinary deposit of silver.
ciork*. Sec. 0, Authorizes employment of clerks and other force.
15
Sec. 7. And be it further enacted , That it shall be lawful
for the Director of the Mint to receive, and cause to be as- and cause to bo
sayed, bullion not intended for coinage, and to cause cer- “"Tntena ed'tbr
tilicates to be given of the fineness thereof by such officer coinage, &c.
as he shall designate for that purpose, at such rates of
charge, to be paid by the owner of said bullion, and under ]gA a
such regulations, as the said Director may, from time to sec. 14! ’ ‘ ’
time, establish.
ACT OF JUNE 25, 1834,
Regulates the legal-tender value of foreign silver coins.
Be it enacted by the Senate and House of Representatives of 18^°£1°f,^,ine 28,
the United States of America, in Congress assembled, , That Certain ‘silver
from and after the passage of this act, the following silver^. t0 pass by
coins shall be of the legal value, and shall pass current as
money within the United States, by tale, for the payment
of all debts and demands, at the rate of one hundred cents
the dollar, that is to say, the dollars of Mexico, Peru, Chili,
and Central America, of not less weight than four hundred
and fifteen grains each, and those re-stamped in Brazil of
the like weight, of not less fineness than ten ounces fifteen
pennyweights of pure silver, in the troy pound of twelve
ounces of standard silver : and the five franc pieces of France,
when of not less fineness than teu ounces and sixteen pen-
nyweights in twelve ounces troy weight of standard silver,
and weighing not less than three hundred and eighty-four
grains each at the rate of ninety-three cents each.
Sec. 2. Directs the assay annually of the foregoing coins A,mual assay,
and report to Congress.
ACT OF JUNE 28, 1834.
Concerning gold coins of the United States, and for other purposes.
Be it enacted by the Senate and House of Representatives of standard and
the United States of America , in Congress assembled , That ^sfeact of April
the gold coins of the United States shall contain the follow- 2, 1792, s. 9.
ing quantities of metal that is to say; each eagle shall con- 18^7f Jgnuary
taiu two hundred and thirty two grains of pure gold, and ' ° ,8‘ *
two hundred and fifty-eight grains of standard gold; each
half eagle one hundred and sixteen grains of pure gold, and
one hundred and twenty nine grains of standard gold ; each
quarter eagle shall contain fifty- eight grains of pure gold,
and sixty-four and a half grains of standard gold ; every
such eagle shall be of the value of ten dollars; every such
half eagle shall be of the value of five dollars; and every
such quarter eagle shall be of the value of two dollars and
fifty cents; and the said gold coins shall be receivable in
all payments when of full weight according to their respec-
tive values; and when of less than full weight, at less values,
proport joped to their respective actual weights,
16
Gold and silver
deposited for
coinage to be
paid for within
tive days.
Proviso.
Kates at which
gold coin shall be
receivable.
Sots apart coin
for assay.
Maximum lim
it of inferiority.
Sec. 2. And be it further enacted , That all standard gold
or silver deposited for coinage after the thirty first of July
next, shall be paid for in coin under the direction of the Sec-
retary of the Treasury, within five days from the making of
such deposit, deducting from the amount of said deposit of
gold and silver one half of one per centum ; Provided , That
no deduction shall be made unless said advance be required
by such depositor within forty days.
Sec. 3. And be it further enacted , That all gold coins of
the United States, minted anterior to the thirty first day of
July next, shall be receivable in all payments at the rate of
ninety four and eight-tenths of a cent per pennyweight.
Sec. 4. Directs the setting apart of gold coins for assay
as provided in the act of April 2, 1892, by the treasurer of
the Mint, and makes a maximum limit of inferiority of
standards to exceed which would result in disqualification
of Mint officers to hold office; and further provides that if,
in making any delivery of coin at the Mint in payment of
a deposit, the weight thereof shall be found defective, the
officer concerned shall be responsible to the owner for the
if nil weight, if claimed at the time of delivery.
ACT OF JUNE 28, 1834.
Act of June 25,
1854, eh. 71.
Kates at which
gold coins shall
be receivable
after July 31,
1834.
Coins of Great
Britain, Portu-
gal, and Brazil.
Franco.
Spain, Mexico,
and Colombia.
Annual assay.
Regulates the legal-tender value of certain foreign coins.
Be it enacted by the Senate and Rouse of Representatives
of the United States of America , in Congress assembled ,
That, from and after the thirty-first day of July next, the
following gold coins shall pass as current as money within
the United States, and be receivable in all payments, by
weight, for the payment of all debts and demands, at tlie
rates following, that is to say: the gold coins of Great
Britain, Portugal, and Brazil, of not less than twenty-two
carats fine, at the rate of ninety-four cents and eight-tenths
of a cent per pennyweight; the gold coins of France nine-
tenths fine, at the rate of ninety-three cents and one-tenth
of a cent per pennyweight; and the gold coins of Spain,
Mexico, and Colombia, of the fineness of twenty carats
three grains and seven-sixteenths of a grain, at the rate of
eighty-nine cents and nine-tenths of a cent per penny-
weight.
Sec. 2. Directs the assay annually of the foregoing coins
and report to Congress.
ACT OF MARCH 3, 1835.
Establishes branches of the Mint of the United States.
Branch mints.
Section 1 . Establishes branches for the coinage of silver
and gold at New Orleans; of gold only at. Charlotte, 1ST. 0.,
and Daldonega, Ga., makes provisions for the purchase of
sites, erection of buildings, etc.
17
2. Designates tlie officers and employes and the .officers and 8m.
method of their appointment, together with the salaries. L" .
Seo. 3. Provides for taking official oath and giving bond, oath ami bond.
Sec. 4. Places the general supervision of the branches .General super,
under the control of the Director of the Mint at Philadcl- tor!°n by 1>n,<>
phia, subject to the approval of the Secretary of the Treas-
ury; authorizes him to prescribe regulations, require re-
turns, and to preserve a uniformity of weight, form, and
fineness in coins stamped at each place.
Sec. 5. Extends to these branches the laws governing
the Mint of the United States.
ACT OF JANUARY 18, 1837.
Further in regard to the establishment of a mint and regulation of coins of
the United States.
Be it enacted by tlie Senate and House of Representatives 17^ctcl?f]^pr' 2'
of the United States of America in Congress assembled , That Act «fKar. 3,
the officers of the Mint of the United States shall be a 18Act°of Feb 27
Director, a treasurer, an assayer, a melter and refiner, a 1843, ch. 46.
chief coiner and an engraver, to be appointed by the Presi- 1Suctci°! 7Apr' 21
dent of the United States, by and with the advice and con- officers,
sent of the Senate.
Sec. 2. And be it further enacted , That the respective Duties of—
duties of the officers of the Mint shall be as follows:
First. The Director shall have the control and manage- Director,
ment of the Mint, the superintendence of tlie officers and
persons employed therein, and the general regulation and
supervision of the business of the several branches. And
in the month of January of every year he shall make report
to the President of the United States of the operations of
the Mint and its branches for the year preceding. And also
to the Secretary of the Treasury, from time to time, as said
Secretary shall require, setting forth all the operations of
the Mint subsequent to the last report made upon the sub-
ject.
Second. The treasurer shall receive, and safely keep all Treasurer,
moneys which shall be for the use and support of the Mint;
shall keep all the current accounts of the Mint, and pay all
moneys due by the Mint, on warrants from the Director.
He shall receive all bullion brought to the Mint for coinage;
shall be the keeper of all bullion and coin in the Mint, ex-
cept while the same is legally placed in the hands of other
officers, and shall, on warrants from the Director, .deliver all
coins struck at the Mint to the persons to whom they shall
be legally payable. And he shall keep regular and faith-
ful accounts of all the transactions of the Mint, in bullion
and coins, both with the officers of the Mint and the deposit-
ors; and shall present, quarter-yearly, to the Treasury
Department of the United States, according to such forms
as shall be prescribed by that Department, an account of
the receipts and disbursements of the Mint for the purpose
of being adjusted and settled.
S. Eep. 235 2
18
Assayer.
< Meltor and re-
liner.
Chief coiner.
Engraver.
Appointment
of assistant and
clerks.
Their duties.
Vacancies in
case of tempo-
rary absence,
how filled.
Employ m en t.
of workmen and
servants.
Oath to he
taken.
Bonds requir-
ed.
Third. Tlie assayer shall carefully assay all metals used
in coina ge, whenever such assays are required in the opera-
tions of the Mint; and he shall also make assays of coins
whenever instructed to do so by the Director.
Fourth. The melter and refiner shall execute all the opera-
tions which are necessary in order to form ingots of stand-
ard silver or gold, suitable for the chief coiner, from the
metals legally delivered to him for that purpose.
Fifth. The chief coiner shall execute all the operations
which are necessary in order to form coins, conformable in
all respects to the law, from the standard silver and gold
ingots, and the copper plancliets, legally delivered to him
for this purpose.
Sixth. The engraver shall prepare and engrave, with the
legal devices and inscriptions, all the dies used in the coin-
age of the Mint and its branches.
Sec. 3. And be it further enacted , That the Director shall
appoint, with the approbation of the President, assistants
to the assayer, melter and refiner, chief coiner, and engraver,
and clerks for the Director and treasurer, whenever, on rep-
resentation made by the Director to the President, it shall
be the opinion of the President that such assistants or clerks
are necessary. And it shall be the duty of the assistants
to aid their principals in the execution of their respective
offices, and of the clerks to perform such duties as shall be
prescribed for them by the Director.
Sec. 4. And be it further enacted, That whenever any offi-
cer of the Mint shall be temporarily absent, on account of
sickness, or any other sufficient cause, it shall be lawful for
the Director, with the assent of said officer, to appoint
some person attached to the Mint, to act in the place of
such officer during his absence, and that the Director shall
employ such workmen and servants in the Mint as he shall
from time [to time] find necessary.
Sec. 5. And be it further enacted , That every officer, assist-
ant, and clerk of the Mint, shall, before he enters upon the
execution of his office, take an oath or affirmation before
some judge of the United States, or judge of the superior
court or any court of record of any State, faithfully and
diligently to perform the duties thereof.
Sec. 0. And be it further enacted , That the following offi-
cers of the Mint, before entering upon the execution of their
respective offices, shall become bound to the United States,
with one or more sureties, to the satisfaction of the Secre-
tary of the Treasury, in the sums hereinafter mentioned,
with condition for the faithful and diligent performance of
the duties of their offices, viz: The treasurer in the sum
of ten thousand dollars; the assayer in the sum of five
thousand dollars; the melter and refiner in the sum of ten
thousand dollars; the chief coiner in the sum of ten thou-
sand dollars. And that similar bonds may also be required
of the assistants and clerks, in such sums as the Director
shall determine, with the approbation of the Secretary of
the Treasury.
19
Sec. 7. And be it further enacted , That there shall be
allowed to the officers of the Mint the following- salaries per
annum : To the Director, for his services, including traveling-
expenses incurred in visiting the different branches, and all
other charges whatever, three thousand five hundred dol-
lars; to the treasurer, assayer, inelter and refiner, chief
coiner, and engraver, each, two thousand dollars; to the
assistants and clerks, such annual salaries shall be allowed
as the Director may determine, with the approbation of the
President: Provided , That an assistant shall not receive
more than fifteen hundred dollars; and that a clerk shall
not receive more than twelve hundred dollars; to the
workmen and servants shall be allowed such wages, to be
determined by the Director, as may be customary and rea-
sonable, according £o their respective stations and occupa-
tions ; and that the salaries provided for in this section shall
be payable in quarterly instalments.
Sec. 8. And be it further enacted , That the standard for
both gold and silver coins of the United States shall here-
after be such, that of one thousand parts by weight, nine
hundred shall be of pure metal, and one hundred of alloy;
and the alloy of the silver coins shall be of copper; and
the alloy of the gold coins shall be of copper and silver,
provided that the silver do not exceed one half of the whole
alloy.
Sec. 9. And be it further enacted , That of the silver coins,
the dollar shall be of the weight of four hundred and twelve
and one half grains; the half dollar of the weight of two
hundred and six and one fourth grains; the quarter dollar
of the weight of one hundred and three and one eighth
grains; the dime, or tenth part of a dollar, of the weight of
forty-one and a quarter grains ; and the half dime, or twen-
tieth part of a dollar, of the weight of twenty grains and
five-eighths of a grain. And that dollars, half dollars and
quarter dollars, dimes and half dimes, shall be legal tenders
of payment, according to their nominal value, for any sums
whatever.
Sec. 10. And be it further enacted , That of the gold coins,
the weight of the eagle shall be two hundred and fifty eight
grains; that of the half eagle one hundred and twenty nine
grains; and that of the quarter eagle sixty four and one
half grains. And that for all sums whatever, the eagle shall
be a legal tender of payment for ten dollars; the half eagle
for five dollars, and the quarter eagle for two and a half
dollars.
Sec. 11. And be it further enacted , That the silver coins
heretofore issued at the mint of the United States, and the
gold coins issued since the thirty-first day of July, one
thousand eight hundred and thirty four, shall continue to
be legal tenders of payment for their nominal values, on the
same terms as if they were of the coinage provided for by
this act.
Sec. 12. And be it further enacted , That of the copper
coins, the weight of the cent shall be one hundred and sixty-
eight grains, and the weight of the half cent eight four
grains. And the cent shall be considered of the value of one
Salaries of offi
cers, clerks. ami
assistants.
Proviso.
Wages of work-
men and serv-
ants.
Standard for
gold and si iver
coins.
Seo act of Juno
28, 1834, s. 1.
Alloys.
Weight of sil
ver coins.
See act April
2, 1792, s.9.
Act February
21, 1853.
Act February
12, 1873, s. 15.
Act February
28, 1878.
Dollars, &c.,
shall be legal
tenders, &c.
Ibid.
Weight of gold
coins.
See act of April
2, 1792, s. 9.
Eagles, &c.,
shall be legai
tender, &c.
Silver coins
heretofore issued
and gold coins
ssued since July
31, 1834, shall con-
tinue to be legal
tenders.
Weight of cop-
per coins.
Proport ional
value of a dollar.
20
Devices a n d
legouds of coins.
r
Gold and silver
bullion brought
for coinage shall
be received and
coined.
Proviso.
Further p r o-
viso.
Receipt to be
given for bullion.
Proviso.
Bullion depos-
ited for coinage
to be assayed.
Asaayer to re-
port the quality.
&o.
Cb a rge a to
which tlie depos-
itor is subjected.
Rate of, how
fixed.
hundredth part of a dollar, and the half cent of the \alue
of one two hundredth part of a dollar.
Sec. 13. And be it further enacted, That upon the coins
struck at the Mint there shall be the following devices and
legends: upon one side of each of said coins there shall be
an impression emblematic of liberty, with an inscription of
the word Liberty, and the year of the coinage ; and upon
the reverse of each of the gold and silver coins, there shall
be the figure or representation of an eagle, with the inscrip-
tion United States of America, and a designation of the
value of the coin; but ou the reverse of the dime and half
dime, cent and half cent, the figure of the eagle shall be
omitted.
Sec. 14. Arid be it further enacted , That gold and silver
bullion brought to the mint for coinage* shall be received
and coined, by the proper officers, for the benefit of the
depositor : Provided , That it shall be lawful to refuse, at the
mint, any deposits of less value than one hundred dollars,
and any bullion so base as to be unsuitable for the opera-
tions of the mint; And provided also , That when gold and
silver are combined, if either of these metals be in such
small proportion tliatit cannot be separated advantageously,
no allowance shall be made to the depositor for the value
of such metal.
Sec. 15. And be it further enacted , That when bullion is
brought to the Mint for coinage, it shall be weighed by the
treasurer, in the presence of the depositor, when pra cticable,
and a receipt given which shall state the description and
weight of the bullion: Provided , That when the bullion is
in such a state as to require melting before its value can
be ascertained, the weight after melting shall be considered
as the true weight of the bullion deposited.
Sec. 16. And be it further enacted , That from every par-
cel of bullion deposited for coinage, the treasurer shall de-
liver to the assayer a sufficient portion for the purpose of
being assayed; but all such bullion remaining from the
operations of the assay shall be returned to the treasurer
by the assayer.
Sec. 17. And be it further enacted , That the assayer shall
report to the treasurer the quality or standard of the bull-
ion assayed by him; and he shall also communicate to the
treasurer such information as will enable him to estimate
the amount of the charges hereinafter provided for, to be
made to the depositor, for the expenses of converting the
bullion into standard metal fit for coinage.
Sec. 18. And be it further enacted, That the only subjects
of charge by the Mint to the depositor shall be the follow-
ing: For refining when the bullion is below standard ; for
toughening when metals are contained in it which render it
unfit for coinage; for copper used for alloy when the bul-
lion is above standard; for silver introduced into the alloy
of gold; and for separating the gold and silver wlion these
metals exist together in the bullion: and that the rate of
these charges shall be fixed, irom time to time, by the
Director, with the concurrence of the Secretary of the Treas-
ury, so as not to exceed, in their judgment, the actual ex*
21
pense to the Mint of the materials and labor employed in
each of the cases aforementioned; and that the amount re-
ceived from these charges shall be accounted for, and ap-
propriated for defraying the contingent expenses of the
Mint.
Sec. 19. And be it further enacted , That from the report
of the assayer, and the weight of the bullion, the treasurer
shall estimate the whole value of each deposite, and also
the amount of the charges or deductions if any; of all
which he shall give a detailed memorandum to the depos-
itor; and he shall also give, at the same time, under his
hand, a certificate of the nett amount of the deposite, to be
paid in coins of the same species of bullion as that deposited.
Sec. 20. And be it further enacted , That parcels of bull-
ion shall be, from time to time, transferred by the treasurer
to the melter and refiner; that a careful record of these
transfers, noting the weight and character of the bullion,
shall be kept; and that the bullion thus placed in the hands
of the melter and refiner shall be subjected to the several
processes which may be necessary to form it into ingots of
the legal standard, and of a quality suitable for coinage.
Sec. 21. And be it further enacted , That the ingots thus
prepared shall be assayed by the assayer, and if they prove
to be within the limits allowed for deviation from the stand-
ard, they shall be transferred by the melter and refiner to
the treasurer, accompanied by the assayer’s certificate of
their fineness ; and that a careful record of the transfer
shall be kept by the treasurer.
Sec. 22. And be it further enacted , That no ingots of gold
shall be used for coinage of which the quality differs more
than two thousandths from the legal standard; and that
no ingots of silver shall be used for coinage of which the
quality differs more than three thousandths from the legal
standard.
Sec. 23. And be it further enacted , That in the treasurer’s
account with the melter and refiner, the melter and refiner
shall be debited with the standard weight of all the bullion
placed in his hands, that is to say, with the weight of metal
of legal standard fineness which it will make; and that he
shall be credited by the standard weight of all the ingots
delivered by him to the treasurer; and that once at least
in every year, at such time as the Director shall appoint,
the melter and refiner shall deliver up to the treasurer all
the bullion in his possession, in order that his accounts may
be settled up to that time; and, in this settlement, he shall
be entitled to a credit for the difference between the whole
amount of bullion delivered to him, and received from him,
since the last settlement, as an allowance for neceesary
waste: Provided , That this allowance shall not exceed two
thousandths of the whole amount of gold and silver bullion,
respectively, that had been delivered to him by the treas-
urer.
Sec. 24. And be it further enacted , That the treasurer
shall, from time to time, deliver over to the chief coiner,
ingots for the purpose of coinage; that he shall keep a care-
ful record of these transfers, noting the weight and descrip-
Disposition o 1
amount received.
Value of de-
posit, &c., bow
estimated.
Transfers of
bullion by treas-
urer to melter
and refiner.
Ingots to be as-
sayed, &c.
Deviation from
legal standard al-
lowed iu ingots
of gold and sil-
ver.
Treasurer’s ac-
count with met
ter and refiner.
Allowance for
necessary waste.
Proviso.
Ingots for coin
age.
22
tion of the ingots; and that the ingots thus placed in the
hands of the chief coiner shall be passed through the several
processes necessary to make from them coins, in all respects
conformable to law.
i astam(awi ®EC- 25. And be it further enacted , That in adjusting the
• allowed in the weights of the coins, the following deviations from the
iu^fu-aepiecis?’ standard weight shall not be exceeded in any of the single
pieces: In the dollar and half dollar, one grain and a half;
in the quarter dollar, one grain; in the dime and half dime,
half a grain j in the gold coins, one-quarter of a grain; in
the copper coins, one grain in the pennyweight; and that
in a large mm- in weighing a large number of pieces together, when deliv-
ber together. ere(j from the chief coiner to the treasurer, and from the
treasurer to the depositors, the deviations from the standard
weight shall not exceed the following limits: Four penny-
weights in one thousand dollars ; three pennyweights in one
thousand half dollars; two pennyweights in one thousand
quarter dollars; one pennyweight in one thousand dimes;
one pennyweight in one thousand half dimes; two penny-
weights in one thousand eagles ; one and a half pennyweight
in one thousand half eagles; one pennyweight in one thou-
sand quarter eagles.
Coins to be Sec. 26. And be it further enacted , That the chief coiner
weighed. shall, from time to time, as the coins are prepared, deliver
them over to the treasurer, who shall keep a careful record
of their kind, number, and weight; and that, in receiving
the coins, it shall be the duty of the treasurer to see whether
the coins of that delivery are within the legal limits of the
standard weight; and if his trials for this purpose shall not
prove satisfactory, he shall cause all the coins of thisdelivery
to be weighed separately, and such as are not of legal weight
shall be delivered to the melter and refiner, as standard bull-
ion, to be again formed into ingots and recoined,
coins to be Sec. 27. Arid be it further enacted. That at every delivery
anmiai'triai r of coins made by the chief coiner to the treasurer, it shall
be the duty of the treasurer, in the presence of the assayer,
to take indiscriminately a certain number of pieces of each
variety for the annual trial of coins, (the number being pre-
scribed by the Director,) which shall be carefully labelled,
and deposited in a chest appropriated for the purpose, kept
under the joint care of the treasurer and assayer, and so
secured that neither can have access to its contents without
the presence of the other.
Dispositions of S^C. 28. And be it further enacted , That the chief coiner
clippings, &c. shall, from time to time, deliver to the treasurer the clip-
pings and other portions of bullion remaining after the pro-
cess of coining, and that the treasurer shall keep a careful
record of their amount.
Trcnaiirer ’s Sec. 29. And be it further enacted, That in the treasurer’s
cbiof coiucrVit1' account with the chief coiner, the chief coiner shall be deb-
ited with the amount in weight of standard metal of all the
bullion placed in his hands, and credited with the amount,
also by weight, of all the coins, clippings, and other bull-
ion delivered by him to the treasurer; and that once at least
in every year, at such time as the Director shall appoint,
the chief coiner shall deliver to the treasurer all the coins
‘23
and bullion in bis possession, so that bis accounts may bo
settled up to that time; and, in this settlement, be shall be
entitled to a credit for the difference between the whole
amount of the in gots delivered to him, and of the coins and
bullion received from him, since the last settlement, as an
allowance for necessary waste: Provided, That this allow-
ance shall not exceed two thousandths of the whole amount
of the silver, or one and one-half thousandth of the whole
amount of the gold, that had been delivered to him by the
treasurer.
Sec. 30. And be it further enacted , That when the coins
which are the equivalent to any deposite of bullion are
ready for delivery, they shall be paid over to the deposi-
tor, or his order, by the treasurer, on a warrant from the
Director; and the payment shall be made, if demanded, in
the order in which the bullion shall have been brought to
the Mint, giving priority according to priority of deposite
only; and that in the denominations of coin delivered, the
treasurer shall comply with the wishes of the depositor,
unless when impracticable or inconvenient to do so; in
which case, the denominations of coin shall be designated
by the Director.
Sec. 31. And be it further enacted. , That for the purpose
of enabling the Mint to make returns to depositors with
as little delay as possible, it shall be the duty of the Sec-
tary of the Treasury to keep in the said Mint, when the
state of the Treasury will admit thereof, a deposite of such
amount of public money, or of bullion procured for thepur-
pose, as he shall judge convenient and necessary, not ex-
ceeding one million of dollars, out of which those who bring
bullion to the Mint may be paid the value thereof, as soon
as practicable, after this value has been ascertained; that
the bullion so deposited shall become the property of the
United States ; that no discount or interest shall be charged
on moneys so advanced; and that the Secretary of the
Treasury may at any time withdraw the said deposite, or
any part thereof, or may, at his discretion, allow the coins
formed at the Mint to be given for their equivalent in other
money.
Sec. 32. And be it further enacted , That to secure a due
conformity in the gold and silver coins to their respective
standards and weights, an annual trial shall be made of
the pieces reserved for this purpose at the Mint and its
branches, before the judge of the district court of the United
States, for the eastern district of Pennsylvania, the at-
torney of the United States, for the eastern district of Penn-
sylvania, and the collector of the port of Philadelphia, and
such other persons as the President shall, from time to time,
designate for that purpose, who shall meet as commission-
ers, for the performance of this duty, on the second Monday
in February, annually, and may continue their meetings by
adjournment, if necessary; and if a majority of the commis-
sioners shall fail to attend at any time appointed for their
meeting, then the Director of the Mint shall call a meeting
of the commissioners at such other time as he may deem
Allowance for
necessary waste.
Proviso.
Payment for
bullion deposited
to be coined.
Deposit of pub"
lie money to be
kept m tiae Mint
by Secretary of
Treasury.
Annual trial of
coins.
A ct of Mar. 3,
1823, cb. 42, sec.
2, repealed.
24
convenient; and tliat l)efore these commissioners, or a ma-
jority of them, and in the presence of the officers of the
Mint, such examination shall be made of the reserved pieces
as shall be judged sufficient; and if it shall appear that
these pieces do not differ from the standard fineness and
weight by a greater quantity than is allowed by law, the
trial shall be considered and reported as satisfactory; but
if any greater deviation from the legal standard or weight
shall appear, this fact shall be certified to the President of
the United States, and if, on a view of the circumstances of
the case, he shall so decide, the officer or officers implicated
in the error shall be thenceforward disqualified from hold-
ing their respective offices.
Purchase of Sec. 33. And be it further enacted., That copper bullion
copper bullion. sqap qe purchased for the Mint, from time to time, by the
treasurer, under instructions from the Director; that the
cost shall be paid from the fund hereinafter provided for;
and that the copper bullion shall be of good quality, and in
form of planchets fit for passing at once into the hands of
the chief coiner.
Coinage of cop- Sec. 34. And be it further enacted. That the copper plan-
chets shall be delivered, from time to time, by the treasurer
to the chief coiner, to be by him coined; and all such cop-
per shall be returned to the treasurer, by the chief coiner,
weight for weight, without allowance for waste.
Copper coins Sec. 35. And be it further enacted, That it shall be the duty
cifan ged for of the treasurer of the Mint to deliver the copper coins, in
other money. exchange for their legal equivalent in other money, to any
Proviso. persons who shall apply for them: Provided , That the sum
asked for be not less than a certain amount, to be deter-
mined by the Director, and that it be not so great as, in
his judgment, to interfere with the capacity of the Mint to
supply other applicants.
Copper coins Sec. 36. And be it further enacted , That the copper coins
expense1 ' of the may, at the discretion of the Director, be delivered in any
Mint. 0f the principal cities and towns of the United States, at the
cost of the Mint for transportation.
inm?ey0receivel Sec. 37. And be it, further enacted , That the money re-
in exchange for ceived by the treasurer in exchange for copper coins shall
copper coins. form a fund in his hands, which shall be used to purchase
copper planchets, and to pay the expense of transportation
of copper coins; and that if there be a surplus, the same
shall be appropriated to defray the contingent expenses of
the Mint.
, Fnrinoi-nctsrc- Sec. t38. And be it further enacted , That all acts or parts
of acts heretofore passed, relating to the Mint and coins of
the United States, which are inconsistent with the provis-
ions of this act, be, and the same are hereby repealed.
Approved, January 18, 1837.
25
ACT OF MARCH 3, 1843.
Regulating the legal-tender value of foreign gold and silver coins in thft
United States.
Be it enacted by the Sena te and Rouse of Representatives of
the United States of America in Congress assembled, That from b r it a in and
and after the passage of this act, the following foreign gold Jent^thoi?v aiue
coins shall pass current as money within the United States, fixed,
and be receivable, by weight, for the payment of all debts
and demands, at the rates following, that is to say: the gold
coins of Great Britain, of not less than nine hundred and
fifteen and a half thousandths in fineness, at ninety-four
cents and six-tenths of a cent per pennyweight; and the
gold coins of France, of not less than eight hundred and
ninety-nine thousandths in fineness, at ninety-two cents aud
nine-tenths of a cent per pennyweight.
Sec. 2. And be it f urther enacted, That from and after the silver coins of
passage of this act, the following foreign silver coins shall vu!
pass current as money within the United States, and be re- and France, also;
ceivable by tale, for the payment of all debts and demands,
at the rates following, that is to say: the Spanish pillar dol-
lars, aud the dollars of Mexico, Peru, and Bolivia, of not
less than eight hundred and ninety-seven thousandths in
fineness, and four hundred and fifteen grains in weight, at
one hundred cents each; and the five franc pieces of France,
of not less than nine hundred thousandths in fineness, and
three hundred and eiglity-four grains in weight, at ninety-
three cents each.
Sec. 3. Directs that assays be made annually to deter- Annual a3saj».
mine the value of foreign coins for legal-tender purposes.
ACT OF APRIL 2, 1844,
Prescribes the manner in which oaths may be taken by Oath*,
officers of the branch mint.
ACT OF MARCH 3, 1849,
Authorizing the coinage of gold dollars and double eagles.
Be it enacted by the Senate and Rouse oj Representatives of the ap of
United States of America in Congress assembled , That there gold dofifrTau^
shall be, from time to time, struck and coined at the Mint of tborized-
the United States and the branches thereof, comformably
in all respects to law (except that on the reverse of the gold 18|f sect7Fob' 21,
dollar the figure of the eagle shall be omitted), and con-
formably in all respects to the standard for gold coins now lST^scair b' 12r
established by law, coins of gold of the following denomi-
nation and values, viz; double eagles, each to be of the
value of twenty dollars, or units, and gold dollars, each to
be of the value of one dollar, or unit.
26
Double eagle
and gold dollar
to be legal ten-
der.
Ibid.
All laws now
in force in rela-
tion to the coins
of the United
States to apply
to the coins here-
in authorized.
Weights of
gold coin.
Sec. 2. And be it further enacted, Tliat for all suras what-
ever, the double eagle shall be a legal tender for twenty
dollars and the gold dollar shall be a legal tender for one
dollar.
Sec. 3. And, be it further enacted, That all laws now in
force in relation to the coins of the United States, and the
striking and coining the same, shall so far as applicable,
have full force and effect in relation to the coins herein
authorized, whether the said laws are penal or otherwise;
and whether they are for preventing counterfeiting or abase-
ment, for protecting the currency, for regulating and guard-
ing the process of striking and coining, and the prepara-
tions therefor, or for the security of the coin, or for any other
purpose.
Sec. 4. And be it further enacted, That, in adjusting the
weights of gold coin henceforward, the following deviations
from tlie standard weight shall not be exceeded in any of
the single pieces — namely, in the double eagle, the eagle,
and the half eagle, one half of a grain, and in the quarter
eagle and gold dollar, one quarter of a grain ; and that in
weighing a large number of pieces together, when delivered
from the chief coiner to the treasurer, and from the treas-
urer to the depositors, the deviation from the standard
weight shall not exceed three penny weights in one thou-
sand double eagles; two penny weights in one thousand
eagles; one and one halfpenny weights in one thousand
half eagles; one penny weight in one thousand quarter
eagles; and one half of a penny weight in one thousand
gold dollars.
ACT OF MARCH 3, 1851.
Provisions in regard to coinage, etc., contained in an act to reduce and mod-
ify the rates of postage in the United States and for other purposes.
New coin of Sections 1 to 10 inclusive relate to other matters.
vtr a cV "of Sec. 11. And be it further enacted, That from and after the
Mar. 3, 1853, sec. passage of this act, it shall be lawful to coin at the Mint of
Act of rob. 12, the United States and its branches, a piece of the denom-
ination and legal value of three cents, or three hundredths
of a dollar, to be composed of three fourths silver and one
fourth copper, and to weigh twelve grains and three eighths
of a grain; that the said coin shall bear such devices as
shall be conspicuously different from those of the other sil-
ver coins, and of the gold dollar, but having the inscription
United States of America, and its denomination and date;
Madoa tender, and that it shall be a legal tender in payment of debts for
all sums of thirty cents and under. And that no ingots
shall be used for the coinage of the tliree-eent pieces herein
authorized, of which the quality differs more than five thou-
Wcight. sandths from the legal standard ; and that, in adjusting the
weight of the said coin, the following deviations from the.
standard weight shall not be exceeded, namely, one half of
a grain in the single piece, and one pennyweight in a thou-
sand pieces.
1873, sec. 13.
Weight.
Device.
27
ACT OF JULY 3, 1852.
An act to establish a branch mint of the United States in California,
Sec. 1. Establishes such a mint.
******
Sec. 8. And be it further enacted. That, if required by the *®(1beC!^
holder, gold in grain or lumps shall be refined, assayed, cast * »j to b ars or
into bars or ingots, and stamped in said branch mint, or in stumped8 ’ at‘l ex-
the Mint of the United States, or any of its branches, in such r™86 of deP0!j-
manner as may indicate the value and fineness of the bar '
or ingot, which shall be paid for by the owner or holder of
said bullion, at such rates and charges, and under such
regulations, as the Director of the Mint, under the control
of the Secretary of the Treasury, may from time to time
establish.
* * * * O
ACT OF FEBRUARY 21, 1853.
An act amendatory of existing laws relative to the half dollar, quarter dollar,
dime and half dime.
Be it enacted by the Senate and, House of Representatives ofh Ju’donar' and
the United States of America in Congress assembled , That from qua1' ter, c!ime
and alter the first day of June, eighteen hundred and fifty- after'jin'cTr
two, [three] the weight of the half dollar or piece of fifty 1853-
cents shall be one hundred and ninety-two grains, and the
quarter dollar, dime, and half dime, shall be, respectively,
oue half, one fifth, and one tenth of the weight of said half
dollar.
Sec. 2. And be it further enacted, That the silver coins such coins, when
issued in conformity with the above section, shall be legal a legal tou'
tenders in payment of debts for all sums not exceeding five
dollars.
Sec. 3. And be it f urther enacted , That in order to procure Purchase of the
bullion for the requisite coinage of the subdivisions of the |uchrcoinage. for
dollar authorized by this act, the treasurer of the Mint shall,
with the approval of the Director, purchase such bullion
with the bullion fund of the Mint. He shall charge himself
with the gain arizing from the coinage of such bullion into
coin s of a nominal value exceeding the intrinsic value thereof,
and shall be credited with the difference between such in-
trinsic value and the price paid for such bullion, and with
the expense of distributing said coins as hereinafter pro-
vided. The balances to his credit, or the profit of said coin-
age, shall be, from time to time, on a warrant of the Director
of the Mint, transferred to the account of the Treasury of
the United States.
Sec. 4. And be it further enacted , That such coins shall
be paid out at the Mint, in exchange for gold coins at par, and’ paid out of
in sums not less than one hundred dollars; and it shall beMiut"
lawful, also, to transmit parcels of the same from time to
time to the assistant treasurers, depositaries, and other offi-
28
cers of tlie United States, under general regulations, pro-
posed by tlie Director of the Mint, and approved by the
AmmiTit of coin- Secretary of the Treasury: Provided, however, That the
a-e regulated, amount coined into quarter dollars, dimes, and half dimes,
. shall be regulated by the Secretary of the Treasury,
i h isi't & * r for ^°s a! <1 Sec. 5. And he it further enacted, That no deposits for
c ..in's to be Ve- coinage into the half dollar, quarter dollar, dime, and half
ceivod. dime, shall hereafter be received, other than those made by
the treasurer of the Mint, as herein authorized, and upon
account of the United States,
nm^bave* their Sec. G. And he it further enacted, That, at the option of
gold and silver the depositor, gold or silver may be cast into bars or ingots
or bars. to 1"got8 of either pure metal or of standard fineness, as the owner
may prefer, with a stamp upon the same designating its
weight and fineness; but no piece, of either gold or silver,
shall be cast into bars or ingots of a less weight than ten
ounces, except pieces of one ounce, of two ounces, of three
ounces, and of five ounces, all of which pieces of less weight
than ten ounces shall be of the standard fineness, with their
weight and fineness stamped upon them; but, in [all] cases,
whether the gold and silver deposited be coined or cast into
bars or ingots, there shall be a charge to the depositor, in
addition to the charge now made for refining or parting the
Charge of half metals, of one half of one per centum; the money arising
depositor 'iVaii from this charge of one half per centum shall be charged to
cases. the treasurer of the Mint, and from time to time, on warrant
of the Director of the Mint, shall be transferred into the
This section Treasury of the United States: Provided, hoicever, That
said silver coins, liothiiig contained in this section sliall be considered as
applying to the half dollar, the quarter dollar, the dime,
and half dime.
Gobi coins of Sec. 7. And he it further enacted, That from time to time
$3 established. ^iere spap be struck and coined at the Mint of the United
States, and the branches thereof, conformably in all respects
to law, and conformably in all respects to the standard of
gold coins now established by law, a coin of gold of the
Provisions of value of three dollars, or units, and all the provisions of
nmd^applicabhi an act entitled “ An act to authorize the coinage of gold
to said coin. dollars and double eagles,” approved March third, eighteen
hundred and forty-nine, shall be applied to the coin herein
authorized, so far as the same may be applicable; but the
devices and shape of the three dollar piece shall be fixed
, ,M. by the Secretary of the Treasury.
To tai. e effect Sec. 8. And he it f urther enacted, That this act shall be
J't8r>3^' cb.3’ ac, iu force from and after the first day of June next.
sec. 7.
ACT OF MARCH 3, 1853.
Coinage provisions contained in an act to supply deficiencies in the appropria-
tions, for the fiscal year ending June 30, 1853.
Sections 1 to G, inclusive, relate to other matters,
charge for cast- Sec. 7. And he it further enacted, That when gold or sil-
iiiK silver into ver shall be cast into bars or ingots or formed into disks at
ingoti. ' ' the Mint of the United States, or any of the branches
thereof, or at any assay ollice of the United States, the
29
charge for refining, casting, or forming said bars, ingots, or
disks shall be equal to, but not exceed, the actual cost of
the operation, including labor, wastage, use of machinery,
materials, etc., to be regulated from time to time by the Sec-
retary of the Treasury. And the Secretary of the Treas- sizo nnd (1p
ury is hereby authorized to regulate the size and devices of vices of' the «ii-
the new silver coin, authorized by an act entitled “An act ,'^4 °by
amendatory of existing laws relative to the half dollar, issn, eif. 79.
quarter dollar, dime, and half dime,” passed at the present
session; and that, to procure such devices, as also the mod-
els, moulds, and matrices or original dies for the coins, disks,
or ingots authorized by said act, the Director of the Mint
is empowered, with the approval of the Secretary of the Additional om-
Treasury, to engage temporarily for that purpose the serv- cersin 1,10 Iuint-
ices of one or more artists, distinguished in their respec-
tive departments, who shall be paid for such services from
the contingent appropriation for the Mint: And that here-
after the three cent coin now authorized by law shall be weight, of the
made of the weight of three fiftieths of the weight of the 3'cent com
half dollar, as provided in said act, and of the same stand-
ard of fineness. And the said act, entitled “An act amend- Act of 1853, ch.
aiory of existing laws relative to the half dollar, quarter to take eUc,
dollar, dime, and half dime,” shall take effect and be in full Api ’ 18*j3*
force from and after the first day of April, one thousand
eight hundred and fifty-three, any thing therein to the con-
trary notwithstanding.
ACT OF MARCH 3, 1853.
Coinage provisions included in an act making appropriations for the civil and
diplomatic Expenses of the Government in the year ending June 30, 1854.
* * * and it shall be the duty of the superintendent Mint profits to
of the Mint to cause to be paid annually into the Treasury Treasury?10 the
of the United States the profits of the Mint, and to present
a quarterly account of the expenditures of the Mint to the
Secretary of the Treasury ;
Sections 2, 3, and 4, inclusive, relate to other matters.
Sec. 5. And be it further enacted , That when private
establishments shall be made to refine gold bullion, the g0kiefn ^rfvate
Secretary of the Treasury, if he shall deem them capable of cstablishmcuts:
executing such work, is hereby authorized and required to
limit the amount thereof, which shall be refined in the Mint
at Philadelphia, from quarter to quarter, and to reduce the
same progressively as such establishments shall be expended
[extended?] or multiplied, so as eventually, and as soon as
may be, to exclude refining from the Mint, and to require
that every deposit of gold bullion made therein for coinage
shall be adapted to said purpose, without need of refining:
Provided, That no advances in coin shall be made upon No advances m
bullion after this regulation shall be carried into effect, coiu-
except upon bullion refined as herein prescribed.
Sections 6 to 9 inclusive relate to other matters.
Sec. 10. Provides for the establishment of an assay office Assay office es-
in New York City, for the melting, refining, parting and Y«i?10dfttNeif
30
Receipt to be
given for bullion.
Certificate of
value of deposit,
when receivable
for public dues.
In what
to be cast.
form
assaying of gold and silver bullion and foreign coins, and
for the casting the same into bars, ingots or disks, and
makes provision for employment of the proper officers and
assistants.
Sec. 11. And be it further enacted •, That the owner or own-
ers of any gold or silver bullion, in dust or otherwise, or of
any foreign coin, shall be entitled to deposite the same in
tbe said office, and the treasurer thereof shall give a receipt,
stating the weight and description thereof, in the manner
and under the regulations that are or may be provided
in like cases or deposits at the Mint of the United States
with the Treasurer thereof. And such bullion shall, with-
out delay, be melted, parted, refined, and assayed, and the
net value thereof, and of all foreign coins deposited in said
office, shall be ascertained; and the treasurer shall there-
upon forthwith issue his certificate of the net value thereof,
payable in coins of the same metal as that deposited, either
at the office of the assistant treasurer of the United States,
in New York, or at the Mint of the United States, at the
option of the depositor, to be expressed in the certificate,
which certificates shall be receivable at any time within sixty
days from the date thereof in payment of all debts due to
the United States at the port of New York for the full sum
therein certified. All gold or silver bullion and foreign coin
deposited, melted, parted, refined, or assayed, as aforesaid,
shall, at the option of the depositor, be cast in the said
office into bars, ingots, or disks, either of pure metal or of
standard fineness, (as the owner may prefer,) with a stamp
thereon of such form and device as shall be prescribed by
the Secretary of the Treasury, accurately designating its
weight and fineness: Provided , That no ingot, bar, or disk
shall be cast of less weight than five ounces, unless the
same be of standard fineness, and of either one, two, or three
ounces in weight. And all gold or silver bullion and for-
eign coin intended by the depositor to be converted into
After nssa -tho coins of the United States, shall, as soon as assayed and
metaito be trans- its net value certified as above provided, be transferred to
anTcoinoli?1'1'11* tbe Mint of the United States under such directions as shall
be made by the Secretary of the Treasury, and at the ex-
pense of the contingent fund of the Mint, and shall there be
coined. And the Secretary of the Treasury is hereby au-
thorized, with the approval of the President of the United
States, to make the necessary regulations for the adjust-
ment of tfie accounts between the respective officers, upon
the transfer of any bullion or coin between the assay office,
the Mint, and assistant treasurer in New York.
Sec. 12. Places the operation of the assay office in New
York under direction of the Director of the Mint subordi-
nate to the Secretary of the Treasury, with authority to
prescribe regulations and order tests.
Sec. 13. Extends the provisions in regard to the rendi-
tion of accounts, custody of deposits, payments, oaths and
bonds, etc., thereto and provides that existing laws for tho
government of the Mint shall be applied to the operations
of the assay office.
Proviso.
Accounts.
Under direc-
tion of Director.
Existing
applied
laws
31
Sec. 14. Provides that the same charges shall be made Existing
for refining, parting, casting, etc., as at the Mint and appro- tended.
priates receipts from charges for contingent expenses.
Sec. 15. (.rives authority to the Secretary of the Treas-
ury to rent, lease, or otherwise secure buildings in the city
of New York for the operations of the office, and also to
secure necessary machinery and implements.
Building to be
scoured.
ACT OF FEBRUARY 21, 1857,
An act to determine the legal tender value of foreign coins, and for tho coin-
age of conts at tho Mint of the United States.
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled, That Qpl^s^anTi Mexl
the pieces commonly known as the quarter, eighth, and nan coins are to
sixteenth of the Spanish pillar dollar, and of the Mexican Jj® tho 'united
dollar, shall be receivable at the Treasury of the United states.
States, and its several offices, and at the several post-offices
and land-offices, at the rates of valuation following, — that
is to say, the fourth of a dollar, or piece of two reals, at
twenty cents; the eighth, of a dollar, or piece of one real,
at ten cents; and the sixteen tb of a dollar, or half real, at
five cents.
Sec 2. And be it further enacted, That the said coins, 1.e^ccoins to 1,6
when so received, shall not again be paid out, or put in iecome
circulation, but shall be recoined at the Mint. Audit shall
be tlie duty of the Director of the Mint, with the approval
of the Secretary of the Treasury, to prescribe such regula-
tions as may be necessary and proper, to secure their trans-
mission to the Mint for recoinage, and. the return or distri-
bution of the proceeds thereof, when deemed expedient,
and to prescribe such forms of account as may be appro-
priate and applicable to the circumstances: Provided, That
the expenses incident to such transmission or distribution,
and of recoinage, shall be charged against the account of
silver profit and loss, and the net profits, if any, shall be
paid from time to time into the Treasury of the United
States.
Sec. 3. And be it further enacted, That all former acts
authorizing tlie currency of foreign gold or silver coins, and
declaring the same a legal tender in payment for debts, are
hereby repealed; but it shall be the duty of the Director of
the Mint to cause assays to be made, from time to time, of
such foreign coins as may be known to our commerce, to
determine their average weight, fineness, and value, and to
embrace in his annual report a statement of the results
thereof.
Sec. 4. And be it further enacted , That from and after
the passage of this act, the standard weight of the cent
coined at the Mint shall be seventy-two grains, or three
twentieths of one ounce troy, with no greater deviation
than four grains in each piece; and said cent shall be com-
posed of eiglity-eight per centum of copper and twelve per
ceutum of nickel, of such shape and device as may be fixed
Former acts
making foreign
coins a currency
or legal tender
repealed.
Assays of for-
eign coins to be
made, and an-
nually reported.
Weight and
c om position of
centa
32
Sucli cents may
be paid out and
transmitted, &e.
To be paid out
for certain coins
at old rate for
two years.
Fiscal year to
end June 30.
Standard
weight, &c., of
mint.
Act Feb. 12,
1873, section 16.
Two-cent pieces
to be coined.
Ibid.
Shape, dovices,
&o.
Present laws ex-
tended thereto.
Ke vised Stat-
utes, 5-162.
by the Director of the Mint, with the approbation of the
Secretary of the Treasury; and the coinage of the half cent
shall cease.
Sec. 5. Authorizes the Secretary of the Treasury to pur-
chase from the bullion fund of the Mint materials neces-
sary to the coinage of the cent authorized by the act, and
makes the laws in force relating to the Mint and the coin-
age of precious metals applicable to this coin.
Sec. 6. And be it further enacted , That it shall be lawful
to pay out the said cent at the Mint in exchange for any
of the gold and silver coins of the United States, and also
in exchange for the former copper coins issued; and it
shall be lawful to transmit parcels of the said cents, from
time to time, to the assistant treasurers, depositaries, and
other officers of the United States, under general regula-
tions proposed by the Director of the Mint, and approved
by the Secretary of the Treasury, for exchange as aforesaid.
And it shall also be lawful for the space of two years from
the passage of this act and no longer, to pay out at the
Mint the cents aforesaid for the fractional parts of the dol-
lar hereinbefore named, at their nominal value of twenty-
five, twelve-and-a-half, and six-and-a-quarter cents, respec-
tively.
Sec. 7. Directs that the annual report of the Director of
the Mint shall extend to the 30th of June in each year.
ACT OF APRIL 22, 1864.
Amending the act of February 21, 1857.
•
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled, That,
from and after the passage of this act, the standard weight
of the cent coined at the mint of the United States shall
be forty-eight grains, or one-tenth of one ounce troy; and
said cent shall be composed of ninety-five per centum of
copper, and five per centum of tin and zinc, in such propor-
tions as shall be determined by the Director of the Mint;
and there shall be, from time to time, struck and coined at
the mint a two-cent piece, of the same composition, the
standard weight of which shall be ninety-six grains, or one-
fifth of one ounce troy, with no greater deviation than four
grains to each piece of said cent and two-cent coins; and
the shape, mottoes, and devices of said coins shall be fixed
by the Director of the Mint, with the approval of the Sec-
retary of the Treasury; and the laws now in force relating
to the coinage of cents and providing for the purchase of
material and prescribing the appropriate duties of the offi-
cers of the mint and the Secretary of the Treasury be, and
the same are hereby, extended to the coinage herein pro-
vided for.
Sec. 2. And be it further enacted , That all laws now in
force relating to the coins of the United States and the
striking and coining the same shall, so far as applicable, be
extended to the coinage herein authorized, whether said
33
laws arc penal or otherwise, for the security of the coin,
regulating and guarding the process of striking and coin-
ing, for preventing debasement or counterfeiting, or for any
other purpose.
Sec. 3. And be it further enacted , That the Director of pireotor of
the Mint shall prescribe suitable regulations to insure adue^jj^,.^ 8®^‘ar°
conformity to the required weights and proportions of alloy iov in such coins,
in the said coins; and shall order trials thereof to be made
from time to time by the assayer of the mint, whereof a re-
port shall be made in writing to the Director.
Sec. 4. And be it f urther enacted , That the said coins Such coina to
shall be a legal tender in any payment, the one-cent coin bo legal tender
to the amount of ten cents, and the two-eent coin to the sums. lor what
amount of twenty cents; and it shall be lawful to pay out Repeated,
said coins in exchange for the lawful currency of the United ists.soo o.'
States, (except cents or half cents issued under former acts
of Congress,) in suitable sums, by the treasurer of the mint,
and by such other depositaries as the Secretary of the
Treasury may designate, under general regulations pro-
posed by the Director of the Mint and approved by the
Secretary of the Treasury; and the expenses incident to
such exchange, distribution, and transmission may be paid
out of the profits of said coinage; and the net profits of
said coinage, ascertained in like manner as is prescribed in
the second section of the act to which this is a supplement,
shall be transferred to the Treasury of the United States.
Sec. 5. And be it further enacted, That if any person or Penalty for
persons shall make, issue, or pass, or cause to be made, is- making coins in-
sued, or passed, any coin, card, token, or device whatsoever, passed as cents!
in metal or its compounds, intended to pass or be passed &Pev!sod stat_
as money for a one-cent piece or a two*cent piece, such per- utes, 5462. " a
son or persons shall be deemed guilty of a misdemeanor,
and shall, on conviction thereof, be punished by a fine not
exceeding one thousand dollars, and by imprisonment for
a term not exceeding five years.
ACT OF JUNE 8, 1864.
Is an act for punishing and preventing the counterfeiting Counterfeiting,
of coin of the United States.
ACT OF MARCH 3, 1865.
An act to authorize the coinage of three-cent pieces, and for other purposes.
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled. That
so soon as practicable after the passage of this act, there toi,e3cofnedFOC0
shall be coined at the Mint of the United States a three-cent 4ct Feb- 12>
piece, composed of copper and nickel in such proportions, not 1S7,!’ sec' 1G'
exceeding twenty-five per centum of nickel, as shall be de- composition,
termined by the Director of the Mint, the standard weight do^’fce ’&c.1 a p 6 ’
S. Iiep. 235 3
34
Laws applica-
ble.
Applies exist-
ing laws.
To bo legal ten-
der lor GO cents.
The 3-cent coin
may be paid ont
in exchange for
lawful currency,
except* &c.
Act of Apr. 2,
1792.
Act of Apr. 22,
1864.
Act of Feb. 12,
1873, sec. 16.
Expenses, how
paid.
N o fractional
note to be issued
under 5 cents.
Act Eeb. 12,
18/3, sec. 3*
Counterfeiting.
Devices and
legends.
Ono-cent a n d
2-cent coins to
be a legal tender
only for 4 cents.
Five-cont
pieces to be coin-
ed of copper and
nickel.
of which shall be thirty grains, with no greater deviation
than four grains to each piece, and the shape, mottoes, and
devices of said coin shall be determined by the Director of
the Mint, with the approval of the Secretary of the Trrasury.
And the laws now in force relating to the coinage of cents,
and providing for the purchase of material and prescribing
the appropriate duties of the officers of the Mint, and of the
Secretary of the Treasury be, and tlie same are hereby,
extended to the coinage herein provided for.
Sec. 2. Extends to the provisions of this act the laws in
operation governing other coins.
Sec. 3. And be it further enacted , That the said coin shall
be a legal tender in any payment to the amount of sixty
cents. And it shall be lawful to pay out said coins in ex-
change for the la wful currency of the United States, (except
cents or half-cents or two-cent pieces issued under former
acts of Congress,) in suitable sums by the Treasurer of the
Mint, and by such other depositaries as the Secretary of the
Treasury may designate, and under general regulations
approved by the Secretary of the Treasury. And under
the like regulations the same maybe exchanged in suitable
sums for any lawful currency of the United States; aud the
expenses incident to such exchange, distribution, and trans-
mission, may be paid out of the profits of said coinage, and
the net profits of said coinage, ascertained in like manner
as is prescribed in the second section of tbe act entitled
“An act relating to foreign coins, and the coinage of cents at
the Mint of the United States,” approved February twenty-
first, eighteen hundred and fifty-seven, shall be transferred
to the Treasury of the# United States: Provided , That from
and after the passage of this act, no issues of fractional
notes of the United States shall be of a less denomination,
than five cents, and all such issues of a less denomination,
at that time outstanding, shall, when paid into the Treas-
ury or any designated depositary of the United States, or
redeemed or exchanged as now provided by law, be retained
and cancelled.
Sec. 4. Provides penalties for counterfeiting, etc.
Sec. 5. Provides for an additional device and legend for
this coin.
Sec. 6. And be it further enacted , That the one and two
cent coins of the United States shall not be a legal tender
for any payment exceeding four cents in amount; and so
much of the laws of the United States heretofore enacted
as are in conflict with the provisions of this act, are hereby
repealed.
ACT OF MAY 16, 1866.
An act authorizing the coinage of five-cent pieces.
Be it enacted by the Senate and House of Representatives of
the United, States of America in Congress assembled , That, so
soon as practicable after the passage of this act, there shall
be coined at the Mint of the United States a five-cent piece
composed of copper and nickel, in such proportions, not ex-
35
ceeding twenty-five per centum of nickel, as shall be deter-
mined by the Director of the Mint, the standard weight of
which shall be seventy-seven and sixteen hundredths grains,
with no greater deviation than two grains to each piece;
and the shape, mottoes and devices of said coin shall be
determined by the Director of the Mint, with the approval
of the Secretary of the Treasury; and the laws now in force
relating to the coinage of cents, and providing for the pur-
chase of material, and prescribing the appropriate duties
of the officers of the Mint and the Secretary of the Treas-
ury, be, and the same are hereby, extended to the coinage
herein provided for.
Sec. 2
coinage herein authorized.
Sec. 3. And be it further enacted , That said coin shall be
a legal tender in any payment to the amount of one dollar.
And it shall be lawful to pay out such coins in exchange
for the lawful currency in the United States, (except cents,
Weight, shape,
devices, &c.
Extends the provisions of existing laws to the
Laws relating
to coinage of
cents, &c.,to ap-
ply to tliis coin-
age.
Applies exist-
ing laws.
To be legal ten-
der to amount of
$1.
To bo paid in
exchange for cur-
rency.
or half cents, or two-cent pieces, issued under former acts of Apr. 2,
' J i92.
Act of Apr. 22,
1864.
of Congress,) in suitable sums, by the treasurer of the Mint,
and by such other depositaries as the Secretary of the Treas-
ury may designate, and under general regulations approved:
by the Secretary of the Treasury. And under the like reg-
ulations the same may be exchanged in suitable sums for
any lawful currency of the United States, and the expenses
incident to such exchange, distribution, and transmission
may be paid out of the profits of said coinage; and the net
profits of said coinage, as ascertained in the manner pre-
scribed in the second section of the act entitled “ An act
relating to foreign coins and the coinage of cents at the
Mint of the United States,” approved February twenty-first,
eighteen hundred and fifty-seven, shall be transferred to
the Treasury of the United States: Provided , That from
and after the passage of this act no issues of fractional
notes of the United States shall be of a less denomination
than ten cents; and all such issues at that time outstand-
ing shall, when paid into the Treasury or any designated
depository of the United States, or redeemed or exchanged
as now provided by law, be retained and cancelled.
Sec. 4. Provides penalties for counterfeiting, etc.
Sec. 5. And be it further enacted , That it shall be lawful
for the Treasurer and the several assistant treasurers of the
United States to redeem in national currency, under such
rules and regulations as may be prescribed by the Secretary
of the Treasury, the coin herein authorized to be issued
when presented in sums of not less than one hundred dol-
lars.
No fractional
currency of less
than 10 cents to
be issued, and
old issues to be
canceled.
Revised Stat-
utes, 3573.
Counterfeiting.
Maybe redeem-
ed in stuns of not
less than $100.
ACT OP MARCH 3, 1871.
An act to provide for the redemption of copper and other token coins.
Be it enacted by the Senate and House of Representatives of ah copper and
the United States of America in Congress assembled, That the age6’? o1a!> 0c°re-
Secretary of the Treasury is hereby authorized and required ^en0ebtl^u 8nms
to redeem in lawful money, under such rules and regula- $2o.n° css tlian
36
tions as lie may from time to time prescribe, all copper,
bronze, copper- nickel, and base-metal coinage of every kind
bei etofore authorized by law, when presented in sums of
may c re ^iscrm- 11 ^ess than twenty dollars ; and whenever under this au-
tinued when, &e. thority these coins are presented for redemption in such
quantity as to show the amount outstanding to be redun-
dant, the Secretary of the Treasury is authorized to discon-
tinue or diminish the manufacture and issue of such coinage
until otherwise ordered by him.
ACT OF FEBRUARY 12, 1873.
An act revising and amending the laws relative to the Mint, assay offices, and
coinage of the United States.
Mint establish-
ed as a bureau
and includes
what.
Director; ap-
pointment, and
term of office ;
powers ;
reports;
annual esti-
inates.
Clerks, number
and appoint-
ment.
Be it enacted by the Senate and, House of Representatives of
the United States of America in Congress assembled, That the
Mint of the United States is hereby established as a Bureau
of the Treasury Department, embracing in its organization
and under its control all mints for the manufacture of coin,
and all assay offices for the stamping of bars, which are now,
or which may be hereafter, authorized by law. The chief
officer of the said Bureau shall be denominated the Director
of the Mint, and shall he under the general direction of the
Secretary of the Treasury. He shall be appointed by the
President, by and with the advice and consent of the Senate,
and shall hold his office for the term of live years, unless
sooner removed by the President, upon reasons to be com-
municated by him to the Senate.
Sec. 2. That the Director of the Mint shall have the gen-
eral supervision of all mints and assay-offices, and shall
make an annual report to the Secretary of the Treasury of
their operations, at the close of each fiscal year, and from
time to time such additional reports, setting forth the opera-
tions and condition of such institutions, as the Secretary
of the Treasury shall require, and shall lay before him the
annual estimates for their support. And the Secretary of
the Treasury shall appoint the number of clerks, classified
according to law, necessary to discharge the duties of said
Bureau.
Mint officers. Sec. 3. Speci fies the officers of each mint. Reproduced
in Revised Statutes, section 3490.
Powers and dir Sec. 4. Defines powers and duties of superintendents of
es- mints. Reproducedin Revised Statutes, sections 3503, 3504,
3505, and 3506.
Assayers. Sec. 5. Defines duties of assayers. Reproduced in Re-
vised Statutes, section 3507.
Meit er and re- Sec. 6. Defines duties ofmelter and refiner. Reproduced
uer' in Revised Statutes, section 3508.
Coiner. Sec. 7. Defines the duty of the coiner and is reproduced
in Revised Statutes, section 3509.
Engraver. Sec. 8. Defines the duties of the en graver and is repro-
duced in Revised Statutes, section 3510.
37
Sec. 0. Prescribes bow temporary vacancies from sick-
ness or otherwise may be filled by the superintendent and
is reproduced in Revised Statutes, section 3502.
Sec. 10. Prescribes the oath of officers, assistant clerks
and employes, and is reproduced in Revised Statutes, sec-
tion 3500.
Sec. 11. Prescribes the bond of superintendent and other
officers and is reproduced in Revised Statutes, section 3501.
Sec. 12. Prescribes the salaries of the different officers
and that they shall be payable monthly, and is reproduced
in Revised Statutes, sections 3198 and 3499.
Sec. 13. Fixes the standard of fineness of gold and silver
coins and is reproduced in Revised Statutes, section 3514.
Sec. 14. That the gold coins of the United States shall
be a one dollar piece, which, at the standard weight of
twenty -five and eight- tenths grains, shall be the unit of value ;
a quarter-eagle, or two-and-a-lialf dollar iiiece; a tliree-dol-
lar piece; a half eagle, or five-dollar piece; an eagle, or ten-
dollar piece; and a double-eagle, or twenty-dollar piece.
And the standard weight of the gold dollar shall be twenty-
five and ei ght-tenths grains ; of the quarter-eagle, or two-and-
a-lialf dollar piece, sixty-four and a-lialf grains; of thethree-
dollar piece, seventy-seven and four-tenths grains; of the
half-eagle or five-dollar piece, one hundred and twenty-nine
grains; of the eagle or ten- dollar piece, two hundred and
fifty-eight grains ; of the double-eagle, or twenty-dollar piece,
five hundred and sixteen grains; which coins shall be a legal
tender in all payments at their nominal value when notbelow
the standard weight and limit of tolerance provided in this
act for the single iiiece, and when reduced in weight, below
said standard and tolerance, shall be a legal tender at val-
uation in proportion to their actual weight; and any gold
coin of the United States, if reduced in weight by natural
abrasion not more than one-half of one percentum below
the standard weight prescribed by law, after a circulation
of twenty years, as shown by its date of coinage, and at a
ratable proportion for any period less than twenty years,
shall be received at their nominal value by the United
States Treasury and its offices, under such regulations as the
Secretary of the Treasury may prescribe for the protection
of the Government against fraudulent abrasion or other
practices ; and any gold coins in the Treasury of the United
States reduced in weight below this limit of abrasion shall
be recoined.
Sec. 15. Describes the silver coins of the United States,
prescribes their weight, legal tender quality, etc., and is
reproduced in Revised Statutes, sections 3513 and 3586.
Sec. 16. Describes the minor coins of the United States
and their alloy, fixes their weight and legal tender quality,
and is reproduced in Revised Statutes, sections 3515 and
Vacancies.
Oath of office.
Bond.
Salarica.
Standard of
fineness.
Gold coins:
See act Apr. 2,
1792.
Act Juno 28,
1834.
Act Jan. 18,
1837.
Act Feb. 21,
1853.
Revised Stat-
utes, 3511.
standard weight ;
Act Mar. 3.
1849.
to be legal ten-
der.
(Ibid.)
Revised Stat-
utes, 3o8o.
reduction in
weight by natu-
ral abrasion ; '
Revised Stat-
utes, 3505.
where to be re-
ceived.
Revised Stat-
utes, 3512.
Silver coins.
Minor coins.
Prohibits
Sec. 17. Prohibits the issue of any other coins than those otLer coills
set forth and is reproduced in Revised Statutes, section
3516.
Sec. 18. That upon the coins of the United States there Devices and ie-
sliall be the following devices and legends: Upon one side s^eviXi'lcstat-
there shall be an impression emblematic of liberty, with anutes’ 3517-
38
Inscriptions.
Bullion gold.
Bullion silver
for trade dollars.
Weighing, etc.
Assay.
Report of as-
eayer.
Charges for
converting.
Verifications.
Purchase of
bullion.
Seigniorage.
Silver coins,
how paid.
•Purchase of
metal for minor
coins.
Legal t e n d o r
limitminorcoins.
Mel ting and re-
fining.
Assaying.
Legal standard,
deviation from.
inscription of tlie word u Liberty” and the year of the coin
age, and upon the reverse shall be the figure or representa-
tion of an eagle, with the inscriptions “United States of
America” and “E Pluribus Unum,” and a designation of
the value of the coin; but on the gold dollar and three-dol-
lar piece, the dime, five, three, and one cent piece the figure
of the eagle shall be omitted; and on the reverse of the
silver trade-dollar the weight and the fineness of the coin
shall be inscribed; and the Director of the Mint, with the
approval of the Secretary of the Treasury, may cause the
motto “ In God we trust” to be inscribed upon sncli coins
as shall admit of such motto; and any one of the foregoing
inscriptions may be on the rim of the gold and silver coins.
Sec. 19. Authorizes the casting and stamping of gold or
silver bars and is reproduced in Revised Statutes, section
3518.
Sec. 20. Provides for deposits of gold bullion for coinage
and is reproduced in Revised Statutes, section 3519.
Sec. 2J. Provides for deposits of silver bullion, casting
into bars or coining into trade dollars, and is reproduced
in Revised Statutes, section 3520.
Sec. 22. Provides for the weighing of bullion and deter-
mining its fitness and mode of melting, and is reproduced
in Revised Statutes, section 3521.
Sec. 23. Provides for the assay of bullion and is repro-
duced in Revised Statutes, section 3522.
Sec. 24. Provides for a report by the assayer aud is re-
produced in Revised Statutes, section 3523.
Sec. 25. Provides for charges for converting bullion into
coin and the preparation of bars, and is reproduced in Re-
vised Statutes, section 3524.
Sec. 26. Provides for verification of calculations of super-
intendent by the assayer and his countersigning certificate,
and is reproduced in Revised Statutes, section 3525.
Sec. 27. Provides for the purchase of bullion for silver
coinage and for the disposition of seigniorage, and is repro-
duced in Revised Statutes, section 3526.
Sec. 28. Provides how silver coins shall be paid out,
where and for what, and is reproduced in Revised Stat-
utes, section 3527.
Sec. 29. Provides for the purchase of metal for the miuor
coinage and is reproduced in Revised Statutes, section 3528.
Sec. 30. Provides for methods of exchanging minor coins
and limits the legal tender thereof, and is reproduced in
Revised Statutes, section 3529.
Sec. 31. Provides for melting and refining of bullion and
coinage into ingots, and is reproduced in Revised Statutes,
section 3530.
Sec. 32. Provides for the assaying and giving of certifi-
cates in regard to ingots, and is reproduced in Revised Stat-
utes, section 3531.
Sec. 33. Provides for the coinage of ingots and prescribes
deviation for legal standard, reproduced in Revised Statues,
sectiou 3533.
39
Sec. 34. Provides for bars for payment of deposits, for
ascertaining fineness, etc., and is reproduced in Revised
Statutes, section 3534.
Sec. 35. Relates to ingots for coinage and their delivery
to the coiner, and is reproduced in Revised Statutes, sec-
tion 3532.
Sec. 36. Provides for deviations of weight of gold coins
and the limitation, and is reproduced in Revised Statutes,
section 3535.
Payment for
deposits.
Delivery of in-
gots.
Deviations of
gold coins.
Sec. 37. Provides for the deviations of weight in silver Deviations of
coins, and is reproduced in Revised Statutes, Section 3536. Hllvci C0U1S'
Sec. 38. Provides for the adjustment of weight of the weights of
minor coinage, and is reproduced in Revised Statutes, sec- rainor C01US-
tion 3537.
Sec. 39. Provides for the delivery by the coiner to the Assay*
superintendent of coins for assay, and is reproduced in
Revised Statutes, section 3538.
Sec. 40. Prescribes the mode of delivery of such coins by Assay,
the coiner to the Superintendent, and is reproduced in
Revised Statutes, section 3539.
Sec. 41. Provides for the disposition of clippings of bul- Clippings,
lion, etc., and isreproducedin Revised Statutes, section 3540.
Sec. 42. Provides with what the coiner shall be charged coAcrcounts of
and credited as to the character of accounts to be ren-
dered, and is reproduced in Revised Statutes, section 3541.
Sec. 43. Provides for the examination of the accounts, 10
by the superintendent, of the coiner and melter and refiner,
and what amount will be allowed for wastage, and is repro- wastage,
duced in Revised Statutes, section 3542.
Sec. 44. Provides for a balance sheet reported to the Daiance sheet.
Director of the Mint and also an expense account, and is
reproduced in Revised Statutes, section 3543.
Sec. 45. Provides for the payment of coins or bars to Payment to
depositors, and is reproduced in Revised Statutes, section dt'110slt018-
3544.
Sec. 46. Provides for the exchange of unparted bullion . Unpaired bui-
and a charge for parting, and is reproduced in Revised ll0n‘
Statutes, section 3546.
Sec. 47. Provides for speedy returns by the Secretary Speedy return
of the Treasury to depositors of bullion and is reproduced to dt)P°8ltors-
in Revised Statutes, section 3545.
Sec. 48. Provides for the annual test of weight of coins Annual tests
by an assay commission, specifies where it shall take place, ot com-
etc., and is reproduced in Revised Statutes, section 3547.
Sec. 49. Provides for a standard troy pound of the Mint d ar d
of the United States, and is reproduced in Revised Stat-
utes, section 3548.
Sec. 50. Provides a standard weight of each mint and Testing thcre-
assay office and regulates the testing thereof annually, andoL
is reproduced in Revised Statutes, section 3549.
Sec. 51. Provides for the destruction of obverse working Destruction of
dies, and is reproduced in Revised Statutes, section 3550. dl0S‘
Sec. 52. Provides that dies of a national character and and
medals may be made at the Mint at Philadelphia, and is
reproduced in Revised Statutes, section 3551.
Sec. 53. Provides that all receipts for charges and deduc- Disposition of
tions, etc., shall be covered into the Treasury of the United receiI>ts'
40
New Yorlc as
say office.
Duties, <fcc., of
superintendent,
&c., of eacli as-
say office;
Revised Stat-
utes, 3555.
Salaries.
.Business of as-
say-offices at
Denver, Bois6
City, and else-
vvlierc, to be limi-
ted to what.
Revised Stat-
utes, 3558, 3559,
3550.
Officers of such
assay-offices and
their salaries ;
their oath and
bond.
1852, ck. 128.
Assayers to ho
disbursing
agents.
Director of the
Mint to have the
general direction
of the assay-offi-
ces, subject, <fcc. ;
regulations, re-
turns, an d
charges.
States and that no expenditures si i all be made for salaries
other than by appropriations, and is reproduced in Revised
Statutes, section 3552.
Sec. 54. Provides for the officers of the assay office at
New York and their appointment, defines the business of
the assay office, and is reproduced in Revised Statutes,
section 3553.
Sec. 55. That the duties of the superintendent, assayer,
and melter and refiner of said office shall correspond to
those of superintendents, assayers, and melters and refin-
ers of mints; and all parts of this act relating1 to mints and
their officers, the duties and responsibilities of' such officers,
and others employed therein, the oath to be taken, and the
bonds and sureties to be given by them, (as far as the same
may be applicable,) shall extend to the assay-office at New
York, aud to its officers, assistants, clerks, workmen, and
others employed therein.
Sec. 5G. Defines the salaries Of superintendent, etc., and
is reproduced in Revised Statutes, section 3556 and 3557.
Sec. 57. That the business at the branch mint at Denver,
while conducted as an assay-office, and of the assay-office
at Boise City, Idaho, and all other assay-offices hereafter to
be established, shall be confined to the receipt of gold and
silver bullion, for melting aud assaying, to be returned to
depositors of the same, in bars, with the weight and fine-
ness stamped tliereon ; and the officers of assay-offices, when
their services are necessary, shall consist of an assayer, who
shall have charge thereof, and a melter, to be appointed by
the President, by and with the advice and consent of the
Senate; and the assayer may employ as many clerks, work-
men, and laborers, under the direction of the Director of
the Mint, as may be provided for by law. The salaries of
said officers shall not exceed the sum of two thousand five
hundred dollars to the assayer and melter, one thousand
eight hundred dollars each to the clerks, and the workmen
and laborers shall receive such wages as are customary
according to their respective stations and occupations.
Sec. 58. That each officer and clerk to be appointed at
such assay-offices, before entering upon the execution of his
office, shall take an oath or affirmation before some judge of
the United States, or of the Supreme Court, as prescribed
by the act of July second, eighteen hundred and sixty-two
and each become bound to the United States of America,
with one or more sureties, to the satisfaction of the Director
of the Mint or of one of the judges of the supreme court of
the State or Territory in which the same may be located,
and of the Secretary of the Treasury, conditiined for the
faithful performance of the duties of their offices; and the
said assayers shall discharge the duties of disbursing agents
for the payment of the expenses of their respective assay-
oflices.
Sec. 59. That the general direction of the business of
assay-offices of the United States shall be under the control
and regulation of the Director of the Mint, subject to the
approbation of the Secretary of the Treasury; and for that
purpose it shall be t he duty of the said Director to prescribe
such regulations and to require such returns periodically and
41
occasionally, and to establish such charges for melting, part-
ing, assaying, and stamping bullion as shall appear to him
to be necessary for the purpose of carrying into effect the
intention of this act.
Sec. GO. That all the provisions of this act for the regu-
lation of the mints of the United States, and for the gov-
ernment of the officers and persons employed therein, and
for the punishment of all offenses connected with the mints
or coinage of the United States, shall be, and they are
hereby declared to be, in full force in relation to the assay-
offices, as far as the same may be applicable thereto.
Sec. 61. That if any person or persons shall falsely make,
forge, or counterfeit, or cause or procure to be falsely made,
forged, or counterfeited, or willingly aid or assist in falsely
making, forging, or counterfeiting, any coin or bars in re-
semblance or similitude of the gold or silver coins or bars,
which have been, or hereafter may be, coined or stamped
at the mints and assay-offices of the United States, or in
resemblance or similitude of any foreign gold or silver coin
which by law is, or hereafter may be made, current in the
United States, or arc i n actual use and circulation as money
within the United States, or shall pass, utter, publish, or
sell, or attempt to pass, utter, publish, or sell, or bring
into the United States from any foreign place, or have
in his possession, any such false, forged, or counterfeited
coin or bars, knowing the same to be false, forged, or
counterfeited, every person so offending shall be deemed
guilty of felony, and shall, on conviction thereof, be pun-
ished by fine not exceeding five thousand dollars, and by
imprisonment and confinement at hard labor not exceed-
ing ten years, according to the aggravation of the offense.
Sec. 62. That if any person or persons shall falsely make,
forge, or counterfeit, or cause or procure to be falsely made,
forged, or counterfeited, or willingly aid or assist in falsely
making, forging, or counterfeiting, any coin in the resem-
blance or similitude of any of the minor coinage which lias
been, or hereafter may be, coined at the mints of the United
States; or shall pass, utter, publish, or sell, or bring into
the United States from any foreign place, or have in his
possession, any such false, forged, or counterfeited coin, with
intent to defraud any body politic or corporation, or any
person or persons whatsoever, every person so offending
shall be deemed guilty of felony, and shall, on conviction
thereof, be punished by fine not exceeding one thousand
dollars and by imprisonment and confinement at hard labor
not exceeding three years.
Sec. 63. That if any person shall fraudulently, by any
art, way, or means whatsoever, deface, mutilate, impair,
diminish, falsify, scale, or lighten the gold or silver coins
which have been, or which shall hereafter be, coined at the
mints of the United States, or any foreign gold or silver
coins which are by law made current, or are in actual use
and circulation as money within the United States, every
person so offending shall be deemed guilty of a high misde-
meanor, and shall be imprisoned not exceeding two years,
and lined not exceeding two thousand dollars.
Provisions re-
lating to tlio
mints to apply to
assay-offices.
Revised Stat-
utes, 5457."
Penalty for
counterfe i tin g,
&c., any coin or
bars, in simili-
tude, &c. ;
Revised Stat-
utes, 3562.
or knowingly
having in posses-
sion or uttering,
&c., such coun-
terfeited, &c.,
coins or bars ;
for counterfeit-
ing, &c., minor
coinage, or utter-
ing such false
coins ;
Revised Stat-
utes, 5458.
for fraudulently
impairing,* &c.,
gold orsilver cur-
rent coins;
Revised Stat-
utes, 5459.
42
for fraudulently
debasing the gold
or silver coins of
the United
States,
or defacing
weights, &c.
Penalty for em-
bezzling metals
or coins, medals,
&o.
When act
take effect.
to
Sec. 04. That if any of the gold or silver corns which
shall be struck or coined at any of the mints of the United
States shall be debased, or made worse as to the proportion
of fine gold or fine silver therein contained; or shall be of
less weight or value than the same ought to be, pursuant
to the several acts relative thereto; or if any of the weights
used at any of the mints or assay-offices of the United
States shall be defaced, increased, or diminished through
the fault or connivance of any of the officers or persons who
shall be employed at the said mints or assay-offices, with a
fraudulent intent; and if any of the said officers or persons
shall embezzle any of the metals which shall at any time be
committed to their charge for the purpose of being coined,
or any of the coins which shall be struck or coined at the
said mints, or any medals, coins, or other moneys of said
mints or assay-offices at any time committed to their charge,
or of which they may have assumed the charge, every such
officer or person who shall commit any or either of the said
offenses shall be deemed guilty of felony, and shall be im-
prisoned at hard labor for a term not less than one year
nor more than ten years, and shall be fined in a sum not
exceeding ten thousand dollars.
Sec. 65. That this act shall take effect on the first day of
April, eighteen hundred and seventy-three, when the offices
of the treasurer of the mints in Philadelphia, San Francisco,
and New Orleans shall be vacated, and the assistant treas-
urer at New York shall cease to perform the duties of treas-
urer of the assay-office. The other officers and employees
of the mints and assay-offices now appointed shall continue
to hold their respective offices, they having first given the
necessary bonds, until further appointments may be re-
quired, the Director of the Mint at Philadelphia being*
superintend- styled and acting as superintendent thereof. The duties
treasurers^ a s of the treasurers shall devolve as herein provided upon the
Treasurers to superintendents, and said treasurers shall act only as assist-
ant treasurers'.8 " ant treasurers of the United States: Provided , That the
salaries not di- salaries heretofore paid to the treasurers of the mints at
mmiskcd. Philadelphia, San Francisco, and New Orleans, acting as
assistant treasurers, shall hereafter be paid to them as “as-
sistant treasurers of the United States,” and that the salary
of the assistant treasurer at New York shall not be dimin-
ished by the vacation of his office as treasurer of the assay-
office.
Sec. 66. That the different mints and assay-offices author-
ized by this act shall be known as “the mint of the United
States at Philadelphia,” “the mint of the United States at
San Francisco,” “the mint of the United States at Carson,”
“the mint of the United States at Denver,” “the United
States assay-office at New York,” and “the United States
assay-office at Boise City, Idaho,” “the United States assay-
office at Charlotte, North Carolina;” and all unexpended
appropriations heretofore authorized by law for the use of
the mint of the United States at Philadelphia, the branch-
mint of the United States in California, the branch-mint of
the United States at Denver, the United States assay-office
in New York, the United States assay-office at Charlotte,
Office of treas-
urer at, &c., va-
cated.
Other officers,
&c.. to continue,
give bonds, &c.
Revised Stat-
utes, 3497.
Xamcs of the
different joints
and assay-offices.
Rovised Stat-
utes, 3495.
U n expended ap-
propriations.
43
North Carolina, and the United States assay-office at Boise
City, Idaho, are hereby authorized to be transferred for ( he
account and use of the institutions established and located
respectively at the places designated by this act.
Sec. 67. That this act shall be known as the “ Coinage k™n4Cco/ua"e
act of eighteen hundred and seventy-three; ” and all other aet, &c.
acts and parts of acts pertaining to the mints, assay offices,
and coinage of the United States inconsistent with the pro-
visions of this act are hereby repealed : Provided, That this other acts, &c.,
act shall not be construed to affect any act done, right ac-^^|e^o:t
crued, or penalty incurred, under former acts, but every such feet,' &c.
right is hereby saved; and all suits and prosecutions for
acts already done in violation of any former act or acts of
Congress relating to the subjects embraced in this act may
be begun or proceeded with in like manner as if this act had
not been passed; and all penal clauses and provisions in
existing laws relating to the subjects embraced in this act
shall be deemed applicable thereto: And provided further,
That so much of the first section of “An act making appro- Repeai 0f part
priations for sundry civil expenses of the Government for the 2aG-
year ending June thirty, eighteen hundred and seventy-one, ' ’ vo '
and for other purposes,” approved July fifteen, eighteen
hundred and seventy, as provides that until after the com-
pletion and occupation of the branch-mint building in San
Francisco, it shall be lawful to exchange, at any mint or
branch-mint of the United States, unrefined or unparted
bullion, whenever, in the opinion of the Secretary of the
Treasury, it can be done with advantage to the Government,
is hereby repealed.
ACT OF JANUARY 29, 1874.
Authorizing coinage to be executod at the Mint of the United States for foreign
countries.
Be it enacted by the Senate and Rouse of Representatives of
the United States of America in Congress assembled, That it Execution ot
shall be lawful for coinage to be executed at the mints ofStSiedstaJ*
the United States, for any foreign countries applying for mint3-
the same, according to the legally prescribed standards and
devices of such country, under such regulations as the Sec-
retary of the Treasury may prescribe; and the charge for
the same shall be equal to the expense thereof, including
labor, materials, and use of machinery, to be fixed by the •
Director of the Mint, with the approval of the Secretary of
the Treasury: Provided, That the manufacture of such coin Proviso,
shall not interfere with the required coinage of the United
States.
44
REVISED STATUTES OF THE UNITED STATES.
ACT OF JUNE 22, 1874.
Sections relating to coinage.
Emnnerat i on
of mints and as-
say-offices.
12 Feb., 1873,
ch. 131, sec. 66.
Assay-office at
Helena estab-
lished by act May
12, 1871, vol. 18.
Officersofmints,
12 Feb., 1873,
sec. 3.
Super! r. t e n d-
ents of certain
mints to perform
duties of treas-
urer.
Ibid., sec. 65.
Salaries of offi-
cers of mints.
Ibid., sec. 12.
Salaries of as-
sistants, clerks,
and laborers em-
ployed in mints.
Ibid.
Oath of office
of officers, assist-
ants, and clerks.
Ibid., see. 10.
Sec. 3495. The different mints and assay-offices shall be
known as —
First. The mint of the United States at Philadelphia.
Second. The mint of the United States at San Francisco.
Third. The mint of the United States at New Orleans.
Fourth. The mint of the United States at Carson.
Fifth. The mint of the United States at Denver.
Sixth. The United States assay-office at New York.
Seventh. The United States assay-office at Boise City,
Idaho.
Eighth. The United States assay-office at Charlotte,
North Carolina.
Sec. 3490. The officers of each mint shall be a superin-
tendent, an assayer, a melter and refiner, and a coiner
and, for the mint at Philadelphia, an engraver ; all to be
appointed by the President, by and with the advice and
consent of the Senate.
Sec. 3497. The superintendents of the mints at Philadel-
phia, San Francisco, and New Orleans shall be, and perform
the duties of, treasurers of said mints respectively.
Sec. 3498. The officers of the several mints shall be enti-
tled to the following salaries, to be paid monthly:
First. The superintendents of the mints at Philadelphia
and San Francisco, to four thousand five hundred dollars
a year each.
Second. The assayers, melters and refiners, and the coin-
ers to those mints, to three thousand dollars a year each.
Third. The engraver of the mint at Philadelphia, to three
thousand dollars a year.
Fourth. The superintendent of the mint at Carson City
to three thousand dollars a year.
Fifth. The assayer, the melter and refiner, and the coiner
of the mint at Carson City, to two thousand five hundred
dollars a year each.
Sec. 3499. There shall be allowed to the assistants and
clerks of the several mints such annual salaries as the
Director of the Mint may, with the approbation of the Sec-
retary of the Treasury, determine, and to the workmen
employed therein such wages as may be customary and
reasonable according to their respective stations and occu-
pations, to be determined by the superintendent, and
approved by the Director of the Mint. The salaries pro-
vided for in this and the preceding section, and the wages
of workmen permanently engaged, shall be payable in
monthly installments.
Sec. 3500. Every officer, assistant, and clerk appointed
for any mint shall, before he enters upon the execution of
his office, take an oath before some judge of the United
States, or judge of some court of record of the State in
which such mint is located, faithfully and diligently to per-
form the duties thereof; in addition to other official oaths
prescribed by law, such oath, duly certified, shall be trails-
45
Who to act in
absence of Di-
rector, superin-
tendent, or other
officer.
Ibid., sec. 9.
rnitted to tlie Secretary of the Treasury. The superintend-
ent of each mint may require such oath from any of the
employes of the mint.
Sec. 3501. The superintendent, the assaycr, the melter Bonds of om.
and refiner, and the coiner of each mint, before entering anrtVifrks8'0,11111'
upon the execution of their respective offices, shall become rwd., sec.u.
bound to the United States, with one or more sureties, ap-
proved by the Secretary of the Treasury, in the sum of not
less than ten nor more than lifty thousand dollars, with con-
dition for the faithful and diligent performance of the duties
of his office. Similar bonds may be required of the assist-
ants and clerks, in such sums as the superintendent shall
determine, with the approbation of the Director of the Mint;
but the same shall not be construed to relieve the super-
intendent or other officers from liability to the United States
for acts, omissions, or negligence of their subordinates or
employes; and the Secretary of the Treasury may, at his
discretion, increase the bonds of the superintendents.
Sec. 3502. Whenever any officer of a mint or assay-office
shall be temporarily absent, on account of sickness or any
other cause, it shall be lawful for the superintendent, with
the consent of such officer, to appoint some person attached
to the mint to act in the place of such officer during his
absence; but all such appointments shall be forthwith re-
ported to the Director of the Mint for his approval; and in
all cases whatsoever the principal shall be responsible for
the acts of his representative. In case of the temporary
absence of the superintendent, the chief clerk shall act in his
place; in case of the temporary absence of the Director of
the Mint the Secretary of the Treasury may designate some
one to act in his place.
Sec. 3503. The superintendent of each mint shall have
the control thereof, the superintendence of the officers and
persons employed therein, and the supervision of the busi-
ness thereof, subject to the approval of the Director of the
Mint. He shall make reports to the Director of the Mint
at such times and according to such forms as the Director
may prescribe; which shall exhibit in detail, and under ap-
propriate heads, the deposits of bullion, the amount of gold,
silver, and minor coinage, and the amount of imparted, stand-
ard, and refined bars issued, and such other statistics and
information as may be required.
Sec. 3504. He shall keep and render, quarter-yearly, to the
Director of the Mint, for the purpose of adjustment accord-
ing to such forms as may be prescribed by the Secretary of
the Treasury, regular and faithful accounts of his transac-
tions with the other officers of the Mint and the depositors;
and shall also render to him a monthly statement of the or-
dinary expenses of the mint or assay-office under his charge.
He shall also appoint all assistants, clerks, one of whom
shall be designated “chief clerk,” and workmen employed
under his superintendence; but no person shall be ap-
pointed to employment in the office of the assayer, melter
and refiner, coiner, or engraver, except on the recommenda-
tion and nomination in writing of those officers, respectively.
He shall forthwith report to the Director of Mint the names,
of all persons appointed by him, the duties to be performed,
General duties
of superintend-
ents of mints.
Ibid., sec. 4.
46
Coins reduced
in weight by
abrasion.
Ibid., sec. 14.
Duties of su-
perintendents in
respect, to coin
and bullion.
Ibid., sec. 4.
Duties of as
savers.
ibid,, sec. 5.
Duties of melt-
ers and refiners.
Ibid., sec. 6.
Duties of coin-
ers.
Ibid., sec. 7.
the rate of compensation, the appropriation from which com-
pensation is to be made, and the grounds of the appoint-
ment; and if the Director of the Mint shall disapprove the
same, the appointment shall be vacated.
Sec. 3505. Any gold coins of the United States, if re-
duced in weight by natural abrasion not more than one-
lialf of one per centum below the standard weight prescribed
by law, after a circulation of twenty years, as shown by the
date of coinage, and at a ratable proportion for any period
less than twenty years, shall be received at their nominal
value by the United States Treasury and its offices, under
such regulations as the Secretary of the Treasury may pre-
scribe for the protection of the Government against fraud-
ulent abrasion or other practices.
Sec. 3500. The superintendent of each mint shall receive
and safely keep, until legally withdrawn, all moneys or
bullion which shall be for the use or the expenses of the
mint. He shall receive all bullion brought to the mint for
assay or coinage; shall be the keeper of all bullion or coin
in the mint, except while the same is legally in the hands
of other officers; and shall deliver all coins struck at the
mint to the persons to whom they shall be legally payable.
From the report of the assayer and the weight of the bul-
lion, he shall compute the valve of each deposit, and also
the amount of the charges or deductions, if any, of all
which heshall give a detailed memorandum to the depositor;
and he shall also give at the same time, under his hand, a
certificate of the net amount of the deposit, to be paid in
coins or bars of the same species of bullion as tha t deposited,
the correctness of which certificate shall be verified by the
assayer, who shall countersign the same, and in all cases
of transfer of coin or bullion, shall give and receive vouchers,
stating the amount and character of such coin or bullion.
Sec. 3507. The assayer shall assay all metals and bullion,
whenever such assays are required in the operations of the
mint; and shall make assays of coin or samples of bullion
whenever required by the superintendent.
Sec. 3508. The melter and refiner shall execute all the
operations which are necessary in. order to form ingots of
standard silver or gold, and alloys for minor coinage, suit-
able for the coiner, from the metals legally delivered to him
for that purpose; and shall also execute all the operations
which are necessary in order to form bars conformable in
all respects to the law, from the gold and silver bullion
delivered to him for that purpose. He shall keep a careful
record of all transactions with the superintendent, noting
the weight and character of the bullion, and shall be re-
sponsible for all bullion delivered to him until the same is
returned to the superintendent and the proper vouchers
obtained.
Sec. 3509. The coiner shall execute all the operations
which are necessary in order to form coins, conformable in
all respects to the law, from the standard gold and silver
ingots, and alloys for minor coinage, legally delivered to
him for that purpose; and shall be responsible for all bul-
lion delivered to him, until the same is returned to the
superintendent and the proper vouchers obtained.
47
Sec. 3510. The engraver shall prepare from the original
dies already authorized all the working-dies required for
use in the coinage of the several mints, and, when new
coins or devices are authorized, shall, if required by the
Director of the Mint, prepare the devices, models, molds,
and matrices, or original dies, for the same; but the Di-
rector of the Mint shall nevertheless have power, with the
approval of the Secretary of the Treasury, to engage tem-
porarily for this purpose the services of one or more artists,
distinguished in their respective departments of art, who
shall be paid for such service from the contingent appro-
priation for the mint at Philadelphia.
Sec. 3511. The gold coins of the United States shall be a
one-dollar piece, which, at the standard weight of twenty-
live and eight-tenths grains, shall be the unit of value; a
quarter-eagle, or two and a half dollar piece; a three-dollar
piece; a half-eagle, or five-dollar piece; an eagle, orten-dol-
lar piece; and a double- eagle, or twenty-dollar piece. And
the standard weight of the gold dollar shall be twenty-five
and eight-tenths grains; of the quarter-eagle, or two and a
half dollar piece, sixty -four and a half grains; of the three-
dollar piece, seventy-seven and four-tenths grains; of the
half-eagle, or five-dollar piece, one hundred and twenty-nine
grains; of the eagle, or ten-dollar piece, two hundred and
fifty-eight grains; of the double-eagle, or twenty-dollar
piece, five hundred and sixteen grains.
Sec. 3512. Any gold coins in the Treasury of the United
States, when reduced in weight by natural abrasion more
than one-half of one per centum below the standard weight
prescribed by law, shall be recoined.
Sec. 3513. The silver coins of the United States shall be
a trade dollar, a half-dollar, or fifty-cent piece, a quarter-
dollar, or twenty-five cent piece, a dime, or ten-cent piece;
and the weight of the trade-dollar shall be four hundred and
twenty grains troy; the weight of the half-dollar shall be
twelve grams and one-half of a gram ; the quarter-dollar
and the dime shall be, respectively, one-half and one-fifth
of the weight of said half dollar.
Act February 28, 1878. Restoring standard silver dollar
to full legal tender and authorizing its coinage.
Act July 14, 1800. Discontinuing coinage of silver dollar.
Act August 5, 1892, and March 3, 1893. Columbian coins.
Sec. 3514. The standard for both gold and silver coins of
the United States shall be such that of one thousand parts
by weight nine hundred shall be of pure metal and one
hundred of alloy. The alloy of the silver coins shall be of
copper. The alloy of the gold coins shall be of copper, or
of copper and silver ; but the silver shall in no case exceed
one- tenth of the whole alloy.
Sec. 3515. The minor coins of the United States shall be
a five-cent piece, a three-cent piece, and a one-eent piece.
The alloy for the five and three cent pieces shall be of cop-
per and nickel, to be composed of three-fourths copper and
one-foui'th nickel. The alloy of the one-eent piece shall bo
ninety-five per centum of copper and five per centum of tiri
and zinc, in such proportions as shall be determined by the
Duties of en-
gravers.
Ibid., sec. 8.
Gold coins ot
theUnited States
and their weight.
Ibid., sec. 14.
Recoinage of
gold coins.
Ibid.
Silver coin sand
their weight.
Ibid., sec. 15.
See acts 3 Mar.,
1875, for 20-cent
silver piece.
lies. No. 17,
July 22, 1876, ex-
change of legal
tender notes.
Act April 17,
1S76, redemption
of fractional cur-
rency.
Standard for
gold and silver
coins.
Ibid., sec. 13.
Minor coins,
their weight and
alloy.
Ibid., sec. 16.
48
Issue of other
coins prohibited.
Ibid., sec. 17.
As to coinage
for foreign ac-
count, see act
January 29, 1874.
Inscriptions
upon coins.
Ibid., sec. 18.
See act Sept.
26, 1890, for new
devices.
Gold andsilver
bars.
1 bid., sec. 19.
See act May 26,
18S2.
Coining gold
bullion ; when de-
posits may be re-
fused.
Ibid., sec. 20.
Silver bullion
may be received
for forming into
bars or trade-dol-
lars.
Ibid., sec. 21.
Weieliingbull-
ion and ascertain-
ing its value.
Ibid., se«. 2.
Assay of bull-
ion.
Ibid., sec. 23.
Director of the Mint. The weight of the piece of five cents
shall be seventy-seven and sixteen-hundredths grains troy;
of the three-cent piece, thirty grains ; and of the one-cent
piece, forty-eight grains.
Sec. 3516. Ko coins, either of gold, silver, or minor coin-
age, shall hereafter be issued from the Mint other than those
of the denominations, standards, and weights set forth in
this Title.
Sec. 3517. Upon the coins there shall be the following
devices and legends: Upon one side there shall be an im-
pression emblematic of liberty, with an inscription of the
word “Liberty” and the year of the coinage, and upon the
reverse shall be the figure or representation of an eagle,
with the inscriptions “ United States of America” and “E
Pluribus Unum,” and the designation of the value of the
coin ; but on the gold dollar and tliree-dollar piece, the dime,
five, three, and one cent piece, the figure of the eagle shall
be omitted; and on the reverse of the silver trade-dollar
the weight and the fineness of the coin shall be inscribed.
Sec. 3518. At the option of the owner gold or silver may
be cast into bars of fine metal, or of standard fineness, or
unparted, as he may prefer, with a stamp upon the same
designating the weight and fineness, and with such devices
impressed thereon as may be deemed expedient to prevent
fraudulent imitation, and no such bars shall be issued of a
less weight than five ounces.
Sec. 3511). Any owner of gold bullion may deposit the
same at any mint, to be formed into coin or bars for his
benefit. It shall be lawful, however, to refuse any deposit
of less value than one hundred dollars, or any bullion so
base as to be unsuitable for the operations of the Mint. In
case where gold and silver are combined, if either metal
be in such small proportion that it cannot be separated
advantageously, no allowance shall be made to the deposi-
tor for its value.
Sec. 351*0. Any owner of silver bullion may deposit the
same at any mint, to be formed into bars, or into dollars of
the weight of four hundred and twenty grains troy, desig-
nated in this Title as trade-dollars, and no deposit of silver
for other coinage shall be received. Silver bullioncontained
in gold deposits, and separated therefrom, may, however,
be paid for in silver coin, at such valuations as may be, from
time to time, established by the Director of the Mint.
Sec. 3521. When bullion is deposited in any of the mints,
it shall be weighed by the superintendent, and when prac-
ticable, in the presence of the depositor, to whom a receipt
shall be given, which shall state the description and weight
of the bullion. When, however, the bullion is in such a
state as to require melting, or the removal of base metals,
before its value can be ascertained, the weight, after such
operation, shall be considered as the true weight of the
bullion deposited. The fitness of the bullion to be received
shall be determined by the assayer, and the mode of melt-
ing by the raelter and refiner.
Sec. 3522. From every parcel of bullion deposited for
coinage or bars, the superintendent shall deliver to the
49
assayer a sufficient portion for the purpose of being assayed.
The bullion remaining' from the operations of the assay
shall be returned to the superintendent by the assayer.
Sec. 3523. The assayer shall report to the superintendent
the quality or fineness of the bullion assayed by him, and tendont ‘ quality
such information as will enable him to compute the amount ^aVe(Lllllon a8‘
of the charges hereinafter provided for, to be made to the iW., sec. 21
depositor.
Sec. 3524. The charge for converting standard gold bul-
lion into coin shall be one-fifth of one per centum. The
charges for converting standard silver into trade- dollars for
melting and refining when bullion is below standard, for
toughening when metals are contained in it which render
it unfit for coinage, for copper used for alloy when the
bullion is above standard, for separating the gold and silver
when these metals exist together in the bullion, and for the
preparation of bars, shall be fixed, from time to time, by
the Director, with the concurrence of the Secretary ot the
Treasury, so as to equal but not exceed, in their judgment,
the actual average cost to each mint and assay-office of the
material, labor, wastage, and use of machinery employed
in each of the cases aforementioned.
Sec. 3525. The assayer shall verify all calculations made
by the superintendent of the value of deposits, and, if sat-
isfied of the correctness thereof, shall countersign the cer-
tificate required to be given by the superintendent to the
depositor.
Sec. 3526. In order to procure bullion for the silver coin-
age authorized by this title, the superintendents, with the
approval of the Director of the Mint, as to price, terms, and
q uantity, shall purchase such bullion with the bullion-fund.
The gain arising from the coinage of such silver bullion into
coin of a nominal value exceeding the cost thereof shall be
credited to a special fund denominated the silver -profit fund.
This fund shall be charged with the wastage incurred in
the silver coinage, and with the expense of distributing
such silver coins as hereinafter provided. The balance to
the credit of this fund shall be from time to time, and at
least twice a year, paid into the Treasury of the United
Charges for
converting bul-
lion, &c., into
coin.
Ibid., sec. 25.
Repealed, in
part by act Jan.
14, 1875, sec. 2.
Assayer to ver-
ity calculations
of the val ue of de-
posits and coun-
tersign certili
cates.
Ibid., sec. 26.
Purchase of
bullion for silver
coinage; the sil-
ver-protit fund.
Ibid., sec. 27.
States. Pa infontsil-
Sec 3527. Silver coins other than the trade-dollar shall ver coins for goU
be paid out at the several mints, and at the assay-office in cojtttUsers»ed
ISTew York City, in exchange for gold coins at par, in sums
not less than one hundred dollars. It shall be lawful, also,
to transmit parcels of the same, from time time, to the
assistant treasurers, depositaries, and other officers of the
United States, under general regulations proposed by the o.®®e7 jiUf
Director of the Mint, and approved by the Secretary of the gust’ 4, “ishoj
Treasury. Yothing herein contained shall, however, pre- March 2* 18S9-
vent the payment of silver coins, at their nominal value, for
silver parted from gold, as provided in this Title, or for
change less than one dollar in settlement for gold deposits.
But for two years after the twelfth day of February, eight-
een hundred and seventy-three, silver coins shall be paid
at the mint in Philadelphia, and" the assay-office in Yew
York City, for silver bullion purchased for coinage, under
S. Kep. 235 4
50
Pine base of
metal for minor
coinage; the mi-
nor-coin age p ro f -
it-fund.
Ibid., sec. 29.
Delivery of mi-
nor c o i n s ; re-
demption.
Ibid., sec. 30.
Transfer of bull-
ion for formation
Into ingots.
Ibid., sec. 31.
Ingots to be as-
sayed and re-
ceipted for.
Ibid., sec. 32.
such regulations as may be prescribed by the Director of
the Mint and approved by the Secretary of the Treasury.
Sec. 3528. For the purchase of metal for the minor coin-
age authorized by this Title, a sum not exceeding fifty thou-
sand dollars in lawful money of the United States shall be
transferred by the Secretary of the Treasury to the credit
of the superintendent of the mint at Philadelphia, at which
establishment only, until otherwise provided by law, such
coinage shall be carried on. The superintendent, with the
approval of the Director of the Mint as to price, terms, and
quantity, shall purchase the metal required for such coinage
by public advertisement, and the lowest and best bid shall
be accepted, the fineness of the metals to be determined on
the mint assay. The gain arising from the coinage of such
metals into coin of a nominal value, exceeding the cost
thereof, shall be credited to the special fund denominated
the minor-coinage profit fund; and this fund shall be charged
with the wastage incurred in such coinage, and with the
cost of distributing said coins as hereinafter provided. The
balance remaining to the credit of this fund, and any bal-
ance of profits accrued from minor coinage under former
acts, shall be, from time to time, and at least twice a year,
covered iuto the Treasury.
Sec. 3529. The minor coins authorized by this Title may,
at the discretion of the Director of the Mint, be delivered in
any of the principal cities and towns of the United States,
at the cost of the Mint, for transportation, and shall be ex-
changeable at par at the mint in Philadelphia, at the discre-
tion of the superintendent, for any other coin of copper,
bronze, or copper-nickel heretofore authorized by law. It
shall be lawful for the Treasurer and the several assistant
treasurers and depositaries of the United States to redeem,
in lawful money, under such rules as may be prescribed
by the Secretary of the Treasury, all copper, bronze, and
copper-nickel coins authorized by law when presented in
sums of not less than twenty dollars. Whenever, under
this authority, these coins are presented for redemption in
such quantity as to show the amount outstanding to be
redundant, the Secretary of the Treasury is authorized and
required to direct that such coinage shall cease until other-
wise ordered by him.
Sec. 3530. Parcels of bullion shall be, from time to time,
transferred by the superintendent to the melter and refiner,
A careful record of these transfers, noting the weight and
character of the bullion, shall be kept, and vouchers shall
be taken for the delivery of the same, duly receipted by the
melter and refiner. The bullion thus placed in the hands of
the melter and refiner shall be subjected to the several proc-
esses which may be necessary to form it into ingots of the
legal standard, and of a quality suitable for coinage.
Sec. 3531. The ingots so prepared shall be assayed. If
they prove to be within the limits allowed for deviation
from the standard, the assayer shall certify the fact to the
superintendent, who shall thereupon receipt for the same,
and transfer them to the coiner.
51
Sec. 3532. The superintendent shall, from time to time, t*. T^5Ti i?- r r.7 r
deliver to the coiner ingots for the purpose of coinage. A coinage,
careful record of these transfers, noting the weight and sec. 35.
character of the bullion shall be kept, and vouchers shall
be taken for the delivery of the same, duly receipted by the
coiner. The ingots thus placed in the hands of the coiner
shall be subjected to the several processes necessary to
make from them coins in all respects conformable to law.
Sec. 3533. No ingots shall be used for coinage which dif- ..standard^ fof
fer from the legal standard more than the following proper- cofnage.use °r
tions, namely: In gold ingots, one thousandth; in silver ibid,., sec. 33.
ingots, three thousandths; in minor-coinage alloys, twenty-
live thousandths, in the proportion of nickel.
Sec. 3534. The melter and refiner shall prepare all bars preparation and
required for the payment of deposits; but the fineness ^“piym en t^of
thereof shall be ascertained and stamped thereon by the deposit's,
assayer. The melter and refiner shall deliver such bars to i^., sec. 34.
the superintendent, who shall receipt for the same.
Sec. 3535. In adjusting the weights of the gold coins, the Deviationa al.
following deviations .shall not be exceeded in any single lowed in adjust-
piece: In the double-eagle and the eagle, one-half of a g"f(1 of
grain; in the lialf-eagle, the three-dollar piece, the quarter- ibid., sec. 36.
eagle, and theone-dollar piece, one-fourtli of a grain. And
in weighing a number of pieces together, when delivered by
the coiner to the superintendent, and by the superintendent
to the depositor, the deviation from the standard weight
shall not exceed one hundredth of an ounce in five thousand
dollars in double-eagles, eagles, half-eagles, or quarter-
eagles, in one thousand three-dollar pieces, and in one thou-
sand on e-doll ar pieces.
Sec. 353 6. In adjusting the weight of the silver coins the
following deviations shall not be exceeded in any single
piece: In the dollar, the half and quarter dollar, and in the mserted in fourth
dime, one and one-half grains. And in weighing [a] large ^weighing,^' by
number of pieces together, when delivered by the coiner to act. oT^k ek 27,
the superintendent, and by the superintendent to the depos- 249.'] vo ’ ’ p'
itor, the deviations from the standard weight shall not ex-
ceed two-hundredths of an ounce in one thousand dollars,
half-dollars, or quarter-dollars, and one-hundredth of an
ounce in one thousand dimes.
Sec. 3537. In adjusting the weight of the minor coins
provided by this Title, there shall be no greater deviation
allowed than three grains for the five- cent piece and two
grains for the three and one cent pieces.
Sec. 3538. The coiner shall, from time to time, as coins Delivery of
are prepared, deliver them to the superintendent, who shall t7iaTmof
receipt for the same, and who shall keep a careful record of pieces. ^ ^
their kind, number, and actual weight. In receiving coins * ’ sec'
it shall be the duty of the superintendent to ascertain, by
the trial of a number of single pieces separately, whether
the coins of that delivery are within the legal limits of the
standard weight; and if his trials for this purpose shall
not prove satisfactory, he shall cause all the coins of such
delivery to be weighed separately, and such as are not of
legal weight shall be defaced and delivered to the melter
and refiner as standard bullion, to be again formed into
Of silver coins.
Ibid., sec. 37.
[The word “a’r
Of minor coins.
Ibid., sec. 38.
52
ingots and recoined; or the wliole delivery may, if more com
venieut, be remelted.
Trial pieces to Sec. 3539. At every delivery of coins made by the coiner
tr anamit ted a superintendent, it shall be the duty of such superintend-
mlnt^t^hnadei6 en^? *n t'^ie Presenceof the assayer, to take indiscriminately
pbl a. a uate*a certain number of pieces of each variety for the annual
ibid., sec. 4o. trial of coins, the number for gold coins being not less than
one piece for each one thousand pieces or any fractional part
of one thousand pieces delivered; and for silver coins one
piece for each two thousand pieces or any fractional part of
two thousand pieces delivered. The pieces so taken shall be
carefully sealed up in an envelope, properly labeled, stating
the date of the delivery, the number and denomination of the
pieces inclosed, and the amount of the delivery from which
they were taken. These sealed parcels containing the re-
served pieces shall be deposited in a pyx, designated for the
purpose at each mint, which shall be kept under the jointcare
of the superintendent and assayer, and be so secured that
neither can have access to its contents without the presence
of the other, and the reserved pieces in their sealed envel-
opes from the coinage of each mint shall be transmitted
quarterly to the mint at Philadelphia. A record shall also
be kept at the same time of the number and denomination of
the pieces so taken for the annual trial of coins, and of the
numDer and denominations of the pieces represented by them
and so delivered, a copy of which record shall be transmitted
quarterly to the Director of the Mint. Other pieces may,
at any time, be taken for such tests as the Director of the
Mint shall prescribe.
Disposal of clip- Sec. 3540. The coiner shall, from time to time, deliver to
V1ibid et8cc 4i the superintendent the clippings and other portions of bul-
lion remaining after the process of coining; and the super-
intendent shall receipt for the same and keep a careful record
of their weight and character.
Yearly settle- Sec. 3541. The superintendent shall debit the coiner with.
of° coiBferCCa°nTof tt1© amount in weight of standard metal of all the bullion
meiter and refln- placed in his hand s, and credit him with the amount in
eT'ibid., sec. 42. weight of all the coins, clippings, and other bullion returned
by him to the superintendent. Once at least in every year,
and at such time as the Director of the Mint shall appoint,
there shall be an accurate and full settlement of the accounts
of the coiner, and the melter and refiner, at which time those
officers shall deliver up to the superintendent all the coins,
clippings, and other bullion in their possession, respectively,
accompanied by statements of all the bullion delivered to
them since the last annual settlement, and all the bullion
returned by them during the same period, including the
amount returned for the purpose of settlement.
Allowance for Sec. 3542. When all the coins, clippings, and other bul-
w‘iMdS<8ec 43 li°n have been delivered to the superintendent, it?1 shall be
i ., see. . examiTie the accounts and statements rendered
by the coiner and the melter and refiner. The difference
between the amount charged and credited to each officer
shall be allowed as necessary wastage, if the superintendent
shall be satisfied that there has been a bona-fide waste of
the precious metals, and if the amount shall not exceed, in
53
the case of the melter and refiner, one thousandth of the
whole amount of gold, and one and one-half thousandths of
the whole amount of silver delivered to him since the last
annual settlement, and in the case of the coiner, one-thou-
sandth of the whole amount of silver, and one-lialf thou-
santli of the whole amount of gold that has been delivered
to him by the superintendent. All copper used in the alloy
of gold and silver bullion shall be separately charged to the
melter and refiner, and accounted for by him.
Sec. 3543. It shall also be the duty of the superintendent statement of
to forward a correct statement of his balance-sheet, at the 1'^",°^.^
close ot such settlement, to the Director of the Mint; who superintendent
shall compare the total, amount of gold and silver bullion {£e u^t0T of
and coin on hand with the total liabilities of the mint. At Ibid-, sec.44.
the same time a statement of the ordinary expense account,
and the moneys therein, shall also be made by the superin-
tendent.
Sec. 3544. When the coins or bars which are the equiv- C0?e^rivb®Jy of
alent to any deposit of bullion are ready for delivery, they depositor. ai 8 0
shall be paid to the depositor, or his order, by the superin- lbid-> sec-45-
tendent; and the payments shall be made, if demanded, in
the order in which the bullion shall have been brought to
the mint. In cases, however, where there is delay in ma-
nipulating a refractory deposit, or for any other unavoid-
able cause, the payment of subsequent deposits, the value
of which is known, shall not be delayed thereby. In the
denominations of coin delivered, the superintendent shall
comply with the wishes of the depositor, except when im-
practicable or inconvenient to do so.
Sec. 3545. For the purpose of enabling the mints andm^“e”*(^
the assay-office in New York to make returns to depositors itors when value
with as little delay as possible, it shall be the duty of the ^ndd^aea'.^.
Secretary of the Treasury to keep in such mints and assay-
office, when the state of the Treasury will admit thereof,
such an amount of public money, or bullion procured for
the purpose, as he shall judge convenient and necessary,
out of which those who bring bullion to the said mints and
assay-office may be paid the value thereof, in coin or bars,
as soon as practicable after the value has been ascertained.
On payment thereof being made, the bullion so deposited
shall become the property of the United States. The
Secretary of the Treasury may, however, at any time with-
draw the fund, or any portion thereof.
Sec. 3546. Unparted bullion may be exchanged at any nnE^ted buiiiou
of the mints for fine bars, on such terms and conditions as forPtine bars. lou
maybe prescribed by the Director of the Mint, with the IMd-* 860-46-
approval of the Secretary of the Treasury. The fineness,
weight, and value of the bullion received and given in ex-
change shall in all cases be determined by the Mint assay.
The charge to the depositor for refining or parting shall
not exceed that allowed and deducted for the same opera-
tion in the exchange of unrefined for refined bullion.
Sec. 3547. To secure a due conformity in the gold and and Pmeeu^6of
silver coins to their respective standards of fineness and a.« » a v-c o mhis-
weight, the judge of the district court for the eastern dis- ai<md.', sec. 48.
trict of Pennsylvania, the Comptroller of the Currency, the
54
assayer of the assay-office at Uew York, and such other per-
sons as the President shall, from time to time, designate,
shall meet as assay-commissioners, at the mint in Philadel-
phia, to examine and test, in the presence of the Director
of the Mint, the fineness and weight of the coins reserved
by the several mints for this purpose, on the second Wed-
nesday in February, annually, and may continue their meet-
ing by adjournment, if necessary. If a majority of the com-
missioners fail to attend at any time appointed for their
meeting, the Director of the Mint shall call a meeting of the
commissioners at such other time as he may deem conven-
ient. If it appears by such examination and test that these
coins do not differ from the standard fineness and weight
by a greater quantity than is allowed by law, the trial shall
be considered and reported as satisfactory. If, however,
any greater deviation from the legal standard or weight
appears, this fact shall be certified to the President; and if,
on a view of the circumstances of the case, he shall so decide,
the officers implicated in the error shall be thenceforward
disqualified from holding their respective offices,
standard troy Sec. 3548. For the purpose of securing a due conformity
re^ui a*t ionhof^n weight of the coins of the United States to the provi- .
coinage. sions of this Title, the brass troy-ponnd weight procured by
Ibld"' 8ec-49- the minister of the United States at London, in the year
eighteen hundred and twenty-seven, for the use of the Mint,
and now in the custody of the mint in Philadelphia, shall
be the standard troy pound of the Mint of the United
States, conformably to which the coinage thereof shall be
regulated.
standard Sec. 3549. It shall be the duty of the Director of the Mint
mhasganda88ay^ to procure for each mint and assay-office, to be kept safely
offices. ‘ thereat, a series of standard weights corresponding to the
i ., sec. o. sfan(iai.d troy pound of the Mint of the United States, con-
sisting of a one-pound weight and the requisite subdivisions
and multiples thereof, from the lmndreth part of a grain
to twenty-five pounds. The troy weight ordinarily em-
ployed in the transaction of such mints and assay-offices
shall be regulated according to the above standards at least
once in every year, under the inspection of the superintend-
ent and assayer; and the accuracy of those used at the mint
at Philadelphia shall be tested annually, in the presence of
the assay-commissioners, at the time of the annual examina-
tion and test of coins.
Yearly destmc Sec. 3550. The obverse working dies at each mint shall,
tion of obverse at the end of each calendar year, be defaced and destroyed
''i^idn,gec.e5i. by the coiner in the presence of the superintendent and
assayer.
National and Sec. 3551. Dies of a national character may be executed
other medals may py the engraver, and national and other medals struck by
ttcryiadeiHda!' the coiner of the mint at Philadelphia, under such regu-
ioid., sec. 52. lotions as the superintendent, with the approval of the
Director of the Mint, may prescribe. Such work shall not,
however, interfere with the regular coinage operations, and
no private medal dies shall be prepared at any mint, or
the machinery or apparatus thereof be used for that pur-
pose.
Business of as-
say-office at New
York.
Ibid., sec. 54.
Sec. 3552. The moneys arising from all charges and de-, Mon°y arif,in~
ductions on and from gold and silver bullion and the manu- deductions to bo
facture of medals, and from all other sources, except as pro- fche
vided by this Title, shall, from time to time, be covered into ibid.,kc c.oa.
the Treasury, and no part of such deductions or metal
charges, or profit on silver or minor coinage, shall be ex-
pended in salaries or wages. All expenditures of the mints
and assay- offices, not herein otherwise provided for, shall
be paid from appropriations made bylaw on estimates fur-
nished by the Secretary of the Treasury.
Sec. 3553. The business of the United States assay-office
at New York shall be in all respects similar to that of the
mints, except that bars only, and not coin, shall be manu-
factured therein ; and no metals shall be purchased for minor
coinage. All bullion intended by the depositor to be con-
verted into coins, of the United States, and silver bnllion
purchased for coinage, when assayed, parted, and refined,
and its net value certified, shall be transferred to the mint
at Philadelphia, under such directions as shall be made by
the Secretary of the Treasury, at the expense of the contin-
gent fund of the Mint, and shall be there coined, and the
proceeds returned to the assay-office. And the Secretary
of the Treasury is hereby authorized to make the necessary
arrangements for the adjustment of the accounts upon such
transfers between the respective offices.
Sec. 3554. The officers of the assay-office at New York
shall be a superintendent, an assayer, and a melter and re-
finer ; each of whom shall be appointed by the President,
by and with the advice and consent of the Senate.
Sec. 3555. The duties of the superintendent, the assayer,
and the melter and refiner of the assay-office at New York
shall correspond to those of superintendents, assayers, and
melters and refiners of mints; and all the provisions of this
Title relating to mints and their officers, the duties and re-
sponsibilities of such officers, and others employed therein,
the oaths to be taken, and the bonds and sureties to be
given by them, shall extend, as far as the same may be ap-
plicable, to the assay-office at New York, and to its officers,
clerks, and employes.
Sec. 3556. The officers of the assay-office at New York
shall be entitled to the following salaries:
First. The superintendent, to four thousand five hundred
dollars a year.
Second. The assayer, to three thousand dollars a year.
Third. The melter and refiner, to three thousand dollars. Appointment
Sec. 3557. The appointment and compensation of assist- a™ 8J ai,e‘s0 as’
ants, clerks, and workmen in the assay-office at New York
shall be regulated in the same manner as is prescribed in
regard to mints.
Sec. 355S. The business of the mint of the United States
at Denver, while conducted as an assay-office, that of the
United States assay-office at Boise City, and that of any
other assay-offices hereafter established, shall be confined
to the receipt of gold and silver bullion, for melting and
assaying, to be returned to depositors of the same, in bars,
with the weight and' fineness stanrped thereon.
Appointment of
officers at New
York.
Ibid.
Duties, etc., of
officers at New
York.
Ibid., sec. 55.
Salaries of offi-
cers at New
York.
Ibid., sec. 56.
sistants and em-
ployes at Ne w
York, Ibid.
Business of
mint at Denver
and assay-offices
at Boise City arid
Charlotte.
Ibid., sec. 57.
56
A pp ointment
of officers atDen-
v or, Boise City,
and Charlotte.
Ibid.,, sec. 57.
Powers and du-
ties of assayers
at assay- offices.
Ibid., secs. 57,
58.
Compensation
of employes.
Bond and oath
of officer and
clerk. •
Ibid., sec. 58.
[Amended by
acts Pel). 27, 1877,
and Pel). 18, 1875.]
Laws relating
to mints ex tended
to assay-offices.
Ibid., sec. 60.
[See lie vised
Statutes, sec.
5460.]
Decimal system
established.
2 Apr. 1792, ch.
16, sec. 20.
Value of foreign
coins, bow ascer-
tained.
0 Mar.. 1873, cb.
268, sec. 1.
Value of the
sovereign or
pound sterling.
Ibid., sec. 2.
Sec. 3550. The officers of the assay -offices embraced by
the preceding1 section shall be, when their respective serv-
ices are required, an assayer and a melter; each of whom
shall be appointed by the President, by and with the advice
and consent of the Senate. Their salaries shall not exceed
two thousand five hundred dollars a year each.
Sec. 3500. The assayer at each of the assay-offices em-
braced by section thirty-five hundred and fifty-eight, shall
have general charge ot the office; and may employ, under
the direction of the Director of the Mint, such clerks, work-
men, and laborers as may be authorized therefor by law;
and shall discharge the duties of disbursing agent for the
expenses of the office under his charge. The salaries paid
to clerks shall not exceed one thousand eight hundred dol-
lars a year each. Workmen and laborers shall receive such
wages as are customary according to their respective sta-
tions and occupations.
Sec. 3561. Each officer and clerk appointed at either of
the assay-offices embraced by section thirty-five hundred
and fifty-eight shall, before entering upon the duties of his
office, take an oath pursuant to the provisions of Title xix,
“Provisions APPLYING [applicable] to several
classes of officers ,”and shall give a bond to the United
States, with one or more sureties, satisfactory to the Direc-
tor of the Mint or to one of the judges of the supreme court
of the State or Territory in which the office to which he is
appointed is located, conditioned for the faithful perform-
ance cf his duties. [See §§ 1756, 1757.]
Sec. 3562. All provisions of law for the regulation of
mints, the government of officers and persons employed
therein, and for the punishment of all offenses connected
with mints or coinage, shall extend to all assay-offices as
far as applicable.
Sec. 3563. The money of account of the United States
shall be expressed in dollars or units, dimes or tenths, cents,
or hundredths, and mills or thousandths, a dime being the
tenth part of a dollar, a cent the hundredth part of a dollar,
a mill the thousandth part of a dollar; and all accounts in
the public offices and all proceedings in the courts shall
be kept and had in conformity to this regulation.
Sec. 3564. The value of foreign coin as expressed in the
money of account of the United States shall be that of the
pure metal of such coiu of standard value; and the values
of the standard coins in circulation of the various nations
of the world shall be estimated annually by the Director of
the Mint, and be proclaimed on the first day of January by
the Secretary of the Treasury.
Sec. 3565. In all payments by or to the Treasury, whether
made here or in foreign countries, where it becomes neces-
sary to compute the value of the sovereign or pound ster-
ling, it shall be deemed equal to four dollars eighty-six
cents and six and one-half mills, and the same rule shall
be applied in appraising merchandise imported where the
value is, by the invoice, in sovereigns or pounds sterling,
and in the construction of contracts payable in sovereigns
or pounds sterling; and this valuation shall be the par of
57
exchange between Great Britain and tlie United States;
and all contracts made after tlie first day of January, eight-
een hundred and seventy-four, based on an assumed par of
exchange with Great Britain of fifty-four pence to the dollar,
or four dollars forty-four and four-ninths cents to the sover-
eign or pound sterling, shall be null and void.
Sec. 3560. All foreign gold and silver coins received in
payment for moneys due to the United States shall, before
being issued in circulation, be coined anew.
Sec. 3507. The pieces commonly known as the quarter,
eighth, and sixteenth of the Spanish pillar dollar, and of the
Mexican dollar, shall be receivable at the Treasury of the
United States, and its several offices, and at the several post-
offices and land-offices, at the rates of valuation following:
the fourth of a dollar, or piece of two reals, at twenty cents;
the eighth of a dollar, or piece of onererl, at ten cents; and
the sixteenth of a dollar, or half-real, at five cents.
Sec. 3568. The Director of the Mint, with the approval of
the Secretary of the Treasury, may prescribe such regula-
tions as are necessary and proper, to secure the transmission
of the coins mentioned in the preceding section to the mint
for recoinage, and the* [re]turn or distribution of the pro-
ceeds thereof, when deemed expedient, and may prescribe
such forms of account as are appropriate and applicable to
the circumstances. The expenses incident to such trans-
mission or distribution, and of recoinage, shall be charged
against the account of silver profit and loss, and the net
profits, if any, shall be paid, from time to time, into the
Treasury.
Recoin age oi
foreign coins.
9 Feb., 1793, cli.
5, sec. 3.
21 Feb., 1857,
eh. 56, sec. 2.
Spanish and
Mexican coins.
21 Fob., 1857,
ch. 56, sec. 1.
Their transmis-
sion for recoin-
age.
21 Feb., 1857,
ch. 56, sec. 2.
Amended by
act Feb. 27, 1877,
vol. 19, p. 249.
COUNTERFEITING COIN.
Sec. 5457. Every person who falsely makes, forges, or Counterfeiting
counterfeits, or causes, or procures to be falsely made, or Sllver
forged, or counterfeited, or willingly aids, or assists in i2Feb.,i873,cb.
falsely making, forging, or counterfeiting any com or bars p.434.
in resemblance or similitude of the gold or silver coins or acf
bars which have been, or hereafter may be, coined or' ’
stamped at the mints and assay-offices of the United States,
or in resemblance or similitude of any foreign gold or sil-
ver coin which by law is, or hereafter may be made, cur-
rent in the United States, or are in actual use and circulation see act Febru-
as money within the United States, or who passes, utters, ary 10, l891*
publishes, or sells, or attempts to pass, utter, publish, or
sell, or bring into the United States from any foreign place,
or lias in his possession, any such false, forged, or counter-
feited coin or bars, knowing the same to be false, forged, or
counterfeited shall be punished by a fine of not more than
five thousand dollars and by imprisonment at hard labor
not more than ten years.
Sec. 5458. Every person who falsely makes, forges, or Counterfeiting
counterfeits, or causes, or procures to be falsely made,
forged, or counterfeited, or willingly aids, or assists msec-62-
falsely making, forging, or counterfeiting, any coin in the
resemblance or similitude of any of the minor coinage
* See act ef February 21, 1S57, cb 56, sec. 2.
58
which has been, or hereafter may oe, coined at the mints
of the United States; or who passes, utters, publishes, or
sells, or brings into the United States from any foreign
place, or has in his possession, any such false, forged, or
counterfeited coin, with intent to defraud any person what-
soever, shall be punished by a fine of not more than one
thousand dollars and by imprisonment at hard labor not
wutiiatinginoye than three years.
c°mt'sec 6° Sec. 5459. Every person who fraudulently, by any art,
’’ 8CC' ' way, or means, defaces, mutilates, impairs, diminishes, falsi-
fies, scales, or lightens the gold and silver coins which
have been, or which may hereafter be, coined at the mints
of the United States, or any foreign gold or silver coins
which are by law made current or are in actual use and cir-
culation as money within the United States, shall be im-
prisoned not more than two years and fined not more than
Debasement of two thousand dollars.
officers ‘of ’the Sec. 5460. If any of the gold or silver coins struck or
mint.. coined at any Of the mints of the United States shall be
md'' 8ec' G4’ debased, or made worse as to the proportion of fine gold or
fine silver therein contained; or shall be of less weight or
value than the same ought to be, pursuant to law; or if any
of the weights used at any of the mints or assay-offices of
the United States shall be defaced, increased, or diminished
through the fault or connivance of any of the officers or per-
sons who are employed at the said mints or assay-offices,
with a fraudulent intent; and if any of the said officers or
persons shall embezzle any of the metals at auy time com-
mitted to their charge for the purpose of being coined, or
any of the coins struck or coined at the said mints, or any
medals, coins, or other moneys of said mints or assay-offices
at any time committed to their charge, or of which they
may have assumed the charge, every such officer or person
who commits any or either of the said offenses shall be im-
prisoned at hard labor for a term not less than one year
nor more than ten years, and shall be fined in a sum not
m akin c or ut- more than ten thousand dollars,
tering coin in Sec. 5461. Every person who, except as authorized by
money!*11'00 ot law, makes, or causes to be made, or utters or passes, or
chVuvoi i3864, attempts to utter or pass, any coins of gold or silver or
0 ' ,v0' other metal, or alloys of metals, intended for the use and
purpose of current money, whether in the resemblance of
coins of the United States or of foreign countries, or of
original design, shall be punished by fine of not more than
three thousand dollars, or by imprisonment not more than
Making or is- five years, or both.
smug devices of Sec. 5462. Every person not lawfully authorized, who
nni6°rMay!si8661 makes, issues, or passes, or causes to be made, issued, or
eh. 8i,^ see. 4, passed, any coin, card, token or device in metal or its com-
A *22 Apr.! ‘i8B4, pounds, which may be intended to be used as money for
5hv oiu S< C55 any one-cent, two-cent, tliree-cent, or five-cent piece, now or
o, \u. . i»- hereafter authorized by law, or for coins of equal value,
shall be punished by a fine of not more than one thousand
dollars and by imprisonment not more than live years.
59
PAYMENTS BY OP TO THE UNITED STATES.
Sec. 3173. All duties on imports shall be paid in gold and
silver coin only, [or coin certificates], or in demand Treas-
ury notes, issued under the authority of the acts of July
seventeen, eighteen hundred and sixty-one, chapter five;
and February twelve, eighteen hundred and sixty-two, chap-
ter twenty; and all taxes and all other debts and demands
than duties on imports, accruing or becoming due to the
United States, shall be paid in gold and silver coin, Treas-
ury notes, United States notes, or notes of national banks;
and upon every such payment credit shall be given for the
amount of principal and interest due on any Treasury note
[or notes] not received in payment on the day when the same
are received.
2 Feb., 1862, ch. 20, vol. 12, p.338; 25 Feb., 1862, ch. 33, secs. 1, 5, voU2,pp. 345, 346; 11
July, 1862, ch. 142, see. 1, voh 12, p. 532; 1 March, 1863, cla. 73, secs. 3, 5, vol. 12, pp. 710,
711,147, 149; 3 June, 1864, ch. 306, sec. 23, vol. 13, p. 106, post, p. 30 June, 1864, ch. 172,
sec. 2, p. 13, p. 218, ante, p. 155. Amended and part repealed by act Feb. 27, 1877.
Seo. 3474. No gold or silver other than coin of standard ce^bie coin re’
fineness of the United States, shall be receivable in pay- 31 ‘ Aug., 1852,
meat of dues to the United States, except as provided in 108> sec-2' bi-
section twenty-three hundred and sixty-six, Title “ Public 21 Feb., 1857,
Lands,” and in section thirty-five hundred and sixty-seven, voi.'n, pi i63.2, 3’
Title “Coinage, Weights, and Measures.”
Duties and oth.
er debts to the
United States, in
what currency to
be paid.
The words in
brack ets inserted
by act of Feb. 27,
1877.
6 Aug., 1846, ch.
90, sec. 18, vol. 9.
23 Dec., 1857,
ch. 1, sec. 6, vol.
11.
17 July, 1861,
ch. 5, sec. 1, vol.
12. p. 259.
5 Aug., 1861,
ch. 46, sec. 5, vol.
12, p. 313.
LEGAL TENDER.
Sec. 3584. No foreign gold or silver coins shall be a legal
tender in payment of debts.
Sec. 3585. The gold coins of the United States shall be a
legal tender in all payments at their nominal value when
not below the standard weight and limit of tolerance pro-
vided by law for the single piece, and, when reduced in
weight below such standard and tolerance, shall be a legal
tender at valuation in proportion to their actual weight.
Sec. 3586. The silver coins of the United States shall be
a legal tender at their nominal value for any amount not
exceeding five dollars in any one payment.
Note. — For succeeding legislation see:
Act of April 17, 1875. To redeem fractional paper cur-
rency with subsidiary silver coins.
Act of July 22, 1876. To issue silver coins in exchange
for legal-tender notes; repealing legal tender of the trade
dollar and restricting its coinage; limiting subsidiary
silver coinage to $50,000,000.
Act of February 28, 1878. Restoring legal- tender qual-
ity of silver dollar and directing its coinage and the issuance
of certificates therefor.
Act of July 14, 1890. Discontinuing coinage of standard
silver dollar; authorizing purchase of silver and issuance of
certificates as legal tender.
Sec. 3587. The minor coins of the United States shall be
ft legal tender at their nominal value for any amount not
exceeding twenty-five cents in any one payment.
Foreign coins.
21 Feb., 1857,
ck. 56, sec. 3, vol.
11, p. 163.
Gold coins of
the United
States.
12 Feb., 1873,
ch. 131, sec. 14,
vol. 17, p. 426.
Silver coins of
the United
States.
Ibid., sec. 15.
Minor coins.
Ibid., see. 16.
CO
PURCHASE OF COIN.
coh"rcha8e of Sec. 3700. The Secretary of the Treasury may purchase
17 Mar., 1802, coin with any of the bonds or notes of the United States,
voi. i^’p.S37o. authorized by law, at such rates and upon such terms as he
may deem most advantageous to the public interest.
PROVISIONS OF THE REVISED STATUTES RELATING
TO LOANS AND THE CURRENCY.
Provisions relative to the general duties of the Secretary of the Treasury
respecting loans and the curreny.
THE SECRETARY OF THE TREASURY.
******
General duties Sec. 248. The Secretary of the Treasury shall, from time
of the secretary, to time, digest and prepare plans for the improvement and
management of the revenue, and for the support of the pub-
lic credit; shall superintend the collection of the revenue;
shall, from time to time, prescribe the forms of keeping and
rendering all public accounts and making returns; shall
grant, under the limitations herein established, or to be
hereafter provided, all warrants for moneys to be issued
from the Treasury in pursuance of appropriations by law;
shall make report, and give information to either branch of
the legislature in person or in writing, as may be required,
respecting all matters referred to him by the Senate or
House of Bepresentatives, or which shall appertain to his
office; and generally shall perform all such services relative
to the finances as he shall be directed to perform.
* * * * * *
Rules, reguia- Sec. 251. The Secretary of the Treasury shall make and
liio8’rS)d *°i82o' issue from time to time such instructions and regulations to
cii.ii.secs. i4, 15] the several collectors, receivers, depositaries, officers, and
v<6 Aug., 1846, ch. others who may receive Treasury notes, United States notes,
84, sec. 5, voi.’ o. 0r other securities of the United States, or who may be in
30 June, 1804, any way engaged or employed in the preparation and issue
13, p7228itonbI°p! Of the same, as he shall deem best calculated to promote
15u j„i 1870 ^he Public convenience and security, and to protect the
ch. 255, sec. 34 \ United States, as well as individuals, from fraud and loss;
v°i4 1 May 1850 be shall prescribe forms of entries, oaths, bonds, and other
Res. 9, voi. nf ’ papers, and rules and regulations, not inconsistent with
law, to be used under and in the execution and enforcement
of the various provisions of the internal-revenue laws, or in
carrying out the provisions of law relating to raising revenue
from imports, or to duties on imports, or to warehousing;
he shall give such directions to collectors and prescribe
such rules and forms to be observed by them as may be
necessary for the proper execution of the law; he shall also
prescribe the forms of the annual statements to be sub-
mitted to Congress by him showing the actual state ofcom-
merceand navigation between the United States and foreign
countries, or coastwise between the collection districts of
the United States in each year.
# * * * * *
Deposits of gold. Sec. 254. The Secretary of the Treasury is authorized to
receive deposits of gold coin and bullion with the Treasurer
61
or any assistant treasurer of flic United States, in sums not 7i* *2'
less than twenty dollars, and to issue certificates therefor, p.711 ; iwue.p.W.
in denominations of not less than twenty dollars, each, cor-
responding with the denominations of the United States
notes. The coin and bullion deposited for or representing
the certificates of deposit shall be retained in the Treasury
for the payment of the same on demand. And certificates
representing coin in the Treasury may be issued inpayment
of interest on the public debt, which certificates, together
with those issued for coin and bullion deposited, shall not
at any time exceed twenty per centum beyond the amount
of coin and bullion in the Treasury; and the certificates for
coin and bullion in the Treasury shall be received at par in
payment for duties on imports.
Sec. 257. The Secretary of the Treasury shall make the
following annual reports to Congress:
First. A report on the subject of finance, containing esti-
mates of the public revenue and public exenditures for the
fiscal year then current, and plans for improving and in-
creasing the revenues from time to time, for the purpose of
giving information to Congress in adopting modes of rais-
ing the money requisite to meet the public expenditures.
LAWS PASSED SINCE JUNE 22, 1874.
ACT OP JANUARY 14, 1875.
An act to provide for the resumption of specie payments.
Be it enacted by the Senate and Souse of Representatives of
the United Sta tes of America in Congress assembled , That the Igsn0 of silver
Secretary of the Treasury is hereby authorized and required, coins for tiie re-
as rapidly as practicable, to cause to be coined, at the mints ^onafTurrency
of the United States, silver coins of the denominations of authorized,
ten, twenty-five, and fifty cents, of standard value, and to
issue them in redemption of an equal number and amount
of fractional currency of similar denominations, or, at his
discretion, he may issue such silver coins through the mints,
the sub-treasuries, public depositaries and post-offices of .
the United States; and, upon such issue, he is hereby au-
thorized and required to re deem an equal amount of such
fractional currency, until the whole amount of such frac-
tional currency outstanding shall be redeemed.
Sec. 2. That sro much of section three thousand five liun- j>CT>pnl of an.
drecl and twenty- four of the Revised Statutes of the United thortty to charge
States as provides for a charge of one-fifth of one per centum corTveTsilu
for converting standard gold bullion into coin is hereby re- b^!ionRetviC8ed
pealed; and hereafter no charge shall be made for that statutes, 3524.
service.
Sec. 3. That section five thousand one hundred and sev- Repeal ofiimi-
enty-seven of the Revised Statutes, limiting the aggregate
amount of circulating notes of national banking associations c i reflating
be, and is hereby, repealed ; and each existing banking asso- n°see' Revi sed
ciation may increase its circulating notes in accordance with statutes, 5177.
existing law without respect to said aggregate limit; and
62
Repeal of pro-
visions for with-
drawal and redis-
tribution.
See Revised
Statutes, 5181.
United States
notes in excess of
$.100,000,000 to he
redeemed in a cer-
tain ratio to in-
crease of nation-
al-bank circula-
tion. J
Redemption of
United States
notes in coin
after .January 1,
1879.
Appropriation.
Sale of bonds
to provide means
to redeem United
States notes.
See 1870, ch. 56.
vol. 16, p. 272.
new banking- associations may be organized irt accordance
with existing- law without respect to said aggregate limit;
and the provisions of law for the withdrawal and redistribu-
tion of national bank currency among the several States and
Territories are hereby repealed. And whenever, and so
often, as circulating notes shall be issued to any such bank-
ing association, so increasing its capital or circulating notes,
or so newly organized as aforesaid, it shall be the duty of
Secretary of the Treasury to redeem the legal-tender United
States notes in excess only of three hundred million of dol-
lars, to the amount of eighty per centum of the sum of nation-
al-bank notes so issued to any such banking association as
aforesaid and to continue such redemption as such circulat-
ing notes are issued until there shall be outstanding the sum
of three hundred million dollars of such legal-tender United
States notes, and no more. And on and after the first day of
January, anno Domini, eighteen hundred and seventy-nine,
the Secretary of the Treasury shall redeem, in coin, the
United States legal-tender notes then outstanding, on their
presentation for redemption at tlie office of the assistant
treasurer of the United States in the city of New York, in
sums of not less than fifty dollars. And to enable the Sec-
retary of the Treasury to prepare and provide for the re-
demption in this act authorized or required, he is authorized
to use any surplus revenues, from time to time, in the Treas-
ury not otherwise appropriated, and to issue, sell and dis-
pose of, at not less than par, in coin, either of the descriptions
of bonds of the United States described in the act of Con-
gress approved July fourteenth, eighteen hundred aud sev-
enty, entitled “An act to authorize th#> refunding of the
national debt,” with like qualities, privileges* and exemp-
tions, to the extent necessary to carry this act into full effect,
and to use the proceeds thereof for the purposes aforesaid.
And all provisions of law inconsistent with the provisions
of this act are hereby repealed.
ACT OF MARCH 3, 1875.
An act authorizing the coinage of a twenty-cent piece of silver at the Mint of
the United States.
Be it enacted by the Senate and Home of Representatives of
Twenty -cent the United States of America in Congress assembled , That
^1873, ch!i3i,voi. there shall be, from time to time, coined at the mints of the
17, p.424.' ’ United States, conformably in all respects to the coinage
Revised stat- act of eighteen hundred and seventy-three, a silver coin of
u tea, 3513. the denomination of twenty cents, and of the weight of five
Repealed. grains.
Sec. 2. That the twenty-cent piece shall be a legal tender
Legal tender at its nominal value for any amount not exceeding five dol-
f°r what 8,ims- lars in any one payment.
Sec. 3. That in adjusting the weight of the twenty-cent
Deviation frora -ece ^he deviation from the standard weight shall not ex-
ceed one and one-halt grains? and in weighing a large num-
ber of pieces together, when delivered by the coiner to the
superintendent and by the superintendent to the depositor
63
the deviation from the standard weight shall not exceed
two-hundredths of an ounce in one thousand pieces.
Sec. 4. That all laws now in force in relation to the coins Exl8tJnR law9
of the United States, and the coinage of the same, shall, as applicable to
far as practicable, have full force and effect in relation to "0o,'uL com>
the coin hereby authorized whether the said laws are peual
or otherwise, and whether they are for preventing counter-
feiting or abasement, for protecting the currency, for regu-
lating the process of coining and the preparation therefor,
or for the security of the coin, or for any other purpose.
ACT OF APRIL 17, 1876.
Provisions in regard to coinage contained in the act to provide for deficiencies
in the Printing and Engraving Bureau of the Treasury Department, etc.
******
Sec. 2. That the Secretary of the Treasury is hereby
directed to issue silver coins of the United States, of the Fractional cur-
denomination often, twenty, twenty- five, and fifty cents of rp^;i8ed st,it_
standard value, in redemption of an equal amount of frac- utes, 3513.
tional currency, whether the same be now in the Treasury
awaiting redemption, or whenever it may be presented for
redemption ; and the Secretary of the Treasury may, under
regulations of the Treasury Department, provide for such
redemption and issue by substitution at the regular sub-
treasuries and public depositories of theUnited States until
the whole amount of fractional currency outstanding shall
be redeemed. And the fractional currency redeemed under Redeemed cur-
this act shall be held to be a part of the sinking fund pro- of^ldng fund!
vided for by existing law, the interest to be computed there- se255Feb-’ 1862>
on, as in the case of bonds redeemed under the act relating' ‘
to the sinking-fund.
ACT OF JULY 22, 1876.
Joint resolution for the issue of silver coins.
Resolved by the Senate and House of Representatives of the
United States of America in Congress assembled , That the Silver coin to
Secretary of the Treasury, under such li mits and regulations change for ^gal-
as will best secure a just and fair distribution of the same tender notes.0
through the country, may issue the silver coin at any time
in the Treasury to an amount not exceeding ten million dol-
lars, in exchange for an equal amount of legal-tender notes;
and the notes so received in exchange shall be kept as a Notes to be
special fund separate and apart from all other money in the ttmd as a special
Treasury, and be reissued only upon the retirement and 1180 of-
destruction of a like sum of fractional currency received at
the Treasury in payment of dues to the United States; and
said fractional currency, when so substituted, shall be de-
stroyed and held as part of the sinking-fund, as provided ,n1876> voL 1S- p-
in the act approved April seventeen, eighteen hundred and
seventy-six.
Sec. 2. That the trade dollar shall not hereafter be a Trade-doiiar
legal tender, and the Secretary of the Treasury is hereby te°ndS. legal
4
bf iiraife(i°f’ m!iy authorized to limit from time to time tlic coinage thereof
Revised st.at- to sucli an amount as he may deem suflicieut to meet the
utes, 35i3, 3586. export demand for the same.
8UiTarnto^ivb' ^E0- 3. That in addition to the amount of subsidiary sil-
coVnauUoriL\i.r ver coin authorized by law to be issued in redemption of
the fractional currency it shall be lawful to manufacture
at the several mints, and issue through the Treasury aud
its several offices, such coin, to an amount, that, including
the amount of subsidiary silver coin and of fractional cur-
rency outstanding, shall, in the aggregate, not exceed, at
any time fifty million dollars.
rnrchase of Sec. 4. That the silver bullion required for the purposes
bullion. of this resolution shall be purchased, from time to time, at
market rate, by the Secretary of the Treasury, with any
rnce limited. money jn the Treasury not otherwise appropriated; but no
purchase of bullion shall be made under this resolution
when the market-rate for the same shall be such as will not
admit of the coinage and issue, as herein provided, without
Seigniorage to loss to the Treasury; and any gain or seigniorage arising
he accounted for. from this coinage shall be accounted for and paid into the
Treasury, as provided under existing laws relative to the
subsidiary coinage: Provided , That the amount of money
at any one time invested in such silver bullion, exclusive
of such resulting coin shall not exceed two hundred thou-
sand dollars.
ACT OF JANUARY 16, 1877.
Counterfeiting. Further provisions in regard to counterfeiting.
ACT OF FEBRUARY 28, 1878.
Coinage of sil-
ver dollars.
Weight and
fineness.
Legal tender.
Revised Stat-
utes, 3586.
Purchascof sil-
ver bullion.
re to
) the
To authorize tho coinage of the standard silver dollar and to restore its legal
tender character.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled , That
there shall be coined, at the several mints of the United
States, silver dollars of the weight of four hundred and
twelve and a half grains troy of standard silver, as pro-
vided in the act of January eighteenth, eighteen hundred
thirty- seven, on which shall be the devices and superscrip-
tions provided by said act; which coins together with all
silver dollars heretofore coined by the United States, of like
weight and fineness, shall be a legal tender at their nomi-
nal value, for all debts and dues public and private, except
where otherwise expressly stipulated in the contract. And
the Secretary of the Treasury is authorized and directed to
purchase, from time to time, silver bullion, at the market
price thereof, not less than two million dollars worth per
month, nor more than four million dollars worth per month,
and cause the same to be coined monthly, as fast as so pur-
chased, into such dollars; and a sum sufficient to carryout
the foregoing provision of this act is hereby appropriated
out of any money in the Treasury not otherwise appropri-
ated. And any gain or seigniorage arising from this coin-
65
age shall be accounted for and paid into the Treasury, as
provided under existing laws relative to the subsidiary
coinage: Provided , That the amount of money at any one Proviso,
time invested in such silver bullion, exclusive of such result-
ing coin, shall not exceed five million dollars: And provided
further , That nothing in this act shall be construed to au-
thorize the payment in silver of certi II cates of deposit issued
under the provisions of section two hundred and fifty-four
of the Revised Statutes.
Sec. 2. That immediately after the passage of this act, The President
the President shall invite the Governments of the countries stated to invito
composing the Latin Union, so-called, and of such other the countries
European nations as he may deem advisable, to join the L^tmUnfonVnd
United States in a conference to adopt a common ratio be- °ountri?sUrtoean
tween gold and silver, for the purpose of establishing, in- conference with
ternationally, the use of bi-metallic money, and securing suites, Yo^iopt a
fixity of relative value between those metals; such confer- common ratio be-
ence to be held at such place, in Europe or in the United aiive?, &c.d and
States, at such time within six months, as may be mutually
agreed upon by the Executives of the Governments joining
in the same, whenever the Governments so invited, or any
three of them, shall have signified their willingness to unite
in the same.
The President shall, by and with the advice and consent llo^a™o7ntedr9
of the Senate, appoint three commissioners, who shall attend See also act
such conference on behalf of the United States, and shall Aug-5, 1892-
report the doings thereof to the President, who shall trans-
mit the same to Congress.
Said commissioners shall each receive the sum of two Compensation,
thousand five hundred dollars and their reasonable ex-
penses, to be approved by the Secretary of State; and the
amount necessary to pay such compensation and expenses
is hereby appropriated out of any money in the Treasury
not otherwise appropriated.
Sec. 3. That any holder of the coin authorized by this silver dollars
act may deposit the same with the Treasurer or any as- wfthbeTreamjrcr
sistant treasurer of the United States, in sums not less than ? 11 d assistant
ten dollars, and receive therefor certificates of not less than what sums. ’
ten dollars each, corresponding with the denominations of cates of 'deposa6'
the United States notete. The coin deposited for or repre- Coin to bo held
senting the certificates shall be retained in the Treasury for certmeates1.1011 °f
the payment of the same on demand. Said certificates shall
be receivable for customs, taxes, and all public dues, and,
when so received, may be reissued.
Sec. 4. All acts and parts of acts inconsistent with the
provisions of this act are hereby repealed.
Sam. J. Randall,
Speaker of the House of Representatives.
W. A. Wheeled,
Vice-President of the United, States and
President of the Senate.
In the House of Representatives U. S.
February 28 , 1878.
The President of the United States having returned to
the House of Representatives, in which it originated, the
S. Rep. 235 5
66
bill, entitled “An act to authorize the coinage of the stand-
ard silver dollar, and to restore its legal-tender character,”
with his objections thereto ; the House of Representatives
proceeded in pursuance of the Constitution to reconsider the
same; and
Resolved , That the said bill pass, two-thirds of the House
of Representatives agreeing to pass the same.
Attest: Geo. M. Adams,
Cleric.
By Green Adams,
Chief Cleric.
In the Senate of the United States
February 28, 1878.
The Senate having proceeded, in pursuance of the Con-
stitution, to reconsider the bill entitled “An act to author-
ize the coinage of the standard silver dollar, and to restore
its legal-tender character,” returned to the House of Repre-
sentatives by the President of the United States, with his
objections, and sent by the House of Representatives to the
Senate with the message of the President returning the
bill;
Resolved , That the bill do pass, two-thirds of the Senate
agreeing to pass the same.
Attest: Geo. C. Gorham,
Secretary of the Senate.
ACT OF MAY 2, 1878.
Prohibiting the coinage of the twenty-cent piece of silver, authorized by the
act of March 3, 1875.
silver r20-cent Be it enacted by the Sena te and Ho use of Representatives of
off prohibited?^6 l^Le United States of America in Congress assembled, That
from, and after the passage of this act, the coinage of the
twenty cent piece of silver, by the Government of the
United States be, and the same is -hereby prohibited. And
all laws in conflict with this act are hereby repealed.
ACT OF JUNE 8, 1878.
Constituting superintendents of mints or assayers in assay offices Assistant
Treasurers of the United States.
Superintend- Be it enacted, by the Senate and House of Representatives of
m aay era ' nf» j?b e the United States of America , in Congress assembled, That
c?ItantUttroa8u8r Secretary of the Treasury be and he is hereby author-
msi.uit , ro.as nr- ^ constitute any superintendent of a mint or assayer
of any assay-office, an assistant treasurer of the United
For what pur- States without additional compensation, to receive gold coin
p080' and bullion on deposit for the purposes provided for in sec-
tion two hundred and flfty-four of the Revised Statutes.
67
ACT OF JUNE 19, 1878.
Making appropriations for the legislative, executive, and judicial expenses
of the Government for the fiscal year ending June thirtieth, eighteen
hundred and seventy-nine, and for other purposes.
Be it enacted by the Senate and House of Representatives of
the United States of Americain Congress assembled , * * *
And for the purpose of enabling the several mints and 'Payments to
assay-offices of the United States to make returns to depos- rs at
itors with as little delay as possible, the provisions of section
thirty-five hundred and forty -five of the Revised Statutes r. s., 3545.
of the United States shall hereafter apply to the several
mints and assay-offices of the United States; and the Sec-
retary of the Treasury is hereby authorized to use, as far xjse of coin
as he may deem it proper and expedient, for payment to certificates,
depositors of bullion at the several mints and assay-offices,
coin certificates, representing coin in the Treasury, and
issued under the provisions of section two hundred and
fifty- four of the Revised Statutes of the United States; all R-s >254-
of said acts and duties to be performed under such rules
and regulations as shall be prescribed by the Secretary of
the Treasury. And it shall be lawful to apply the moneys uscof charges
arising from charges collected from depositors at the sev- toPaJ expenses,
eral mints and assay-offices pursuant to law, to defraying
the expenses thereof, including labor, material, wastage,
and use of machinery; and only so much of the appropria-
tions herein made for themints and assay-offices respectively,
shall be used for said mints and assay offices as shall be
necessary for the operations of the same, after the moneys
arising from the charges aforesaid shall have been ex-
hausted as herein provided. But in no event shall the ex-
penditures of said mints and assay-offices exceed the amount
of the specific appropriations herein made for same.
*******
ACT OF MARCH 3, 1879.
Making appropriations for sundry civil expenses of the Government for the
fiscal year ending June thirtieth, eighteen hundred aud eighty, and for other
purposes.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled , That the
following sums be, and the same are hereby, appropriated
for the objects hereinafter expressed, for the fiscal year
ending June thirtieth, eighteen hundred and eighty, namely:
*******
Transportation of United States securities: For trans- Transportation
portation of notes, bonds, and other securities of the United of securities. n
States, sixty thousand dollars; and so much of the act rjgi879. ch- 182> p-
“making appropriations for the legislative, executive, and
judicial expenses of the Government for the fiscal year end-
ing June thirtieth, eighteen hundred and seventy-nine, aud
for other purposes, approved June nineteenth, eighteen 1878 ch 329
hundred and seventy-eight, as authorizes the Secretary ofm, ' ’
68
c°in certifi- the Treasury to issue coin certificates in exchange for bul-
lion deposited for coinage at mints and assay-offices other
than those mentioned in section thirty-five hundred and
forty-five of the Revised Statutes, be, and the same is hereby,
r. s., 3545. repealed ; said repeal to take effect at the end of the present
fiscal year.
• ###**
ACT OP JUNE 9, 1879.
To provide for the exchange of subsidiary coins for lawful money of the United
States under certain circumstances, and to make such coins a legal tender in
all sums not exceeding ten dollars, and for other purposes.
Be it enacted by the Senate and House of Representatives
Subsidiary of the United States of America in Congress assembled , That
the holder of any of the silver coins of the United States
of smaller denomination than one dollar, may, on presen-
tation of the same in sums of twenty dollars, or any multiple
thereof, at the office of the Treasurer or any assistant
treasurer of the United States, receive therefor lawful
money of the United States.
Redemption. Sec. 2. The Treasurer or any assistant treasurer of the
United States who may receive any coins under the provi-
sion of this act shall exchange the same in sums of twenty
dollars, or any multiple thereof, for lawful money of the
Onited States, on demand of any holder thereof.
Legal tender. Sec. 3. That the present silver coins of the United States
of smaller denominations than one dollar shall hereafter be
a legal tender in all sums not exceeding ten dollars in full
payment of all dues public and private.
Repeal*. Sec. 4. That all laws or parts of laws in conflict with this
act be, and the same are hereby, repealed.
ACT OF MAY 26, 1882.
To authorize the receipt of United States gold coin in exchange for gold bars.
Receipts of Be it enacted by the Senate and House of Representatives
change'for^goid ofthe United States of America in Congress assembled, That
bars.0 ° the superintendents of the coinage mints, and of the United
r. s. eec.3518. States assay office at New York, are hereby authorized to
receive United States gold coin from any holder thereof in
sums not less than five thousand dollars, and to pay and
deliver in exchange therefor gold bars in value equaling
such coin so received.
ACT OF AUGUST 7, 1882.
Sundry Civil Appropriation Law.
• #***•
Transportation For the transportation of silver coins: That the Secre-
ofsnv^mnee oi- Treasury be, and he is hereby, authorized and
69
directed to transport, free of charge, silver coins when re-
quested to do so: Provided , That an equal amount in coin r. s., seo. 3527.
or currency shall have been deposited in the Treasury by
the applicant or applicants; and that there is hereby ap-
propriated ten thousand dollars, or so much thereof as may
be necessary, for that purpose, and that the same be avail-
able from and after the passage of this act.
• **###
ACT OF AUGUST 4, 1886.
Making appropriations for sundry civil expenses of the Government for the fis-
cal year ending June thirtieth, eighteen hundred and eighty-seven, and for
other purposes.
Be it enacted by the Senate and House of Representatives of ®}ref ()IHc??o‘
the United States of America in Congress assembled, * * * and five dollars to
And the Secretary of the Treasury is hereby authorized and be^®|u2e^-p 26>
required to issue silver-certificates in denominations of one,
two, and five dollars, and the silver-certificates herein au-
thorized shall be receivable, redeemable, and payable in
like manner and for like purposes as is provided for silver-
certificates by the act of February twenty-eighth, eighteen
hundred and seventy-eight, entitled “An act, to authorize
the coinage of the standard silver dollar, and to restore its
legal-tender character,” and denominations of one, two, and
five dollars may be issued in lieu of silver-certificates of
larger denominations in the Treasury or in exchange there-
for upon presentation by the holders and to that extent said
certificates of larger denominations shall be cancelled and
destroyed.
Transportation of silver coin : For transportation (> fT™ spo-riation
of silver coin, including fractional silver coin, by registered free 8of emerge?8
mail or otherwise, forty thousand dollars ; and in expend-
ing this sum the Secretary of the Treasury is authorized
and directed to transport from the Treasury or subtreas-
uries, free of charge, silver coin when requested to do so; RS- sec. 3527.
Provided , That an equal amount in coin or currency shall
have been deposited in the Treasury or such subtreasuries
by the applicant or applicants. And the Secretary of the
Treasury shall report to Congress the cost arising under
this appropriation.
Similar provisions are contained in succeeding Sundry
Civil Appropriation laws.
ACT OF FEBRUARY 19, 1887.
An act for the retirement and recoinage of the trade-dollar.
Be it enacted, by the Senate and. House of Representatives ^Exchange of
of the United States of America in Congress assembled , That saver coins? for
for a period of six months after the passage of this act,
United States trade-dollars, if liot defaced, mutilated, or
70
stamped, sliall be received at the office of the Treasurer,
or any assistant treasurer of the United States in exchange
for a like amount, dollar for dollar, of standard silver dol-
lars, or of subsidiary coins of the United States.
Sec. 2. That the trade-dollars received by, paid to, or
deposited with the Treasurer or any assistant treasurer or
Retirement and national depositary of the United States shall not be paid
doiSrsa.geoUrade ou^ or 111 any other manner issued, but, at the expense of
the United States, shall be transmitted to the coinage mints
and recoined into standard silver dollars or subsidiary coin,
at the discretion of the Secretary of the Treasury : Provided,
That the trade-dollars recoined under this act shall not be
counted as part of the silver bullion required to be pur-
chased and coined into standard dollars as required by the
act of February twenty-eighth, eighteen hundred and
seventy-eight.
Authority to Sec. 3. That all laws and parts of laws authorizing the
repealed.6 d°llara co^ua§'e and issuance of United States trade-dollars are
hereby repealed.
Received by the President, February 19, 1887.
[Note by the Department of State. — The foregoing
act having been presented to the President of the United
States for his approval, and not having been returned by
him to the house of Congress in which it originated within
the time prescribed by the Constitution of the United
States, has become a law without his approval.]
ACT OF MARCH 2, 1889.
Sundry Civil Appropriation Law.
******
‘‘That hereafter it shall uot be lawful to use any portion
Prohibiting of the so-called “silver profit fund” or of the appropria-
th^use^ot stiver ti°n for “storage silver transportation” for the purpose of
transportation of paying the expenses of the transportation of standard sil-
8iR 6 s'1 aoc '3527 ver dollars from the mints or the sub- treasuries to the
Treasury at Washington, District of Columbia.”
******
ACT OF JULY 14, 1890.
Directing the purchase of silver bullion and the issue of Treasury notes
thereon, and for other purposes.
Secretary of ^ enacted by the Senate and House of Representatives of
Treasury to pur- the United States of America in Congress assembled, That
ounces of Silver the Secretary of the Treasury is hereby directed to pur-
per month. chase, from time to time, silver bullion to the aggregate
amount of four million five hundred thousand ounces, or so
much therof as may be offered in each month, at the mar-
ket price thereof, not exceeding one dollar for three hun-
dred and seventy-one and twenty-five hundredths grains
of pure silver, aiid to issue in payment of such purchases
of silver bullion Treasury notes of the United States to be
71
prepared by the Secretary of the Treasury, in such form
and of such denominations, not less than one dollar nor
more than one thousand dollars, as he may prescribe, and
a sum sufficient to carry into effect the provisions of this
act is hereby appropriated out of any money in the Treas-
ury not otherwise appropriated.
Sec. 2. That the Treasury notes issued in accordance .^TreaanryBotea
with the provisions of this act shall be redeemable on de- same to *1?/ re-
mand, in coin, at the Treasury of the United States, or at tobe'akf Luend-
the office of any assistant treasurer of the United States, and er; to be count-
when so redeemed may be reissued; but no greater or less latibaa^.™ °f
amount of such notes shall be outstanding at any time than
the cost of the silver and the bullion standard silver dollars
coined therefrom, then held in the Treasury purchased by
such notes; and such Treasury notes shall be a legal tender
in payment of all debts, public and private, except where
otherwise expressly stipulated in the contract, and shall be
receivable for customs, taxes, and all public dues, and when
so received may be reissued; and such notes, when held by
any national banking association, may be counted as a part
of its lawful reserve. That upon demand of the holder of
any of the Treasury notes herein provided for the Secretary
of the Treasury shall, under such regulations as he may i>re-
scribe, redeem such notes in gold or silver coin, at his dis-
cretion, it being the established policy of the United States
to maintain the two metals on a parity with each other parity of two
upon the present legal ratio, or such ratio as may be pro- tuinod.
vided by law.
Sec. 3. That the Secretary of the Treasury shall each coinage of sii-
rnonth cointwo million ounces of the silver bullion purchased lontinueda fter
under the provisions of this act into standard silver dollars Ju]y h ,yl-
until the first day of July eighteen hundred and ninety-one,
and after that lime he shall coin of the silver bullion pur-
chased under the provisions of this act as much as may be
necessary to provide for the redemption of the Treasury
notes herein provided for, and any gain or seigniorage aris-
ing from such coinage shall be accounted for and paid into
the Treasury.
Sec. 4. That the silver bullion purchased under the pro- edSito ' beP8ub>ct
visions of this act shall be subject to the requirements of to requirements
existing law and the regulations of the mint service govern- ity^ar^e* ami
ing the methods of determining the amouut of pure silver deductions. ’
contained, and the amount of charges or deductions, if any,
to be made.
Sec. 5. Thatsomuchof the actof February twenty-eighth, »7^®f:Feb’^28,
eighteen hundred and seventy-eight, entitled “An act to of ’save? Ynd Its
authorize the coinage of the standard silver dollar and to iars ripped do1
restore its legal-tender character,’7 as requires the monthly r 6 '
purchase and coinage of the same into silver dollars of not
less than two million dollars, nor more than four million dol-
lars’ worth of silver bulllion, is hereby repealed.
Sec. 6. That upon the passage of this act the balances fUnd fo™c?rcuia
standing with the Treasurer of the United States to thetion of nat’i
respective credits of national banks for deposits made to ered^i^to the
redeem the circulating notes of such banks, and all deposits Treasury,
thereafter received for like purpose, shall be covered into
72
the Treasury as a miscellaneous receipt, and the Treasury
Nafion™iptiba n'k0^' Uie United States shall redeem from the general cash
not«s to be made in the Treasury the circulating notes of said banks which may
fond Sin' ethe come into his possession subject to redemption ; and upon
Treasury. the certificate of the Comptroller of the Currency that such
notes have been received by him and that they have been
destroyed and that no new notes will be issued in their
place, reimbursement of their amount shall be made to the
Treasurer, under such regulations as the Secretary of the
Treasury may prescribe, from an appropriation hereby, cre-
ated, to be known as National bank notes: Redemption
account, but the provisions of this act shall not apply to
the deposits received under section three of the act of June
twentieth, eighteen hundred and seventy-four, requiring
every National bank to keep in lawful money with the
redcnfpUou toXs Treasurer of the United States a sum equal to five per-
contiuued. centum of its circul ation. to be held and used for the redemp-
tion of its circulating notes; and the balance remaining of
the deposits so covered shall, at the close of each month,
be reported on the monthly public debt statement as debt
of the United States bearing no interest.
“Sec. 7. That this act shall take effect thirty daj^s from
and after its passage.”
ACT OF SEPTEMBER 26, 1890.
To amend section thirty-five hundred and ten of the Revised Statutes of the
United States, and to provide for new designs of authorized devices of United
States coins.
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled , That
section thirty-five hundred and ten of the Revised Statutes
of the United States be, and the same is hereby, amended
so as to read as follows:
“Sec. 3510. The engraver shall prepare from the original
dies already authorized all the working-dies required for
use in the coinage of the several mints, and, when new
coins, emblems, devices, legends, or designs are authorized,
r.s . sec. 3517. shall, if required by the Director of the Mint, prepare the
devices, models, hubs, or original dies for the same. The
Director of the Mint shall have power, with the approval
N °i'ns atuiToi8 °* Ue Secretary of the Treasury, to cause new designs or
i”edf'°o very" ’’is models of authorized emblems or devices to be prepared
years. and adopted iu the same manner as when new coins or de-
vices are authorized. But no change in the design or die
of any coin shall be made oftener than once in twenty-five
years from and including the year of the first adoption of
the design, model, die, or hub for the same coin: Provided,
That no change be made in the diameter of any coin: And
provided f u rther, That nothing in this section shall prevent
the adoption of new designs or models for devices or em-
blems already authorized for the standard silver dollar and
the five- cent nickel piece as soon as practicable after the
73
passage of this act. But the Director of the Mint shall
nevertheless have power, with the approval of the Secre- ploy artists,
tary of the Treasury, to engage temporarily for this pur-
pose the services of one or more artists, distinguished in
their respective departments of art, who shall be paid for
such service from the contingent appropriation for the mint
at .Philadelphia.”
ACT OF SEPTEMBER 26, 1890.
An act to discontinue the coinage of the three-dollar and one-dollar, gold piece*
and three-cent nickel piece.
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled, That
from and after the passage of this act the coinage of the
three-dollar gold piece, the one-dollar gold piece, and the
three-cent nickel piece be, and the same is hereby, prohib-
ited, and the pieces named shall not be struck or issued by
the Mint of the United States.
Sec. 2. That as fast as the said coins shall be paid into
the Treasury of the United States they shall be withdrawn
from circulation and be recoined into other denominations
of coins.
Sec. 3. That all laws and parts of laws in conflict with
this act are hereby repealed.
ACT OF FEBRUARY 10, 1891.
To prevent counterfeiting or manufacture of dies, tools, or other implements
used in counterfeiting, and providing penalties therefor, and providing for
the issue of search warrants in certain cases.
Be it enacted by the Senate and House of Representatives ^ ak ^ m et18,
of the United States of America in Congress assembled , That in ^mmtudfof
every person who, within the United States or any Terri- 11 • s- die8-
tory thereof, makes any die, hub, or mold, either of steel
or plaster, or any other substance whatsoever in likeness or
• similitude, as to the design or the inscription thereon, of any R- s., secs. 5457
die, hub, or mold designated for the coinage or making 0ft0j462-
any of the genuine gold, silver, nickel, bronze, copper or
other coins of the United States that have been or here-
after may be coined at the mints of the United States, or
who willingly aids or assists in the making of any such die,
hub, or mold, or any part thereof, or who causes or procures
to be made any such die, hub or mold, or any part there-
of, without authority from 'the Secretary of the Treasury
of the United States or other proper officer, or who shall
have in his possession any such die, hub, or mold with in-
tent to fraudulently or unlawfully use the same, or who
shall permit the same to be used for or in aid of the coun-
terfeiting of any of these coins of the United States herein-
before mentioned shall, upon conviction thereof, be pun- Penalty.
74
ished by a fine of not more than five thousand dollars and
by imprisonment at hard labor not more than ten years,
or both, at the discretion of the court.
Procuring the Sec. 2. That every person who, within the United States
same o o mat e. any Territory thereof, without lawful authority, makes,
or willingly aids or assists in making, or causes or pro-
cures to be made, any die, hub, or mold, either of steel or
plaster, or of any other substance whatsoever, in the like-
ness or similitude, as to the design or the inscription
thereon, of any die, hub, or mold designed for the coining
of the genuine coin of any foreign Government, or who
conceals or shall have in possession any such die, hub, or
mold hereinbefore mentioned, with intent to fraudulently,
or unlawfully use the same for counterfeiting any foreign
coin, or who knowingly suffers the same to be fraudulently
usecl for the counterfeiting of any foreign coin shall, upon
conviction thereof, be punished by a fine of not more than
Penalty. two thousand dollars or imprisonment at hard labor not
more than five years, or both, at the discretion of the court.
Malting or pro- Sec. 3. That every person who makes, or who causes or
in^imuitude’of Procures be made, or who brings into the United States
u. s. coins. from any foreign country, or who shall have in possession
with intent to sell, give away, or in any other manner use
the same, any business or professional card, notice, pla-
card, token, device, print, or impression, or any other
thing whatsoever, whether of metal or its compound or of
any other substance whatsoever, in likeness or similitude,
as to design, color, or the inscription thereon, of any of
the coins of the United States or of any foreign Govern-
ment, that have been or hereafter may be issued as money,
either under the authority of the United States or under
the authority of any foreign Government shall, upon con-
viction thereof, be punished by a fine not to exceed one
hundred dollars.
Counterfeits of Sec. 4. That all counterfeits of any of the obligations or
u.s. obligations. securities of the United States or of any foreign Gov-
ernment, or counterfeits of any of the coins of the United
States or of any foreign Government, and all material or
apparatus fitted or intended to be used, or that shall have
been used, in the making of any such counterfeit obliga-
tions or other securities or coins hereinbefore mentioned,
that shall be found in the possession of any person with-
out authority from the Secretary of the Treasury or other
proper officer to have the same, shall be taken possession
of by any authorized agent of the Treasury Department
and forfeited to the United States, and disposed of in any
manner the Secretary of the Treasury may direct.
Sec. 5. That the several judges of courts established
las™ of search un(jer the laws of the United States and the commissioners
warrants m such
of such courts may, upon proper oath or affirmation, within
their respective jurisdictions, issue a search warrant au-
thorizing any marshal of the United States, or any other
person specially mentioned in such warrant, to enter any
house, store, building, boat, or other place named in such
warrant, in the daytime only, in which there shall appear
probable cause for believing that the manufacture of coun.
Penalty.
cages.
75
terfeit money, or the concealment of counterfeit money, or
the manufacture or concealment of counterfeit obligations
or coins of the United States, or of any foreign govern-
ment, or the manufacture or concealment of dies, hubs,
molds, plates, or other things fitted or intended to be used
for the manufacture of counterfeit money, coins, or obliga-
tions of the United States or of any foreign government,
or of any bank doing business under the authority of the
United States or of any State or Territory thereof, or of
any bank doing business under the authority of any foreign
government or of any political division of any foreign gov-
ernment, is being carried on or practiced, and there search
for any counterfeit money, coins, dies, hubs, molds, plates,
and other things, and for any such obligations, and if any
such be found to seize and secure the same, and to make seizures,
return thereof to the proper authority ; and all such coun-
terfeit money, coins, dies, hubs, molds, plates, and other
things and all such counterfeit obligations so seized shall
be forfeited to the United States.
ACT OF MARCH 3, 1891.
An act making appropriations for the legislative, executive, and judicial ex-
penses cf the Government for the fiscal year ending June thirtieth, eighteen
hundred and ninety-two, and for other purposes.
m * * * * * *
Sec. 3. That an act to authorize the receipt of United stats, at Large,
States gold coin in exchange for gold bars, approved May vo' ,p'
twenty-sixth, eighteen hundred and eiglity-two, be amended
to read as follows:
“That the superintendents of the coinage mints and of Authorizing
the United States assay office at ISTew York may, with the gold ^arsYn exf
approval of the Secretary of the Treasury, but not other- ^lge for gold
wise, receive United States gold coin from any holder
thereof in sums of not less than five thousand dollars, and
pay and deliver in exchange therefor gold bars in value
equaling such coin so received: Provided , That the Secre-
tary of the Treasury may impose for such exchange a
charge which, in his judgment, shall equal the cost of man-
ufacturing the bars.”
*******
ACT OF AUGUST 5, 1892.
Making appropriations for sundry civil expenses of the Government for the fis-
cal year ending June thirtieth, eighteen hundred and ninety-three, and foi
other purposes.
******
International Monetary Conference: The Presi-
dent of the United States is hereby authorized to appoint
five commissioners to an international conference, to be held
76
ferencetftry con*a^ a place to be hereafter designated, with a view to secure,
internationally, a fixity of relative value between gold and
silver, as money, by means of a common ratio between
those metals, with free mintage at such ratio, and for com-
pensation of said commissioners, and for all reasonable ex-
reb’ry ^si878act l)euses connected therewith, to be approved by the Secre-
tary of State, including the proportion to be paid by the
United States of the joint expenses of such conference,
eighty thousand dollars, or so much thereof as may be nec-
essary.
******
ACT OF AUGUST 5, 1892.
An act to aid in carrying out the act of Congress approved April twenty -fifth,
eighteen hundred and ninety, entitled “ An act to provide for celebrating
the four hundredth anniversary of the discovery of America by Christopher
Columbus, by holding an international exposition of arts, industries, manu-
factures, and products of the soil, mine, and sea, in the city of Chicago, in
the State of Illinois,” and appropriating money therefor.
Authorizing Be it enacted by the Senate and House of Representatives
ooosmfvenir^ half of the United States of America in Congress assembled, That
World’s 'coiam l°r ^ie purpose of aiding in defraying the cost of complet-
bian Exposition, ing in a suitable manner the work of preparation for in-
augurating the World’s Columbian Exposition, authorized
by the act of Congress approved April twenty-fifth, anno
Domini eighteen hundred and ninety, to be held at the city
of Chicago, in the State of Illinois, there shall be coined at
e s sec 3513 ra^n^s United States, silver half dollars of the
-.sc. . jegaj anfj fineness, not to exceed five million pieces,
to be known as the Columbian half dollar, struck in com-
memoration of the World’s Columbian Exposition, the
devices and designs upon which shall be prescribed by the
Director of the Mint, with the approval of the Secretary of
the Treasury; and said silver coins shall be manufactured
from uncurrent subsidiary silver coins now in the Treasury,
and all provisions of law relative to the coinage, legal- tender
quality, and redemption of the present subsidiary silver coins
shall be applicable to the coins issued under this act, and
when so recoined there is hereby appropriated from the
Treasury the said five millions of souvenir half dollars, and
the Secretary of the Treasury is authorized toj)ay the same
to the World’s Columbian Exposition.
# * * * * *
MARCH 3, 1893.
Sundry civil appropriation law.
******
Authorizing WORLD’S COLUMBIAN COMMISSION: * * * aild ten
souvenirq u°ar° thousand dollars of the appropriation for the Board of Lady
t eo n’oard f°f Managers shall be paid in souvenir coins of the denomina-
Lady Managers tion of twenty-five cents, and for that purpose there shall
M^Exposition'. be coined at the mints of the United States silver quarter
77
dollars of the legal weight and fineness, not to exceed forty
thousand pieces, the devices and designs upon which shall
be prescribed by the Director of the Mint, with the approval n. s., sec. 3513.
of the Secretary of the Treasury; and said silver coins shall
be manufactured from uncurrent subsidiary silver coinsnow
in the Treasury; and all provisions of law relative to the
coinage, legal-tender quality, and redemption of the present
subsidiary silver coins shall Inapplicable to the coins herein
authorized to be issued.
*###»*
NOVEMBER 1, 1893.
An Act to repeal a part of an act approved July fourteenth, eighteen hundred
and ninety, entitled “ An Act directing the purchase of silver bullion and
the issue of Treasury notes thereon, and for other purposes.”
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled, That so
much of the act approved July fourteenth, eighteen hundred Disconti n u e a
and ninety, entitled u An act directing the purchase of sil- verbuiiion^ al1
ver bullion and issue of Treasury notes thereon, and for
other purposes,” as directs the Secretary of the Treasury to
purchase from time to time silver bullion to the aggregate
amount of four million five hundred thousand ounces, or so
much thereof as may be offered in each month at the mar-
ket price thereof, not exceeding one dollar for three hun-
dred and seventy-oneand twenty-five one hundredths grains
of pure silver, and to issue in payment for such purchases
Treasury notes of the United States, be, and the same is
hereby repealed. And it is hereby declared to be the policy Declares policy
of the United States to continue the use of both gold and ?f United states
silver as standard money, and to com both gold and silver and silver,
into money of equal intrinsic and exchangeable value, such Parities be-
equality to be secured through international agreement, or to be maintained.
. by such safeguards of legislation as will insure the main-
tenance of the parity in value of the coins of the two metals,
and the equal power of every dollar at all times in the mar-
kets and in the payment of debts. And it is hereby further
declared that the efforts of the Government should be
steadily directed to the establishment of such a safe sys-
tem of bimetallism as will maintain at all times the equal
power of every dollar coined or issued by the United States,
in the markets and in the payment of debts.
STATISTICS.
EXTRACTS FROM MINT,
CURRENCY, AND OTHER TREASURY
REPORTS.
CURRENCY AND COINAGE LEGISLATION OE THE UNITED STATES.
Previous to the adoption of the Constitution the circulating medium of the coun-
try consisted chiefly of foreign coins. The money of commerce and the practical
monetary unit was the Spanish milled dollar.
In keeping accounts, next in order to the dollar came the English pound and shill-
ing, the latter, although forming a considerable part of the circulating medium,
varied in value.
Besides these there were also English, French, Spanish, and Portuguese coins
which were, in 1776, given the following values:
[Value in dollars.]
English guinea
French guinea
Johannes
Half Johannes
Spanish pistole ^
French pistole
Moidore
English crown
French crown
English shilling
By the act of April 2, 1792, the mint was established “for the purpose of a
national coinage.”
The act provided that the money of account should be expressed in dollars or
units, dimes or tenths, cents or hundredths, and mills or thousandths, and that all
accounts in public offices and proceedings in courts should be kept and had in con-
formity with this regulation.
The silver dollar was made the unit of value.
Foreign gold and silver coins, however, continued to pass current in the United
States at certain rates established by acts of Congress until 1857, when, by the act
of February 21 of that year they ceased to be legal tender or to pass current in the
United States.
The various acts regulating the legal-tender value of foreign gold and silver coins
are as follows :
The act of February 9, 1793, provided :
“Sec. 1. That from and after the first day of July next, foreign gold and silver
coins shall pass current as money within the United States, and be a legal tender for
the payment of all debts and demands, at the several and respective rates following,
and not otherwise, viz: The gold coins of Great Britain and Portugal, of their pres-
ent standard, at the rate of one hundred cents for every twenty-seven grains of the
actual weight thereof; the gold coins of France, Spain and the dominions of Spain,
of their present standard, at the rate of one hundred cents for every twenty-seven
grains and two fifths of a grain, of the actual weight thereof. Spanish milled dol-
lars, at the rate of one hundred cents for each dollar, the actual weight whereof
shall not be less than seventeen pennyweights and seven grains; and in proportion
for the parts of a dollar. Crowns of France, at the rate of one hundred and ten
cents for each crown, the actual weight whereof shall not be less than eighteen pen-
nyweight and seventeen grains, and in proportion for the parts of a crown. But no
foreign coin that may have been, or shall be issued subsequent to the first day of
January, one thousand seven hundred and ninety-two, shall be a tender, as aforesaid
until samples thereof shall have been found, by assay, at the Mint of the United
S. Eep. 235 6 81
4*
4*
16
8
si-
si
6
H
H
■i.
82
States, to be conformable to tbe respective standards required, and proclamation
thereof shall have been made by the President of the United States.
“Sec. 2. Provided always, and be it further enacted, That at the expiration of three
years next ensuing the time when the coinage of gold and silver, agreeably to the
act, entitled ‘An act establishing a mint, and regulating the coins of the United
States/ shall commence at the Mint of the United States (which time shall be
announced by the proclamation of the President of the United States) all foreign
gold coins and all foreign silver coins, except Spanish milled dollars and parts of
such dollars, shall cease to be a legal tender, as aforesaid.
“ Sec. 3. And be it further enacted, That all foreign gold and silver coins (except
Spanish milled dollars, and parts of such dollars), which shall be received iu pay-
ment for moneys due to the United States, after the said time, when the coining of
gold and silver coins shall begin at the Mint of the United States, shall, previously
to their being issued in circulation, be coined anew, in conformity to the act, enti-
tled ‘An act establishing a mint and regulating the coins of the United States.’”
The second section of the act of February 9, 1793, was suspended by the act of Feb-
ruary 1, 1798, “for and during the space of three years from and after the 1st day of
January, 1798, and until the end of the next session of Congress thereafter,” during
which time it provided that the foreign gold and silver coins enumerated in the first
section of act of February 9, 1793, should be legal tender.
The act of April 10, 1800, continued the legal-tender quality of foreign coin for
three years, at the rates provided by the act of February 9, 1793.
The act of April 29, 1816, provided —
“ That from the passage of this act and for three years thereafter, and no longer,
the following gold and silver coins shall pass current as money within the United
States, and be a legal tender for the payment of all debts and demands, at the sev-
eral and respective rates following, and not otherwise, videlicet : the gold coins of
Great Britain and Portugal, of their present standard, at the rate of one hundred
cents for every seventy-seven grains, or eighty-eight cents and eight-ninths per
pennyweight; the gold coins of France, of their present standard, at the rate of one
hundred cents for every twenty-seven and a half grains, or eighty-seven and aquarter
cents per pennyweight ; the gold coins of Spain, at the rate of one hundred cents for
every twenty-eight and a half grains, or eighty-four cents per penny-weight; the
crowns of France, at the rate of one hundred and seventeen cents and six-tenths per
ounce, or one hundred and ten cents for each crown weighing eighteen pennyweights
and seventeen grains; the five-franc pieces at the rate of one hundred and sixteen
cents per ounce, or ninety-three cents and three mills for each five-franc piece,
weighing sixteen pennyweights and two grains.”
The act of March 3, 1819, provided —
“That the gold coinsof Great Britain and Portugal, of their present standard, shall
be a legal tender in the payment of all debts, at the rate of one hundred cents for
every twenty-seven grains, or eighty-eight cents and eight-ninths per pennyweight;
the gold coins of France, of their present standard, at the rate of one hundred cents
for every twenty-seven and a half grains, or eighty-seven and a quarter cents per
pennyweight; the gold coins of Spain at the rate of one hundred cents for every
twenty-eight and a half grains, or eighty-four cents per pennyweight, until the first
day of November next; and that from and after that day foreign gold coins shall
cease to be a tender within the United States for the payment of debts or demands.”
Section 2 continues in force two years from April 29, 1819, the provisions of the
act of April 29, 1816, relating to silver coins.
The act of March 3, 1821, continued in force for two years from April 29, 1821, the
provisions of the act of April 29, 1816, relating to crowns and 5-franc pieces of
France.
The provisions of the act of March 3, 1821, relative to the crowns and 5-francs
pieces of France, were extended by act of March 3, 1823, for a further period of two
years from March 4, 1823.
The gold coins of Great Britain, Portugal, France, and Spain were received in
payment on account of lands, under the provisions of act of March 3, 1823, which
were as follows :
“That, from and after the passage of this act, the following gold coins shall be
received in all payments on account of public lands, at the several and respective
rates following, and not otherwise, viz: the gold coins of Great Britain and Portu-
gal, of their present standard, at the rate of one hundred cents for every twenty-
seven grains, or eighty-eight cents and eight-ninths per pennyweight; the gold coins
of France, of their present standard, at the rate of one hundred cents for every
twenty-seven and a hall* grains, or eighty-seven and a quarter cents per penny-
weight; and the gold coinsof Spain of their present standard, at the rate of one
hundred cents for every twenty-eight and a half grains, or eighty-four cents per
pennyweight.”
83
Tli e act of Jane 25, 1834, provided:
“ That from and after the passage of this act, the following silver coins shall be of
the legal value, and shall pass current as money within the United States, by tale,
for the payment of all debts and demands, at the rate of one hundred cents the dol-
lar, that is to say, tlie dollars of Mexico, Peru, Chile, and Central America, of not
less weight than four hundred and fifteen grains each, and those re-stamped in Brazil
of the like weight, of not less fineness than ten ounces fifteen pennyweights of pure
silver, in the troy pound of twelve ounces of standard silver: and the five franc
pieces of France, when of not less fineness than ten ounces and sixteen pennyweights
• in twelve ounces troy weight of standard silver, and weighing not less than threo
hundred and eighty-four grains each at the rate ol' ninety-three cents each.”
The act of June, 28, 1834, regulated the legal-tender value of certain foreign coins,
as follows:
“That, from and after the thirty-first day of July next, the following gold coins
shall pass as current as money within the United States, and be receivable in all
payments, by weight, for the payment of all debts and demands, at the rates follow-
ing, that is to say : the gold coins of Great Britain, Portugal, and Brazil, of not less
than twenty-two carats fine, at the rate of ninety-four cents and eight-tenths of a
cent per pennyweight; the gold coins of France nine-tenths fine, at the rate of
ninety-three cents and one-tenth of a cent per pennyweight, and the gold coins of
Spain, Mexico, and Colombia, of the fineness of twenty carats three grains and seven-
sixteenths of a grain, at the rate of eighty-nine cents and nine-tenths of a cent per
pennyweight.”
Under the provisions of the act of March 3, 1843, certain gold coins of Great Brit-
ain and France, and silver coins of Spain, Mexico, Peru, Bolivia, and France, passed
current in the United States at rates fixed as follows:
“ That from and after the passage of this act, the following foreign gold coins shall
pass current as money within the United States, and be receivable, by weight, for
the payment of all debts and demands, at the rates following — that is to say: the
gold coins of Great Britain, of not less than nine hundred and fifteen and a half thou-
sandths in fineness, at ninety-four cents and six-tenths of a cent per pennyweight;
and the gold coins of France, of not less than eight hundred and ninety-nine thou-
sandths in fineness, at ninety-two cents and nine-tenths of a cent per pennyweight.
“ Sec. 2. And be it further enacted, That from and after the passage of this act, the
following foreign silver coins shall pass current as money within the United States,
and be receivable by tale, for the payment of all debts and demands, at the rates
following — that is to say : the Spanish pillar dollars, and the dollars of Mexico, Peru,
and Bolivia, of not less than eight hundred and ninety-seven thousandths in fine-
ness, and four hundred and fifteen grains in weight, at one hundred cents each; and
the five-franc pieces of France, of not less than nine hundred thousandths in fine-
ness, and three hundred and eighty-four grains in weight, at ninety-three cents
each.”
The act of February 21, 1857, provided —
“That the pieces commonly known as the quarter, eighth, and sixteenth of the
Spanish pillar dollar, and of the Mexican dollar, shall be receivable at the Treasury
of the United States, and its several offices, and at the several post-offices and land-
offices, at the rates of valuation following — that is to say, the fourth of a dollar, or
piece of two reals, at twenty cents; the eighth of a dollar, or piece of one real, at
ten cents; and the sixteenth of a dollar, or half real, at five cents.”
“Sec. 2. And be it further enacted, That the said coins, when so received, shall not
again be paid out, or put in circulation, but shall be recoined at the mint.
“Sec. 3. And be it f urther enacted, That all former acts authorizing the currency of
foreign gold or silver coins, and declaring the same a legal tender in payment for
debts, are hereby repealed.”
The provisions of the first section of the act of February 21, 1857, are still in force,
as will be seen by section 3567 U. S. Revised Statutes. It is obvious that this section
should be repealed.
GOLD COINS.
Provision was made under the act of April 2, 1792, for the coinage of gold, silver,
and copper coins of full weight to have full debt-paying power. Individuals Avere
given the right to have gold or silver coined at the mint without charge, provided,
howe\Ter, that a deduction be made of one-half per cent from the Aveight of the pure
gold or silA'er contained in said bullion in case of immediate payment in coin.
The gold coins were to contain 24-75 grains of pure gold, and the silver coins
371-25 grains of pure silver, to the dollar.
The relative value of the two metals in coinage was fixed at 15 to 1 — that is to say,
15 pounds weight of pure silver was to be of equal value in all payments with 1
pound Aveight, of pure gold, and so in proportion as to any greater or less quantities
of the respective metals.
84
Tlie denominations of gold coins authorized to bo struck by this act were:
Weight,
Fineness.
The eagle, or 10-dollar piece
Grains.
270
135
67-5
916 J
916|
916}
The half eagle, or 5-dollar piece
The quarter eagle, or 2£-dollar piece
The weight and fineness remained unchanged until 1834.
As the bullion value of the gold coins authorized under the act of April 2, 1792,
was greater than their face value, they were exported. Therefore, in order to main-
tain gold coins in circulation in the United States, it became necessary to change
the weight and fineness thereof, which was done by the act of June 28, 1834, by which
the weight and fineness was fixed as follows :
W eight.
Fineness.
Grains.
258
129
64 "5
. 899 -225
. 899 -225
. 899 -225
Half eagle .•
Quarter eagle
The relative value of the two metals m coinage under the act of .Tuue 28, 1834,
which reduced the pure gold to the dollar from 24-75 to 23-20 grains, was 1 to 16.002.
The fineness of the gold coins was raised by the act of January 18, 1837, from
•899,225 to '900, at which fineness they have since continued. The change of fine-
ness increased the pure gold to the dollar from 23-20 to 23-22 grains.
The coinage of the double eagle or 20-dollar piece, and thel-dollar gold piece of
the weight of 516 grains and 25-8 grains, respectively, was authorized by the act
of March 3, 1849.
The 3-dollar gold piece of the weight of 77-4 grains was authorized by the act of
February 21, 1853.
This act withdrew the right from individuals to have silver pieces of less value
than $1 coined at the mint. The coinage of the silver dollar, however, remained
free to individuals, but a coinage charge of one-half per cent was imposed for gold
and silver dollars.
The act of February 12, 1873, authorized a coinage charge for standard gold bul-
lion of one-fifth of one per cent, which charge was abolished by the act of January
14, 1875.
The 1-dollar gold piece was made the unit of value by the act of February 12, 1873.
The coinage of the 3-dollar and 1-dollar gold piece was discontinued bjr the act of
September 26, 1890.
SILVER COINS.
The coinage of silver coins authorized by the act of April 2, 1792, was as follows:
Dollar, or unit, weight 416 grains; fineness 892-4
Half dollar, weight 208 grains ; fineness 892 -4
Quarter dollar, weight 104 grains; fineness 892-4
Dime, weight 41-6 grains; fineness 892-4
Half dime, weight 20-8 grains ; fineness 892 -4
No issue of silver dollars was made from the mint from 1805 to 1836, the coinage
having been suspended by the direction of President Jefferson, owing to the fact that
their bullion value being greater than their face value, they were purchased for
export. The order of suspension is contained in the following letter, under date of
May 1, 1806, addressed to the Director of the Mint at Philadelphia by James Madi-
bou", Secretary of State :
“Department of State, May 1, 1S06.
“Sir: In consequence of a representation from the director of the Bank of the
United States that considerable purchases have been made of dollars coined at the
mint for the purpose of exporting them, and as it is probable further purchases and
85
exportations will lie made, the President directs that all the silver to he coined at the
mint shall he of small denominations, so that the value of the largest piece shall not
exceed half a dollar.
“ I am, etc.,
“James Madison.
“Robert Patterson, Esq.,
“ Director of the Mint.”
Coins of these weights and iineness were struct by the mints until the passage of
the act of January 18, 1837, lixing the weights and fineness as follows:
Dollar, weight 412^ grains; fineness '900
Half dollar, weight 206| grains; fineness ’900
Quarter dollar, weight 103$ grains; fineness ‘900
Dime, weight 41£ grains; fineness ‘900
Half dime, weight 20& grains; fineness '900
All the silver coins of the United States were full legal tender from 1792 until the
passage of the act of February 21, 1853, hy which the fractional parts of the dollar
were made subsidiary and the weights of the coins reduced as follows:
. Grains.
Half dollar, weight 192
Quarter dollar, weight 96
Dime, weight . 38 ‘4
Half dime, weight 1 19 -2
The legal-tender quality of these coins was limited to $5 hy this act.
The coinage of the 3-cent silver piece of the weight of 12$ grains fineness 0'750,
was authorized hy the act of March 3, 1851, and was made a legal tender for all sums
of 30 cents and under.
The weight of the silver 3-cent piece was reduced from 12f grains to 1D52 grains
and its fineness increased to ‘900 by the act of March 3, 1853, in order to make it
conform to that of the weight and fineness of the other silver coins of the United
States.
The act of February 12, 1873, discontinued the coinage of the silver dollar, half
dime, and 3-cent piece and authorized the coinage of a '* trade dollar ” of the weight
of 420 grains, fineness -900, which wTas made a limited legal tender to the amount
of $5.
Under the act of February 12, 1873, individuals had the right to deposit silver
bullion at the mints for coinage into “trade dollars,” a charge, fixed from time to
time by the Director of the Mint, with the concurrence of the Secretary of the
Treasury, being imposed therefor.
The weight of the subsidiary coins was slightly increased by this act, that of the
half dollar being- raised to 192 9 grains, that of the quarter dollar to 96-45 grains,
and that of the dime to 38-58 grains. These coins were made limited legal tender to
the amount of $5.
The act of March 3, 1875, authorized the coinage of the 20-cent silver piece, of the
weight of 77T6 grains, fineness -900, and made it limited legal tender to the amount'
of $5. The cotnage of this piece was prohibited by act of May 2, 1878.
The joint resolution of Congress adopted July 22, 1876, discontinued the legal-
tender quality of the trade dollar and empowered the Secretary of the Treasury to
limit from time to time the coinage thereof to such an amount as he might deem
sufficient to meet the export demand for the same.
The coinage of the trade dollar was discontinued, and their redemption within
the next ensuing six months provided for by the act of March 3, 1887. The number
of trade dollars redeemed was 7,689,036.
The act of February 28, 1878, provided for the coinage of the standard silver dol-
lar and restored its full legal-tender quality.
Under the provisions of this act the Secretary of the Treasury was authorized and
directed to purchase from time to time silver bullion, at the market price thereof,
not less than $2,000,000 worth per month nor more than $4,000,000 worth per month,
and cause the same to be coined monthly, as fast as so purchased, into such dollars.
The act of June 9, 1879, provided that the subsidiary silver coins of the United
States should be legal tender in all sums not exceeding $10.
The act of July 14, 1890, authorized the Secretary of the Treasury to purchase
4,500,000 ounces of silver monthly, or so much thereof as might be offered, at the
market price, not exceeding $1 for 371$ grains of pure silver, and to issue in pay-
ment for such purchases of silver bullion, Treasury notes of the United States
redeemable on demand in coin, and to coin 2,000,000 ounces of the silver bullion pur-
chased under the provisions of that act into standard silver dollars until the 1st day
86
of July, 1891, and after that time to coin as much as might be necessary to provide
for the redemption of the Treasury notes issued in payment of silver purchased.
In accordance with the provision of this act, authorizing the Secretary of the
Treasury, after July 1, 1891, to coin as much as might be necessary to provide for
the redemption of Treasury notes, a limited amount of silver dollars was coined each
year up to June 1, 1893, when, with the exception of 245 proof coins, the coinage
was suspended.
The act approved November 1, 1893, repealed the purchasing clause of the act of
July 14, 1890.
The silver half dollar, known as the "Columbian half dollar,” was struck in com-
memoration of the World’s Columbian Exposition, under the provisions of the act
of August 5, 1892, which authorized the coinage of 5,000,000 pieces. These coins
were manufactured from uncurrent subsidiary silver coins then in the Treasury,
and constituted the specific appropriation made by Congress in aid of the World’s
Columbian Exposition.
The silver quarter dollar, known as the "Columbian quarter dollar,” was struck
for the Board of Lady Managers of the World’s Columbian Exposition, in commemo-
ration of woman’s work, under the provisions of the act of March 3, 1893, which
authorized the coinage of 40,000 pieces, which amount constituted part of the
specific appropriation made by Congress for the Board of Lady Managers.
All provisions of law relative to the coinage, legal-tender quality, and redemption
of the subsidiary silver coins of the United States were made applicable to the
Columbian half and quarter dollar.
MINOR COINS.
By the act of April 2, 1792, the copper 1-cent piece and half-ceut piece, of the weight
of 264 grains and 132 grains, respectively, were authorized to be coined.
The weight of these pieces was changed by act of January 14, 1793, to 208 grains
for the 1-cent piece and 104 grains for the half-cent piece, and these weights were
again reduced by proclamation of the President, under the authority of the act ap-
proved March 3, 1795, to 168 grains and 84 grains, respectively.
The coinage of copper coins was discontinued by act of February 21, 1857, and in
lieu thereof the coinage of a 1-cent piece of the weight of 72 grains, consisting of 88
per cent copper and 12 per cent nickel, authorized.
The coinage of this piece was discontinued by act of April 22, 1864, which author-
ized the coinage of a 1-cent piece of the weight of 48 grains and a 2-cent piece of the
weight of 96 grains, composed of 95 per cent copper and 5 per cent tin and zinc.
These coins were made legal tender to the amount of 10 and 20 cents, respectively.
This legal-tender quality was repealed by the act of March 3, 1865, which pro-
vided that they should not be legal tender in any payment exceeding 4 cents in
amount.
The coinage of the 2-cent piece was discontinued by act of February 12, 1873.
The coinage of a 3-cent piece of the weight of 30 grains, composed of 75 per cent
of copper and 25 per cent of nickel, was authorized by the act of March 3, 1865, and
was made a legal tender to the amount of 60 cents, which legal-tender quality was
reduced to 25 cents by the act of February 12, 1873.
The coinage of the 3-cent nickel piece was discontinued under the provisions of
the act of September 26, 1890.
The coinage of the 5-cont nickel piece, of the weight of 77T6 grains, composed of
75 per cent copper and 25 per cent nickel, was authorized by the act of March 16,
1866, and was made a legal tender for $1. Its legal-tender power was reduced to 25
cents by the act of February 12, 1873.
COINS OF THE UNITED STATES, AUTHORITY FOR COINING, AND
CHANGES IN WEIGHT AND FINENESS, TOTAL AMOUNT COINED,
LEGAL TENDER QUALITY.
Gold Coins.
DOUBLE EAGLE.
Authorized to be coined, act of March 3, 1849.
Weight, 516 grains; fineness, -900.
Total amount coined to December 31, 1893, $1,162,352,900.
Full legal tender.
EAGLE.
Authorized to be coined, act of April 2, 1792.
Weight, 270 grains; fineness, .916f.
Weight changed, act of June 28, 1834, to 258 grains.
Fineness changed, act of June 28, 1834, to -899,225.
Fineness changed, act of January 18, 1837, to -900.
Total amount coined to December 31, 1893, $233,094,450.
Full legal tender.
HALF EAGLE.
Authorized to be coined, act of April 2, 1792.
Weight, 135 grains; fineness, -916f.
Weight changed, act of June 28, 1834, to 129 grains.
Fineness chauged, act of June 28, 1834, to -899,225.
Fineness changed, act of January 18, 1837, to -900.
Total amount coined to December 31, 1893, $207,769,400.
Full legal tender.
QUARTER EAGLE.
Authorized to be coined, act April 2, 1792.
Weight, 67-5 grains; fineness, *916$.
AA^eight changed, act of June 28, 1834, to 64-5 grains.
Fineness changed, act of June 28, 1834, to -899,225.
Fineness changed, act of January 18, 1837, to -900.
Total amount coined to December 31, 1893, $28,670,700.
Full legal tender.
THREE-DOLLAR PIECE.
Authorized to be coined, act of February 21, 1853.
AVeight, 77-4 grains; fineness, -900.
Coinage discontinued, act of September 26, 1890.
Total amount coined, $1,619,376.
Full legal tender.
ONE DOLLAR.
Authorized to be coined, act March 3, 1849.
AVeight, 25-8 grains; fineness, -900.
Coin'age discontinued, act September 26, 1890.
Total amount coined, $19,499,337.
Full legal tender.
87
88
Silver Coins,
dollar.
Authorized to be coined, act of April 2, 1792.
Weight, 416 grains; lineness, -892-4.
Weight changed, act of January 18, 1837, to 4124 grains.
Fineness changed, act of January 18, 1837, to •900.
Coinage discontinued, act of February 12, 1873.
Total amount coined to February 12, 1873, $8,031,238.
Coinage reauthorized, act of February 28, 1878.
Coinage discontinued after July 1, 1891, except for certain purposes, act July 14,
Amount coined to December 31, 1893, $427,364,015.
Full legal tender.
TRADE* DOLLAR.
Authorized to be coined, act of February 12, 1873.
Weight, 420 grains; fineness, 4. 900.
Legal tender limited to $5, act June 22, 1874 (Eev. Stats.).
Coinage limited to export demand and legal-tender quality repealed, joint resolu-
tion July 22, 1876.
Coinage discontinued, act February 19, 1887.
Total amount coined, $35,965,924.
HALF DOLLAR.
Authorized to be coined, act of April 2, 1792.
Weight, 208 grains; fineness, -892-4.
Weight changed, act of January 18, 1837, to 2064 grains.
Fineness changed, act of January 18, 1837, to -900.
Weight changed, act of February 21, 1853, to 192 grains.
Weight changed, act of February 12, 1873, to 124 grams, or 192-9 grains.
Total amount coined to December 31, 1893, $128,591,220.
Legal tender, $10.
COLUMBIAN HALF DOLLAR.
Authorized to be coined, act of August 5, 1892.
Weight, 192-9 grains; fineness, -900.
Total amount coined, $2,501,052.50.
Legal tender, $10.
QUARTER DOLLAR.
Authorized to be coined, act of April 2, 1792.
Weight, 104 grains ; fineness, -892-4.
Weight changed, act of January 18, 1837, to 1034 grains.
Fineness changed, act of January 18, 1837, to -900.
Weight changed, act of February 21, 1853, to 96 grains.
Weight changed, act of February 12, 1873, to 64 grams, or 96-45 grains.
Total amount coined to December 31, 1893, $45,949,731.
Legal tender, $10.
COLUMBIAN QUARTER DOLLAR.
Authorized to be coined, act of March 3, 1893.
Weight 96-45 grains; fineness, -900.
The total amount coined, $10,005.75.
Legal tender, $10.
TWENTY-CENT FIECE.
Authorized to be coined, act of March 3, 1875.
Weight, 5 grams, or 77-16 grains; fineness, -900.
Coinage prohibited, act of May 2, 1878.
Total amount coined, $271,000.
DIME.
Authorized to be coined, act of April 2, 1792.
Weight, 41-6 grains; fineness, -892-4.
Weight changed, act of January 18, 1837, to 414 grains.
Fineness changed, act of January 18, 1837, to -900.
Weight changed, act of February 21, 1853, to 38-4 grains.
Weight changed, act of February 12, 1873, to 24 grams, or 38-58 grains.
Total amount coined to December 31, 1893, $28,405,071.70.
Legal tender, $10.
89
HALF DIME.
Authorized to bo coined, act of April 2, 1792.
Weight, 20*8 grains; fineness, -892-4.
Weight changed, act of January 18,1837, to 20| grains.
Fineness changed, act of January 18, 1837, to *900.
Weight changed, act of February 21, 1853, to 19*2 grains.
Coinage discontinued, act of February 12, 1873.
Total amount coined, $4,880,219.40.
THREE-CENT PIECE.
Authorized to be coined, act of March 3, 1851.
Weight, 12£ grains; fineness, *750.
Weight changed, act of March 3, 1853, to 11-52 grains.
Fineness changed, act of March 3, 1853, to -900.
Coinage discontinued, act of February 12, 1873.
Total amount coined, $1,282,087.20.
Minor Coins.
V FIVE CENT (NICKEL).
Authorized to be coined, act of May 16, 1866.
Weight, 77-16 grains, composed of 75 per cent copper and 25 per cent nickel.
Total amount coined to December 31, 1893, $13,283,073.40.
Legal tender for $1, but reduced to 25 cents by act of February 12, 1873.
THREE CENT (NICKEL).
Authorized to be coined, act of March 3, 1865.
Weight, 30 grains, composed of 75 per'cent copper and 25 per cent nickel.
Total amount coined, $941,349.48.
Legal tender for 60 cents, but reduced to 25 cents by act February 12, 1873.
Coinage discontinued, act of September 26, 1890.
TWO CENT (BRONZE).
Authorized to be coined, act of April 22, 1864.
Weight, 96 grains, composed of 95 per cent copper and 5 per cent tin and zinc.
Coinage discontinued, act of February 12, 1873.
Total amount coined, $912,020.
CENT (COPPER).
Authorized to be coined, act of April 2, 1792.
Weight, 264 grains.
Weight changed, act of January 14, 1793, to 208 grains.
Weight changed by proclamation of the President, January 26, 1796, in conform-
ity with act of March 3, 1795, to 168 grains.
Coinage discontinued, act of February 21, 1857.
Total amount coined, $1,562,887.44.
CENT (NICKEL).
Authorized to be coined, act of February 21, 1857.
Weight, 72 grains, composed of 88 per cent copper and 12 per cent nickel.
Coinage discontinued, act of April 22, 1864.
Total amount coined, $2,007,720.
cent (bronze).
Coinage authorized, act of April 22, 1864.
Weight, 48 grains, composed of 95 per cent copper and 5 per cent tin and zinc.
Total amount coined to December 31, 1893, $7,296,376.94.
Legal tender, 25 cents.
HALF CENT (COPPER).
Authorized to be coined, act of April 2, 1792.
Weight, 132 grains.
Weight changed, act of January 14, 1793, to 104 grains.
Weight changed by proclamation of the President, January 26, 1796, in conform-
ity with act of March 3, 1795, to 84 grains.
Coinage discontinued, act of February 21, 1857.
Total amount coined, $39,926.11.
90
COINAGE of the MINTS of the United Slates
Calendar year.
Gold coinage.
Double
eagles.
Eagles.
Half
eagles.
Three
dollars.
Quarter
eagles.
Dollars.
1793-1795
$27, 950
60, 800
91, 770
79, 740
174, 830
259, 650
292, 540
150,900
89, 790
97, 950
$43, 535
16, 995
32, 030
124, 335
37, 255
58, 110
130, 030
265, 880
167, 530
152, 375
165,915
320, 465
420, 465
277, 890
169, 375
501,435
497, 905
200, 435
477, 140
77, 270
3,175
1796
$165. 00
4, 390. 00
1, 535. 00
1, 200. 00
1797
1798
1799
1800
1801
1802
6, 530. 00
1, 057. 50
8,317.50
4, 452. 50
4, 040. 00
17, 030. 00
6, 775. 00
18n3
1804
*
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1817 „
1818
242, 940
258, 615
1, 319. 030
173, 205
88, 980
72, 425
86, 700
145, 300
90, 345
124, 565
140, 145
287, 210
631, 755
702, 970
787, 435
968,150
3, 660, 845
1, 857, 670
2, 765, 735
1, 035, 605
1,600,420
802, 745
1, 048, 530
380, 945
655, 330
4,275, 425
4, 087,715
2, 743, 640
2, 736, 155
5, 382, 685
1, 863, 560
1, 184, 645
860, 160
2, 651, 955
3, 689, 635
2, 305, 095
1,513, 235
1,257, 090
1, 806, 665
1, 232, 970
439, 770
361,235
352, 365
3, 332, 130
69, 825
97, 360
40, 540
144,535
253, 200
179, 600
288, 625
163,925
1819
1820
1821
.
16, 120. 00
1822
1823
1824
6, 500. 00
11, 085. 00
1, 900. 00
7, 000. 00
1825
1826
1827
1828
1829
8, 507. 50
11, 350. 00
11, 300. 00
11, 000. 00
10. 400. 00
293, 425. 00
328, 505. 00
1, 369, 965. 00
112, 700.00
137, 345. 00
191. 622. 50
153, 572. 50
54, 602. 50
85, 007. 50
1, 327, 132. 50
89, 345. 00
276, 277. 50
279. 272. 50
482, 060. 00
98, 612. 50
111, 147. 50
895, 547. 50
3, 867. 337. 50
3, 283, 827. 50
3,5)9, 615.00
1, 896. 397. 50
600, 700. 00
1,213,117. 50
796, 235. 00
144, 082. 50
142, 220. 00
164, 360. 00
3, 241,295.00
300, 882. 50
27. 075. 00
7, 185. 00
62, 302. 50
105, 175. 00
78. 125. 00
94, 062. 50
84, 612. 50
51, 387. 50
1830
1831
1832
1833
1834
1835
1836
1837
1838
72, 000
382, 480
473, 380
650, 310
1,089,070
2, 506, 240
1,250,610
736, 530
1,018,750
14, 337, 580
1, 813, 340
6, 775, 180
3, 489, 510
4, 393, 280
2,811,060
2, 522, 530
2, 305, 760
1, 487, 010
1, 429, 900
481, 060
343,210
253, 930
278, 830
1, 287, 330
234, 950
112,480
60, 800
207, 050
237, 800
121,400
241,550
82, 850
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
$936, 789
511,301
3, 658, 820
2, 201, 145
4, 384, 149
1,657.016
824, 883
1, 788, 996
801, 602
131, 472
193, 431
51, 234
527, 499
1, 326. 865
6, 250
5, 950
3,725
7, 180
5, 250
10,525
5, 925
9, 335
1850
$26. 225, 220
48, 043, 100
44, 860, 520
26, 646, 520
18, 052, 340
25, 046, 820
30, 437, 560
28, 797, 500
21, 873, 480
13, 782, 840
22, 584, 400
74, 989, 060
18, 926, 120
22, 187,200
19, 958, 900
27, 874, 000
30, 820, 500
23, 436, 300
18, 722, 000
17, 238, 100
22, 819, 480
1851
1852
1853
1854
$491,214
171,465
181, 530
104, 673
6.399
46, 914
42.465
18, 216
17, 355
15, 117
8,040
8, 495
12, 090
7, 950
14, 625
7,575
10, 605
] 855
1856
1857
1858
1859
I860
1861
1862
1863
1 864
1865
1866
1867
1868
1869
1870
104,430 1 143,550
91
from their organization, by calendar years.
Silver coinage.
Trado
dollars.
Dollars.
Half dollars.
Quarter
(dollars.
Twenty
cents.
Dimes.
Half
dimes.
Three
cents.
$203, 791
72, 920
7,776
327, 536
423, 515
220, 920
54, 454
41,650
66, 064
19, 570
321
$161, 572. 00
$4, 320. 80
511.50
2, 226. 35
$1, 473. 50
63.00
$2, 213.50
2, 526. 10
2, 755. 00
1, 959. 00
2, 176. 00
3, 464. 00
1,097. 50
3,304. 00
820. 50
12, 078. 00
1,200. 00
1, 695. 50
650. 50
1, 892. 50
15, 144. 50
14,945. 00
15, 857. 34)
78, 259. 50
105, 861.00
419, 788. 00
525, 788. 00
684, 300. 00
702, 905. 00
638, 138. 00
601, 822. 00
814. 029. 50
620, 951. 50
519, 537. 50
1, 684. 50
30, 348. 50
51, 531. 00
55, 160. 75
780. 00
16, 500. 00
4.471.00
635. 50
6.518.00
42, 150. 00
17, 308. 00
5, 000. 75
23, 575. 00
607, 783. 50
980, 161. 00
1, 104,000.04
375, 561. 00
652, 898. 50
779, 786. 50
847, 100. 00
1,752,477. 00
1.471.583. 00
2, 002, 090. 00
2, 746, 700. 00
1. 537, 600. 00
1, 856, 078.00
2, 382, 400. 00
2, 936, 830. 00
2, 398. 500. 00
2, 603, 000. 00
3, 206, 002. 00
' 2,676,003.00
3, 273, 100. 00
1, 814,910. 00
1, 773, 000. 00
1, 748, 768. 00
1, 145, 054. 00
355, 500. 00
1.484.882.00
3. 056, 000. 00
1, 885, 500. 00
1, 341, 500. 00
2, 257, 000. 00
1, 870, 000. 00
1, 880, 000. 00
1, 781, 000. 00
1, 341, 500. 00
301, 375. 00
110, 565. 00
2, 430, 354. 00
4, 111,000. 00
2, 288, 725. 00
1, 903, 500. 00
1, 482, 000. 00
5, 998, 000. 00
2, 074, 000. 00
1, 032, 850. 00
2, 078, 950. 00
802, 175. 00
709, 830. 00
518, 785. 00
593, 450. 00
899, 812. 50
810, 162., 50
769. 100. 00
725, 950. 00
829, 758. 50
•
|
90, 293. 50
36, 000. 00
31,861.00
54,212.75
16,020. 00
4, 450. 00
94. 258. 70
118, 651.20
10, 000. 00
44, 000. 00
42, 000. 00
51, 000. 00
1, 000. 00
25, 500. 00
121, 500. 00
32, 500. 00
77, 000. 00
51, 000. 00
77. 135. 00
52, 250. 00
48.500.00
63. 500. 00
141, 000. 00
119, 000.00
104, 200. 00
239, 493. 40
229, 638. 70
253, 358. 00
363, 000. 60
390, 750. 00
152. 000. 00
7, 250. 00
198, 500. 00
3, 130. 00
24, 500. 00
45. 150. 00
113, 900.00
244, 150. 00
142, 650. 00
196, 550. 00
1, 327, 301. 00
624, 000. 00
207, 500. 00
703, 000. 00
712. 000. 00
189, 000. 00
97, 000. 00
78, 700. 00
209, 650. 00
102, 830. 00
17, 196. 00
26, 907. 00
18, 550. 00
14, 372. 50
14, 662. 50
72, 625. 00
70, 660. 00
52. 150. 00
61, 500. 00
62, 000. 00
62. 135. 00
48, 250. 00
68, 500. 00
74, 000. 00
138, 000. 00
95, 000. 00
113,800.00
112, 750. 00
108, 285. 60
113, 954. 25
98, 250. 00
58, 250. 00
58, 250. 00
32, 500. 00
78, 200. 00
1, 350. 00
63, 700. 00
63, 400. 00
72, 450. 00
82, 250. 00
82, 050. 00
63, 025. 00
785, 251. 00
365, 000. 00
117, 500. 00
299, 000. 00
433, 000. 00
258, 000. 00
45, 000. 00
92, 950. 00
164, 050. 00
74, 627. 50
5,923.00
4, 523. 50
6, 675. 00
5, 536. 25
6, 431.25
18, 295. 00
21, 930. 00
26, 830. 00
99, 500. 00
80, 000. 00
39, 000. 00
71, 500. 00
488, 000. 00
118, 000. 00
63, 100. 00
208, 000. 00
122, 786. 50
153,331.75
143, 000. 00
214, 250. 00
403, 400. 00
290, 300. 00
230, 500. 00
127, 590. 00
275, 500. 00
36, 500. 00
85, 000. 00
150, 700. 00
62. 000. 00
68, 265. 00
4, 146, 555. 00
3, 466, 000. 00
857, 350. 00
2, 129, 500. 00
2, 726, 500. 00
2, 002, 250. 00
421, 000. 00
312, 350. 00
1, 237, 650. 00
249, 887. 50
48,015.00
28,517.50
25, 075. 00
11,381. 25
17, 156. 25
31, 500. 00
23, 150. 00
23, 935. 00
1,000
300
61,005
173, 000
184, 618
165, 100
20, 000
24, 500
169, 600
140, 750
15, 000
62, 600
47, 500
1,300
1, 100
46, 110
33, 140
26, 000
63, 500
94, 000
$185, 022. 00
559, 905. 00
342, 000. 00
20, 130. 00
4, 170. 00
43, 740. 00
31, 260. 00
48, 120. 00
10, 950. 00
8, 6i0. 00
14, 940. 00
10, 906. 50
643. 80
14. 10
255. 00
681.75
138. 75
123. 00
153. 00
120. 00
636, 500
733, 930
78, 500
12, 090
27, 660
31,170
47, 000
49, 625
60, 325
182, 700
424, 300
445,462
3871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
92
COINAGE of the MINTS of the United States from
Calendar year.
Total
Gold coinage.
Double
eagles.
Eagles.
Half
eagles.
Three
dollars.
Quarter
eagles.
Dollars.
$20, 456, 740
$254, 650
$245, 000
$3, 990
$68, 375. 00
$3, 930
21,230,600
244, 500
275, 350
6,090
52, 575. 00
3,530
55, 456, 700
173, 080
754, 605
75
512, 562. 50
125, 125
33, 917, 700
799, 270
203, 530
125, 460
9, 850. 00
198. 820
32, 737, 820
78, 350
105, 240
60
30, 050. 00
420
46, 386, 920
104, 280
61. 820
135
23, 052. 50
3,245
43, 504, 700
211, 490
182, 660
4,464
92, 630. 00
3, 920
45, 916, 500
1, 031, 440
1,427, 470
240, 972
1, 160, 650. 00
3,020
28, 889, 260
6, 120, 320
3, 727, 155
9, 090
331, 225. 00
3,030
17, 749, 120
21,715, 160
22, 831,765
3, 108
7, 490. 00
1,636
14,585,200
48, 796, 250
33,458.430
1,650
1, 700. 00
7. 660
23, 295. 400
24, 740, 640
17,831,885
4,620
10, 100. 00
5, 040
24, 980, 040
2, 595, 400
1,647,990
2, 820
4, 900. 00
10. 840
19, 944, 200
2,110,800
1, 922, 250
3,318
4, 982. 50
6, 206
13,875,560
4, 815, 270
9, 065, 030
2,730
2, 217. 50
12. 205
22, 120
10, 621. 600
18, 282, 160
3,426
10, 220. 00
6,016
5, 662, 420
8, 706, 800
9, 560, 435
18, 480
15, 705. 00
8, 543
21,717, 320
8,030,310
1, 560, 980
15,873
40, 245. 00
16, 080
16, 995, 120
19, 399, 080
25, 891, 340
19, 238, 760
4, 298, 850
755, 430
1, 956, 000
9, 817, 400
20, 132, 430
37, 825
290, 640
7,287
44, 120. 00
22, 032. 50
27, 600. 00
6, 362. 50
75, 265. 00
30, 729
1, 347! 065
5, 724, 700
9,610, 985
27, 198, 320
1, 162, 352, 900
233, 094, 450
207, 769, 400
1, 619, 376
28. 670, 700. 00
19, 499, 377
93
their organization , hg calendar years — Continued.
Silver coinage.
Trade
dollars.
Dollars.
Half dollars.
Quarter
dollars.
Twenty
cents.
Dimes.
Half
dimes.
Three
cents.
$1,117,136
1, 118, 600
296, 600
$1,741, 655. 00
866, 775. 00
1, 593, 780. 00
1, 406, 650. 00
5,117,750. 00
7, 451, 575. 00
7, 540, 255. 00
726, 200. 00
2, 950. 00
4, 877. 50
5, 487. 50
2, 750. 00
4, 519. 50
2, 637. 50
3, 065. 00
2, 943. 00
2, 855. 00
6, 416. 50
6, 355. 50
6, 295. 00
100, 300. 00
*1, 652, 136. 50
1 4, 003, 948. 50
$53, 255. 50
68, 762. 50
414, 190. 50
215, 975. 00
1, 278, 375. 00
7, 839, 287. 50
6, 024, 927. 50
849, 200. 00
3, 675. 00
3,738.75
3, 243. 75
4, 075.00
3, 859. 75
2.2U75
3, 632. 50
1,471.50
2, 677. 50
306, 708. 25
3, 177. 75
20, 147. 50
1, 551, 150. 00
2,960,331.00
12, 583, 837. 00
$109, 371. 00
261,045. 00
443, 329. 10
319, 151. 70
2, 406, 570. 00
3,015, 115. 00
1, 735, 051. 00
187, 880. 00
1, 510. 00
3, 735. 50
2, 497. 50
391, 110. 00
767, 571. 20
393, 134. 90
257,711.70
658, 409. 40
1,573,838. 90
721,648. 70
825, 338. 90
1,133,461. 70
2, 304, 671. 60
1, 695, 365. 50
759, 219. 30
$82,493.00
189, 247. 50
51, 830. 00
$127. 80
58. 50
18.00
$1, 225. 000
4, 910, 000
6, 279, 600
6, 192. 150
19,092,710
4, 259, 900
1,541
1,987
960
1,097
979
$265, 598
5, 180
102
120
22, 495, 550
27, 560, 100
27. 397, 355
27, 927, 975
27, 574, 100
28, 470, 039
28,136, 875
28, 697, 707
31,423,886
33, 611, 710
31,990, 833
34, 651, 811
38, 043, 004
23. 562, 735
6, 333, 245
1, 455, 792
35,905,924
427, 364, 015
128, 391, 220. 00
45, 949, 731, 00
271, 000
28, 405, 071. 70
4,880,219.40
1, 2S2, 087. 20
* Includes $475,000 in Columbian coins.
t $2,026,052.50 of this represents the Columbian half-dollar coinage.
{ $10,005.75 of this represents the Columbian quarter-dollar coinage.
94
COINAGE of the MINTS of the United States from
Calendar year.
Minor coinage.
fFive cents.
Three cents.
Two cents.
1793-' 95
1797
1799
1800
1801
1802
1803
1804
1805
1806
1807
1808
1809
1810
1811
1812
1813
1814
1815
1816
1818
1819
1820
1821
1822
1823
1824
1825
1826
1827
1828
1829
1830
1831
1832
1834
1835
1837
1838
1841
1842
1844
1845
1846
1847
1848
1849
1850
1851
1852 *
1854
1855
1856
1857
1858
1 859
I860
1861
1862 -
1864
$396, 950. 00
272, 800. 00
63, 540. 00
58, 775. 00
56, 075. 00
30, 930. 00
17, 225. 00
14, 425. 00
1, 300. 00
186^
$341,460. 00
144,030. 00
117, 450. 00
97, 560. 00
48. 120.00
40, 050. 00
18. 120. 00
25, 860. 00
35, 190. 00
23, 700. 00
1866
$737, 125. 00
1,545,475. 00
1, 440, 850. 00
819, 750. 00
240, 300. 00
28, 050. 00
301.800. 00
227, 500. 00
176. 900. 00
1867
1868
1869
1R70
1871
95
their organization, ~by calendar years — Continued.
Minor coinage.
Total coinage.
Cents.
Half cents.
Gold.
Silver.
Minor.
Total.
$10, 060. 03
$712. 67
$71, 485. 00
$370, 683. 80
$11, 373.00
$453, 541. 80
9, 747. 00
577. 40
77, 960. 00
77,118. 50
10, 324. 40
165, 402. 90
8, 975. 10
535. 24
128, 190. 00
14, 550. 45
9, 510. 34
152, 250. 79
9. 797. 00
205, 610. 00
330, 291. 00
9, 797. 00
545, 698. 00
9, 045. 85
60. 83
213, 285. 00
423, 515. 00
9, 106. 68
645, 906. 68
28,221.75
1, 057. 65
317, 760. 00
224, 296. 00
29, 279. 40
571, 335. 40
13, 628. 37
422, 570. 00
74, 758. 00
13, 628. 37
510, 956. 37
34, 351.00
71.83
423, 310. 00
58, 343. 00
34, 422. 83
516, 075. 83
24, 713. 53
489. 50
258, 377. 50
87. 118. 00
25, 203. 03
370, 698. 53
7, 568. 38
5, 276. 56
258, 642. 50
100, 340. 50
12, 844. 94
371,827.94
9, 411. 16
4, 072. 32
170, 367. 50
149, 388. 50
13, 483. 48
333, 239. 48
3, 480. 00
1, 780. 00
324. 505. 00
471,319. 00
5, 260. 00
801, 084. 00
7, 272. 21
2, 383. 00
437, 495. 00
597, 448. 75
9, 652. 21
1, 044,595. 96
11,090. 00
2, 000. 00
484, 665. 00
684, 300. 00
13,030.00
982, 055. 00
2, 228. 67
5, 772. 86
169, 375. 00
707, 376. 00
8, 001. 53
884, 752. 53
14, 585. 00
1, 075. 00
501,435.00
638, 773. 50
15,660. 00
1,155,868. 50
2, 180. 25
315. 70
497, 905. 00
608, 340. 00
2, 495. 95
1,108, 740.95
10, 755. 00
290, 435. 00
814, 029. 50
10, 755. 00
1,115,219.50
4, 180. 00
477, 140. 00
620,951. 50
4, 180. 00
1,102,271.50
3, 578. 30
77, 270. 00
561, 687. 50
3, 578. 30
642, 535. 80
3, 175. 00
17, 308. 00
20, 483. 00
28 209 82
28, 575. 75
28, 209. 82
56, 785. 57
39 484. 00
607, 783. 50
39,484.00
647! 267. 50
31,670. 00
242, 940. 00
1, 070' 454. 50
3l! 670. 00
1, 345! 064. 50
26, 710. 00
258,615. 00
1, 140, 000. 00
26, 710. 00
1, 425, 325. 00
44,075. 50
1,319,030. 00
501, 680. 70
44, 075. 50
1, 864, 786. 20
3, 890. 00
189, 325. 00
825, 762. 45
3, 890. 00
l, 018, 977. 45
20, 723. 39
88, 980. 00
805, 806. 50
20, 723.39
915, 509. 89
72, 425. 00
895, 550. 00
967,975.00
12, 620. 00
93 i 200. 00
1, 752, 477. 00
12, 620. 00
1, 858, 297. 00
14, 611. 00
315. 00
156, 385. 00
1, 564, 583. 00
14, 926. 00
1, 735, 894. 00
15, 174. 25
1, 170. 00
92, 245. 00
2, 002, 090. 00
16, 344. 25
2, 110, 679. 25
23, 577. 32
131, 565. 00
2, 869, 200. 00
23, 577. 32
3, 024, 342, 32
22, 006. 24
3, 030. 00
140, 145. 00
1, 575, 600. 00
25, 636. 24
1, 741,381.24
14,145.00
2, 435. 00
295. 717. 50
1, 994, 578. 00
16, 580. 00
2, 306, 875. 50
17. 115.00
643, 105. 00
2, 495, 400. 00
17, 115. 00
3, 155, 620. 00
33, 592. 60
11.00
714, 270. 00
3, 175, 600. 00
33, 603. 60
3, 923, 473. 60
23, 620. 00
798, 435. 00
2, 579, 000. 00
23, 620. 00
3, 401, 055. 00
27, 390. 00
770. 00
978, 550. 00
2, 759. 000. 00
28, 160. 00
3, 765, 710. 00
18, 551. 00
600. 00
3, 954, 270. 00
3, 415, 002. 00
19, 151.00
7, 388, 423. 00
38, 784. 00
705. 00
2, 186, 175. 00
3, 443, 003. 00
39, 489. 00
5, 668, 667. 00
21,110. 00
1, 990 00
4, 135, 700. 00
3, 606, 100. 00
23, 100. 00
7, 764,900. 00
55, 583. 00
1, 148, 305. 00
2, 096, 010. 00
55, 583. 00
3, 299, 898. 00
63, 702. 00
1, 809, 765. 00
2, 333, 243. 40
63, 702. 00
4,206,710.40
31,286.61
1, 376, 847. 50
2, 209, 778. 20
31,286. 61
3, 617, 912.31
24, 627. 00
1, 675,482. 50
1, 726. 703. 00
24, 627. 00
3, 426, 812. 50
15, 973. 67
1,091,857. 50
1, 132, 750. 00
15, 973. 67
2, 240, 581. 17
23, 833. 90
1 , 829, 407. 50
2,332,750.00
23, 833. 90
4,185, 991.40
24, 283. 20
8, 108, 797. 50
3, 834, 750. 00
24,283.20
11, 967. 830. 70
23, 987. 52
5, 427, 670. 00
2, 235, 550. 00
23, 987. 52
7. 687, 207. 52
38, 948. 04
3, 756, 447. 50
1, 873, 200. 00
38, 948. 04
5, 668, 595. 54
41, 208. 00
4, 034, 177. 50
2, 558, 580. 00
41, 208. 00
6, 633, 965. 50
61,836. 69
20, 202, 325. 00
2, 374, 450. Ou
61, 836. 69
22, 638, 611.69
64,157.99
3, 775, 512. 50
2, 040, 050. 00
64, 157. 99
5. 879, 720. 49
41,785.00
199. 32
9, 007, 761. 50
2, 114, 950. 00
41, 984. 32
11,164,695. 82
44, 268. 44
199. 06
31,981,738.50
1, 866, 100. 00
44, 467. 50
33, 892, 306. 00
98, 897. 07
738. 36
62, 614, 492. 50
774, 397. 00
99, 635.43
63, 488, 524. 93
50, 630. 94
56,846, 187.50
999, 410. 00
50, 630. 94
57, 896. 238. 44
66,411.31
648. 47
39, 377, 909. 00
9, 077, 571. 00
67, 059. 78
48, 522, 539. 78
42,361.56
276. 79
25, 915, 962. 50
8, 619, 270. 00
42, 638. 35
34, 577, 870. 85
15, 748. 29
282. 50
29, 387, 968. 00
3, 501,245. 00
16, 030. 79
32, 905, 243. 76
26, 904. 63
202. 15
36, 857, 768. 50
5, 142, 240. 00
27, 106. 78
42, 027, 115. 28
177, 834. 56
175. 90
32, 214, 040. 00
5, 478. 760. 00
178, 010. 46
37, 870,810.46
000 00
22,938 413 50
8 495 370 00
24fi 000 00
SI fi7Q 7S2 nH
364’ 000. 00
14, 780, 570. 00
3, 284, 450. 00
364! OOO! 00
18, 429, 020. 00
205, 660. 00
23, 473, 654. 00
2, 259, 390. 00
205, 660. 00
25, 938, 704. 00
101, 000. 00
83, 395, 530. 00
3, 783, 740. 00
101, 000. 00
87, 280, 270. 00
280, 750. 00
20, 875,997. 50
1, 252, 516. 50
280, 750. 00
22, 409, 264. 00
498, 400. 00
22, 445, 482. 00
809, 267. 80
498, 400. 00
23, 753, 149. 80
529, 737. 14
20, 081. 415. 00
609, 917. 10
926. 687. 14
21, 618,019.24
354, 292. 86
28, 295, 197. 50
691, 005. 00
968, 552. 86
29, 954, 665. 36
98, 265. 00
31,435.945. 00
982, 409. 25
1, 042, 960. 00
33, 461, 314. 25
98, 210. 00
23, 828. 625. 00
908. 876. 25
1,819,910.00
26, 557,411.25
102, 665. 00
19, 371, 387. 50
1, 074, 343. 00
1,697. 150.00
22, 142, 880. 50
64, 200. 00
17, 582, 987. 50
1, 266, 143. 00
963, 000. 00
19, 812, 130. 50
52. 750. 00
23, 198, 787. 50
1, 378, 255. 50
350, 325. 00
24. 927, 368. 00
39, 295. 00
21, 032, 685. 00
3, 104,038.30
99, 890. 00
24, 236, 613. 30
40, 420. 00
21, 812, 645. 00
2, 504, 488. 50
369, 380. 00
24, 686. 513. 50
116, 765. 00
57, 022, 747. 50
4, 024, 747. 60
379, 455. 00
61, 426, 950. 10
141.875.00
35, 254, 630. 00
6, 851, 776. 70
342, 475. 00
42, 448, 881. 70
96
COINAGE of the MINTS of the United States from
Calendar year.
Minor coinage.
Five cents.
Three cents.
Two cents.
1875
$104, 850. 00
$6, 840. 00
1876
126, 500. 00
'll 860.00
1877
1878
117. 50
70. 50
1879
1, 455. 00
1, 236. 00
1880
997. 75
' 748. 65
1881
3, 618. 75
32, 417. 25
1882
573, 830. 00
759. 00
1883
1, 148! 471. 05
318. 27
1884
563, 697. 10
169. 26
1885
73' 824. 50
143. 70
1886
166, 514. 50
128. 70
1887
763| 182. 60
238. 83
1888
536, 024. 15
1, 232. 49
1889
794j 068. 05
' 646. 83
1890
812| 963. 60
1891
84l| 717. 50
1892
584,' 982. 10
1893
668, 509. 75
Total
13, 283, 073. 90
941, 349. 48
$912, 020. 00
07
their organization, by calendar years — Continued.
Minor coinage.
Total coinage.
Cents.
Half cents.
Gold.
Silver.
Minor.
Total.
$135, 280. 00
$32, 951,940. 00
$15, 347, 893.00
$246, 970. 00
$48, 546, 803. 00
79,440. 00
46, 579, 452. 50
24, 503, 307. 50
210, 800. 00
71, 293, 560. 00
8, 525. 00
43, 999, 864. 00
28, 393, 045. 50
8, 525. 00
72.401,434.50
57, 908. 50
49, 786. 052. 00
28, 518, 850. 00
58, 186. 50
78, 363, 088. 50
66, 814, 859. 00
162, 312. 00
39, 080. 080. 00
27, 569, 776. 00
165, 003. 00
389, 649. 55
62, 308, 279. 00
27,411,693.75
27, 940, 163. 75
391,395. 95
90. 111,368.7(4-
392,115. 75
96, 850, 890. 00
428, 151. 75
125,219, 205.50
94, 821.217. 00
385,811.00
65, 887, 685. 00
27, 973, 132. 00
960, 400. 00
455,981.00
29, 241, 990. 00
29, 246, 968. 45
1,604, 770.41
60. 093, 728. 86
232,617.42
23, 991, 756. 56
28, 534, 866. 15
796, 483. 78
53, 323, 106. 43
117, 653.84
27,773,012.50
28, 962, 176. 20
191,622. 04
56, 926, 810. 74.
176, 542. 90
28, 945, 542. 00
32, 086, 709. 90
343, 186. 10
01 , 375, 438. 00:
452,264.83
23, 972, 383. 00
31,380, 808.00
35. 191, 081. 40
1, 215, 686. 26
60, 379, 150. 66
374, 944. 14
33, 025, 606. 45
912, 200. 78
05, 318, 615. 23
488, 693. 61
21,413, 931.00
35, 496, 683. 15
1, 283, 408. 49
58, 194, 022. 64
571,828.54
20,467, 182. 50
39, 202. 908. 20
1,384, 792.14
61, 054, 882. 84
470, 723. 50
29, 222, 005. 00
27. 518, 856, 60
1,312, 441.00
58, 053, 302. 60
376, 498. 32
34, 787, 222. 50
12, 641,078.00
8, 802, 797. 30
961, 480. 42
48, 389. 780. 92
466, 421. 95
56, 997, 020. 00
1,134, 931.70
66, 934, 749. 00
10, 866, 984. 38
$39, 926. 11
1, 653, 006, 263. 00
674, 709, 268. 30
20, 0-13,353.87
•
2, 351. 758, 785. 17
S. Eep. 235 7
98
COINAGE of the MINTS of the United Stales from their Organization, 1702, to the Fis-
cal Year ended June 30, ISOS.
•
Denominations.
Pieces.
Value.
GOLD.
Double-eagle*
57, 273, 167
21,769,412
39, 906, 727
539, 793
11, 438, 454
19, 499, 337
$1, 145, 463, 340. 00
217, 694, 120. 00
199, 533, 635. 00
1, 619, 376. 00
28, 595, 567. 50
19, 499, 337. 00
Eagles....”
Half-eagles
Three-dollar pieces (coinage discontinued under act of September
26,1890
Quarter-eagles
Dollars (coinage discontinued under act of September 26, 1890)
Total gold
150, 426, 890
1, 612, 405, 375. 50
SILVER.
Dollars (coinage discontinued, act of February 12, 1873, and rosumed
under act of February 28, 1878)
427, 363, 688
35, 965, 924
254, 298, 113
179, 605, 796
1,355,000
281, 158, 989
97. 604, 388
42, 736, 240
*427, 363, 688. 00
35, 965, 924. 00
tl27, 149, 056. 50
+44, 901, 449. 00
271, 000. 00
28,115. 898. 90
4, 880, 219. 40
1, 282, 087. 20
Trade dollars .* 1
Half-dollars
Twenty-cent pieces (coinage discontinued, act May 2, 1878)
Dimes
Half-dimes (coinage discontinued, act February 12. 1873)
Tliree-oent pieces (coinage discontinued, act February 12, 1873)
Total silver
1, 320, 088, 138
669, 929, 323. 00
MINOR.
Five-cent pieces, nickel
259, 422, 548
31, 378, 316
45, 601. 000
156, 288, 744
200, 772, 000
709, 610, 704
7, 985, 222
12, 971, 127. 40
941, 349. 48
912, 020. 00
1, 562, 887. 44
2, 007, 720. 00
7, 090, 167. 64
39, 926. 11
Three-cent pieces, nickel (coinage discontinued, act September 26,
1890)
Tvvo-cent pieces, bronze (coinage discontinued, act February 12,
1873) 1
One-cent pieces, copper (coinage discontinued, act February 21,
1857)
One-cent ]>ieces, nickel (coinage discontinued, act April 22, 1864) . . .
One-cent pieces, bronze :
Hnlf-cent pieces, copper (coinage discontinued, act February 21,
1857) 1
1.411,064.594
25, 531,198.07
Total coinage
2, S81, 879, 622
2, 307, 865, 896. 57
‘Coined prior to 1873 $8,031,238
Coined under act of February 28. 1878 $378, ICO, 793 )
Act of July 14, 1890 36,087, 185 S 419,332,450
Act of March. 31, 1891 5, 078, 472 )
Total 427, 303, 088
t Includes $2,501,052.50 Columbian souvenir half-dollars.
1 Includes $10,005.75 Columbian souvenir quarter-dollars.
/
99
COINAGES OF NATIONS.
Countries.
1800.
1891.
1892.
Gold.
Silver.
Gold.
Silver.
Gold.
Silver.
United States
$20, 407, 182
284, 859
27, 375, 470
25, 702, 000
$39, 202, 908
24, 081,192
8, 332, 232
$29, 222, 908
280, 505
32, 720, 033
20, 389, 044
117, 411
3, 302, 450
14, 080, 800
2,110, 981
2, 885, 501
120, 708
$27, 518, 857
24,493, 071
5, 141,594
$34, 787, 223
275, 203
67, 082. 503
30, 784, 202
$12, 041,078
20, 782, 721
3, 790, 073
Mexico
Great Britain
57, 931, 323
32, 070, 498
52, 258, 747
1, " 237, 864
2, 920, 484
§777, 410
22, 997
8, 917, 860
12, 307,062
3, 075, 840
1, 507, 800
120, 000
78, 996
342, 207
183, 350
883,464
649, 555
1,100,000
3, 500, 000
57, 900
471,131
298, 000
871.225
8, 803, 874
555, 909
§9, 482, 927
130, 105
9, 381, 002
1, 319, 525
23, 835, 512
21, 720. 239
2,818, 750
203, 329
9, 049, 509
1, 194, 050
407, 100
1,139, 252
2, 090, 902
3, 356, 394
Russia!
1,014, 422
3,857, 118
1, 091
1,479, 152
7, 290, 045
540, 000
199, 000
120, 000
253, 807
Austria-Hiui^aryi
Italy
Spain
12, 242, 000
8. 523, 904
7. 277, 040
307, 000
134, 000
22, 000
121, 750
144, 750
432, 400
322, 408
1, 500, 000
2, 854, 137
Japan
1, 083, 725
109, 500
245
833, 432
547, 931
482, 500
44, 840
% Switzerland
279, 850
380, 000
3, 342, 000
386, 000
140, 072
1, 175, 000
0,410
149, 100
2, 003, 400
675, 500
200, 000
3, 231, 905
155, 000
38, 000
141,898
821,996
888, 000
2, 687, 119
k Costa lUca
138,091
80, U93
120, 279
499, 941
1, 684, 500
3, 169, 799
Bolivia
2, 614, 948
2, 378, 272
60, 000
Colombia
Ecuador
42, 000
300, 000
Haiti
British West Indies
23, 000
British Africa
28,901
73. 136
i German East Africa
81 , 125
364, 814
49, 519
l Eolith Africa Republic
75, 000
24, 097
■Straits Settlements
170, 000
336, 000
donaco
380, 000
Morocco
240. 000
183, 350
858, 808
'an Domingo
i Jreat Comoro
1, 978
6, 430
507,814
I [Trench Colonies
Eritrea (Italian colony)
189, 135
: Bulgaria
*
2, 509, 198
236, 850
I ley] on
I i Zanzibar
60, 000
Total
149, 244, 905
152, 293, 144
119,534, 122
138, 294, 3G7
167, 917, 337 143, 096, 239
* Rupee calculated at coining rate, $0.4737.
t Silver ruble calculated at coining rate, $0.7718.
t Silver florin calculated at coiningrate, $0,482.
§ Hungary only.
100
[Circular.]
VALUES OF FOREIGN COINS.
Treasury Department, Bureau of the Mint,
Washington, D. C., January 1, 1SD4.
Hon. John G. Carlisle,
Secretary of the Treasury:
Sir: In pursuance of the provisions of the apt of October 1, 1890, I present in the
following table an estimate of the values of the standard coins of the nations of the
world :
VALUES OF FOREIGN COINS.
Country.
Standard.
Monetary unit.
Argentine Republic
Gold and silver .
Peso
Austria-Hungary. .
Gold
Franc
Gold
British Possessions
N. A. (e x c ep t
Newfoundland).
Central American
States :
Costa Rica. . . 1
Guatemala... |
Honduras . . . j-
Nicaragua... j
Salvador j
Chile
Gold and silver-
do
Silver
( Shanghai..
Tael .. < liaikwan
do
( toiibGoms).
Gold and silver.
Gold
Silver
Pound (100 piasters).
Mark
do
Gold and silver.
Franc
German Empire . . .
Mark
....do
Pound sterling
Gold and silver.
Drachma
do
Gourde
Silver
Rupee
Gold and silver.
Lira .
J apan
do.*
yen-- ) Silver
Value
in terms
of U. S.
gold dol-
lar.
Coins.
$0. 06, 5
. 20, 3
.19,3
. 51, C
.54,6
1.00
Gold: Argentine ($4.82,4) and
4 argentine. Silver: Peso
and divisions.
Gold: Former system — 4 lior-
ius($1.92,9),8 fibrins ($3.85,8)
ducat ($2.28.7), and 4 ducats
($9.15,8). Silver: 1 and 2
florins.
Gold : Present system — 20
crowns ($4.05,2) and 10 '
crowns ($2.02,6).
Gold: 10 and 20 francs. Silver,
5 francs.
•Silver: Boliviano and divis-
ions.
Gold: 5, 10, and 20 milreis.
Silver: $, 1, and 2 milreis.
.51,6
Silver: Peso and divisions.
.91,2
.76,2
.84,9
.51,6
.92,0
.26,8
.51,6
4.94,3
.19,3
.19,3
.23,8
4. 86, 6£
.19,3
.96,5
.24,5
.10.3
.99,7
. 55, 6
Gold: Escudo ($1.82,4), doub-
loon ($4.56,1), and condor
(9.12,3). Silver: Peso and
divisions.
Gold: Condor ($9.64,7) and
double-condor. Silver: Peso
Gold: Doubloon (5.01,7). Sil- f
ver: Peso.
Gold : 10 and 20 crowns.
Gold: Condor ($9.64,7) and
double-condor. Silver: 1
Sucre and divisions.
Gold: Pound (100 piasters), 5, 'i
10, 20, and 50 piasters. Silver:
1, 2, 5, 10, and 20 piasters.
Gold: 20 marks ($3.85,9), 10
marks ($1.93).
Gold : 5, 10, 20, 50, and 100 francs.
Silver: 5 francs.
Gold : 5, 10, and 20 marks.
Gold : Sovereign (pound ster-
ling) and $ sovereign.
Gold: 5, 10, 20, 50, and 100
drachmas. Silver: 5
drachmas.
Silver: Gourde.
Gold: Molnir ($7.10,5). Silver:
Rupee and divisions.
Gold : 5, 10, 20. 50, and 100 lire.
Silver: 5 lire.
Gold: 1. 2. 5, 10, and 20 yon.
Silver: Yen.
♦Gold the nominal standard. Silver practically the standard.
101
VALUES OF FORE ION COINS— Continued.
Country.
Liberia
Mexico
Netherlands . .
Newfoundland
Norway
Peru
Portugal
Russia
Spain
Sweden
Switzerland ..
Tripoli
Turkey
Venezuela
Standard.
Monetary unit.
Value
in terms
of U.S.
gold dol-
lar.
Gold
Dollar
$1.00
Silver
do
.56
Gold and silver .
Florin
.40,2
Dollar
1.01,4
.do
. 26, 8
Sol
.51, 6
1. 08
( Gold
.77,2
Silver *
Ruble. 7
( Silver
.41,3
Gold and silver.
Peseta
. 19,3
. 20, 8
Gold and silver.
Franc
. 19i 3
Silver
Malibub of 20 piasters
. u4, 4
Gold
Piaster
* . 40, 5
Gold and silver.
Bolivar
.19,3
Coins.
Gold: Dollar ($0.98,3), 21,5, 10,
and 20 dollars. Silver: Dol-
lar (or peso) and divisions.
Gold: 10 florins. Silver: 4, 1,
and 24 florins.
Gold: 2 dollars ($2.02,7).
Gold : 10 and 20 crowns.
Silver: Sol and divisions.
Gold : 1, 2, 5, and 10 tnilreis.
Gold: Imperial ($7.71,8), and
4 imperial t ($3.80).
Silver : 4- 4. and .1 ruble.
Gold: 25 pesetas. Silver: 5
pesetas.
Gold: 10 and 20 crowns.
Gold: 5,10,20,50, andlOOfrakcs.
Silver: 5 francs.
Gold : 25, 50, 100, 250, and 500
piasters.
Gold : 5, 10, 20, 50, and 100 boli-
vars. Silver: 5 bolivars.
* Silver the nominal standard. Paper the actual currency, the depreciation of which is measured by
the gold standard.
t Coined since January 1, 1880, Old half-imperial = $3.98,6.
Respectfully, yours,
R. E. Preston,
Director of the Mint.
Treasu rt Department, Office of the Secretary,
Washington, D. C., January 1, 1S94.
The foregoing estimate, by the Director of the Mint, of the values of foreign coins
I hereby proclaim to be the values of such coins in terms of the money of account
of the United States, to be followed In estimating the value of all foreign merchan-
dise exported to the United States on or after January 1, 1894, expressed in any of
such metallic currencies.
J. G. Carlisle,
Secretary of the Treasury.
The following summary is here presented:
WORLD’S COINAGE.
Calendar years.
Gold.
Silver.
1889
$168,901,519
149. 244, 965
119, 534, 122
107, 917, 337
$139, 242, 595
152, 293, 144
138, 294, 367
143, 096, 239
1890
1891
1892
A summary of the world’s production of gold and silver for the years 1890-’92 will
be found in the following table:
WORLD'S PRODUCTION of the PRECIOUS METALS.
Calendar years.
Gold.
Silver.
1890
$118. 848, 700
126, 183, 500
138, 861, 000
$172, 234, 500
186, 446, 800
196, 458, 800
1891
1892
102
world’s reooinages.
Tlie following table, compiled from official sources, exhibits, approximately, the
recoinages of gold and silver of the principal countries of the world from 1873 to
1892, inclusive.
RECOIN AGE of the PRINCIPAL COUNTRIES of the WORLD from 1873 to 1892.
Countries.
Gold.
Silver.
United States
$229,240,287
$399.49,018
872, 655
27, 672, 364
Mexico
Great Britain
180, 559, 471
3, 603, 927
8, 246
18, 091,092
240, 956
16. 984
103, 775, 462
592, 461
India
36, 805,815
6, 678, 502
22, 878, 405
3, 125, 442
33,731,318
2. 186, 793
3, 053, 246
90, 020, 493
16, 480, 684
France
Italy
Switzerland
Spain
Portugal
Germany
70, 822, 097
12, 300, 684
Austria-Hungary
Countries.
Gold.
Silver.
Norway
$1,206
$857, 662
1, 920. 498
4, 955, 507
7. 173,077
2, 271. 126
Sweden
Denmark
• 1.381
3, 548, 908
2, 713, 989
Japan
2, 189, 429
Central and South Amer-
ica
1, 653, 872
2, 437, 168
13, 088, 492
Belgium
16, 054, 213
All other countries
4, 818, 092
Total
646,454,101
326, 001, 566
PRODUCT of GOLD and SILVER in the UNITED STATES from 1792-1844, and
annually since.
Year.
Gold.
Silver.
Total.
April 2 1790 .Tnlv 31 1834
$14, 000, 000
7, 500, 000
1, 008. 327
1,139,357
8S9, 085
10, 000,000
40, 000, 000
50, 000, 000
55, 000, 000
Insignificant.
$250, 000
50. 000
$14, 000, 000
7, 750, 000
1845
L 058,' 327
1, 189, 357
939, 085
10,' '050, 000
1846
50, 000
1847
50, 000
50, 000
50, 000
50, 000
50, 000
1848
1849
40, 050, 000
50, 050, 000
] 850
1851
55, 050, 000
1852
60, 000, 000
50, 000
60, 050, 000
1853
65, 000, 000
50, 000
65, 050, 000
1854
00, 000, 000
50, 000
60, 050, 000
1855 . .
55. 000, 000
50, 000
55, 050, 000
1856
55, 000, 000
50, 000
55, 050, 000
1857
55, 000, 000
50, 000
55, 050, 000
1858
50, 000, 000
500, 000
50, 500, 000
1 RnQ . .
50, 000, 000
100, 000
50, 100. 000
I860 >.
46, 000, 000
150, 000
46, 150. 000
43, 000, 000
2, 000, 000
45, 000. 000
1862
39, 200, 000
40. 000, 000
4, 500, 000
43, 700, 000
1863
8, 500, 000
48, 500. 000
1864
46, 100. 000
11, Ooo, 000
57. 100. 000
1 gfin
53, 225, 000
53, 500, 000
11, 250, 000
64. 475. 000
18(56 .
10, 000, 000
63, 500, 000
1807
51, 725, 000
13, 500, 000
65, 225, 000
1868
I860
48, 000, 000
49, 500, 000
12, 000, 000
12, 000, 000
60, 000, 000
61,500,000
1870
50, 000, 000
16, 000, 000
60, 000. 000
1871
43, 500, 000
23, 000, 000
66. 500. 000
1872
36, 000, 000
28, 750, 000
64. 750, 000
1873
36, 000, 000
35, 750, 000
71,750.000
1874
33, 500, 000
37, 300, 000
70, 800, 000
1875
33, 400, 000
31, 700, 000
65. 100,000
1876
39, 900, 000
38, 800, 000
78, 700. 000
1877
46. 900, 000
39, 800, 000
80, 700. 000
1878
51,200, 000
45, 200, 000
96. 400. 000
1879
38, 900, 000
40, 800, 000
79, 700. 000
iRBn
36, 000, 000
39, 200, 000
75. 200. 0( 0
1 881 .
34, 700, 000
43, 000, 000
77, 700. 000
1882
32, 500, 000
46, 800, 000
79, 300. 000
1883 -
30, 000, 000
46, 200, 000
76, 200. 000
Ig84 .
30, 800, 000
* 48, 800, 000
79, 600, 000
1885
31 . 800, 000
51,600, 000
83, 400, 000
1886
35, 000, 000
51, 000, 000
86, 000, 000
1887
33, 000. 000
53, 350, 000
86, 350, 000
188«
33. 175,000
59, 195, 000
92, 370, 000
1 881*
32,800,000
64, 646, 000
97, 440. 000
1 890
32. 845, 000
70.461,000
103. 309, 000
1891
33. 175,000
75. 417, 000
108. 592. 000
1QQ9
33, 000, 000
73, 697, 000
106. 697, 000
Total
1,937, 881,769
1, 146, 869, 000
3, 084, 750, 769
10,3
PRODUCTION of GOLD and SILVER in the
WORLD, 1792-ISM.
Calendar years.
Gold.
Silver (coining
value).
Total.
1792-1800
$100, 407, 000
$328, 800, 000
$435, 207, 000
1801-1810
118,152, 000
371, 677, 000
489, 829, 000
1811-1 820
70, 003, 000
224, 786, 000
300, 849, 000
1821 18::o
94, 479, 000
191, 444, 000
285, 923, 000
1831-1810
134, 841,000
247, 930, 000
382, 771, 000
1841-1848
291, 144, 000
259, 520, 000
550, 004, 000
1849
37, 000, 000
39, 000, 000
70, 000, 000
1850
44, 450, 000
39, 000, 000
83, 450, 000
1851
07, GOO, 000
40, 000, 000
107, 600, 000
1852
132, 750, 000
40, 600, 000
173, 350, 000
1853
155, 450, 000
40, 600, 000
196, 050, 000
1854
127,450,000
40, 600, 000
168, 050, 000
1855
135, 075, 000
40, 600, 000
175, 075, 000
1850
147, 600, 000
40, 650, 000
188, 250, 000
1857
133, 275, 000
40, 650, 000
173. 925, 000
1858
124, 650, 600
40, 650, 040
105, 300, 000
1859
124, 850, 000
40, 750, 000
165, 600, 000
1800
119, 250, 000
40, 800, 000
160, 050, 000
1801
113, 800,000
44, 700, 000
158, 500, 000
1802
107.750,000
45, 200, 000
152, 950, 000
1803
100, 950, 000
49, 200, 000
156, 150, 000
1804
113,000, 000
51, 700, 000
164. 700. 000
1805
120,200,000
51 , 950, 000
172, 150, 000
1800
121, 100, 000
50, 750, 000
171, 850, 000
1807
104, 025. 000
54, 225, 000
158. 250, 000
1808
109,025, 000
50, 225, 000
159, 950, 000
1809
106, 225, 000
47, 500, 000
153, 725, 000
1870
106, 850, 000
51,575,000
158, 425, 000
1871
107,000, 000
01, 050, 000
168, 050, 000
1872 .
99, 600, 000
65, 250, 000
164, 850, 000
1873
96, 200, 000
81,800, 000
178, 000, 000
1874
90, 750, 000
71, 500, 000
162, 250, 000
1875
97,500,000
80, 500, 000
178, 000, 000
1870
103,700, 000
87, 600, 000
191 , 300, 000
1877
114,000,000
81,000,000
195, 000. 000
1878
119, 000, 000
95,000, 000
214, 000, 000
1879
109, 000, 000
96, 000, 000
205, 000, 000
1880
106, 500, 000
96, 700, 000
203, 200, 000
1881
103, 000, 000
102, 000, 000
205, 000, 000
1882
102, 000, 000
111, 800, 000
214, 800, 000
1883
95, 400, 000
115, 300. 000
210, 700, 000
1884
101,700, 000
105, 500, 000
207, 200, 000
1885
108, 400, 000
1 18, 500, 000
226, 900, 000
1880
106, 000, 000
120, 600, 000
226, GOO, 000
1887
105,775, 000
124, 281, 000
230, 056, 000
188S
110, 197, 000
140. 706, 000
250, 903, OUO
1889
123, 489, 000
162, 159. 000
285, 048, 000
1890
118. 849, 000
172. 235. 000
291, 084, OOO
1891
126. 184, 000
180, 447, 000
312, 631, 000
1892
138,861, 000
196, 459, 000
335, 320, 000
Total
5, 603,216,000
5, 077, 529, 000
10, 740, 745, 000
The silver product is given at its commercial value, reckoned at the average mar-
ket price of silver eacli year, as well as its coining value in United States dollars.
HIGHEST, LOWEST, and AVERAGE TRICE of BAR SILVER in LONDON, per
ounce British standard (.925), since 1833, and the equivalent in United Stales tjold coin
of an ounce 1,000 fine, taken at the average price.
Calendar
year.
1833
1834
1835
1830
1837
1838
1839
1840
1841
1842
1843
1844
1845
1840
1847
1848
1849
1850
1851
1852
1853
1854
1855
1850
1857
1858
1859
1800
1801
1802
1803
Lowost
quota-
tion.
Highest
quota-
tion.
Aver-
age
quota-
tion.
Value
of a fine
ounce at
average
quotation.
Calendar
year.
Lowest
quota-
tion.
Highest
quota-
tion.
Aver-
age
quota-
tion.
Pence.
Pe>ice.
Pence.
Pence.
Pence.
Pence.
58$
59*
59ft
$1. 297
1864
00*
62*
61*
59$
00$
59$ jj
1.313
1805
00*
61*
61ft
59$
00
5914
1. 308
I860
60$
62$
01*
59g
60*
00
1.315
1807
60*
61$
00 ft
59
00*
59 ft
1. 305
1808
60*
61*
00*
59*
00*
59*
1.304
1809
00
61
60ft
00
oo*
60*
1.323
1870
00$
60$
GO ft
60*
60$
60*
1. 323
1871
60ft
01
60*
59$
00*
OO ft
1. 310
1872
59$
61*
60 ft
59$
00
59 ft
1 . 303
187.1
5'*
59}*
59$
59
59*
59 ft
1. 927
1874
57$
59*
58ft
59$
59$
59*
1.304
1875
55*
57*
56*
58 *
50*
59$
1.298
1876
46$
58*
52$
59
00*
(j9 jjT
1.30
1877
53$
58$
54 $3
58*
00*
59 IS
1. 308
1878
49*
55$
52ft
58*
00
59*
1. 304
1879
48*
53$
51$
59*
00
59$
1.309
1880
51*
52*
52$
59*
01*
61ft
1.316
1881
50*
52*
5113
00
61*
61
1.337
1882
50
52*
51i§
59*
61*
00*
1. 326
1883
50—
51ft
50*
60*
01*
01*
1.348
1884
49*
51*
50$
60*
01*
01*
1. 348
1885
46*
50
48 ft
oo
61*
61ft
1. 344
1880
42
47
45*
00*
02$
61ft
1. 344
1887
43$
47*
44*
01
62*
61$
1. 353
1888
41*
44ft
42*
60$
01*
61ft
1. 344
1889
42
44 §
41} 6
01$
02$
02 ft
1.36
1890
43*
54*
47$
61$
62*
6114
1. 352
1891
43*
48$
45ft
00*
61*
60ft
1.333
1892
37*
43$
39$
01
62*
61ft
1.346
1893
30*
38$
35ft
61
61$
61*
1.345
Value
of a fine
ounce at
average
quotation.
$1. 345
1.338
1.339
1.328
1.326
1. 325
1.328
1. 326
1. 322
1.298
1. 278
1.246
1.156
1. 201
1.152
1.123
1. 145
1. 138
1.130
1.110
1.113
1. 0645
.9946
. 97823
. 93897
.93512
1. 04633
. 98782
.87106
. 78031
APPROXIMATE DISTRIBUTION by producing States and Territories of the product
of GOLD AND SILVER in He United States for the calendar year 1S92, as estimated
by the Director of the Mint.
Gold.
Silver.
State or Territory.
Fine ounces.
Value.
Fiue ounces.
Coiuing
, value.
Total value.
Alaska
48, 375
$1, 000, 000
8. 000
$10,343
$1, 010, 343
Arizonji
51,701
1,070, 000
1, 062, 220
1,373,375
2. 443, 375
California
580, 500
12, 000, 000
360, 000
465, 455
12, 465, 455
Colorado
258. 387
5, 300, 000
24, 000, 000
31, 030, 303
36, 330, 303
Georgia
4, 583
94, 734
400
517
95, 251
Idaho
83, 271
1, 721. 364
3, 164, 269
4,091, 176
5, 812, 540
Michigan
3, 386
70, 000
60, 000
77, 576
147, 576
Montana
139,781
2, 891, 386
17, 35 J. 000
22, 432, 323
25, 323, 709
70, 021
1,571,500
950, 000
2, 24-1, 000
2. 901,333
4. 472. 833
Hew Mexico
45, 956
1, 075, 000
1,389, 899
2, 339. 899
North Carolina
is, 800
78, 560
9, 000
11,636
90, 196
Oregon
07, 725
1, 400, 000
50, 000
64,646
1,464.646
South Carolina
5, 908
123, 365
400
517
123, 882
South Dakota
178, 987
3, 700, 000
60, 000
310,000
77. 576
400. 808
3, 777, 576
400, 808
11,132.902
Utah
31,930
660. 175
8, 100, 000
10, 472, 727
Washington
Alabama
Maryland
18,071
373, 561
150,000
193,939
567. 500
Tennessee
Virginia
Vermont
Wyoming
, 500
10, 336
1, 000
1,293
11,629
Total
1,597, 098
33, 014, 981
58, 004, 289
74, 905, 442
108, 010, 423
105
HIGHEST ; LOWEST, and AVERAGE PRICE of SILVER BULLION, and value
of a line ounce, bullion value of a United Stale s silver dollar, and commercial ratio of
silver to gold, from July 1, 1879, to October 81, 1898.
Fiscal years.
1879.
July
August
September
October
November
December
1880.
January
February
March
April
M ay
June
Average
July
August
September
October
November
December
1881.
January
February
March
April
May
June
Average
July
August
September
October
November
December
18S2.
January
February
March
April
May
June
Average
July
August ...
September
October ...
November
December .
18S3.
January
February
March
April
May
June
Average
Bullion
High-
eat.
Low-
est.
Average
London
price per
ounce
standard
9.925.
Equivalent
value of
line ounce
with ex-
change at
par,
$4.86G5.
Equivalent
value of a
lino ounce
based on
average
price of
exchange.
value of a
United
States sil-
ver dollar
at average
price of
silver, ex-
change at
Commer-
cial ratio
of silver
to gold.
par.
! Pence.
Fence.
52}
51}
51 . 685
$1. 13107
$1. 13412
$0. 87597
18-20
r>i M
52}
51.601
1. 13030
1.12534
.87421
18-28
51}
51}
51.3125
1. 13030
1. 12439
.87421
18 -28
53§
51*
52. 271
1. 14674
1. 13980
. 88093
18 -02
59}
53
53. 386
1. 17003
1. 16319
. 90494
17-60
53
52}
52. 5975
1. 15222
1. 14761
.89117
17 -94
52}
52 7L
52. 480
1.15085
1. 14700
.89011
17-96
52*
52
52. 326
1. 14074
1.14594
. 88693
18 -02
524
51}
51. 995
1.14126
1.14511
. 88269
18-11
52}
51}
51.975
1.13989
1. 14953
.88103
18-13
52}
52*
52. 131
1.14126
1. 14726
. 882G9
18-11
52}
52*
52. 454
1. 15085
1. 15712
. 89011
17-96
* 53}
*51}
52.218
1. 14436
1. 14397
. 88509
18-06
fV) l a
521
52. 687
1. 15496
1. 15348
. 89328
17 -90
52! 8
52}
52. 035
1. 14400
1. 14873
.88481
1 8 -00
52*
52}
52. 437
1. 14674
1 . 14240
. 8890]
18 -02
52*
51}
52. 143
1. 14400
1.13798
. 88481
18-00
51 1 :s
51}
51.75
1. 13441
1.12698
. 87739
18-21
52
51}
51.82
1.13578
1. 12669
. 87845
18 -20
51 1
51
51.28
1 . 12345
1. 11821
. 86891
18-40
; 525
51}
51.41
1.13578
1. 13407
. 87845
18-20
52J
52
52. 19
1. 14400
1. 13616
.88481
18-06
52*
52
52. 07
1. 14126
1. 13697
. 88209
18-11
52
51}
51
51.66
1. 13304
1. 13396
. 87(31)3
18-24
51}
51. 33
1. 12482
1. 12532
. 86957
18-37
*52}
*51
51.937
1. 13852
1. 13508
. 88057
18-15
52}
50}
51. 355
1.12619
1. 12454
. 87103
18-35
51 3
51}
51. 559
1 . 12893
1. 12543
. 87315
18 -31
51} 3
51}
51.706
1. 13441
1. 12833
. 87739
18-22
52}
51}
51.895
1.13715
1. 13199
. 87951
18-17
52
51}
51.487
1. 12893
• 1.13396
. 87315
18 -31
52
51}
51. 889
1. 13715
1. 13282
. 87951
18-17
52}
51}
51. 980
1. 13989
1. 14121
. 88103
18 -13
52}
52
52. 028
1.13989
1. 14937
. 88103
18-13
52*
51*
51. 903
1. 13852
1. 13700
. 88057
18 -15
52}
52*
52. 122
1. 14126
1.15081
. 88269
18-11
52}
52}
52. 223
1. 14263
1. 15386
. 88375
18-09
52}
51}
52. 016
1. 13989
1. 13879
. 88163
18 -13
*52*
*50}
51. 812
1. 13623
1. 13817
. 87880
18-13
52
51f
51. 8177
1. 13578
1. 14079
. 87845
18 -20
52*
51}
51. 974
1. 13989
1. 14659
.88163
18-13
52*
51}
51.913
1. 13715
1. 14291
. 87951
18-17
5HS
51}
51. 75
1. 13441
1. 13350
. 87739
18-22
51}
51
51.39
1.12619
1. 12258
.87103
18 -35
51
50
50.48
1. 10701
1. 10306
. 85020
18-67
. 50}
50}
50. 264
1. 10153
1.10058
. 851 96
18-76
51
50}
50. 6025
1. 10813
1. 10912
. 85700
18-65
51*
50}
51.022-
1.11797
1.11302
. 86447
18-49
50}
50}
50. 572
1.10811
1. 10704
. 85705
18 -65
50*
50*
50. 206
1.10140
1.10198
.85186
IS 70
50*
50*
50. 187
1.10160
1. 10835
. 85201
18 "76
*52*
*50
51. 023
CO
to
Ci
1. 11912
. 86490
18-48
, —
* Denotes highest and lowest for each year .
106
HIGHEST, LOWEST, and AVERAGE PRICE of SILVER BULLION, etc.— ContU
Fiscal years.
1883.
July
August
September
October
November
December
1884.
January
February
March
April
May
June
Average
July
August ...
September
October . . .
November.
December .
1885.
January
February
March
April
May
June
Average
July
August . . .
September
October . . .
November.
December .
188G.
January
February
March
A pril
May
June
Average
July
August
September
October
November
December
1887.
January
February
March . ^
April
May
June
Average
July
August . . .
September
October . . .
November.
December.
Bullion
High-
est.
Low-
est.
Average
London
price per
ounce
standard
9.925.
Equivalent
value of
fine ounce
with ex-
change at
par,
$4.8005.
Equivalent
value of a
line ounce
based 011
average
price of
exchange.
value of a
United
States sil-
ver dollar
at average
price of
silver, ex-
change at
Commer-
cial ratio
of silver
to gold.
par.
Pence.
Pence.
Pence.
50.V
50 ft
50. 375
$1.10510
$1. 10802
$0. 85472
18 -75
5^ta
50$
50. 524
1. 10754
1. 10831
. 85661
18 -00
go
50$
50. 731
1. 11205
1.11047
.86010
18-58
51
50$
50.914
1. 11049
1.11305
. 86353
18 04
50}g
501
50. 702
1. 11172
1. 10887
. 85954
18 -59
51
60ft
50. 843
1. 11440
1.11117
. 85191
18 -54
51
50$
50. 805
1.11501
1. 11667
. 86239
18 -53
51g
51
51.135
1. 12093
1. 12832
. 86096
18 -44
51*
60H
50. 937
1. 11659
1. 12513
. 80361
18-51
51
50 *
50. 757
1. 11265
1.12118
. 80056
18 -57
50 >«
50$
50. 839
1.11459
1.11850
. 86206
18-54
5o;§
50$
50. 800
1.11359
1. 11318
. 86129
18-56
*51$
*50*5
50. 791
1. 11339
1. 11529
.86115
18 -56
50$
50 ;5
50. 788
1. 11333
1. 10991
. 86109
18-56
50$
50$
50. 779
1.11313
1. 10053
. 80093
18 -57
50 tf
50$
50. 738
1. 11224
1. 10956
. 80024
18 -58
50$
50 i's
50ft
50. 724
1. 11193
1. 10744
. 80000
18 -59
49$ i
50. 007
1. 09023
1. 09241
. 84994
18-86
m
49$
49. 041
1. 08818
1. 08590
. 84163
18-99
50
49$
49.018
1. 08830
1. 09089
. 84177
18-99
404
48$
49. 125
1. 07791
1. 07505
. 83390
19-18
49 ft
49
49. 094
1. 07561
1. 07610
.83191
19 -22
495
48$
49. 375
1. 07773
1. 08299
. 83334
19 -18
50
48$
49. 437
1. 07929
1. 08915
. 83476
19-15
494
49
49. 125
1. 07751
1. 07S18
. 83338
19 18
*50;$j *48$
49. 843
1. 09262
1. 09226
. 84507
18-92
495
49. 156
1. 07839
1. 07768
. 83406
19-17
49 ft
4« v a
48 812
1. 07045
1. 07075
. 82792
19-31
48$
47$
47.812
1. 04395
1. 04166
. 80534
19-80
47 ft
47$
47. 406
1. 03967
1.03887
. 80411
19-88
474
^ 1°«>
47. 406
1. 04950
1. 03587
. 80398
19 -88
47 i
40$
47. 187
1. 03303
1. 03338
. 79819
20 -01
47
40ft
46. 733
1.02444
1. 02951
. 79234
20-17
40$
405
46. 085
1.02339
1.02852
. 79152
20 19
405
40; J
40. 700
1. 02517
1.02999
. 79290
20 -16
40 ii
40
40. 380
1.01083
1. 02032
. 78045
20 -33
40
44$
45. 425
. 99577
1.00040
. 77010
20-76
45$
44-
44.835
. 98283
. 98768
. 76015
21 03
*49*
*44$
47. 038
1. 03112
1. 03295
. 79750
20-04
44 1
■12
43. 873
. 96175
. 96395
. 74385
21 -49
42$
42
42. 310
. 92748
. 92333
. 51734
22 -28
44$
42$
43. 841
. 96105
. 95091
.74331
21-50
45J
445
45.089
. 98840
. 98333
. 70440
20 -91
47
455
40. 480
1.01003
1.01424
.78815
20 -28
40$
45$
40. 008
1. 00986
1. 00384
. 78106
20 'ini
47$
40$
46. 833
1. 02003
1.02560
. 79403
20-13
47
40. 060
1. 02284
1. 0 J009
.79110
20 -21
40 ft
44,=,
45. 440
.99010
. 99700
. 77042
20 -75
44$
43$
43. 964
. 90374
. 96490
. 74539
21 -44
43$
43ft
43. 580
. 95532
. 95658
. 7HS87
21 -63
44$
43$
43. 90S
. 90383
. ‘$0130
. 74546
21 -44
*47$
*42
44.848
. 98301
. 98148
. 76029
21 -02
43$
44. D8
. 90777
. 96035
.74850
21 -36
45 ft
44$
44. 570
. 97702
. 97154
. 75566
21 -15
45
44ft
44.042
. 97800
. 97287
. 75088
21-12
444
431$
44.159
. 90802
. 90442
. 74870
21 -35
44
43 {5
43.840
.96102
. 95788
. 74328
21 -51
454
431$
44.308
. 97200
. 96792
. 75224
21 -25
* Denotes highest anil lowest for each year.
«
107
maiTRST, LOWEST, and A VERAGE TRICE of SILVER BULLION, etc.— Cont'd.
Fiscal year.
High-
est.
Low-
est.
Average
London
price per
ounce
standard
9.925.
Equivalent
value of
fine ounce
with ex-
change at
par,
$4.8665.
Equivalent
value of a
fine ounce
based on
average
price of
exchange.
Bullion
value of a
United
States sil-
ver dollar
at average
price of
silver, ex-
change at
par.
Commer-
cial ratio
of silver
to gold.
1888.
Fence.
44*
Fence.
44*
Fence.
44. 380
$0. 97286
. 96525
$0. 97219
.96421
$0. 75244
. 74656
21 -24
44*
423
43 ig
44. 033
21 -41
43"
43. 293
.94903
. 95083
.73491
21 -78
42 J
42ft
1 41 ft
42
42. 669
. 93535
. 93709
. 72343
22 -10
May
42|
42i
42. 048
. 92174
. 92577
.71249
22 -42
42. 092
. 92271
. 92683
. 71365
22 43
*J.ri 3
40 Iff
! *4Jft
43. 675
. 95741
. 95617
.74008
21 -59
4 2 ’,ro
42
42. Ill
. 92312
.92634
771418”
22 39
48i~
44 £
41 Ift
42. 007
. 92085
.92251
. 71221
22 44
42*
43. 160
.94612
. 94971
. 73176
21 -84
43ft
43 ft
42ft
421J
42J
42ft
42 7c
42 ft
42ft
42*
43. 097
. 94474
. 94697
. 73069
21 '88
43. 029
. 94325
. 94595
. 73163
21-85
42. 516
. 93200
. 93581
. 72084
22 -18
1889.
42ft
42ft
42ft
42ft
42. 544
. 9320 L
. 9361 6
.72131
22-16
42. 594
.93371
. 93752
. 72216
22 -13
42. 521
.93211
. 93652
. 72092
22-17
42. 185
. 92474
. 92918
71522
22 -35
42i
42*
41 [ft
42. 162
. 92424
. 92893
. 71484
22 -36
42
42. 034
. 92143
. 92547
.71266
22 -43
Average
*44ft
4.1 1 &
42. 499
. 93163
.93510
. 72055
22-18
July
J9 b
4‘2rMs
42
42ft
42ft
42 g
42. 159
42. 349
. 92417
. 92834
. 92638
. 92959
.714(32
.71801
22-36
22 -26
42 JJ
42. 522
.93213
. 93477
72944
. 72998
. 74469
22 -17
43 i
44f
44ft
44J
42. 944
. 94382
. 94036
21 -90
November
43ft
43. 923
. 96284
. 95959
21 -46
December
43ft
44ft
43ft
43ft
43. 967
. 96381
. 95894
. 74544
21 -44
1890.
44. 502
. 97554
. 97447
21 19
February
March
44ft
44ft
48
44. 041
43. 908
90545
. 96251
. 96563
. 96024
. 74671
. 74444
21 -41
21 -47
43ft
46
45. 451
. 06634
. 99751
. 74G99
21 -39
M a v
47*
49
46. 971
1.02966
1. 02820
. 79637
20 -07
46ft
47. 727
1. 04623
1. 04778
. 80919
19 -75
*49
*42
44. 196
. 96883
. 96839
. 74932
21 -33
50ft
54i
54 g
47*
49. 201
1. 07S54
1. 08367
.83418
. 89362
. 90068
. 84278
. 80183
. 81611
. 81276
. 77223
.76173
. 75495
. 75415
. 76250
19 -16
5uft
52. 707
1. 15540
1. 15643
17 -89
17 -74
18 -97
50
53.123
1. 16452
1. 15946
51ft
49*
49ft
48J
4 Oft
48ft
45
49. 708
1. 08966
1. 08821
47. 305
1. 03698
1. 03404
19 -93
19 -59
19-67
20 -70
20 -98
21-17
21 -20
47ft
46ft
44 ft
48. 135
1. 05518
1. 04939
1891.
47. 9399
1. 05085
1. 05034
. 99844
1. 00202
45*
44 §
44. 928
. 98487
98854
April
45
43 ft
44ft
444
44. 528
. 97610
. 99453
May
45ft
46
44. 481
. 97507
. 97805
44. 973
. 98586
. 98924
20 -97
Average
*54|
*43ft
47. 714
1.04195
1. 04780
. 80588
19-83
1891.
July
465
46*
45*
45
45f
44X
46. 002
. 00841
. 00825
. 77994
. 76485
. 76322
. 75540
. 74044
. 74195
. 72616
. 70293
. 67965
66966
20- 49
20 -90
20 -95
21 16
21 -58
21- 54
22 -01
22- 74
23 52
23 -87
23 -53
23- 24
August
45. 112
. 98890
. 99390
September
44 ft
44*
43ft
43ft
41ft
41ft
39
45. 016
. 98680
. 97767
October
44. 555
. 97669
.97046
. 95257
November
44*
44 J
432-
43. 690
. 95773
December
43. 775
. 95959
. 95517
. 9351 5
1892.
January
42. 830
. 93888
February
41tf
41ft
40ft
40ft
41ft
41.460
. 90885
91106
March
40. 087
. 87875
. 89699
April
39ft
39. 703
. 86583
. 87229
May
39I \
40. 060
. 87816
. 88029
. 67920
. 68772
3 une
40*
40. 564
. 88921
. 89298
Average
*46ft
*39
42. 737
.93648
. 93723
. 72430
22-07
* Denotes highest and lowest for each year.
108
HIGHEST, LOWEST, and AVEEAGE TRICE of SILVER BULLION, etc.— Cont’d.
Fiscal years.
High-
est.
Low-
est.
Average
London
price per
ounce
standard
9.925.
Equivalent
value of
hue ounce
with ex-
change at
par,
$4.8665.
Equivalent
value of a
fine ounce
based on
average
price of
exchange.
Bnllion
value of a
United
States sil-
ver dollar
at average
price of
silver, ex-
change at
par.
Cominer- '
cial ratio
of silver
to gold.
1892.
July
Pence.
40 &
Pence.
39*
Pence.
39. 632
$0. 86877
$0. 87181
$0. 67193
23 -79
August
39Tg
37-J
38. 295
. 83947
. 84203
65136
24-66
September
38 fg
38J
38. 158
. 83646
. 83801
. 64694
24 -71
< lotober
39J
385
38. 937
. 85354
. 85287
.66013
24-21 1
November
39±
38J
38. 971
. 85428
. 85512
. 66073
24-19
December
39g
3755
38. 346
. 84058
. 84274
. 65013
24 -59
1893.
January
38*
385
38. 331
. 84026
. 84217
. 64988
24-60
February
38£
38$
38. 356
. 84080
. 84316
. 65030
24 -46
March
385
37*
38. 108
. 83537
. 83255
.64610
24 -74
April
38 ib
37J
38. 028
. 83361
. 83610
. 64495
24-79
May
38,1
37f
38. 069
. 83451
. 83856
.64544
24 -77 ’
June
38$
304
37. 279
. 81719
. 81654
. 63204
25 -29
Average
*40 A
*305
38. 375
OO
4-
cc
. 84263
. 65063
24-57 ]
July
34j”
325
33. 060
.72471
.71981
. 56052
28-52 j
August
341
325
33. 944
. 744( 9
. 74337
. 57550
27 -78
September
34*
335
34. 120
. 74799
. 74709
. 57854
27-63 1
October
34*
315
33. 008
. 73672
. 73339
. 56723
28 -05
* Denotes highest and lowest for each year.
COMMERCIAL RATIO of SILVER io GOLD each year since 1GS7.
[Note. — From 1687 to 1832 the ratios are taken from Dr. A. Soetheer; from 1833 to 1878 from Pixley
and Abell’s tables, and from 1879 to 1890 from daily cablegrams from London to the Bureau of the
Mint.]
Year.
Eatio.
Year.
Eatio.
Year.
Eatio.
Year.
Eatio.
Year.
Ratio.
Year.
Eatio.
1687. .
14 -94
1722...
15-17
1757...
14-87
1792...
15-17
1827...
15-74
1862...
15 -35
1688..
14-94
1723...
15-20
1758...
14 -85
1793...
15 -00
1828...
15-78
1863...
15 -37
1689..
15-02
1724...
15-11
1759...
14 -15
1794...
15-37
1829...
15-78
1864...
15-37
1690..
15 -02
1725...
15-11
1760...
14-14
1795...
15 -55
1S30. . .
15 -82
1865...
15-44
1091..
14-98
1726...
15-15
1761...
14 -54
1796...
15 -05
1831...
15 -72
1866...
15-43
1692..
14-92
1727...
15-24
1762...
15 -27
1797...
15-41
1832...
15-73
1867...
15-57
1693..
14 -83
1728...
15-11
1763...
14 -99
1798...
15-59
1833...
15 -93
1868...
15-59
1694..
14 -87
1729...
14 -92
1764...
14 -70
1799...
15-74
1834...
15 -73
1869...
15-60
1695..
15-02
1730...
14 -81
1765...
14 -83
1800...
15 -6S
1835...
15-80
1870...
15 -57
1696. .
15-00
1731...
14-94
1766...
14 -80
1801...
15-46
1836...
15 -72
1871...
15-57
1697. .
15 -20
1732...
15 -09
1767...
14 -85
1802. ..
15 -26
1837...
15-83 1
1872...
15-63
1698..
15-07
1733...
15 -18
1768. ..
14 -80
1803...
15 -41
1838...
15-85
1873...
15 -92
1699..
14-94
1734...
15-39
1769...
14 -72
1804...
15-41
1839...
15 -62
1874...
16-17
1700. .
14-81
1735...
15-41
1770...
14 -62
1805...
15 -79
1840...
15-62 1
1875...
16-59
1701..
15-07
1736...
15-18
1771...
14-66
1806...
15 -52
1841...
15-70
1876...
17 -88
1702..
15 '52
1737...
15-02
1772...
14-52
1807...
15. 43
1842...
15-87 1
1877...
17-22
1703....
15 -17
1738...
14 -91
1773...
14 -62
1808...
16 -08
1843...
15 -93
1878...
17-94
1704. .
15 -22
1739...
14-91
1774...
14-62
1809. .
15 -96
1844...
15-85
1879...
18-40
1705
15-11
1740...
14-94
1775...
14 -72
1810. ..
15-77
1845...
15-92
1880...
18. 05
1706. .
15-27
1741...
14 -92
1776...
14 -55
1811...
15-53
1846...
15 -90
1881...
IS. 16
1707
15-44
1742...
14 -85
1777...
14-54
1812...
16 11
1847...
15-80
1882...
18-19
1708....
15-41
1743...
14 -85
1778...
14-68
1813...
16-25
1848...
15 -85
1883...
18-64
1709....
15 -31
1744...
14-87
1779...
14-80
1814...
15 04
1849...
15 -78 .
1884. . .
18-57
1710....
15 -22
1745...
14-98
1780...
14-72
1815...
15 -26
1850...
15-70
1885
19-41
1711..
15-29
1740...
15-13
1781...
14 -78
1816...
15 -28
1861...
15-46
1886...
20 -78
1712
15-31
1747. ..
15 -26
1782...
14 -42
1817...
15-11
1852...
15-59
1887...
21 -13
1713..
15-24
1748...
15-11
1783...
14-48
1818...
15-35
1853...
15-33
1888...
21 -99
17)4..
15-13
1749...
14 -80
1784 . . .
14 -70
1819...
15 -33
1854...
15-33
1889...
22-10
1715..
15-11
1750...
14 -55
1785 ..
14 -92
1820...
15 -62
1855...
15-38
1890...
19 -76
1716..
15 -09
1751...
14 -39
1786...
14-96
1821...
15 -95
1856...
15 -38
1891...
20 -92
1717..
15-13
1752...
14 -54
1787...
14 -92
1822...
15-80
1857...
15 -27
1892...
23 -72
1718 .
15-11
1753...
14 -54
1788...
14 -65
1823...
15 -84
1858...
15-38
1893...
26 49
1719..
15 09
1754...
14-48
1789...
14 -75
1824...
15 -82
1859...
15-19
1720. .
15 -04
1755...
14 -68
1790...
15 -04
1825...
16 -70
1860...
15 29
1721....
15 *C5
1750...
14 -94
1791...
15-05
1826...
15-76
1S61...
15 '50
109
HIGHEST, LOWEST, and AVERAGE RRICE of SILVER BULLION, and value
of a fine ounce, each month during the calendar years 1802 and 1803.
Month.
High-
est.
Low-
est.
Average
price per
ounce,
British
standard,
.925.
Equivalent
value of a
fine ounce
with ex-
change at
par, $4.8005.
Average
monthly
price at
New York
of exchange
on London.
Equivalent
valueof aline
ounce, based
on average
monthly price
and average
rate of ex-
change.
Average
monthly
New York
price of line
bar silver.
1802.
nee.
Pence.
Pence.
January
43J
411
42. 830
$0. 93888
$4. 8525
$0. 93515
$0. 93494
February
4 ue
41*
41.400
. 90885
4. 8754
.91106
.91198
March
41ft
39
40. 087
. 87875
4. 8775
. 89699
. 89907
April
40*
39*
39. 703
. 86583
4. 8417
. 87229
. 87379
May
40ft
39 j,1,
40. 060
.87816
4. 8788
. 88029
. 88120
Juno
41*
40ft
40. 564
. 88921
4. 8839
. 89298
. 89430
July
40ft
39 ft
39. 632
. 86877
4. 8833
.87181
. 87270
August
39 ft
37J
38. 295
. 83947
4. 8812
. 84203
. 84463
September
38 ft
38*
38. 158
.83640
4. 8751
. 83801
. 84010
October
m
38*
38. 937
. 85354
4. 8623
. 85287
. 85740
November
391
381-
38. 971
. 85428
4. 8703
. 85512
. 85614
December
39|
371a
38. 346
. 84058
4. 8793
. 84274
. 84000
Average
39. 346
. 87100
4. 8717
. 87427
. 87552
1893.
January
38ft
38*
38. 331
. 84026
4. 8775
. 84217
.84115
February
381
38*
38. 356
. 84080
4. 8800
. 84316
. 84480
March
38ft
37 t'g
38. 108
. 83537
4. 8726
. 83255
. 83713
April
38ft
37*
38. 028
. 83301
4. 8830
.83610
. 83735
May
38ft
37 g
38. 069
. 83451
4. 8881
. 83856
.84081
June
38J
30*
37. 279
.81719
4.8010
. 81654
. 81302
J nlv
34ft
32*
33. 960
. 72471
4. 8373
.71981
. 72333
August
34*
32f
33. 944
. 74409
4. 8002
. 74337
. 74851
September
34*
33*
34. 120
. 74799
4. 8002
. 74709
. 94709
October
34*
31*
33. 608
. 73672
4. 8444
. 73339
.73611
November
324
31*
32. 240
. 70673
4. 8433
. 70390
. 70947
December
32ft
31*
32. 075
. 70180
4. 8668
. 70177
. 70250
Average
35. 596
. 78031
4. 8045
77980
.78219
The following table exhibits the value of the pure silver in a silver dollar, reck-
oned at the commercial price ot silver bullion from $0.50 to $1.2929 (parity), per
ounce tine :
Trice of
silver per
fine ounce.
Value of
pure silver
in a silver
dollar.
Price of
silver per
fine ounce.
Value of
pure silver
in a silver
dollar.
$0. 50
$0. 387
$0. 71
$0. 549
.51
.394
.72
.657
.52
.402
.73
.565
.53
.410
.74
.572
. 54
.418
.75
.580
.55
.425
.76
.588
.56
.433
.77
.596
.57
.441
.78
.603
.58
.449
.79
.611
.59
.456
.80
.619
.60
.464
.81
.626
.61
.472
.82
.634
.62
.480
.83
.642
.63
.487
.84
.650
.64
.495
.85
.657
.65
.503
.86
. 065
.66
.510
.87
.673
.67
.518
.88
.681
.68
.526
.89
.688
.69
.534
.90
.696
.70
.541
.91
.704
Price of
silver per
fine ounce.
Value of
pure silver
in a silver
dollar.
Price of
silver per
fine ounce.
Value of
pure silver
in a silver
dollar.
$0. 92
$0. 712
$1. 13
$0. 874
.93
.719
1.14
.882
.94
.727
1.15
.889
.95
.735
1. 16
.897
.96
.742
1.17
.905
'.97
750
1. 18
. 913
.98
.758
1.19
920
.99
.766
1.20
.928
1. 00
.773
1.21
.936
1. 01
.781
1.22
.944
1. 02
.789
1.23
.951
1. 03
.797
1.24
.959
1. 04
.804
1.25
.967
1.05
.812
1. 26
.975
1.06
.820
1.27
.982
1.07
.828
1.28
.990
1. 08
.835
1. 29
.998
1.09
.843
*1. 2929
1.00
1.10
.851
1.11
.859
1.12
. 866
•Parity.
110
The commercial value of the pure silver contained in a silver dollar has heon
annually, since 1873, at the average price of each calendar year, as follows:
HIGHEST, LOWEST, and AVERAGE VALUE of a United States SILVER DOLLAR,
measured by the market price of silver, and the qu-anitity of silver purchasable with a
dollar at the average London price of silver each year since 1873.
Calendar
years.
Bullion value of a
silver dollar.
Grains of
pure silver
at average
price
purchasable
with a
United States
silver dollar.*
Calendar
yeans.
Bullion value of a
silver dollar.
Grains of
pure silver
at average
price
purchasable
with a
United States
silver dollar.*
High-
est.
Low-
est.
Aver-
age.
High-
est.
Low-
est.
Aver-
age.
1873
$1 016
$0 981
$1 004
369 -77
1SS4
$0 871
iff). 839
$0 861
431 *18
1874
1. 008
970
.988
375 *76
. 847
. 794
. 823
451 -09
. 977
941
. 904
385 -11
1886
. 797
.712
. 769
482 *77
1876
.991
.792
.894
415 -27
1887
.799
.733
.758
489 -78
1877
902
. 929
399 *62
1888
. 706
.727
510-66
. 936
. 839
. 891
416-60
1889
.752
. 724
512 -93
1879
. 911
828
. 868
427 -70
1890
.926
.740
. 810
458 -83
1SS0
.896
.875
.886
419-49
1891
.827
■738
.704
485 -76
1881
.896
.862
.881
421 -87
1892
.742
.642
.674
550 -79
1882
.887
.847
.878
422 -83
1893 (ten
1883
.868
.347
.858
432 -69
months)
.654
.517
.615
603 -66
*371.25 grains of pure silver are contained in a silver dollar.
HIGHEST , LOWEST, and AVERAGE PRICE of SILVER BULLION, and value
of a fine ounce, bullion value of a United States silver dollar, and commercial ratio of
silver to gold by fiscal years, 1874 to 1893, and six months fiscal year 1894.
Fiscal year.
Highest.
Lowest.
Average Lon-
don price per
ounce stan-
dard, .925.
Equivalent
value of a
fine ounce
with ex-
change at par,
$4.8665.
Equivalent
value of a fine
ounce based
on average
price of ex-
change.
Bullion value
of a United
States silver
dollar, at av-
erage price
of silver, ex-
change at par.
Com-
mercial
ratio of
silver
to gold.
1873 ’74
Pence.
59ji
Pence .
57-5
Pence.
58. 312
$1.27826
$1. 28247
$0. 98S65
16. 17
1874-’75
58J
554
56. 875
1. 25127
1. 25022
. 96777
16. 52
1875-’76
574
50
52. 750
1.15184
1. 15954
. 89087
17.94
1876-’77
584
50*
54 812
1.20154
1.20191
.92931
17. 20
1877 ’78
55 1
524
52. 562
1. 15222
1. 15257
. S9116
17. 94
1878 ’79
R9 1 .3
48|
50. 812
1. 11386
1.11616
. 86152
18. 55
1879 ’80
53J
514
52. 218
1. 14436
1. 14397
. 88509
18. 06
1880 ’81
525
52 A
51
51. 937
1. 13852
1. 13508
. 88057
18. 15
1881 ’82
505
51. 812
1. 13623
1. 13817
. 87880-
18. 19
1882 ’83
52,4,
50
51.023
1. 11826
1.11912
. 86490
18.48
1883 ’84
51 a
50 ft
50. 791
1. 11339
1. 11529
. 86115
18. 56
1884 ’85
50f|
48*
49. 843
1. 09262
1. 09226
. 84507
18. 92
1885-’86
49ft
42
47. 038
1.03112
1.03295
. 79750
20. 04
1886 ’87
47*
42
44. 843
. 98301
. 9814S
. 76029
21. 02
1887 ’88
45ft
41|
43. 675
. 95741
. 95617
. 74008
21. 59
1888 ’89
44.1
4141
42. 499
. 93163
. 93510
. 72055
22. 18
188!) ’90
49
42
44. 196
. 96883
. 96839
. 74932
21.33
1890 ’9]
544
435
47. 714
1.04195
1. 04780
. 80588
19. 83
1891 '92
4G§
39
42. 787
. 93648
. 93723
. 72430
22. 07
1892 ’93
40ft
304
38. 375
.84123
. 84263
. 65063
24. 57
July, 1893
34J
32*
33. 060
. 72471
.71981
. 56052
28. 52
August, 1893
34£
m
33. 944
. 74409
. 74337
. 57550
27. 77
September. 1893 ..
344
335
314
34. 120
. 74799
. 74709
. 57852
27.63
October. 1893
344
33. 608
. 73672
. 73339
. 56980
28. 06
^November. 1893...
32*
31 4
32. 240
. 70673
. 70390
. 54661
29. 25
December, 1893 . . .
32ft
314
82. 015
. 70180
. 70177
. 54279
29.45
Ill
BULLION value of the SILVER DOLLAR at the average price of silver, 1S73-1S9S.
Calendar year.
Value.
Calendar year.
Value.
1870
$1. 004
•988
•964
•894
•929
•891
•868
•880
•881
•878
•858
1884
$0 -861
•823
■769
•758
•727
■724
•809
•704
•674
•003
1874
1885
1875
1886
187ii
1887
1877
1888
1878 .
1889
1879.
1890
1880
1891
1881
1892
1882
1893
1883
BULLION value of the SILVER in a SILVER DOLLAR, at the average monthly price
of silver, for the calendar year 1S93.
Months.
Value.
Months.
Value.
$0 -64988
July -
$0 '56052
•65030
August
March
•64610
September
•57852
•64474
October
•5G9S0
May
•64544
November
•63204
December ....
•54279
Bureau of the Mint, October 16, 1803.
AMOUNT, COST, AVERAGE PRICE, and BULLION VALUE of the SILVER
DOLLAR of silver purchased under act of July 14, 1S90.
Acts.
Fine ounces.
Cost.
Average
price per
line
ounce.
Bullion
value of a
silver
dollar.
let 1878
291 272,018.56
168, 674, 682. 53
$308, 279, 260. 71
155, 931, 602. 25
$1.0583
.9244
$0. 8185
.7150
let 1890
459, 916, 701. 09
404, 210, 262. 96
1. 0093
.7806
The balance of silver purchased under the act of July 14, 1890, on hand at each
nint is exhibited in the following table:
Mints.
’hiladelphia .
>an Francisco
lew Orleans . .
I larson
Total ...
Fine ounces.
Cost.
118, 992, 627. 04
$107. 703,176.22
11,986, 924. 81
10, 751, 277. 59
8, 984, 898. 95
7, 715,082.89
735, 401. 87
588, 743. 30
140, 699, 852. 67
126, 758, 280. 00
At the date of the passage of the silver law of July 14, 1890, the price of silver in
mndon was 49$ pence, equivalent to $1.07$ per line ounce.
The highest point reached since the passage of the act was in New York, August
1 9, 1890— $1.21 per line ounce, and in London, September 3, 1890 — 54$ pence, equiva*
: ent to $1.18$ per fine ounce.
112
COURSE OF SILVER.
The opening quotations for silver July 1, 1892, both in the London and New York
markets, were the highest during the fiscal year.
The London quotation for silver (0.925 fine) was 40-|9ff pence, equal to $0.8809 per
ounce fine. The New York price at the same date was $0.88f per ounce fine.
From July 1, 1892, to June 26, 1893, the decline in the price was $0.05f, against a
decline of about $0.24 per ounce during the previous fiscal year.
The lowest price reached between July 1, 1892, and June 26, 1893, was 37^ pence,
equal to $0,823 per ounce fine.
From the 23d to the 30th of June, 1893, the decline was rapid. On the 24th of
June, 1893, rumors became current in London andNew York that India contemplated
closing her mints to silver. At this date the quotation in London was 37^ pence
and in New York $0.82.
On the 26th of June it was definitely announced that the legislative council of
India had passed a bill closing her mints to the deposit of silver by individuals for
coinage.
The q notation on that day in London was 36 pence, equal to $0,784 per ounce fine
and in New York $0,780.
A rapid decline took place daily, until, on the 30th of June, the price in London
reached 30^ pence, equal to $0,664 per ounce fine', and in New York the price was
quoted at from 67 to 65 cents. *
The average price of silver during the fiscal year in London was 38f pence, equal
to $0,841 per ounce fine.
At the highest price of silver the bullion value of the silver dollar was $0,653, at
the lowest price, $0,515, and at the average price, $0,650.
On July 1, 1893, the price advanced very suddenly to 334 pence, reaching on July
5, 34| pence, from which point it declined, closing, on July 31, at 32| pence.
Notwithstanding the fact that India had closed her mints to silver, there was a
large demand for shipment to that country, as well as to China, in August.
The price advanced from 32-J pence to 34| pence, closing at 34^ pence.
In September the demand for shipment to India and China continued, and the
price, with slight fluctuations, ranged from 34 to 344 pence, closing at 344 pence.
In October, the demand for both India and China having fallen off, and the repeal
of the Act of July 14, 1890, by Congress, being anticipated, the rate declined from 344
to 314 pence, on the 31st.
In November, the price ranged from 314 to 32f pence, and at the present date,
November .29, is 32 pence.
The average London price for the four months ending October 31, 1893, was 33H
pence, equal to $0.7383. The average New York price for the same time was $0.7350.
The exports of silver from London to India, China, and the Straits, during the
first nine months of the present calendar year, from January 1, 1893, to Octobers,
1893, were £7,820,455, against £8,325,098 in t he corresponding period of 1892, show-
ing a decrease of £504,643.
The exports of silver from London to India, China, and the Straits, since 1881,
have been as follows :
Exports of silver to the East.
Year.
India.
China,
Straits.
Total.
1881
$12, 375. (512
' 1 8, 604, 945
$3, 898, 860
1,584, 318
4, 212, 574
5, 018, 714
3, 1G0, 315
1,769, 425
1, 427, 179
1,153,002
2, 731 86]
$3, 577, 729
7, 354, 255
11. 189, 631
8, 136. 097
$19, S52. 201
27, 543, 518
1882
IS. 010. 140
33, 442. 345
39, 22S. 720
37.182,128
1884
26. 1)7:i. 909
1885
30, 913, 667
3,108, 146
2, 892, 064
2, 706. 946
3, 219, 321
8, 181. 141
4,441, 197
10, 754, 800
18, 622, 825
5, 847, 051
1886
21. 159,’ 591
25, 821 . 080
1887
19, 798, 328
23, 992. 453
888
21, 162, 116
25 1 534, 439
3889
2S! 392. 786
39, 305. 788
3890
35, 673. 177
1, 284, 498
41.398.872
1891
21.717,992
1, 177, 620
33,650,412
1892
35, 1 80 ’ 897
27, 201, 068
719,668
5, 010, 125
54 523.390
38, 058, 244
Total
316, 294, 228
33, 148, 159
90, 091,203
439, 533, 590
* A further decline took place in February, 1894, to 29J pence.
113
The not imports of silver into British India and the amount of council bills sold
luring the last nineteen Eug'lish official years (ended March 31 of each year) have
ieen as follows:
Years.
Net imports
of silver.
Amount of
council bills
sold.
Years.
Net imports
of silver.
Amount of
council bills
sold.
374 ’75
$22, 580, 560
' 7,543,075
35 038, 800
$52, 700, 715
60, 294, 052
01,784, 100
49, 319, 325
1886 ’87
$34,844, 140
45, 307, 115
$54, 290, 577
73, 220, 790
69, 218,337
76, 890, 700
77, 713, 304
79,818,085
78, 300, 349
1887 ’88
1888 ’89
45! 000, 525
7b 440 1 220
1889-90
43, 798! 500
51,926, 717
*78-79 .
Uf 320, 005
37, 880 1 092
1890-91
<79 ’80
38, 299, 355
74, 271, 598
1891-92
42, 738, 080
<80 '81
18, 930, 685
26,181,770
36, 401, 420
31, 194, 265
35, 282, 125
50, 500, 005
74 j 103' 888
1892 ’93
4l! 713! 479
*81 ’83
89! 004, 086
73, 584,015
85, 049, 451
60, 940, 731
51,212,037
<82-83
’S3 ’84
Total
704,040,907
1, 316, 989, 438
35-SO
Annual ai'erage
37, 054, 784
69, 315, 233
BIEF REVIEW OF THE COURSE OF SILVER FROM 1818 TO 1893, INCLUSIVE, AND
OF THE CAUSES OF ITS DEPRECIATION SINCE 1872.
During the calendar year 1818 the average price of silver in the London market
as 59f<2. per ounce for silver *625 tine (British standard), equivalent in United
nates money to $1.3098 per ounce 1,000 fine.
The price from this time gradually advanced until 1859, when it reached an
.rerage for the year of 62
The advance in the price between 1850 and 1859 was due to the very large increase
the production of gold in California and Australia, which added to the world’s sup-
ly of that metal without any material increase in the supply of silver. The advance
i the price was also greatly stimulated by the large loans made in silver to India for
lblic improvements and for expenses incidental to the suppression of the Sepoy
utiny of 1857.
Between 1860 and 1866 a decline took place, the yearly average price ranging
om 61]^d. to 61tfd. The latter figure was maintained until after the close of the
vil war in the United States, by reason of the limited supply of, and the increased
mand for, silver. Cotton was at this tine cultivated very extensively in India,
scause of the small quantity of it obtainable from the United States, and large
nounts of silver were required for shipment to that country to pay for it.
The variation in the average yearly price, from 1867 to 1872, was only The
erage price of silver in 1873 was 59^d., equal to $1.29883. Since that time the
surly average decline has been steady, with only four exceptions. The average
ice for the month of October, 1893, ivas 33-608d., equal to $0.73672, a decline in a
riod of a little over twenty years, of $0.56211 per ounce.
The causes of this great decline, stated briefly, are as folloAvs:
First. Germany, in 1871 and 1873, enacted laws demonetizing sibver, making gold
e sole standard of Aralue, and calling in all sibver coins previously issued and cir-
lated in the several States of the German Empire.
To procure the gold necessary for the purposes of coinage, Germany sold, betAveen
73 and 1879, large amounts of silver from her store of melted silver coins, includ-
g the amount received from France in payment of the indemnity imposed upon
r at the close of the Fran co-Prussian war.
The effect of this legislation was to create a demand for gold in Germany and to
crease the supply of silver bullion, or melted coins, in other countries, and to
use a depreciation in the price of the white metal.
Second. In 1872, Norway, Sweden, and Denmark entered into a monetary treaty
monetizing silver, Avhich Avas formally ratified by Sweden and Denmark in 1873
d by Norway in 1875. By this treaty they adopted the single gold standard and
ule silver a subsidiary metal, to be coined on Government account only, for change
rposes.
■ Third. Holland, which had been on a silver basis since 1847, practically followed
« e example of Germany in 1875, for, although in that year it nominally adopted the
uble standard at the ratio of 1 to 15ft, it, as a matter of fact, prohibited the coin-
e of silver, thus becoming, like Germany, gold monometallic.
' Fourth. The price having fallen to a point at Avhich it becomes profitable for
okers to purchase silver in Germany and ship it to the States comprising the
I Ain Union for conversion into 5-franc pieces, the parties to that monetary
jaty decided, in 1874, to limit the amount of 5-franc pieces to be coined by each.
S. Rep. 235 8
114
This, however, did not have the effect to steady the price, and in 1878 the mints of
the Latin Union were closed to the coinage of full legal-tender silver coins, and
have remained so ever since.
Fifth. In September, 1876, Russia suspended the coinage of silver except as to
such an amount as might be required for trade purposes with China.
Notwithstanding the fact that the silver standard legally prevailed in Austria-
Hungary until 1892, the free coinage of silver has been suspended in that country
since 1879. In 1892 it formally adopted the single gold standard.
By the act of 1873 the coinage of full legal-tender silver was tacitly prohibited
in the United States and gold made the sole standard of value, but as we were then
on a paper basis, the price of silver can not bo said to have been appreciably affected
by that act, especially as it provided for the receipt of silver from individuals for
coinage into trade dollars, and the further fact that large purchases of silver were
made for the subsidary silver coinage under the acts of 1873 and 1875, to replace the
fractional paper currency which had been used for change purposes since 1862.
The act of February 28, 1878, authorized the coinage of silver dollars of the weight
of 412| grains, as provided for by the act of January 18, 1837, and which were a full
legal tender. Under the act of 1837 the coinage was free to individuals, but the act
of 1878 provided for the coinage of full legal-tender silver dollars on Government
account only. It also provided for the purchase for this coinage of not less than
$2,000,000, nor more than $-1,000,000 worth of bullion each month, at the market
price. But notwithstanding the magnitude of the purchase of silver required to be
made under the act of 1878 the decline in price continued.
Further legislation by the United States, still more favorable to silver, was enacted
by the act of July 14, 1890, which provided for the purchase of 54,000,000 ounces
annually, the estimated production of our domestic mines. The effect of this act was
to cause a temporary advance in the price of silver, but the high price could not bo
maintained owing to the largely increased output by the silver-producing countries
of the world, and the price commenced to decline in September, 1890, and continued
to do so.
Sixth. On the 26th of June, 1893, the Legislative Council of India passed a bill
closing her mints to silver coinage for individuals, and her action has been followed
in the United States by the repeal of the purchasing clause of the act of July 14,
1890.
The present price of silver in the London market is .32 \d. for silver ’925 line, equiv-
alent in United States money to $0.70 fw for silver 1,000 line.
Seventh. The great increase in the production of the metal. In 1873 the world’s
production of silver was estimated to be $81,800,000, and in 1892 at $196,605,000 — an
increase in the annual supply, in twenty years, of over 140 per cent.
Considering the enormously increased production of silver and the decreasing
demand for it for coinage purposes, it would be a matter of surprise if the price had
not very greatly declined.
The increase of the production has had more to do with the depreciation of silver
than has its demonetization by some countries and the suspension of its coinage by
others.
As Prof. Lexis says:
Undoubtedly the suspension of the coinage of silver in several of the most impor-
tant civilized States, together with the German and Scandinavian sales, contributed
materially to the depression of the price of that metal. It would not, however, have
lost much of its former value if its annual production had continued at the same iig-
ure as at the beginning of the fifth decade of this century. It still found in India
and China so great an outlet as a money metal that an overloading of the European
market with it could not, on the supposition just made, have taken place.
During no former period had so much silver been employed, even approximately,
every year, in coinage or used in some other way (especially as a deposit against
paper money) for monetary purposes, as there has been in the present. Leaving
Mexico and the South American States entirely out of consideration, there were
coined in Europe, the United States, and India, in the years 1851 to I860, an annual
average (at the old ratio) of $38,794,000. During the decade 1861-1870, when the
production of silver in the west of the United States began to be developed, and
when the cotton famine enormously increased the payments due to India on account
of international trade, this annual average coinage amounted to $80,020,000. But
even this figure, which up to that period had never beenroached, is exceeded by the
average amount of coinage (Mexico and South America not included) in the years
1887 to 1891, when the price of silver had fallen as low as 43i rf. in London. The
average coinage of those years amounted to no less than $113,000,000 (at the old
ratio of value), and this sum does not include the storage of silver bullion by the
United States. j
The known aggregate coinage of silver during the sixteen years, 1876-1891 — that
is, during the period of the greatest depreciation of the metal — amounted to $2,110,-
115
500,000. From this we must deduct $71,000,000, which were recoined from old coins
into German and Scandinavian divisional coins, but this amount is offset by t ho
monetary silver bullion stock in the United States created under the law ol July
14, 1890.
Moreover, this sum embraces about $950,000,000 of Mexican piasters, one-haif of
which may have served as coinage material. The remainder Went to China, or may be
considered the equivalent of the bar silver exported to China, and which serves mone-
tary purposes. The net silver coinages, therefore, of this metal would have to bo
put at at least $1,560,000,000. On the other hand, the production of silver duringthe
same period, according to Soetbeer, amounted to $2,109,394,000. Thus the net coin-
age was fully 74 per cent of the production, while the gross amount of coinage shows
that a quantity of silver as large or even larger than that of the silver newly pro-
duced passed through the mints.
The coinage of silver, it is true, has been suspended in France. It can no longer
be turned, for the convenience of holders, into 5-franc pieces, but in lieu thereof it
has found a place in the currency of the United States to the amount annually of
$70,000,000— a sum six times as great as the average annual coinage of Franco during
the time of silver’s supremacy.*
The heavy sales of silver by Germany ceased fourteen years ago. The past coin-
ages of the states that stamped 5-franc silver pieces have been more than counterbal-
anced by the coinages and storage of silver by the United States. And still another
cause of the depreciation which the English silver commission of 1876 called atten-
tion to, viz, the decrease of tin1, silver exports to India, has not been operative of
late years. These facts make it evident that the great cause of depreciation of sil-
ver of late years has been its increased production.
DISTRIBUTION' OF SILVER DOLLARS.
The number of silver dollars distributed from the mints during the fiscal year
ended June 30, 1893, was 6,811,629, against a distribution of 9,407,920 for the preced-
ing fiscal year, showing a decrease in the distribution of these pieces of 2,596,291.
The following table exhibits the number of silver dollars on hand, the coinage,
and the distribution from each mint at the dates named:
Dates.
Philadelphia.
Srd Fran-
cisco.
Now Orleans.
Carson.
Total.
50, 083, 000
1, 356, 715
36, 301, 366
700, 000
9, 701, 300
1, 920, 000
4,126, 636
1, 367, 000
100, 212, 302
5, 343, 715
Total
51, 439,715
50, 447, 000
37, 001,366
35,813, 683
11,621, 300
7, 085, 250
5, 493, 636
5, 398, 455
105, 556, 017
98, 744, 388
Distributed from mints
992,715 1,187,683
4, 536, 050
95, 181
6,811,029
CIRCULATION OF SILVER DOLLARS.
The following table exhibits the total number of silver dollars coined, the number
held by the Treasury for the redemption of certificates, the number held in excess
of outstanding certificates, and the number in circulation on November 1 of each of
last eight years:
COINAGE, OWNERSHIP, of CIRCULATION and SILVER DOLLARS .
Date.
Total coinage.
In the Treasury.
In circulation.
Held for pay-
ment of certifi-
cates out-
standing.
Held in excess
of certificates
outstanding.
Nov. 1,1886
244, 433, 386
277,110,157
309, 750, 890
343, 638, 001
380, 988, 476
409, 475, 368
416, 412, 835
419, 332, 550
100, 306, 800
160, 713, 957
229, 783, 152
277, 319, 944
308, 206, 177
321,142, 642
324, 552, 532
325, 717, 232
82,024,431
53, 461, 575
20, 196, 288
6, 210, 577
7, 072, 725
20, 197, 265
* 30, 187, 848
34, 889, 500
61,502,155
62, 934, 625
59, 771, 450
60, 098, 480
65, 709, 564
62, 135, 461
61,672.455
58, 725, 818
' 1887
1888
1889
1890
1891
1892
1893
* Prof. Lexis’s estimate of the net coinage of silver during the years 1876-1891 is
probably too large. He does not make sufficient allowance for recoinages during
that period. This, however, does not materially impair the validity of his argument.
116
SUBSIDIARY SILVER COINAGE.
During the fiscal year ended June 30, 1893, the coinage of subsidiary silver aggre-
gated 28,947,461 pieces, of the nominal value of $7,217,220.90, consisting of $3,266,-
630 in half dollars, $2,848,618 in quarter dollars, and $1,101,972.90 in dimes. Of this
coinage $607.75 were manufactured from purchased bullion and $7,216,613.15 from
worn and uncurrent silver coin transferred from the Treasury for recoinage.
Worn and uncurrent silver coin of the nominal value of $7,618,198.25 was trans-
ferred from the Treasury to the mints for recoinage. These coins, upon melting, j
were foupcl to contain 5,940,544-90 ounces of standard silver, the coining thereof in
subsidiary silver coins being $7,381,289.58, showing a loss of $236,908.67, which sum
was reimbursed the Treasury from the appropriation for loss on recoinage of worn
and uncurrent silver coin.
The amount and cost of silver on hand July 1, 1892, available for the subsidiary '
silver coinage, the amount obtained, and the amount used during the year, and the
balance on hand at the close thereof, are shown in the following table :
SILVER for SUBSIDIARY COINAGE, 1893.
Stock.
Mint at Philadelphia.
Mint at San Francisco.
Fine ounces.
Cost.
Fine ounces.
Cost.
Silver bullion on band July 1, 1892
IT ti current coins transferred from Treasury..
Melted assay coins purchased
134. 852 -48
3, 675, 905 -30
310 -24
$186, 236.94
5, 081, 694.01
428. 87
69, 241 -45
707, 225 -85
$95, 720. 00
977, 675. 25
Total stock
Used in coinage, fiscal year 1893
Balance on band June 30, 1893
3,811,008 -02
3. 809, 774 -52
5, 268, 269. 82
5, 266, 600. 95
776, 467 -30
422, 490 -73
1, 073, 395. 25
584,054.90
1, 293 -50
1, COS. 87
353, 976 -57
489, 340. 35
Stock.
Mint at New Orleans.
Total.
Fine onnees.
Cost.
Fine ounces.
Cost.
Silver bullion on hand July 1. 1892
Uncurrent coins transferred from Treasury..
32, 645 -02
956, 309 -22
$45, 12S. 77
1, 322, 010. 32
236, 738 -95
5, 339, 440 -37
310 -24
$327, 085. 71
7,381, 289.58
428. 87
Total stock
Used in coinage, fiscal year 1893
Balance on band June 30, 1893
988, 954 -24
9S8, 491 -93
1, 367, 139. 09
1,366, 500.00
5, 576, 480 *56
5,220, 757 T8
7,708, 804.10
7, 2l7, 155.85
462 '31
639. 09
355, 732 -38
491, 648. 31
The amount, cost, and nominal value of the subsidiary silver coinage executed
during the fiscal year, and the sources from which the bullion was obtained, are,
exhibited in the following table:
NOMINAL VALUE of MATERIALS used in the SUBSIDIARY SILVER COIN-
AGE, 1S93.
Sources from which bullion was obtained.
Fino ounces.
Cost.
Coinage.
Mint at Philadelphia:
3, 675, 905 '30
310 -24
707, 225 -85
956, 309 -22
$5, 081, 604. 01
428. 87
977, 675. 25
1,322,010. 32
$5, 266, 058. 25
607. 75
584, 054. 90
1, 300, 50(1. 00
Mint at San Francisco :
Mint at New Orleans:
5, 339, 750 "61
7, 381,718.45
7, 217, 220. 90
SUMMARY.
5, 339, 440 37
310-24
7,381,289.58
428. 87
7, 216, 613. 15
607. 75
5,339, ,50-01
7,381,718. 45
7, 217. 220. 90
117
SEIGNIORAGE ON SILVER COINAGE.
Tho balance of profits on the coinage of silver on hand at the mints at the com-
mencement of the fiscal year, July 1, 1892, was $70,964.25. The seigniorage on the
coinage of silver dollars during the year amounted to $1,559,297.36, and on subsidiary
coinage $65.05, a total of $1,559,362.41. From tho seigniorage there were paid during
the year for expenses of distributing silver coin $24,382.12, and for reimbursements
of silver wasted by tho operative officers and for bullion sold in sweeps, $8,075.05,
leaving the net profits on the coinage of silver for the year, $1,526,905.24. Of this
sum $1,396,109.87 was deposited in the Treasury during the year. The balance of
profits on the coinage of silver on hand at the mints June 30, 1893, was $201,759.62.
Including the balance on hand at the mints July 1, 1878, the net profits on account
of the coinage of silver from that date to November 1, 1893, paid into the Treasury
of the United States aggregates $74,262,970.99.
The total seigniorage on the coinage of silver under tbe act of July 14, 1890, from
August 13, 1890, to November 1, 1893, was $6,977,098.39. Of this amount $78,417.12
was paid for expenses of distributing silver coins, and $60,849.92 to reimburse the
MOVEMENT OF GOLD FROM THE UNITED STATES.
In the following tables, which have been carefully prepared by the superintendent
■ of the United States assay office at New York, the exports of gold from that port to
i Europe during the fiscal year ended June 30, 1893, are presented in detail; also the
s exports during the lour months from July 1 to October 31, 1892, as well as the return
movement :
i Statement of United States GOLD COIN EXPORTED from NEW YORK to EUROPE
during the fiscal year ended June 30, 1S93.
Date.
Des-
tination.
Value.
Rate of exchange.
Date.
Des-
tination.
Value.
Rate of exchange.
1892.
I uly 1
France ...
$3, 200, 000
4. 8 8*
1893.
Feb. 3
France ...
$2, 500, 000
4.87$
Inly 0
Germany .
500, 000
4. 881-4. 88 $
Feb.
10
do
3, 250, 000
4. 88
Inly 8
France ...
800, 000
4.881
Feb.
15
Germany .
1, 000, 000
4. 88$
laly Li
Germany .
750, 000
4. 8S$-4. 881
Feb.
15
England . .
500, 000
4. 88$
I Inly 29
France ...
1, 200, 000
4. 88$-4. 881
Feb.
17
France ...
1, 000, 000
4. 884-4. 88$
uly 29
Germany .
2, 750, 000
4. 88$
Feb.
20
Germany .
3, 500, 000
4. 88$-4. 884
Vug. 5
France ...
1, 000, 000
4. 88$-4. 881
Feb.
24
Holland . .
500, 000
4.88$
\ ug. 1 0
England ..
1, 000
4. 88$
Mar.
6
Germany .
2, 300, 000
4.87$
Vug. 12
....do
1, 000, 000
4. 88$
Mar.
20
do
500, 000
4.87$
V ug. 15
Germany .
1,000, 000
4.88$
Mar.
27
....do
500. 000
4. 87$—4. 88
\ ug. 18
do
960, 000
4. 88
Apr.
3
do
1, 510, 000
4. 87$-4. 88
Vug. 24
do
1. 500. 000
4. 88
Apr.
8
do
500, 000
4. 88
iept. 2
France
1, 100, 000
4. 88$-4. 88$
Apr.
10
do
3, 500, 000
4. 88
'•ept. 3
Germany .
1, 500, 000
4. 88
Apr.
14
do
1, 250, 000
4.88$
1 iept. 12
do
600, 000
4. 88-4. 88$
Apr.
17
do
1, 750, 000
4. 88$
: >ept. 21
England . .
800
4. 86$
Apr.
17
France . . .
2, 000, 000
4.884
; srov. 25
France
600, 000
4. 87$-4. 88
Apr.
17
Germany .
1, 000, 000
4. 884
>ec. 2
....do
1, COO, 000
4. 88
A pr.
17
England . .
500, 000
4. 88$
{ )ec.. 12
Germany .
2, 750, 000
4.88
Apr.
20
Germany .
3, 430, 000
4. 89$-4. 89$-4. 90
)ec. 14
France
1, 000, 000
4.88$
A pr.
24
do
500. 000
4. 884
: lee. 14
Germany .
500, 000
4. SS$
Mav
1
do
500, 000
4.884
' >ec. 19
do
3, 900, 000
4. 87$ 4. 871
May
12
England . .
500, 000
4.89
)ec. 21
Franco
500, 000
4. 87J-4. m
May
13
Germany .
10, 500
4. 89
,)ec. 27
England . .
8. 900
4. 87$
May
16
England . .
1, 500, 000
4. 89$
If lec 30
France
500, 000
4. 87$-4. 87$
May
17
do
1, 000, 000
4. 89$-4. 89$
1893.
au. 6
do
2, 000, 000
4. 871-4. 87$
May
May
19
22
do
....do
2, 000, 000
1,000, 000
4. 89-4. 89$
4. 89-4. 89$
| an. 20
do
4, 300, 600
4. 87$
Mav
25
do
935, 000
4. 89$
. an. 23
Germany .
775, 000
4. 87$-4. 87$
May
26
do
2, 500, 000
4. 89$-4. 89$
! an. 27
France
2, 850, 000
4. 871-4. 87$
May
29
....do
1, 000, 000
4. 89$
an. 27
Holland. . .
500, 000
4.871-4. 87$
Mav
31
do
4, 000, 000
4. 89$-4. 894
1 an. 30
Germany .
1, 000, 000
4.87$-4. 87$
June
2
do
1, 500, 000
4. 89$-4. 89$
an. 31
do
500, 000
4. 87
June
5
....do
1, 000, 000
4.89$
RECAPITULATION OF GOLD EXPORTS.
Value.
'otal
$90, 081,800
1 16, 400
82, 122
’oreigu gold coins
fold bars
Total shipments to Europe
90, 280, 322
1
118
During the same period there were shipped to the West Indies and Central and
South America the following amounts, viz :
Value.
United States gold coin
$2, 972, 615
6, 487, 791
foreign gold coin
Total
9, 460, 406
Grand total
99, 740, 728
The imports of gold during' the same period were as follows :
Imports.
Value.
From Europe:
United States gold coin
$487, 508
5, 887, 094
1.800
Foreign gold bullion
Total
From Mexico, Central and South America, and the West Indies :
6, 366, 442
1, 426, 309
1, 034, 559
604, 647
Foreign gold bullion
Total
3, 065, 515
Grand total
9, 431, 957
Supplementary statement of IMPORTS of O-OLD COIN and BULLION at the port of
NEW YORK Jrom July 1, to October 31, 1893.
from —
United States
coin.
Foreign
coin.
Bnlliou.
Total.
$15, 590,002
1,428,989
9, 290, 825
3, 000
$5. 690. 468
2, 335, 107
1,600, 095
$6, 342, 152
782. 209
1, 995, 274
$27, 628, 622
4, 546, 305
12, 796, 195
3, 000
26,228, 810
1, 405, 794
9, 625, 671
4, 796, 677
9, 119, 635
459, 191
44, 974,122
0, 721, 662
West Indies and Central and South America
Grand total
27, 694, 610
14, 422, 348
9, 578, 826
51,695,784
Supplementary statement of EXPORTS of COLD COIN and BULLION from NEW
YORE during the FOUR MONTHS ended October 31, 1893.
To England, gold bullion
To Germany, foreign coin
To Italy, United States coin
Total to Europe
West Indies and Central America:
Foreign coin
United States coin
Total
Grand total
$4, 100
4, 750
400
9, 250
1, 330. 870
123, 732
1, 454 . 008 '
<•
1, 403, 858 f
SI I.Y Kit I’U HCIIASKS.
All the silver purchased during the fiscal year 1893 was bought under the provi-
sions of the act of duly 11, 1890, which provided for the purchase by the Secretary
of the Treasury “li oni time to time silver bullion to the aggregate amount of four
119
million fly© hundred thousand ounces, or so much thereof as may he offered in each
month at the market price thereof, not exceeding one dollar for three hundred and
seventy-one and twenty-live hundredths grains of pure silver.”
Under the provision of law above cited, offers for the sale of silver to the Govern-
ment, in lots of 10,000 ounces and over, were received and considered at 1 o’clock p.
m. on Monday, Wednesday, and Friday of each week, and were invariably made by
telegraph.
The superintendents of the coinage mints were authorized to purchase silver in
lots of 1 ess than 10,000 ounces at a price fixed from time to tiwie by the Director of
the Mint, and which agreed with the market price.
During the year the amount delivered upon purchases made by the Department
at the respective coinage mints aggregated 50,276,215-83 line ounces, costing $42,380-
545.37.
The amount delivered on purchases made by the superintendents of the several
coinage mints, in lots of less than 10,000 ounces, was 3, 547, 300 '64 line ounces, costing
$2,990,493.57.
Silver contained in gold deposits, bar charges, and fractions, amounting to 184,-
646T3 line ounces, costing $160,335.59, was also purchased.
The aggregate amount of silver purchased in the manner above stated during the
year was 54,008,162-60 fine ounces, costing $45,531,374.53.
The average cost per line ounce was $0,843, at which rate the bullion value of the
silver dollar is 65.3 cents.
From July 1 to November 1, 1893, the date of the repeal of the purchasing clause
of the act of July 14, 1890, the purchases amounted to 11,917,658-78 fine ounces, costing
$8,715,521.32.
The total amount of silver purchased under the act of July 14, 1890, from August
13, 1890, the date the act weutinto effect, to November 1, 1893, the date of the repeal
of the purchasing clause, aggregates 168,074,682-53 line ounces, costing $155,931,-
002.25, the coining value of the same in silver dollars being $218,084,438. Of this
amount there have been used in the coinage of 36,087,285 silver dollars 27,911,259-49
line ounces, cost $29,110,186.61.
The amount wasted by the operative officers of the mints, and sold in sweeps, was
63,570-37 line ounces, costing $62,535.61, leaving a balance on hand at the coinage
mints of 140,699,852-67 line ounces, costing $126,758,280, the coining value of the
same in silver dollars being $181,914,961.
B ULLION DELIVERED on SILVER PURCHASES under act of July 14, 1S0O,
fiscal year 1S93.
Mode of acquisition.
Fine ounces.
Cost.
Wm-hased by Treasury Department ( lots of over 10,000 ounces)
50, 278, 215 -83
3, 547, 300 -04
$42, 380, 545. 37
2, 090, 493. 57
100, 335. 59
' 184, 040 -13
Total
54, 008, 102 -00
45, 531. 374. 53
BULLION DELIVERED on, SILVER PURCHASES under act of July 14, 1S90,
for the months of July, August, Sept ember, October, and November, 1393.
Mode of acquisition.
Fine ounces.
Cost.
Purchased by Treasury Department (lots of over 10,000 ounces)
J ’mvhased *H mints ( lots of less than 10, U00 ounces)
] 1.074, 012 -65
770, 939 -94
$8,100,281.25
502, 152. 58
53, 087. 49
i a Things, lmr charges, and fractions)
72, 070-19
Total
11,917, 058 -78
8,715, 521.32
The amount of silver offered for sale to the Government during the year aggre-
gated 98,467,800 line ounces, and from July 1 to November 1, 1893, 19,578,000 line
ounces.
120
The offers and purchases of silver during the fiscal year, and from July 1 to
November 1, 1893, are shown by the following tables:
SIL1 ER OFFERED, PURCHASED, and COST of same during the fiscal year 1893,
under act of July 14, 1890.
Date.
Otters.
j Amount pur-
; chased.
Cost.
3892.
July 1
Fine ounces.
574.000
774. 000
017, 000
1,002,000
507, 000
750, 000
894. 000
493. 000
580. 000
830, 000
Fine ounces.
359, 600
550, 000
410, 000
671, 000
22(), 000
481. 000
612, 000
343, 000
380, 000
170. 000
312, 645 -09
$317, 297. 00
480, 786. 00
358, 985. 00
588, 348. 50
191.715.00
420, 079. 00
533.614.00
296,913. 00
329, 915. 00
147, 050. 00
272. 850. 66
July 6
July 8
July 11 . ..
July 13
J uly 15
July 18
July 20
July 22
J uly 25
Local purchases
Total for July
August 1
August 3
August 5
August 8
August 10
7,034,000 i 4.509,245-09
3, 937, 553. 16
831, 000
083. 000
994. 000
918, 000
050, 000
525. 000
635, 000
851. 000
-189, 000
851, 000
450, 000
280, 000
507. 000
581.000
500. 000
350. 000
285, 000
571, 000
200. 000
415, 000
297, 478 -23
385, 820. 00
240, 014. 00
484, 444. 80
490, 828. 80
421, 525. 00
290, 365. 00
238, 270. 00
477, 467. 00
165, 985. 00
347, 027. 00
249, 426. 92
August 12
August 17
August Hi
August 22
7, 427, 000
4,496,478 23
3, 791, 173. 52
September 2
1,073. 000
753, 000
634, 000
795, 000
67 1 . 000
862. 500
406. 000
780. 000
413.000
512. 500
875. 000
536, 000
315.000
603, 000
325, 000
100, 000
200, 000
527. 500
356. 000
480, 000
338. 000
337, 500
606. 000
165, 000
204, 019 -02
263, !>?. 50
462,197.40
271, 770. 00
83, 5i0. 00
167, 610. 00
441,414.00
297, 564. 10
402, 397. 50
282. 593. 40
282, 805. 00
5US, 025. 60
138, 104. 50
170, 443. 66
September 14
September 10
1
8, 311, 000 | 4, 507, 019 -02
3, 771, 962. 86
946, 000
724. 000
764, 500
778, 000
214.000
629, 000
841.000
564, OUO
1, 220, 000
1, 304, 000
650. 000
374, 000
173.000
703, 000
No purchases.
199, 000
702, 000
389. 000
313, 000
840. 000
222, 467 -54
S43, 035. 00
313, 901.00
146. 725. 00
596, 470. 50
170,941.00
609. 244. 50
335, 470. 50
270, 649. 50
720, 880, 00
190, 073. 23
October 17
Total for October
8, 044, 500
4, 465, 467 -54
3. 897, 390. 23
1,301,000
78 4, 000
1, 523. 000
575. 000
671. 000
927, 000
323. 000
655. 000
514.000
399, 000
797. 000
381, 000
875, 000
200, 000
381.000
400, 000
323, 000
305. 000
850. ooo
274. 000
228, 562 -39
652. 172. 00
328, 160. 20
747, 162. 50
169. 200. 00
323, 709. 50
330. 277. 50
273. 865. 50
258, 614. 50
206. 700. 00
234. 265. 00
194, 904. 44
7i672, 000
i r,i7 r.iio-ao 1 :t sas mo u
1 , 000, 000
711, 000
803, 000
500, 000
812. 000
390. 000
300, ooo
77 000
400, OOO
447. 000
333, 535. 00
254. 930. 00
645, 946. 50
336. 225. 00
274, 426. 50
December 12
121
STIVER OFFERED, PURCHASED, and COST of same, eic— Continued.
I)ato.
*
Offers.
Amount pur-
chased.
Cost.
1892.
Fine ounce*.
455, 000
724,000
Fine ounces.
320, 000
$267, 040. 00
231,894.80
277i 000
1, 195, 0. 0
960, 000
400,000
475, 000
396, 600. 00
381, 127.50
461,000
80, 000
66. 160. 00
576, 644 -52
488, 559. 98
7, 686, 000
4, 500, 644 -52
3, 770, 445. 28
1803.
1, 008, 000
500, 000
808, 000
250, 000
537, 000
722, 257. 50
208, 700. 00
669, 000
355, 000
447, 848. 00
265, 000
222, 222. 50
396, 645. 40
498, 000
473, 000
283, 000
37,000
31, 090. 50
585, 000
1, 244, 000
1,309, 000
602, 000
210, 000
177, 144. 50
549, 250. 00
651,216. 00
650, 000
773, 000
17, 000
433, 907 T8
• 14, 322. 50
362, 702. 89
Total for January
7, 053, 000
4, 513, 907 T8
3, 783, 399. 79
1, 328, 500
739, 000
512, 000
539, 000
378, 000
267, 000
429, 056. 00
451,093.00
628, 000
797, 000
316, 653. 00
224,460. 00
February 8
February 10
1, 065, 000
325, 000
1, 006, 000
918,500
580, 000
487, 190. 00
252, 100.00
300, 000
271, 000
228, 646. 50
549, 900. 00
244, 660. 00
293, 782. 50
650, 000
290, 000
1, 220, 000
707, 000
500, 000
February 24
350; 000
February 27
25, 000
20, 997. 50
345, 181 '86
289, 871. 49
Total for Ft bi nary
9, 240, 000
4, 507, 181 -86
3,788,410.49
1, 019, 000
725, 000
874, 000
531,000
602, 000
1,247,000
720, 000
665, 000
815, 000
614, 000
604, 700
719, 000
100. 000
603, 960. 00
83, 915. 00
339, 162. 50
245, 650. 50
405, 000
295, 000
60, 000
50; 178, 00
317, 865. 00
380, 000
March 15
300, 000
320, 000
425, 000
279, 000
274, 700
249; 830, 00
266, 884. 50
March 20
35i; 737. 50
230, 296. 20
227, 743. 30
March 22
March 24
677, 000
290, 000
287, 000
377, 259 -66
241, 031. 00
239, 721. 00
315, 129. 67
March 29
632j 000
9, 731, 700
4, 511,959 -66
3,763,104. 17
April 3
900, 000
1, 176, 700
486, 000
1. 008, 000
340, 000
350, 000
411, 000
130, 000
505, 000
426, 000
284, 217. 50
291, 350. 00
341, 610. 50
April 5
April 10
108, 445. 00
420, 410. 00
April 12
1, 27lj 000
861, 000
April 14
354. 299. 00
April 17
1, 175, 000
500; 000
417, 375. 00
April 19
’ 890. 000
425; 000
354, 875. 00
141 , 970. 00
437, 994. 00
464, 715. 50
140, 503. 87
April 21
550, 000
170, 000
April 24
1, 173; 000
667, 000
525, 000
557, 000
168, 185 -90
April 26
Local purchases
Total for April
10,157,700
4, 507, 185 -90
3, 757, 765. 37
May 1
453, 000
1, 014, 000
318, 000
629, 000
871,000
573, 000
370, 000
450, 000
169, 000
454, 000
560, 000
365, 000
97, 000
300, 000
360, 000
311, 587.50
379, 990. 00
141.484.00
382, 972. 00
470, 922. 50
306, 784. 50
81, 323. 00
248, 960. 00
300. 176. 00
May 3
May 5
May 8
May 10
VI ay 12
May 15 *
572, 000
475, 000
774, 000
VI ay 17
May 19
SILVER OFFERED, PURCHASED, and COST of same. etc. — Continued
Date.
1893.
M ay 22
May 24
M ay 26
May 29
I ..ooal purch asos
Total for May
June 2
June 5
J une 7
June 9
June 12
June 14
June 16
Juno 19
Juue 21
Local purchases
Total for J une
Offers.
Amount pur-
chased.
Cost.
Fine ounces.
Fine ounces.
828, 000
260, 000
$299, 959. 00
969, 000
181,000
150, 157.50
741, 500
416. 500
J-J5, 4 / G. 75
589, 000
100. 000
82. 880. UO
319, 226 -98
267, 542. 62
8, 800, 500
4, 501, 726 -98
3,770, 215.37
840, 000
620, 000
514, 710. 00
1, 292, 000
550, 000
456,925. 00
906, 000
360, 000
300, 917, 50
1,149, 800
597, 800
497, 160. 00
848, 000
668, 000
557, 082. 00
270, 000
150, 000
125, 700. 00
553, 000
553, 000
462, 308. 00
87G, 000
4S0. 000
402, 240. 00
509, 000
100, 000
82, 330. 00
246, 368 -38
208, 809. 73
7, 303, 800
4, 325, 168 -38
3, G08, 182.23
RECAPITULATION BY MONTHLY TOTALS.
1892.
July
7, 034, GOO
4, 509. 245 -09
$3,937,553. 1C
August
7. 427, 000
4, 496, 478 -23
3,791,173.52
September
8, 311,000
4, 507, 019 -02
3, 771,962.50
October
8. 044, 500
4, 565. 467 54
3, 897, 390. 23
November
7. 072, 000
4, 517, 562 -39
3,848.040. 14
December
.1893.
7. 686, 000
4, 500, 644 -52
3, 776, 445. 28
January
7. 053. 000
4. 513. 907 -IS
3, 783. 399. 79
February
9, 240, 000
4,507, 181 -86
3,788,410.49
9. 731, 700
4. ;.i i , 959 '00
3,703, 104. 17
3, 757, 765. J
3, 770, 215. 37
3. G08. 182. 23
April
10,157,700
8, 806, 500
7, 303, 800
4, 507,185 -90
4. 501, 726 -98
4, 325, 168 -38
J
Total
98, 467, 800
53, 963, 546 -75
45, 493, 642. 31
SILVER OFFERED, PURCHASED, and COST of same, during the months of July,
August, September, October, and November, 1893, act of July 14, 1S9U.
Date.
1893.
July 5
July 7
Jnlv 10
J ul'y 12
July 14
J uly 17
J uly 19
July 21
July 24
July 26
July 28
July 31
Local purchases
Total for J uly
August 2
August 4
August 7
August 9
August 11
August I t
August 16
A l.gilst 18
A ugust 21
August 23
Offers.
Amount
purchased
Cost.
Fine ounces.
Fine ounces.
520. 000
1, 178, 000
588, 000
$423, 360. 00
499, 000
66. 000
47. 190.00
375, 000
30, 000
21,450. 00
490. 000
100,000
72, 500. 00
738, 000
155, 000
113,822.50
479, 000
329. 000
235, 235. 00
670, 000
345. 000
241,500.00
326, 000
107, 500
74.820.00
175,000
25, 000
17,550. 00
300, 000
150.000
105,450.00
318, 000
216, 000
1 1 , 840. 00
124.342-74
90. 330. 7»
6. 068, 000
2. 235,842-74
1, 595. 056, 20
149,000
124,000
87.916.0j
312, 000
160,000
115.200.0(1
505, 000
410,000
297. 600. 00
392, 000
357, 000
268. 285. 50
652, 000
652, 000
489, 978. 00
305, 000
280, 000
205. 1 00. 00
300, 000
164, 000
119,064. 00
147, 000
40, 000
29. 300. 00
265, 000
165, 000
122, 512. >0
630, 000
410, 000
313, 040. 00
123
SILVER OFFERED, PURCHASED, and COST of same, etc— Continued.
Date.
Offers.
Amount
purchased.
Cost.
1S03.
Fine ounces.
395, OOO
Fine ounces.
191. 000
$140,862.50
405, 000
390, 000
287, 625. 00
200, 000
220, 000
108, 935. 0 )
360, 455 -37
202, 597. 89
4, 783, 000
3, 935, 455 "37
2, 908. 070. 39
1892. '
488, 000
•
303, 000
222, 705. 00
225, 000
225, 000
105. 375. 00
September 0
172, 000
145, 000
35, 000
40, 000
25, 725. 00
29, 800. 00
270, 000
435, 000
201.000
151,554.00
410, 000
305. 450. 00
100. 000
470, 000
280, 000
390, 000
40, 000
29. 700, 00
285, 000
212, 325. 00
210. 000
155, 400. 00
190, 000
145, 530. 00
407, 000
282. 000
210, COO. 00
507, 000
432. 000
321, 840. 00
111,308 -06
81,899. 19
3. 991, 000
2, 770, 308 -00
2, 057, 393. 19
420, 000
200. 000
193, 050. 00
289. 000
49, 000
36, 004. 00
285, 000
80, 000
58, 960. 00
315, 000
115. 000
84,040.00
231, 000
141. 000
103, 846. 50
280, 0110
30 000
21, 960. 00
232, 000
142, 000
104, 228.00
257, 000
232. 000
170. 404.00
73, 400. 00
150, 000
235, 000
100. 000
No purchases.
400. 000
585, 000
335, 800. 00
586, 000
510. 000
371, 520.00
480, 500. 00
737, 000
695, 000
200, 384 -08
152, 644. 27
4. 052, COO
3, 029, 384 -08
2. 193, 016. 77
81,000
No purchases.
38, 124 -68
27, 708. 02
Total for November
84, 000
38, 124 -08
27, 708. 02
ItECAITTULATION.
.Tuly
Angnst. —
September
October
November-
Total
6, 008, 000
2, 235. 842-74
$1, 595, 056. 20
4. 78J 000
3, 935, 455 -37
2, 90S. 076. 39
3, 991, 000
2, 770. 308 -60
2,057,393.19
4, 652, 000
3, 029, 384 -08
2,193.010.77
84. 000
38, 124-68
27. 768. 02
19, 578, 000
12, 009, 110 13
8,781,310. 57
From 1873 until tlic repeal of tlie purchasing clause of the act, of July 14, 1890, the
Government of the United States had been a large purchaser of silver bullion.
The amount purchased, the cost thereof, the average price paid, and the acts of
Congress under which the purchases were made are shown in the following state-
ment :
Act authorizing.
Fine ounces.
Cost.
Average
cost per
ounce.
February 12, 1873
5, 434, 282
31,603.906
$7,152,504
37,571, 148
$1 314
1. ISO
1 0f)8
February 28 1878
29l|272, 019
168, 674, 082
308, 279, 261
.Tniu i'son
155,93b 002
. 924
Tnt.nl
490, 981,889
508, 933, 975
1. 024
.m
124
The following tables exhibit the amount and cost of silver bullion purchased each
year under the acts of February 28, 1878, and duly 14, 1890, the average price paid,
and the bullion value of the standard silver dollar :
AMOUNT, COST, AVERAGE PRICE, and BULLION VALUE of the SILVER
DOLLAR of silver purchased under act of February 28, 1878.
Fiscal year.
Fine ounces.
Cost.
Average
price per
line
ounce.
Bullion
value ol' a
silver
dollar.
1878
10, S09, 350 '58
$13, 023, 268. 96
$1. 2048
$0.9318
19, 248, 086 -09
21. 593, 642. 99
1. 1218
. 8676
1880
22, 057, 862 -64
25, 225, 081. 53
1. 1440
. 8848
1881
19, 709, 227 -11
22, 327, 874. 75
1. 1328
. 8.761
1882
21, 190, 200-87
24,052 480.4"’
1. 1351
.8779
22, 889, 241 -24
25, 577, 327. 58
1. 1174
. 8642
1881
21. 922, 951 -52
24,378, 383.91
1. 1120
. 8600
1885
21,791,171 -61
23. 747. 460. 25
1. 0897
.8428
1886
22, 690, 652 '94
23, 448, 960. 01
1. 0334
.7992
1887
26, 490, 008 -04
25, 988, 620. 46
.9810
. 7587
1888
25, 386, 125 '32
24, 237, 553. 20
.9547
.7384
1889
20, 468, 861 -03
24,717. 853.81
.9338
. 7222
1890
27, 820, 900 -05
26, 899, 326. 33
.9668
. 7477
1891
2, 797, 379 '52
3. 049, 42G. 46
1. 0901
. 8431
Total
291, 272, 018 -56
308, 279, 260. 71
1. 0583
.8185
AMOUNT, COST, AVERAGE PRICE, and BULLION VALUE of the SILVER
DOLLAR of silver purchased under act of July 14, 1890.
Fiscal year.
Fine ounces.
Cost.
Average
price per
line
ounce.
Bullion
value ol' a
silver
dollar.
1891
48, 393, 113 -05
54,355, 748-10
r$50, 577, 498. 44
" 51. 106,607.96
$1. 0451
. 9402
$0. 8083
.7271
1892
1893
54, 008| 102 -60
11,917, 658 -78
45, 531, 374. 53
. 8430
. 6520
1894 ;
8, 715; 521. 32
.7313
. 5656
Total
168, 674, 682 ’53
155, 931, 002. 25
. 9244
.7150
STOCK OF MONEY IN THE UNITED STATES.
The following table exhibits the stock of coin in the United States January 1 and
July 1, 1893 :
Official table of STOCK of COIN in the UNITED STATES January 1, 1898.
Items.
Gold.
Silver.
Total.
Estimated stock of coin Jan. 1, 1892
$605, 089, 508
34, 787, 222
$-188, 239, 921
12, 641, 078
497, 707
$1,093,329,489
47, 428. 300
497. 707
639, 876, 790
501, 378, 706
l, 141,255,496
Loss :
Net exports of United Stat.escoin, calendar year 1892..
United States coin melted for recoinage, calendar year
]S92
67, 857, 066
558, 334
3, 500, 000
67, 857, 066
8, 833, 774
3, 700, 000
8, 275, 440
United States coin estimated to have been used in the
200, 000
71,915,400
8, 475, 440
80, 390, 840
567,901,390
492, 903, 266
1, 060, 864, 656
125
Official table of STOCK of COIN in the UNITED STATES July 1, 1893.
Items.
Gold.
Silver.
Total.
Estimated stock of coin July 1, 1802
Coinage, liscal year 1893
Net imports ol' United Slates coin, fiscal year ‘1893
Total
$589,179,550
30, 038, 140
$491,510,213
12, 500, 930
504, 081
$1, 080, 689, 766
42, 599, 070
501,081
019, 217, 090
504, 575, 830
1, 123, 793, 520
Loss :
Net exports of United States coin for liscal year 1893.
United States coin melted for recoinage, fiscal year
18133
95, 709, 188
792, 400
3, 500, 000
7, 028, 257
200, 0U0
95,709, 188
8, 420, 657
3, 700, 000
United States coin used in the arts, fiscal year 1893 . .
Total
100, 001,588
7, 828, 257
107, 889, 845
Estimated stock of coin July 1, 1S93
519, 150, 102
416, 747, 573
1, 015, 903, 075
As has been stilted iii previous reports of the Director of the Mint, in determining
the stock of gold coin in the United States the actual amount of gold coin in the
Treasury and in national banks on June 30, 1872, and $20,000,000 estimated at that
date as the minimum amount in circulation in the States of the Pacific coast — a total
of $135,000,000 — was taken as a basis.
Since that time the official estimates have been compiled by adding to the initial
stock the coinage of the mints (not including recoinage) and the gain (or loss) by
import or export as registered at the custom-houses. An average annual allowance,
however, of $3,500,000 has been estimated as the amount of our gold coins used in
the industrial arts.
The coinage of silver dollars since March 1, 1878, and the subsidiary silver coinage
since 1873, at which date the estimated amount was $5,000,000, together with the
annual gain or loss by coinage or import — after an annual deduction of $200,000 lor
use in the industrial arts — is taken as the estimated stock of silver coin in the
United States.
The above table gives the total estimated stock of gold and silver coin in the
United States on July 1, 1893, at $1,015,903,675 — gold $519,156,102 and silver
$496,747,573. Of the silver coins, $419,332,450 were in silver dollars and $77,415,123
in subsidiary pieces.
The value of the gold and silver bullion belonging to the Government and stored
in the mints and assay offices on January 1, 1893, and July 1, 1893, was $197,509,909,
valued as follows:
GOLD and SILVER BULLION in MINTS and ASSAY OFFICES January 1, 1893.
Metals.
Cost value.
Gold
$81, 826, 630
99, 824, 220
Total
181, 650, 850
BULLION in MINTS and ASSAY OFFICES July 1, 1S93.
Metals.
Value.
Gold
$78, 541, 583
118, 968, 326
Silver (cost) -
Total
197, 509, 909
The stock of silver bullion on deposit with the Mercantile Safe Deposit Company
in New York City, as reported on Jane 30, 1893, was 217,292 fine ounces, the com-
mercial value of which was $145,585.
In answer to an inquiry from this Bureau, the superintendent of the United States
assay office at New York reported the estimated stock of silver bullion outside of
126
tho Mercantile Safe Deposit Company and held by private parties to be 200,000
ounces. This is not considered in compiling the tables here given.
The stock of coin in the United States, the gold and silver bullion belonging to
the Government, together with the silver held by the Mercantile Safe Deposit Com-
pany, constituted the total metallic stock of the United States on January 1, 1892,
January l, 1893, and July 1, 1893.
METALLIC STOCK January 1 , 1S92 and 1S93.
Coin and bullion.
•
Amount
Jan. 1, 1892.
Amount
Jan. 1, 1893.
Gold
$688, 665, 211
547, 131,670
$649, 788, 020
593, 365, 365
Silver (bullion in mints and Mercantile Safe Deposit Company)
Total
1, 235, 796, S81
1, 243, 153, 385
METALLIC STOCK OF THE UNITED STATES July 1, 1S93.
Coin and bullion.
Value.
Gold
Silver (including bullion in mints and Mercantile Safe Deposit Company
$59T, G97, 685
615, 861, 484
Total
1, 213, 559, 169
The estimated metallic stock on July 1, 1892, was $661,275,335 gold and $570,313,544
silver, a total of $1,234,588,879. By comparing these amounts with those in the
above table, it will be seen that the estimated stock of gold in the United States
decreased $66,577,650, while the estimated stock of silver increased $45,547,940,
showing a net loss of $21,029,710 during the fiscal year ended June 30, 1893.
The following table gives the ownership of the stock of coin and gold and silver
bullion in the United States on July 1, 1893:
OWNERSHIP of GOLD and SIL VER in the UNITED STATES July 1, 1S93.
Gold coin and
bullion.
Silver coin
and bullion.
Total gold
and silver
coin and
bullion.
Ownership.
Silverdollars.
Subsidiary
silver coin.
Silver bullion.
Total silver.
United States
Treasury
*$96,519, 833
t $35, 578, 929
$11,945,257
$118,968, 326
$166, 492, 512
$203, 012, 345
National Banks
(duly 12, 1893)....
j 150, 634, 962
§30,006, 637
G, 119, 575
36, 126, 212
186, 761, 174
Private banks and
individuals
350. 542, 890
353, 746, 8S4
59,350, 291
145, 585
413,242,760
763, 785, 650
Total
597, 697, 685
419. 332, 450
77,415, 123
119,113,911
615, 861,484
1, 213, 559, 169
*Gold Copland bullion in Treasury exclusive of $92,642,189 gold certificates outstanding,
t Silver dollars in Treasury exclusive of $326,823,848 silver certificates outstanding.
1 Includes $54,835,100 'treasury and clearing-house gold certificates.
§ Includes $22,626, 180 silver certificates held by national banks.
The amount of standard silver dollars owned by the Treasury was $35,578,929
against $30,308,448 at the same date last year, showing an increase of $5,270,481.
while the amount owned by national and private banks and individuals exceeded
by only $73,234 the amount they owned the previous year.
127
The stock of metallic and paper money in the United States, and its location, i«
given in the following table:
LOCATION of the MONEYS of the UNITED STATES January 1, ISOS.
Moneys.
In Treasury.
Outside of
Treasury.
Total.
METALLIC.
$81,826, 620
99, 821, 220
156, 662, 452
255, 054, 049
10,571,481
$81,826,630
100, 462, 099
569, 633,412
417, S76, 985
77, 898, 748
$637, 879
412,970,960
62, 822, 936
67, 327, 267
Total
703,938,822 | 543,759,042
1, 247, 097, 874
PAPER.
15, 747, 476
2, 705. 967
24, 254, 750
3, 748, 493
0,013,059
490, O00
330, 933, 540
122, 039, 656
117, 093, 139
322, 035,011
168,361,365
7, 100, 000
346, 681, 016
124, 745, 623
141, 347, 889
325, 783, 504
174, 404, 424
7, 590, 000
Silver certificates
52. 989, 745
1, 067, 562, 711
1, 120, 552, 456
LOCATION of the MONEYS of the UNITED STATES July 1, 1S03.
Moucys.
In Treasury.
In national
banks J uly 12,
1893.
In other banks
and general
circulation.
Total.
METALLIC.
$78, 541, 583
118,968, 326
110, 620,439
362, 402, 777
11,945,257
$78, 541,583
119,113,911
519, 156. 102
419, 332, 450
77, 415, 123
$145, 585
308, 450, SOI
43, 549, 216
59, 350, 291
Gold coin
Silver dollars
Subsidiary silver coin
Total
PAPER.
Legal tender notes (old issue)
Legal-tender notes (act July 14, 1890) . . .
Gold certificates
Silver certificates
National-bank notes
Currency certificates
Total
* $100, 084, 802
7, 380, 457
6, 119, 575
682, 478, 382
113, 584, 894
417, 495, 893
1,213,559, 169
27, 621, 590
6, 334, 613
1, 399, 000
4, 133, 656
4, 043, 906
690, 000
95, 833, 677
50, 550, 100
22, 026, 180
122,816, 964
11,715,000
223, 225, 749
140,855, 614
42. 092, 089
304, 197, 668
151, 853, 002
346, 681, 016
147, 190. 227
94,041, 189
330, 957, 504
178, 713, 872
12, 405, 000
44, 222, 765
203, 541,921
802, 224, 122
1, 109, 9S8, 808
‘Includes $4,285,000 gold clearing-house certificates,
t Includes $2,681,910 of their own notes held by dilferontnational banks.
The amount of silver dollars outside the vaults of the Treasury — that is, in actual
circulation — at the end of the fiscal year was $56,929,673, against $56,817,462 for the
previous fiscal year, showing an increase in the actual circulation of only $112,211.
The total metallic and paper money in actual circulation, excluding the amounts
held by the Treasury and the silver bullion in the Mercantile Sale Deposit Com-
pany, was $1,596,701,245, against $1,601,347,187 at the end of the previous fiscal year
showing a decrease of $4,645,942 during the year.
128
The approximate stock of United States gold and silver coins on November 1, 1893,
is exhibited in the following table:
STOCK of GOLD and SILVER COIN in the UNITED STATES November 1, 189S.
Date.
Gold coin.
Silver coin.
Total gold and
silver coin.
Silver dol-
lars.
Subsidiary.
Total silver
coin.
Stock July »1, 1893
Gaia or loss since that date..
Stock November 1, 1893
$519,150,102
45, 582,476
$419, 332, 450
100
$77, 415, 123
— 438, 121
$496, 747, 573
—438, 021
$1, 015, 903, 675
45, 144, 455
504,738,578 j 419,332,550
70, 977, 002
496, 309, 552
1, 061, 048, 130
The value of the gold and silver bullion in the mints and assay offices was as
follows :
GOLD and SILVER BULLION in MINTS and ASS A A7 OFFICES November 1, 1S93.
Metals.
Cost value.
Gold
$96, 066, 855
127,711,096
Total
223, 778, 551
The Mercantile Safe Deposit Company held in their vaults 155,313 ounces of fine
silver bars, of the market value of $108,331, at the close of business October 31, 1893.
This amount, added to the gold and silver bullion in the mints and the stock of coin
in the United States, gives, approximately, the total metallic stock, as follows:
METALLIC STOCK November 1, 1S93.
Coin and bullion.
Amount.
Gold
$660, 805, 433
624, 129, 579
1, 284, 935, 012
The amount of metallic and paper money in the United States and the location of
the same as exhibited in the following table:
LOCATION of the MONEYS of the UNITED STATES November 1, 1S93.
Moneys.
In Treasury.
Outside
of Treasury.
Total.
METALLIC.
$96, 066, 855
127,711,696
66, 616, 899
360, 606, 732
12, 667, 195
$96, 066, 855
127, 820, 027
561, 738. 578
419, 332. 550
76, 977, 002
$108, 331
408, 121,679
58, 725, 818
64, 309, 807
Subsidiary silver coin
Total
063, 669, 377
621,265, 635
1, 284. 935, 012
PAPER.
Legal-tender notes (old issue)
Legal-tender notes (act of July 14,1800)
24, 788, 988
1,916,606
115, 860
7, 727, 272
11,566,766
100, 000
321,892,028
150,818, 582
72, 889, 309
325,717.232
197. 745. 227
22, 325. 000
346, 681, 016
152, 735, 188
79, 005.169
233. 444, 504
209, 311, 993
22, 425, 000
National-bank notes
Total
46,215,492
1. 097, 087, 378
1, 143, 602, 870
129
For the purpose of comparison (he following table is given, exhibiting the amount
of paper and metallic money in the United States and the location of the same
on November 1, 1892 :
LOCATION of the MONEYS of the UNITED STATES November 1, 1892.
Moneys.
In Treasury.
Outside of
Treasury.
Total.
METALLIC.
Gold bullion
$78, 654, 419
91,829,247
166, 135, 247
354, 74l), 380
11,499.579
$78, 654,419
93,717, 129
577, 387, 444
416,412, 835
77, 484, 987
$1,887,882
411, 252, 197
61, 672, 455
65, 985, 408
702, 858, 872
540, 797, 942
1, 243, 656, 814
PAPER.
Legal -tender notes (old issue)
14, 600, 782
2, 043, 810
23, 181, 990
2, 297, 772
7, 208. 009
560, 000
332, 080, 234
114, 567, 423
120. 255, 349
324, 552, 532
165, 224, 137
10, 550, 000
346, 681,016
116, 611.233
143, 437, 339
326, 850, 304
172, 432, 146
11,110, 000
Gold certificates
National-bank notes
Total
49, 892, 363
1,067, 229, 675
1, 117, 122, 038
The comparison shows, between November 1, 1892, and November 1, 1893, an
increase of $112,404,947 in the amount of money outside the Treasury; an increase
of the gold coin outside the Treasury of nearly $87,000,000; a decrease of the gold
coin and an increase of the gold bullion in the Treasury of $100,000,000 and $17,500,000,
respectively; a reduction in the total amount of gold coin iu the United States of
about $13,000,000 (although our gold coinage during the same period was $40,699,588) ;
the redemption of gold certificates to the amount of $65,000,000, $42,000,000 of which
were withdrawn from circulation; an increase of silver bullion in the Treasury of
$36,000,000, and a corresponding increase in the circulation of Treasui’y notes ; an
increase in the total amount of national-bank notes of $37,000,000 and of silver
certificates of $6,500,000.
MONETARY SYSTEMS AND APPROXIMATE STOCKS OF MONEY IN THE PRINCIPAL COUN-
TRIES OF THE WORLD.
The following table of the monetary systems and the approximate stock of gold,
silver, and uncovered paper money in the principal countries of the world has been
compiled from the latest information obtainable, and, while necessarily but an esti-
mate, is believed to show as nearly as can be ascertained the actual stock of money
in the world :
S. Rep. 235 9
MONETARY SYSTEMS and APPROXIMATE STOCKS of MONEY in the AGGREGATE and PER CAPITA in the PRINCIPAL COUN-
TRIES of the WORLD.
130
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o Estimate Burean of the Mint. d Haupt. o Kaffalovich. j Indian Currency Commit-
b Information furnished through the United States representatives, e London Economist, 'February and April, 1893. h Sir Charles Fremantle. tee report,
c Credit Lyonnais. / L'Economiste Europ6en. i A. de Foville. k F. C. Harrison.
MONETARY STATISTICS OF FOREIGN COUNTRIES,
The statistics of the coinage and production of the precious metals in foreign
countries, puolished annually in the reports of this Bureau, are obtained directly
from the Governments of such countries by our representatives abroad.
The points on which information is sought are embodied in a set of questions in a
circular sent through the Department of State to our diplomatic representatives and
the answers are received in the form of reports direct to this Bureau.
This year, as usual, we have supplemented the information received through our
ministers and consuls abroad, by data from printed documents, some official and
others not.
A brief statement of the more important facts contained in these papers and pub-
lications relative to the production, use, and movements of gold and silver is here
appended :
GrTtEADP BRITAIN AND COLONIES.
Items reported for 1892.
Gold coinage
Light gold coinage withdrawn from circulation’.
Silver coinage
AYorn silver coin withdrawn from circulation...
Total
Imports of gold coin and bullion
Exports of gold coin and bullion
Gain in gold by imports
Exports of silver coin and bullion
Imports of silver coin and bullion
Loss in silver by exports
Gold produced
Silver produced (commercial value)
Note circulation
Pounds
steiling.
Value in
United States
money.
13, 907, 840
17, 308, 125
778, 932
227, 210
$67. 682, 503
84, 521, 980
3, 790, 673
1, 105, 747
32, 282, 113
157, 100, 903
21, 588, 942
14, 832, 122
105, 062, 586
72, 180, 521
6, 756, 820
32, 882, 065
14, 078, 568
13, 778. 551
68,513, 351
67, 053, 319
300, 017
1, 460, 032
10, 511
44, 998
£54, 568, 133
51, 152
218, 983
265, 555, 819
The gold coinage consisted of £7,080,100 in sovereigns and £6,827,740 in half sov-
ereigns; total, £13,907,840 ($67,682,503).
The amount of light gold coin withdrawn during the year aggregated £17,568,125,
and the amount of worn silver coin withdrawn was £227,216.
Colonial coinages executed were as follows :
Pieces.
V alue in
United States
money.
Silver coinages:
$298, 000. 00
236, 850. 00
1, 100, 000. 00
4, 379. 85
For Ceylon rupees..
For Hongkong
500, 000
For West Indies (fourpences)
£900
131
132
The following coinages of silver were executed by the mint at Birmingham
(Messrs. Ralph Heaton & Sons, Limited) during the year :
Pieces.
Value.
For Colombia :
Half dollars
4, 756, 544
$2, 378, 272. 00
For Ecuador:
Sucres or dollars
60, 000. 00
60, 000. 00
For Costa Rica:
Twenty-five cents
440. 443
110, 110.75
139, 936
279, 731
13, 993. 60
13, 986. 55
No information is available as to the stock of gold bullion in the United King-
dom. As explained in reply to a similar inquiry received from the United States
Government last year, great variation exists between the estimates of gold coin in
circulation made by different authorities. During the year 1892, £16,200,000 in
light coin was withdrawn from circulation under the provisions of the coinage act
of the preceding year and £1,368,125 under the old law, while the new gold coin
issued from the royal mint in London was of the value of £13,907,840. As will be
seen from the reply to question 3 above, the net import of British gold coin in 1892
was £1,661,292.
No estimates of the stock of silver bullion in the United Kingdom are available.
A sum of about £590,000, on balance, has been added to the silver currency during
the year, so that, accepting the estimate given last year, the present circulation
amounts to about £23,000,000.
Bank notes outstanding at the close of the year 1892:
Issued
against coin
and bullion.
Uncovered.
Total.
£23, 052,150
£16,450, 000
1, 163, 878
900, 942
2, 676, 350
4, 904, 833
*£39, 502,150
1, 163, 878
900, 942
6, 714, 399
6, 286, 764
4, 038, 049
1, 381, 931
28, 472, 130
26, 096, 003
54, 568, 133
*Of this total issue £25,898,420 was in circulation and £13,603,730 in the banking department of the
Bank of England.
AUSTRALASIA.
The coinages executed by the mints at Melbourne and Sydney during the calendar
year 1892 were as follows :
Mints.
Value.
Value in
United States,
money.
Sovereigns.
3, 488, 750
2, 837, 000
$16, 978, 002
13, 806, 260
Total
6, 325, 750
30, 784, 262
A statement of the approximate production of gold and silver in Australasia, by
colonies, as courteously furnished by Mr. George Anderson, deputy master of the
mint at Melbourne, will be found in the appendix. The gross product of gold was
1,796,130 ounces and of silver 789,696 ounces.
133
BRITISH INDIA,
The coinages executed by the mints of India during the calendar year 1892, exclu-
sively of silver, including recoinages, was 112,408,338 rupees, the coining value of
same in United States money being $53,247,830.
The production of gold by the mines of India during the calendar year 1892 was
4,992.957 kilograms, of the value of $3,318,320.
An act of the Governor-General of India, in council, on the 26th of June, 1893,
amended the Indian coinage act of 1870 and the Indian paper-currency act of 1872.
Its object was to carry out the plan recommended by Lord Herscliell's Indian cur-
rency committee. It provides for the closing of the Indian mints to the free coinage
of silver from and after the date of its passage.
The full text of the act itself, of the sections of the Indian coinage act of 1870
which it repeals, and of the Indian currency act, will be found in the appendix.
Table showing the coinage of India at the mints of Calcutta and Bombay for the fiscal years
( ending March 31) 1888- $9 to 1892-93.
GOLD.
Tears.
Calcutta.
Bombay.
Total gold.
1 888-’ 89
Rupees.
226, 095
230, 505
Rupees.
Rupees.
226, 095
230, 505
1889-90
1890 ’91
1891 92
247, 860
*151
248, Oil
1892-’93
Total
704, 460
*181
704, 611
* Struck as samples and kept in stock.
SILVER.
Tears.
Calcutta.
Bombay.
Total silver.
1888-’89
Rupees.
10, 474, 551
10, 958, 612
38, 546, 268
14, 790, 202
29, 980, 183
Rupees.
62, 347, 990
74, 552, 975
93, 088, 473
40, 749, 536
96, 935, 081
Rupees.
72, 822, 541
85,511,587
131, 634, 741
55, 539, 738
126, 915, 264
1889 ’90
1890 ’91
1891 ’92
1892 ’93
Total
104, 749, 816
367, 674, 055
472, 423, 871
REPORT OF THE INDIAN CURRENCY COMMITTEE.
In a dispatch dated June 21, 1892, the viceroy of India submitted to the English
Government a plan of monetary reform involving the substitution of the gold for
the silver standard, and a committee was appointed, the chairman of which was
Lord Herschell, by whose name the committee is generally known, to examine the
plan.
The members of the committee were Lord Herschell, Mr. Leonard Courtney, Sir
Thomas Farrar, Sir Reginald E. Welby, Mr. Arthur Godley, Sir Richard Stracliey,
and Mr. Bertram Currie. The committee began its labors in the autumn of 1892,
suspended them during the session of the Brussels monetary conference, in Novem-
ber and December of that year, resuming them afterwards, and finally presented its
report to the English Government about the middle of June, 1893. The material
parts of the report, however, became known only at the end of June, when the leg-
islative council of India passed a bill closing the mints of India to silver.
In the dispatch above mentioned the viceroy expressed the intention, if the
Brussels conference was not successful and if no direct convention between India
and the United States were concluded, of closing the mints of India to the free coin-
age of silver and to aim at the introduction of the gold standard. The text of the
134
main points of the plan formulated by the viceroy, Lord Lansdowne, and Sir David
Barbour, his minister of finance, are as follows :
“(1) The first measure would ho the stoppage of the free coinage of silver. Gov-
ernment would retain the right of purchasing silver and coining it into rupees.
“(2) The next measure would be to open the mints to the free coinage of gold.
Any man bringing gold to the mints would he entitled to have it coined into gold
coins, which would be legal tender to any amount. It would be desirable to stop
the free coinage of silver some time before opening the mints to the free coinage of
gold. It would be a valuable guide to us in subsequent proceedings to know exactly
what effect the stoppage of the free coinage of silver had on the gold value of the
rupee.
“The new gold coins might be a 10-rupee piece and a 20-rupee piece.
“(7) The weight and fineness of the gold coins to he issued from the mint would
be such that the par of exchange between them and the sovereign would be the
exchange which it was desired to establish between India and England.
“ For example, if we wish the rupee to he worth Is. id., the 10-rupee coin would
contain as much gold as was worth (Is. id.) X 10 = 160 pence. The quantity of fine
gold in the 10-rupee piece would be J 'tilths, or two-tliirds of the quantity contained
in the sovereign.
“ (8) The question of the ratio at which we shouldexchange from the silver to the
gold standard would require careful consideration.
“ We ought not to think of going back to the old ratio of 1 to 15^. Neither ought
we to adopt the very lowest price to which silver may have fallen at any time, or to
consider ourselves bound to accept the market ratio the very moment when
the change was made. A ratio based on the average price of silver during a limited
period before the introduction of the gold standard would probably he both the
safest and the most equitable.”
In a subsequent report, the Indian government were inclined to put the rupee at
Is. 6 d. (13^ rupees per pound sterling).
The report of the committee thoroughly discussed these propositions, and in pass-
ing judgment on them looked for assistance to the study of similar systems put in
force in certain countries, especially in France and the Dutch Indies, as set forth in
the following extract:
“ It is impossible thus to review foreign systems of currency without feeling that,
however admirable maybe the precautions of our own currency system, othernations
have adopted different systems which appear to have worked without difficulty, and
have enabled them to maintain for their respective currencies a gold standard and a
substantial parity of exchange with the gold-using countries of the world, which
has, unfortunately, not been the case with India. This has been effected under all
the following conditions, viz :
“(a) With little or no gold coin, as in Scandinavia, Holland, and Canada.
“(b) Without a mint or gold coinage, as in Canada and the Dutch East Indies.
“(c) With a circulation consisting partly of gold, partly of overvalued and incon-
vertible silver, which is legal tender to an unlimited amount, as in France and other
countries of the Latin Union, in the United States, and also in Germany, though
there the proportion of overvalued silver is more limited, the mints in all these
countries being freely open to gold but not to silver, and in some of them the silver
coinage having ceased.
“(d) With a system under which the banks part with gold freely for export, as in
Holland, or refuse it for export, as in France.
“(e) With mints closed against private coinage of both silver and gold, and with
a currency of inconvertible paper, as has been temporarily the case in Austria.
“(f) With a circulation based on gold, hut consisting of token silver, which, how-
ever, is legal tender to an unlimited extent, as in the West Indies.
“The case of Holland and Java is very remarkable, since in that case the gold
standard has been maintained without difficulty in both countries, although there
is no mint in the Dutch East Indies, no stock of gold there, and a moderate stock of
gold intHolland ; whilst the currency consists of silver and paper legally and practi-
cally inconvertible into gold, except for purposes of export. The case of Canada,
which maintains a gold standard without a gold coinage, is also very remarkable.”
To one of the most serious objections that can be raised against the plan of reform,
the report of the committee replies as follows:
“ It has been objected that the natives of India are accustomed to silver; that the
transactions are small in amount, so that silver is better suited to their use than gold ;
and that they will not willingly give up the rupee. Tho answer to this is, that it is
not proposed to substitute the gold sovereign for the rupee as currency in ordinary
use; and that the case would, in this respect, resemble that of many of the countries
above referred to, where the standard is gold, but the ordinary currency is silver or
paper.
“ Moreover, gold has never been entirely out of use in India. It is true that in
135
India silver has forthe last thirty or forty years been more exclusively used than iu
many ol' the countries referred to. But, though gold coins have not been in use as
legal tender, and no fixed ratio has been established between gold and silver coins,
there is no part of India in which gold coins are not well known and procurable, and
recognized as a form of money, the value of the chief gold coins being regularly
entered in the ‘prices current.’ Until 1835 or thereabouts gold coins constituted a
recognized part of the Indian currency, and they were received by the Government
inpayment of its demands till December, 1852; and as late as 1854-’55 gold coin, to
the value of £412,000, was sent by the government from India to London. The value
of the gold imported into India in the eight years from 1802-’03 to 1869-’70 was no
less than £50,000,000.”
In justification of the amendments the Herscliell committee thought it advisable
to introduce, they submitted the following statement:
“It appears to be desirable that any such scheme should afford security against
any sudden and considerable rise of exchange. If the closing of the mints were
thought likely to lead to such a rise, the opposition to the measure would, no dVmbt,
be greatly augmented. In all probability the cessation of free coinage of silver
would be immediately followed by a fall in the price of that metal. If at the same
time exchange rose considerably, the divergence between the rupee and its intrinsic
value would become at once very marked. The difficulty of maintaining the rupee
at its higher exchange value might be increased, and the apprehensions of disaster
which are entertained, even if they be exaggerated or unreal, would be intensified.
“ Moreover, the rise in exchange would be calculated to lead to a fall iu the price
of Indian produce. And, if this were seen to follow, and believed to be caused by
the action of the government, public opinion might be disturbed and the situation
might become critical The view has been expressed that, even though the native
producers might not be likely to be actively hostile to a scheme which left prices
unaffected, they would be far from indifferent, and the state of things might become
dangerous if prices began to fall very sensibly.
“ What, then, would be the effect of the scheme suggested by the government of
India? Closing the mints, even if the government of India were to issue the pro-
posed notification that gold coins would be made legal tender at a rate of 13^ rupees
to the sovereign, might bring about a rise iu exchange to the level thus indicated,
viz., Is. 6d. per rupee. It is true that those who think that exchange would not, for
a considerable time, rise at all, and that even the existing ratio might not be main-
tained, may be right in their anticipatkms. But it must be admitted that on such a
point no one can predict with certainty. Exchange might rise suddenly and consid-
erably, unless the government Avere to interfere actively to prevent it, and the pub-
lic would not feel any certainty as to the course they would take.
“ The scheme might, however, be so modified that the exchange could not immedi-
ately rise much above its present level. It might be proAuded that the mints should
be closed to the public for the coinage of silver, but should be used by the govern-
ment for the coinage of rupees if required by the public in exchange for gold, at a
ratio to be fixed in the first instance not much above that now prevailing, say Is.
4d. the rupee. Any fear of a considerable rise would thus be allayed, and any evil
effects of such a rise would be prevented. Moreover, eAren if silver fell, the diArer-
genee between the nominal and the intrinsic value of the rupee would not be so
great as if exchange at the same time rose. There would be these additional advan-
tages: First, the currency would not cease to be automatic. Next, it would be a
less A'iolent step than closing the mints altogether. They would practically remain
open, subject to certain conditions. It would be the smallest departure from the
s talus quo which could accomplish the object the government of India have in Anew.
Besides these adAumtages, there Avould be the further gain, that it would still leave the
volume of the rupee coinage dependent on the wants of the people of India, and the
fact that rupees might continue to be coined would tend to prevent silver falling as
much as would be the case if it were supposed that the coinage of rupees Avas to
cease altogether.
“The government of India have expressed the opinion that there woulA be no
practical difficulty in carrying such a modified scheme as this into effect. It Avould
not, of course, be essential to the plan that the ratio should never be fixed above Is.
4c7. ; circumstances might arise rendering it proper, and even necessary, to raise the
ratio, and the Indian government might be empoAvered to alter it with the sanction
of the secretary of state. Such a scheme would, indeed, in the first instance, be
tentative, and would not impede further action if circumstances should render it
desirable.
“ It would be consistent with this scheme, and would serve as a means of familiar-
izing the public Avith the use of a gold currency, if the government were to accept
gold coins at the same ratio in payment of all dues.”
136
The recommendations of the committee are as follows:
“recommendations ok the committee.
“It remains for us to state the conclusions at which we have arrived. While con
scious of the gravity of the suggestions, we can not, in view of the serious evils with
which the government of India may at any time be confronted, if matters are left
as they are, advise your lordship to overrule the proposals for the closing of the
mints and the adoption of a gold standard which that government, with their
responsibility and deep interest in the success of the measures suggested, have sub-
mitted to you.
“ But we consider that the following modifications of these proposals are advisa-
ble. The closing of the mints against the free coinage of silver should be accom-
panied by an announcement that, though closed to the public, they will be used by
government for the coinage of rupees in exchange for gold at a ratio to be then
fixed, say Is. 4d. per rupee, and that at the government treasuries gold will be
received in satisfaction of public dues at the same ratio.
“We do not feel ourselves able to indicate any special time or contingency when
action should be taken. . It has been seen that the difficulties to be dealt with have
become continually greater; that a deficit has been already created, and an increase
of that deficit is threatened; that there are, at the present moment, peculiar grounds
for apprehension ; and that the apprehended dangers may become real with little
notice. It may also happen that, if action is delayed until these are realized, and
if no step is taken by the Indian government to anticipate them, the difficulty of
acting with effect will be made greater by the delay. It is obvious that nothing
should be done prematurely or without full deliberation; but, having in view these
considerations, we think that it should be in the discretion of the government of
India, with the approval of the secretary of state in council, to take the requisite
steps, if and when it appears to them and to him necessary to do so.
“Leonard Courtney.
“T. H. Farrer.
“Reginald E. Welby.
“Arthur Godley.
“R. Strachey.
“B. W. Currie.
“Henry Waterfield, Secretary .”
On June 15, 1893, the viceroy telegraphed the acceptance by the government of
India of the recommendations of the committee, and asked the ministers of the Queen
for authority to act without delay. On June 20 the secretary of state for India
telegraphed that authorization.
The legislative council of India was immediately convened at Simla, and on June
26 a bill was laid before it amending, in the way indicated above, the Indian coinage
act of 1870 and the paper-currency act of 1882. It was passed •without delay.
The result was communicated on the same day to the English Government, and
Mr. Gladstone announced it to the House of Commons in the following words :
“ It maybe for the convenience of the House to learn the exact terms of a telegram
received from the viceroy of India to-day, communicating the steps taken with respect
to the report of Lord Herschell’s committee on the Indian currency. The telegram
is this :
“ ‘Council has passed an act, which takes effect at once, to carry out the plan
recommended by Lord Herschell’s committee. Act provides for close of Indian mints
to free coinage of silver from and after date of passing. Arrangements will be made
to issue rupees from the mint in exchange for gold and sovereigns at the rate of 16d.
per rupee (until further notice), and receive sovereigns and half sovereigns at public
treasuries in payment of government dues at the same rate. It is intended to intro-
duce a gold standard into India, but gold will not be made legal tender at present.’ ”
Act of Juno 26, 1893.
The following is the text of the act of June 26, above referred to, as published in
the Gazette of India (extraordinary) of that date:
Legislative Department,
Simla, June 26, 1S9S.
The following act of the governor-general of India in council received the assent
of his excellency, the governor-general, on the 26th of June, 1893, and is hereby
promulgated for general information:
137
[Act No. VIII of 1893.]
AN ACT to amend the Indian coinage act, 1870, and the Indian paper-currency act, 1882.
Whereas it is expedient to amend the Indian coinage act, 1870, and the Indian
paper-currency act, 1882, it is hereby enacted as follows:
[Title and commencement — XXIII, 1870; XX of 1882.]
1. (1) This act maybe called the Indian coinage and paper-currency act, 1893;
and
(2) It shall come into force at once.
REPEAL OF EXISTING ENACTMENTS.
2. The enactments specified in the schedule hereto shall be repealed or modified to
the extent and in the manner mentioned in the third column thereof, but no such
repeal or modification shall affect anything already done or any right or obligation
heretofore acquired or undergone under the said enactments or any of them.
Number, year, and short title.
Sections.
Extent of repeal or modifications.
Act XXIII of 1870 (the In-
19 to 26, both
The whole to be repealed.
dian coinage act, 1870).
inclusive.
Act XX of 1882 (the Indian
paper-currency act, 1882).
11
Clause (b), clause (d), and the proviso to be repealed.
12
The word and letter “ clause (b)” to be omitted.
13
The words “ to an extent to be specified in the order
not exceeding one-fourth of the total amount of issues
represented by coin and bullion as provided by this
act.” to be omitted.
14 and 15
The whole sections to bo repealed.
21
For the proviso to subsection (1) the following shall be
substituted: “ Provided , That any coin or bullion so
»•
received and appropriated may be sold or exchanged
for gold or silver coin of the government of India of
the like value, which shall be so appropriated and
set apart instead of tbe coin or bullion sold or ex-
changed.”
Subsection (2) to be repealed.
28
Subsection (1), clause (f) to be omitted.
Subsection (3) to be repealed.
S. Harvey James,
Secretary of the Government of India.
No. 3.
FINANCE AND COMMERCE DEPARTMENT — NOTIFICATIONS — ACCOUNTS AND FINANCE-
MINT.
No. 2662.]
Simla, June 26, 1893.
The governor-general in council hereby announces that, until further orders, gold
coins and gold bullion will be received by the mint masters of the Calcutta and
Bombay mints, respectively, in exchange for government rupees, at the rate of
7.53344 grains troy of line gold for 1 rupee, on the following conditions:
(1) Such coin or bullion must be fit for coinage.
(2) The quantity tendered at one time must not be less than 50 tolas.
(3) A charge of one-fourtli per mille will be made on all gold coin or bullion which
is melted or cut so as to render the same fit for receipt into the mint.
(4) The mint master, on receipt of gold coin or bullion into the mint, shall grant
to the proprietor a receipt which shall entitle him to a certificate from the mint and
assay masters for the amount of rupees to be given in exchange for such coin or bul-
lion payable at the general (reserve) treasury, Calcutta or Bombay. Such certifi-
cates shall be payable at the general treasury after such lapse of time from the issue
thereof as the comptroller-general may fix from time to time.
No. 2663.]
In supersession of the notification by the government of India, in the financial
department, No. 3287, dated the 28th October, 1868, which is hereby canceled, the
governor-general in council is pleased to direct that from and after the date of this
138
notification sovereigns and half-sovereigns of current weight coined at any author-
ized royal mint in England or Australia shall be received in all the treasuries of
British India and its dependencies in payment of sums due to the government, as the
equivalent of 15 rupees and of 7 rupees and 8 annas, respectively.
ACCOUNTS AND FINANCE — PAPER CURRENCY.
No. 2664.]
June 26, 1893.
In exercise of the powers conferred by the Indian paper-currency act, 1882, as
amended by the Indian coinage and paper-currency act, 1893, and of all other powers
enabling him in this behalf, the governor-general in council is pleased to direct that
currency notes shall be issued by the head commissioner of paper currency, Calcutta,
and by the commissioner of paper currency, Bombay, on the requisition of the comp-
troller-general, in exchange for gold coin or bullion at the rate of one government
rupee lor 7.53344 grains troy of line gold. Sovereigns and half-sovereigns of current
weight, coined at any authorized royal mint in England or Australia, shall be taken
as the equivalent of 15 rupees and of 7 rupees and*8 annas, respectively.
J. F. Finlay,
Secretary to the Government of India.
Sections 19 to 26, inclusive, of the Indian coinage act of 1870, repealed by the act
of June 26, 1893, are as follows:
COINAGE OF BULLION.
(19) Subject to the mint rules for the time being in force, the mint master shall
receive all gold and silver bullion and coin brought to the mint: Provided, That
such bullion and coin be tit for coinage: Provided also, That the quantity so brought
at one time by one person is not less, in the case of gold, than 50 tolas, and in the
case of silver, than 1,000 tolas.
(20) A duty shall be levied at the rate of 1 rupee per cent at the mint on the prod-
uce of all gold bullion, and on all gold coin brought for coinage to the mint in
accordance with the said mint rules.
(21) All silver bullion or coin brought for coinage to the mint, in accordance with
the said mint rules, shall be subject to a duty at the rate of 2 per cent on the produce
of such bullion or coin, and the amount of such duty shall he deducted from the
return to be made to the proprietor.
(22) A charge of one-fourth per mille on gold bullion and coin, and of 1 per mille
on silver bullion and coin, shall also bo levied for melting or cutting such bullion
and coin so as to render the same tit for receipt into the mint.
(23) All gold and silver bullion and coin brought to the mint for coinage, and
which is inferior to the standard fineness prescribed by this act, or which, from brit-
tleness or other cause, is unfit for coinage, shall, in case it is relined, be subject, in
addition to the duty and charge aforesaid, to such charge on account of the loss and
expense of refining as the governor-general in council prescribes in this behalf.
(24) The mint master, on the delivery of gold or silver bullion or coin into the
mint for coinage, shall grant to the proprietor a receipt which shall entitle him to a
certificate from the assay master for the net produce of such bullion or coin, payable
at the general treasury.
(25) The proprietor of any bullion or coin so delivered for coinage who is dissat-
isfied with the assay master’s report of its value, may, within twenty-four hours
after receiving such report, and subject to the payment of the fee prescribed in this
behalf by the governor-general in council, withdraw such bullion or coin without
being subject to the duties on coinage imposed by this act.
(26) For all gold bullion and coin, in respect of which the assay master has granted
a certificate, payment shall be made as nearly as may be in gold coins coined under
this act or act No. XVII of 1835, and the balance (if any) due to the proprietor shall
be paid in silver, or in silver and copper coins current in British India.
The full text of the Indian paper-currency act of 1882, certain clauses and sections
of which the act of June 26, 1893, provided should be repealed, and which the last-
mentioned act otherwise modified, is as follows :
[Act No. XX of 1882.]
Passed by the governor-general of India in council. Received the assent of the
govenor-general on the 26th October, 1882.
AN ACT to amend the law relating to the government paper currency.
Whereas it is expedient to amend the law relating to the government paper cur-
rency, it is hereby enacted as follows:
139
I. — Preliminary.
1. This act may be called the Indian paper-currency act, 1882 ; it extends to the
whole of British India; and it shall come into force on the passing; thereof.
2. (1) Act No. Ill, of 1871 (to consolidate and amend the law relating to the
government paper currency), is hereby repealed.
(2) All appointments made, rules prescribed, notifications published, authorities
conferred, securities purchased, and notes issued under the said act, or any act
thereby repealed, shall, if in force, undisposed of, or in circulation when this act
comes into force, be deemed to be respectively made, prescribed, published, con-
ferred, purchased, and issued under this act. And all references made to any por-
tion of the Indian paper-currency act, 1871, or any act thereby repealed, in acts or
regulations passed before this act comes into forco, shall be deemed to be made to
the corresponding portion of this act.
II. — The Department of paper currency.
3. (1) There shall continue to be a department of the public service whose func-
tions shall be the issue of promissory notes of the government of India, payable to
bearer on demand, for such sums, not being less than live rupees, as the governor-
general in council from time to time directs.
(2) Such notes shall be called currency notes.
(3) The department shall be called the department of paper currency.
4. At the head of the department there shall be an officer called the head com-
missioner of paper currency, and there shall be three other officers called, respec-
tively, the commissioner of paper currency for Madras, the commissioner of paper
currency for Bombay, and the commissioner of paper currency for Rangoon.
5. The governor-general in council may, from time to time, by order notified in
the Gazette of India —
(a) Establish districts, to be called circles of issue, four of which circles shall
include the towns of Calcutta, Madras, Bombay, and Rangoon, respectively.
( b ) Appoint in each circle some one town to be the place of issue of currency
notes, as hereinafter provided.
(c) Establish in each such town an office or offices of issue.
( d ) Establish iu any town situate in any circle an office, to be called a currency
agency, and
(e) Declare that, for the purposes of this act, any town (other than Calcutta,
Madras, Bombay, or any town situate in British Bnrmali) in which an office of issue
is established shall bo deemed to be situate within such presidency as is specified
in the order.
6. For each circle of issue other than those which include the towns of Calcutta,
Madras, Bombay, and Rangoon there shall be an officer called the deputy commis-
sioner of paper currency, and for each currency agency an officer called the currency
agent.
7. For the purposes of this act —
(a) The commissioners of paper currency for Madras, Bombay, and Rangoon, and
the deputy commissioners of paper currency in the presidency of Fort William, iu
Bengal, shall be subordinate to the head commissioner of paper currency, and
(b) The deputy commissioners of paper currency in the presidencies of Fort St.
George and Bombay, and in the province of British Burmah, shall be subordinate
to the commissioners of paper currency for Madras, Bombay, and Rangoon, respec-
tively.
(c) The currency agent at any town shall be subordinate to the head commissioner,
commissioner, or deputy commissioner, as the case may be, of paper currency for the
circle of issue in which that town is situated.
8. All officers under this act shall bo appointed and may be suspended or remoyed
by the governor-general in council.
III. — Supply and issue of currency notes.
9. (1) Thehead commissioner shall provide currency notes of the denominations pre-
scribed under this act, and shall supply the commissioners and the currency agents
subordinate to him, and the deputy commissioners, with such notes as they need for
the purposes of this act.
(2) The commissioners and deputy commissioners shall supply the currency agents
subordinate to them, respectively, wTith such notes as those agents need for the pur-
poses of this act.
(3) Every such note shall bear upon it the name of the town from which it is issued.
10. (1) The name of the head commissioner, of one of the commissioners, of a dep-
140
uty commissioner, or of some other person authorized by the head commissioner or
by oue ot the commissioners to sign currency notes, shall be subscribed to every such
note, and may be impressed thereon by machinery.
(2) Names so impressed shall betaken to be valid signatures.
11. The head commissioner, the commissioners, and the deputy commissioners shall,
in their respect ive circles of issue, on the demand of auy person, issue from the office
or offices of issue established in their respective circles, currency notes of the denomi-
nations prescribed under this act in exchange for the amount thereof —
(a) In current silver coin of the government of India.
(b) In current silver coin made under the Portuguese convention act, 1881.
(c) In current silver coin made under the native coinage act, 1876, as to which
coin a declaration has been made under section 3 of that act; or
(d) In silver bullion or foreign silver coin, not being coin of the description men-
tioned in the clauses ( b ) and (c), at the rate of 979 rupees per 180,000 grains of silver
fit for coinage and of the standard fineness prescribed by the Indian coinage act,
1870:
Provided, That in all places where there is no mint of the government of India
any such head commissioner, commissioner, or deputy commissioner may refuse to
issue notes in exchange for the bullion or coin receivable under clause ( d ).
12. Any currency agent to whom notes have been supplied, under section 9, may,
if he thinks fit, on the demand of any person, issue from his agency any such notes
in exchange for the amount thereof in any coin specified in clause (a), clause (6), or
clause (c) of section 11.
13. The governor-general in council may, from time to time, by order notified in
the Gazette of India, direct that currency notes, to an extent to be specified in the
order, not exceeding one-fourth of the total amount of issues represented by coin
and bullion as provided by this act, shall be issued at such offices of issue as are
named in the order in exchange for gold coin of full weight of the government of
India, or of foreign gold coin or gold bullion, at the rates and according to the rules
and conditions fixed by that order.
14. (1) The head commissioner, commissioners, and deputy commissioners may
require any bullion of foreign coin received under section 11, clause (d), or under
section 13. to be melted and assayed.
(2) Any loss of weight carrsed by such melting or assay shall be borne by the per-
son tendering the bullion or coin.
15. (1) Every person tendering bullion or foreign coin under section 11, clause (d),
or under section 13, and depositing it in any office of issue, shall, after the expira-
tion of the time necessary for melting and assaying the same, be entitled to receive
for it a certificate signed by the person authorized to issue the notes aforesaid.
(2) The certificate shall —
(a) Acknowledge the receipt of the bullion or coin.
( b ) State the amount of notes issued under this act or of such notes and cash to
which the holder is entitled in exchange for the bullion or coin; and
(c) State the interval on the expiration of which, if the certificate is presented to
the office, the holder shall be entitled to receive that amount.
IY. — Notes, where legal tender and where payable.
16. Within any of the said circles of issue a currency note issued from any town
in that circle shall be a legal tender for the amount expressed in that note in pay-
ment or on account of —
(a) Any revenue or other claim, to the amount of 5 rupees and upwards, due to
the Government of India; and
(b) Any sum of 5 rupees and upwards, due by the government of India or by any
body corporate or person in British India :
Provided, That no such note shall be deemed to be a legal tender by the govern-
ment of India at any office of issue.
17. A currency note shall be payable only —
(a) At the office or offices of issue of the town from which it has been issued; and
(b) In the case of notes issued from any town not situate in British Burmah, also
at the Presidency town of the Presidency within which that town is situate.
18. For the purposes of section 16 and 17 notes issued from any currency agency
shall be deemed to have been issued from the town appointed under section 5 to be
the place of issue in the circle of issue in which that agency is established.
V. — Reserve.
19. The whole amount of the coin and bullion received under this act and under
act III, of 1871 for currency notes shall be retained and secured as a reserve to pay
those notes, with the exception of such an amount, not exceeding 60,000,000 of
141
rupees, as the governor-general in council, with the consent of the secretary of state
for India, from time to time fixes.
20. The amount so fixed shall be published in the Gazette of India, and the whole,
or such part thereof as the governor-general in council from time to time fixes, shall
be invested in securities of the government of India.
21. (1) The said coin, bullion, and securities shall be appropriated and set apart
to provide for the satisfaction and discharge of the said notes; and the said notes
shall be deemed to have been issued on the security of the said coin, bullion, and
securities, as well as on the general credit of the government of India:
Provided, That any silver bullion or coin received under section 11, clause (d), may
bo sold or exchanged for silvSr coin of the government of India, and that any gold
coin or bullion received under section 13 may be sold or exchanged for silver coin or
bullion to be so appropriated and set apart instead of the coin or bullion sold or
exchanged.
(2) For the purposes of this section silver bullion and coin shall be rated at 98
rupees per 18,000 grains of standard fineness, and gold bullion and coin at the rates
fixed by the governor-general in council under section 13.
22. The securities purchased under section 20 shall be held by the head commis-
sioner and the master of the mint at Calcutta in trust for the secretary of state for
India in council.
23. (1) The head commissioner may, at any time when ordered so to do by the
governor-general in council, sell or dispose of any portion of the above-mentioned
investment.
(2) For the purpose of effecting such sales the master of the mint at Calcutta shall,
on a request in writing from the head commissioner, at all times sign and indorse the
securities, and the head commissioner, if so directed by the governor-general in
council, may purchase securities of the government of India to replace such sales.
24. (1) The interest accruing due on the securities purchased and held under this
act shall be entered in a separate account to be annually rendered by the head com-
missioner to the governor-general in council.
(2) The amount of the interest shall, from time to time as it becomes due, be paid
to the credit of the government of India, under the head of “profits of note circu-
lation.''
(3) An account showing the amount of the profits and of the charges and expenses
incidental thereto shall be made up and published annually in the Gazette of India.
VI. — Private bills payable to bearer on demand.
25. No body corporate or person in British India shall draw, accept, make, or issue
any bills of exchange, hundi, promissory note, or engagement for the payment of
money payable to the bearer on demand, or borrow, owe, or take up any sum or sums
of money on the bills, hundis, or notes payable to bearer on demand of any such body
corporate or of any such person :
Provided, That checks or drafts payable to bearer on demand or otherwise may be
drawn on bankers, shroffs or agents, by their customers, or constituents in respect
of deposits of money in the hands of those bankers, shroffs, or agents, and held by
them at the credit and disposal of the persons drawing such checks or drafts.
26. (1) Any body corporate or person committing any offense under section 25
shall, on conviction before a Presidency magistrate or a magistrate of the first class,
be punished with a fine equal to the amount of the bill, hundi, note, or engagement
in respect whereof the offense is committed.
(2) Every prosecution under this section shall be instituted by the head commis-
sioner, commissioner, or deputy commissioner, as the case may be, of paper currency
for the circle of issue in which the bill, hundi, note, or engagement is drawn, accepted,
made, or issued.
VII. — Miscellaneous.
27. An abstract of the accounts of the department of paper currency, showing —
(a) The whole amount of currency notes in circulation ;
(b) The amount of coin and bullion reserved, distinguishing gold from silver, and
(c) The nominal value of and the price paid for the government securities held by
the said department, shall be made up monthly by the head commissioner and pub-
lished, as soon as may be, in the Gazette of India.
28. (1) The governor-general in council may from time to time, by notification in
the Gazette of India —
(a) Fix the amounts (not being less than 5 rupees) for which currency notes shall
be issued;
(b) Alter the limits of any of the circles of issue;
(c) Declare the places at which currency notes shall be issued;
142
(d) Fix the rates, rules, and conditions at and according to which gold may he
taken in exchange for currency notes ;
(e) Fix the charge for melting and assaying bullion and foreign coin received for
such mites ;
(/) Fix the interval on the expiration of which holders of certificates under sec-
tion 15 shall be entitled to receive such notes;
( g ) Regulate any matters relative to paper currency which are not provided for
by the act ; and
( h ) Revoke or alter any notification previously published under this act.
(2) Every notification under this section shall come into force on the day therein
In that behalf mentioned, and shall have effect as if it’were enacted in this act:
(3) Provided, That no notification under clause (d) of this section shall have effect
until six months have elapsed from the date of its appearance in the Gazette of India.
(4) Importation of silver :
Description.
•
“Weight.
Value.
Silver coins
Silver bullion
Kilograms.
532, 391. 900
137, 0G8. 200
Francs.
101,154, 464
23,301,595
Total
669, 460. 100
124, 456, 059
Exportation of silver :
Description.
Weight.
Value.
Kilograms.
428, 131. 300
153, 620. 400
Francs.
81, 344,951
26, 115,478
581, 751. 700
107, 460, 429
(5) Gold produced from the mines, 210 kilograms; value not given.
(6) Silver produced from the mines, 103,000 kilograms; valuemot given.
(7 and 8) No reply to these questions.
(9 and 10) The Government is unable to reply to these inquiries.
(11) No Government notes.
(12) The amount of paper currency issued by the Bank of France was, on Decern
her 30, 1892, 3,298,240,400 francs.
(13 and 14) No information given.
(15) No laws referring to this matter were passed during the year.
(16) Reports of the operations of tho Mint promised but not yet received.
Tcrt^visrcE.
Items reported for 1892.
Value.
Value in
United States
money.
Francs.
*4,514,120
4, 606, 000
$871,225
888. 958
385, 383, 469
107, 968,818
74,379,010
20. 837, 982
277, 414, 651
53,541,028
124, 456, 059
107,460.429
24, 020, 020
20, 739, 863
16,995,630
3, 280, 157
* Ail rocoinage.
143
LAW LIMITING THE ISSUE OF NOTES BY THE BANK OF FRANCE.
The Senate and Chamber of Deputies have passed and the President of the Repub-
lic promulgated the following law:
Sole article : The amount of the issue of bills by the Bank of France and its branches
which has hitherto been fixed at a maximum of 3,500 millions is hereby raised to
4,000 millions.
The present law which has been discussed and passed by the Senate and Chamber
of Deputies shall be executed as a law of the State. „
Done at Paris, January 25, 1893.
Carnot.
By the President of the Republic. The Minister of Finance,
P. Tirard.
The reasons given for the bill which resulted in this law are as follows:
“The law of tho 30th of January, 1884, fixed the maximum issue of notes of the
Bank of France at 3,500 million francs. This limit was sufficient for a long time ; the
amount of circulation of notes which had been 3,162 millions on January 30, 1884, fell
during the following months below 3,000 millions, and remained at that figure until
November, 1889. It rose to 3,198 millions on the 30th of January, 1890; to 3,222
millions on the 15th of January, 1891 ; to 3, 17 L millions on the 14tli of January, 1892.
Since then it has always remained above 3,000 millions, and finally reached, on the
12tli of January, 1893, 3,473 millions, so that, at this last date, it' lacked, only 27
millions of coming up to the limit of issue.
“It is necessary to remark that of these 3,473 millions 2,958 millions were covered
by the reserve, leaving only 515 millions of uncovered circulation. This last has
perceptibly diminished since 1884 ; since, at that date, the total circulation was 3,162
millions and the cash reserve only 1,952 millions. It was not, therefore, in conse-
quence of the development of its lucrative operations that the bank was led to issue
the total of its authorized circulation.
“The present situation arises, on the one hand, from the habit which is gradually
growing among the public to use the bills of the bauk and to leave in it a considera-
ble part of the monetary stock, and, on the other hand, from the favorable condition
of exchange which has attracted to France great quantities of foreign gold, a largo
portion of which has been exchanged against notes.
“We must infer from these facts that the limit of 3,500 millions is no longer suffi-
cient. Indeed, the bank is obliged, in order not to violate the law, to stop deliver-
ing its notes, and to make its payments in specie. The result of this is great embar-
rassment in business and the impoverishment of our gold reserve, which amounted,
on the 12th of January, to 1,700 million francs, and which is incontestibly a great
force for the service of France.
“ The Government has foreseen these embarrassments, and it was to guard against
them that article 10 of the bill for the renewal of the privilege of the bank stipu-
lated for the raising of the maximum limit of issue to 4,000 millions. ”
9
144
BANK OF FRANCE.
MONTHLY VARIATIONS OF THE METALLIC RESERVE {Paris and branches)
1890-1892.
[From the Bulletin de Statistique, January, 1893.]
January ..
February .
March
April
May
June
July
August. . .
September
October. . .
November
December
Date.
Gold.
Silver.
1890.
Maximum.
Francs.
Minimum.
Francs.
Maximum.
Francs.
Minimum.
Francs.
1, 272, 200, 000
1, 254, 500, 000
1, 259, 000, 000
1, 278, 500, 000
1, 307, 700, 000
1,316, 900, 000
1, 320, 900, 000
1, 320, 300, 000
1, 316, 000,000
1 , 268, 500, 000
1, 206, 600, 000
1,126,000,000
1, 251, 800, 000
1, 249, 600, 000
1,248, 800,000
1,255, 500, 000
1, 277, 400, 000
1, 306, 600, 000
1,312,600, 000
1, 315, 100, 000
1,268, 500, 000
1, 205, 700, 000
1, 114, 600, 000
1, 114, 200, 000
1, 247, 000, 000
1, 248, 800, 000
1,255,400, 000
1, 265, 000, 000
1, 270, 800, 000
1, 276, 900, 000
1, 274, 500, 000
1,270, 800,000
1, 271, 800, 000
1, 259, 400, 000
1, 249, 200, 000
1, 247, 700, 000
1, 239, 100, 000
1. 243. 200. 000
1, 247, 100, 000
1, 255, 600, 000
1, 264, 500, 000
1, 270, 300. 000
1, 263, 700. 000
1, 265, 900, 000
1, 258, 100, 000
1, 244, 800, 000
1, 242, 400, 000
1, 244, 000, 000
1891.
January
February
March
April
May
June
July
August
September
October
November
December
1, 149, 800, 000
1,216, 800,000
1, 218, 400, 000
1, 234, 000, 000
1, 285, 200, 000
1, 327, 300, 000
1, 368, 100, 000
1,377,100,000
1, 366, 200, 000
1, 324, 300, 000
1, 332, 800, 000
1, 346, 300, 000
1, 118, 600, 000
1,129, 700, 000
1, 212, 500, 000
1, 215, 200, 000
1, 232, 700, 000
1, 285, 500, 000
1, 327, 300, 000
1, 364, 300, 000
1, 332, 200, 000
1, 311, 100, 000
1, 310, 800, 000
1, 333, 400, 000
1, 246, 000, 000
1, 243, 800, 000
1, 244, 200, 000
1, 250, 100, 000
1, 265, 600, 000
1, 276, 900, 000
1, 278, 000, 000
1, 266, 100, 000
1, 267, 800, 000
1, 259, 400, 000
1, 254, 000, 000
1, 260, 000, 000
1, 237, 700, 000
1, 241, 000, 000
1, 239, 800, 000
1, 243, 900, 000
1, 250, 100. 000
1, 260, 400. 000
1, 262, 400, 000
1,261, 800, 000
1, 256, 400, 000
1, 248, 800. 000
1, 248, 200, 000
1, 254. 700, 000
1892.
January
February
March
April
May
June
July
August
September
October
November
December
1, 345, 700, 000
1,382, 200, 000
1,403, 000, 000
1, 441, 000, 000
1, 542, 200, 000
1, 587, 800, 000
1, 623, 800, 000
1,671,800, 000
1,679, 000, 000
1, 679, 800, 000
1, 684, 200, 000
1, 708, 300, 000
1, 336, 200, 000
1, 348, 800, 000
1,383,300, 000
1,403,700, 000
1, 444, 800, 000
1, 549, 900, 000
1, 586, 600, 000
1, 624, 800, 000
1, 667, 800, 000
1, 672, 200, 000
1, 672, 600, 000
1, 682, 000, 000
1, 257, 700, 000
1,261,900, 000
1, 271, 700, 000
1, 279, 000, 000
1, 290, 800, 000
1, 299. 000, 000
1, 298, 300. 000
1, 298, 100, 000
1, 299, 000, 000
1.291.000. 000
1, 279, 600, 000
1. 281 . 000, 000
1,248, 500,000
1.251.900.000
1, 261, 400, 000
1, 270, 300, 000
1, 277, 200, 000
1, 291, 100, 000
1, 291, 000, 000
1, 293, 200, 000
1, 291, 000, 000
1, 279, 700, 000
1. 273. 800. 000
1. 274. 900. 000
The production by the mines of France was 210 kilograms, or $139,566, and of sil-
ver, 103,000 kilograms, of the commercial value of $4,280,680.
The notes of the Bank of France outstanding December 31, 1892, amounted to
3,298,240,400 francs, equal to $636,560,397.
During the calendar year 1892 coinages of gold and silver were executed at Paris
for the following states :
Yaluo.
Value in
United States
money.
%
For Indo-China:
Francs.
300, 000
16. 745, 620
2, 4^1, 092
Chinees.
3,718,222
$57, 900. 00
3, 231, 904. 66
471,130. 75
390, 843. 00
For Tunis:
For Morocco :
145
btgijG-ixjm:.
No coinage of either gold or silver was executed at the Brussels mint during the
calendar year 1892.
The weight and value of gold imported was 8,971 kilograms (United States coin-
ing value, $5,962,211); exported, 136-7 kilograms (United States coining value,
$90,870).
The weight and value of silver imported was 08,955 kilograms (United States
coining value, $2,865,804) ; exported, 175,816 kilograms (United States coining value,
$7,306,925).
Notes issued by the national bank outstanding December 30, 1892, amounted to
427,594,580 francs ($82,525,754).
SWITZERLAND.
Items reported for 1892.
Value.
Value in
United States
money.
Gold coinage -
Francs.
2, 000, 000
$386, 000
23, 568, 650
7, 699, 124
4, 548, 749
1, 485, 931
65, 869, 526
3, 062, 818
Silver imported
34, 034, 365
27, 973, 000
7, 340, 632
5, 398, 789
Gain of silver by imports
10, 061, 365
1, 941, 843
EXPORTS and IMPORTS of SILVER during 1892.
Value.
Exports :
Coined silver
Francs.
26,581,854
1. 391, 146
Total
27, 973, 000
Imports :
Coined silver
31, 289, 400
6, 744, 965
Bullion
Total
38, 034, 365
In relation to the precious metal statistics of Switzerland, we inclose herewith a
printed notice, which appeared in the annual report of 1891, and deserves full con-
sideration. The same may serve also for 1892.
[The following is a translation of the printed notice, relating to the precious metal
statistics of Switzerland, referred to in the answer to Interrogatory No. 4] :
. PRECIOUS METAL STATISTICS.
The data thus far obtained of the shipment of coined gold and silver to foreign
countries, and from foreign countries to Switzerland, have led to the following
results :
IMPORTS of GOLD.
Years.
Value.
1889
Francs.
10, 809, 700
12, 846, 400
3, 788, 200
1890
1891
Total
27, 444, 300
S. Eep. 235 10
146
EXPORTS of GOLD.
Tears.
Value.
Excess of
imports.
1889
Francs.
2, 083, 707
2, 990, 507
2, 277, 249
Francs.
8, 725, 993
9, 855, 893
1,510,951
1890
1891
Total
7, 351, 463
20, 092, 837
IMPORTS of SILVER.
Tears.
Value.
1889
Francs.
38, 466, 400
35, 398. 600
46, 067. 000
1890
1891
Total
119, 932, 000
EXPORTS of SILVER.
Tears.
Value.
Excess of
imports.
1889
Francs.
13, 547, 723
18, 542. 050
29, 712, 419
Francs.
24,918, 677
16, 856, 550
16, 354, 581
1890
1891
61,802,192
58, 129, 808
TOTAL IMPORTS, GOLD and SILVER.
Tears.
V alue.
Francs.
49. 276, 100
48, 243, 000
49, 855, 200
147, 376, 300
TOTAL EXPORTS, GOLD and SILVER.
Tears.
Value.
Excess of
imports.
Francs.
15,631,430
21, 532, 557
31, 989, 668
Francs.
33,644,670
26,712,443
17, 835, 532
69, 153, 655 ^ 78, 222, 645
Those results, according to which Switzerland certainly receives a large excess of
coined money from foreign countries, may, indeed, he allowed to pass, so far as gold
is concerned* if we consider the increase of the gold stock of the banks of about
11,000,000 francs, and assume, besides, that gold pieces are still used in large num-
bers for industrial purposes, because the importation of rolled gold by small gold-
smiths and watchmakers is too circuitous a process. The falling off in the importa-
147
tion of gold coin in 1891 would then ho in accord with the falling off in the business
of watchmaking.
The case is different, however, with silver coin. Here the industrial use of the
coined metal is excluded by the fact that the difference between the monetary value
of the coins and the price of silver would necessitate a loss of 25 per cent. In this
respect, therefore, our statistics can not be correct.
Rather may the excess of imports, as ascertained by us, be explained as follows:
While the imports of coined money consist, for the most part, of private remittances
and are therefore pretty completely declared, the very large export carried by their
own agents, which goes into foreign countries every year in settlement of the bal-
ances due by Swiss railways, posts, and telegraphs, escape the control of the bureau
of commercial statistics. Our efforts to ascertain the amounts of this latter export
have, thus far, led to no final result. »But this much seems certain, that making
allowances for the lacking data, the balance of Switzerland in the coined-money
trade is against her; that is, she exports more gold and silver coin than she imports.
At all events, the figures of the Swiss imports and exports of the precious metals
will not do to work with. They have, therefore, been dropped entirely from our
official publications on the imports and exports of our trade.
The Government does not issue any notes.
The notes of the emission banks (emissions banken) in circulation during 1892
amounted to 166,028,800 francs. (We suppose notes outstanding intimates in circu-
lation, i. e., notes in the hands of the public.)
The total amount of the emitted notes during 1892 was 177,120,000 francs, of which
11,091,200 francs were in the banks and 166,028,800 francs were in the hands of the
public. The security of the notes has to be accomplished as follows: 40 per cent in
cash, 60 per cent by guaranty of the canton or by deposit of papers of value or bills
of exchange. Without security, no notes are allowed to be issued.
ITALY.
PAPER MONET.
[From the Bulletin de Statistiques, August, 1893, p. 260.]
With a view to remedying the scarcity of divisional coin, the Italian Government
issued the following decree, of the date of August 4, 1893 :
I. — Decree authorizing the issue of a fractional paper currency.
Article 1. Until such time as the fractional currency may be regulated by measures
of an organic nature, the secretary of the treasury is authorized to issue treasury
notes with legal currency of the value of 1 franc.
Art. 2. The temporary issue of these notes shall not exceed a nominal value of
30,000,000 francs.
Art. 3. The treasury notes herein provided for shall be wholly secured and cov-
ered by Italian divisional silver coins which shall be detained in the treasuries of
the state for that purpose. By way of exception, and to meet an urgent want of
fractional currency, the minister of the treasury may issue such notes even when
there are no divisional silver coins in the treasury corresponding thereto; Prodded:
(a) That the circulation of these notes is entirely covered by gold or silver coins
having legal currency in the Kingdom.
( b ) That these coins be replaced at the earliest possible moment by divisional
pieces collected at home or imported from abroad.
Art. 4. The provisions relating to state notes of 5 and 10 francs, contained in the
regulation approved by the Royal decree of June 16, 1881, are extended, so far as
applicable to the fractional-currency notes contemplated by the present decree.
The first issue of such fractional-currency notes shall be made only on presenta-
tion to the special bureau of notes of certificates delivered by the public treasuries
indorsed by the general direction of the treasury and attesting the existence of the
metallic fund corresponding to the issue, as provided for in the preceding article.
The fractional-currency notes, which shall be retired from circulation, either on
account of long use or because they are worn out, shall be forwarded to the bureau
of note issue, which shall furnish the treasury with other notes whose emission shall
he authorized by a decree, countersigned by the minister of the treasury, and regis-
tered by the court of accounts.
148
Items reported for 1891.
Value.
Value in
United States
money.
Gold coinage
Lire.
656, 520
$126, 708
Gold exports
16, 497, 600
11,973,500
3, 184. 036
2,310,885
Gold imports
Loss in gold by exports
4, 524, 100
873, 151
Silver exports
46, 212
42. 313, 200
8,918
8, 166, 448
Silver imports
Gain of silver by imports
42, 206, 988
8, 157, 530
The known stock of gold in the vaults of the treasury and hanks of issue was, at
the end of 1891, 490,000,000 lire ($94,570,000), and the stock of silver, same date, was
about 125,000,000 lire ($24,125,000).
The amount of paper circulation on December 31, 1891, was 1,464,000,000 lire
($282,552,000).
Items reported for 1892.
Value.
Value in
United States
money.
Lire.
674, 120
119, 154
$130, 105
22, 997
34, 787, 032
21, 622, 326
6, 710, 037
4, 173, 109
13,144, 706
2, 536, 928
63, 381. 119
55, 198, 192
12, 233, 135
10, 653, 251
8, 185, 927
1, 579, 884
The production of gold and silver during the year 1892 was, approximately : Gold,
473,482 lire ($91,382); silver, 5,938,097 lire ($1,146,053).
The stock of gold and silver in coin and bullion was, approximately: Gold,
497,300,060 lire ($95,978,912); silver, 85,485,780 lire ($16,498,755).
The amount of paper circulation on December 31, 1892, was 1,479,798,709 lire
($285,601,151) as follows:
The total amount of Government notes outstanding at the close of 1892 was
341,413,533 lire.
The amount of bank notes outstanding at the close of 1892 was 1,138,385.175.50
lire, of which the various banks held the following:
Lire.
National Bank of the Kingdom
Bank of Naples
National Bank of Tuscany
Roman Bank
Bank of Sicily -
Tuscan Bank of Credit
573, 052, 728. 00
265. 776, 667. 50
104. 960, 984. 50
11 1, 727. 563. 50
65, 779. 212. 00
17. 088. 020. 00
Total 1, 138, 385, 175. 50
By the law of April 17, 1881, the Italian Government is obliged to hold in its
treasury a metallic reserve covering the notes placed in circulation. Besides the
amounts guarantied by Government bonds there was also a sum of 138,000,000 lire
in gold and silver.
Of the 1,138,385,175 lire of which, as has been seen, constituted the amount of the
notes of the banks on December 31, 1892, the uncovered circulation was represented
by 691,294,039.70 lire, against 447,091,135.80 lire covered by a full reserve.
4
149
SPAIN.
Items reported for 1892.
Value.
Value in
United States
money.
Pesetas.
48, 606, 540
40, 206, 528
2, 033, 555
$9,381,062
8, 917, 860
392, 476
Total coinage
96, 840, 023
18, 691, 398
28, 843. 477
476, 780
5, 566, 791
92, 018
Gain on gold by imports
28, 366, 697
5, 474, 773
Silver exported
42, 944, 222
22, 547, 531
8, 288, 224
4,351,673
Silver imported
Loss of silver by exports
19, 396, 691
3, 936, 55 1
The production of silver during the year 1892 is estimated to have been 55,678
kilograms, or 8,733,411 pesetas ($1,685,549.)
Notes of the Bank of Spain outstanding December 31, 1892, amounted to
884,041,150 pesetas $170,619,942.)
No Government notes were outstanding at the close of the year 1892. The Govern-
ment has always granted the privilege of issuing notes, first to the provincial
banks, and by the decree law, dated March 19, 1874, to the National Bank of
Spain, created by that resolution.
The floating unconsolidated debt of the treasury amounted to 245,997,000 pesetas
at the same date, according to the statement published by the Gauta de Madrid of
January 3, 1893.
As, since the decree law of March 19, 1874, the notes of private banks have no
legal currency, the existence of the uncovered notes is confined to those which
have miscarried, and to some from the banking houses, the legislation of which is
made with some difficulty, but as they are not a legal tender, their amount can not
be fixed.
No laws were passed during the year 1892 affecting the coinage, issue, or legal-
tender character of the metallic and paper currency.
PORTUGAL.
No gold was coined in 1892.
The coinage of silver was 2,848,000 milreis ($3,075,840).
150
GERMANY.
Items reported for 1892.
Weight.
Value.
Value in
United States
money.
Gold coinage
•
Kilogram*.
Marks.
37, 242, 170
$8, 863, 875
Kecoinage“
Imperial gold
348, 660
2, 778, 733
5, 201, 111
82, 981
923. 373
1, 237, 864
Foreign gmu
Silver recoinage
Total coinage
Gold imports •.
68, 631
58, 528
45, 612, 162
38, 897, 709
Gold exports
Gain in gold by imports
6. 714, 453
Silver imports
93, 953
72, 888
• 3. 904. 687
3, 029, 225
Silver exports
Gain in silver by imports
875. 462
Pagament (broken gold and silver) :
Imports
16, 920, 939
7, 017
4, 029, 183
1,070
Exports
Product of smelting works
Pure gold kilograms
2, 876 -94
487, 784 T7
8, 005, 117
57, 025, 584
1,905.218
13, 372, 089
Pure silver kilograms
Total coinage to Dec., 1892
Imperial gold coins (less pieces retired)
2, 624. 218, 665
462, 215, 796
324, 471, 000
120, 000, 000
1, 327, 400, 000
624, 564, 042
110, 007, 359
77, 224. 098
28, 560, 000
315, 921.200
Imperial silver coius (less pieces retired)
Stock of gold in Imperial Bank Dec. 31, 1892
Treasury notes in circulation Dec. 31, 1892
Bank notes in circulation Dec. 31, 1892
The amount of imperial treasury notes issued is equal to the sum which the Empire
has set aside in coined gold as a war fund drawing uo interest.
The circulation of uncovered hank notes — that is, bank notes in excess of the cash
reserve, of the banks of issue — amounted, in December, 1892, to 354,905,000 marks.
The cash reserve of the individual banks, the amount of legally current German
money in the vaults of the bank, of imperial treasury notes, of notes in other Ger-
man banks, and of gold in bars or foreign coin, the pfund live, reckoned at 1,392
marks, are considered as cash stock.
NETHERLANDS.
Items reported for 1892.
Value.
Value in
United States
money.
Florins.
610
126, 195
3, 773, 804
$245
50, 731
1, 517. 068
Gold:
2, 119, 791
242, 450
852, 155
97,464
1, 877, 341
754, 691
Silver:
13, 074, 116
5, 576, 500
5, 255,793
2, 241, 753
7, 497, 616
3, 014. 040
A copy of the annual report of the Netherlands mint is sent every year to the
Director of the Mint at Washington.
151
AMOUNT of COIN in the NETHERLANDS on January 1, 189S.
[From Jaarcij fers, Binnenland, 1892 en vorige Jaren, No. 12, p. 171.]
Gold.
Silver.
Denomination of the pieces.
Half cent.
25 cents.
10 cents.
5 cents.
2£ cents.
1 cent.
January 1, 1892 . . .
Coined in 1892
Florins.
47, 591, 460
010
Florins.
127, 045, 768
3, 500, 000
11,549,518
Florins.
3,459, 878
200, 000
Florins.
3, 887, 114
200, 000
Florins.
248, 642
Florins.
492, 500
Florins.
1, 183, 500
50, 000
Florins.
156, 500
25, 000
Imported in 1892..
1, 000
Total
47, 593, 070
142, 095, 286
3, 659, 878
4, 087, 114
248, 642
492, 500
1, 233, 500
181, 500
3, 508, 904
130, 096
134, 744
Retired in 1892.
Exported in 1892..
4, 250
5, 610, 000
5, 000
8, 500
1,500
In the coun-
try Janu-
ary 1, 1893 .
47, 588, 820
132, 976, 322
3, 524, 782
3, 943, 870
247, 142
492, 500
1, 233, 500
181,500
Recapitulation of the PRESUMPTIVE AMOUNT of COIN at the beginning of each
year from 1886 to 1893. *
Description.
1886.
1887.
1888.
1889.
1891.
1892.
1893.
Florins.
Florins .
Florins.
Florins.
Florins.
Florins.
Florins.
Gold 10-florin pieces. . .
Silver, 21, 1. and half
47, 289, 000
47, 290, 000
47, 595, 000
47, 598, 000
47, 594, 000
47, 591, 000
47, 589, 000
florin pieces
150, 760, 000
150, 718. 000
140, 803. 000
124, 269, 000
116, 712, 000
127, 046, 000
132, 970, 000
Silver, divisional coins.
Bronze, divisional
7, 696. 000
7, 679, 000
7, 608, 000
7, 634, 000
7, 616, 000
7, 596, 000
7, 716, 000
coins
1, 810, 000
1, 788, 000
1, 783, 000
1, 783, 000
1, 833, 000
1,858, 000
1, 908, 000
Total
207, 555, 000
207, 475, 000
197, 819, 000
181,284, 000
173, 755, 000
184, 091, 000
190, 189, 000
'Except 1890.
Total MONETARY CIRCULATION, not including the hank’s metallic reserve.
[From Jaarcijfers, Binnenland, 1892 en vorige Jaren, No. 12, p. 171.]
January 1—
Coin.
Paper
money.
Bank hills.
Total.
Of which
there were
gold or gold
notes repre-
sented by
gold in the
hank.
Silver.
Gold.
Florins.
Florins.
Florins.
Florins.
Florins.
Florins.
1866
90, 799, 000
8, 270, 000
107, 137, 000
206, 206, 000
1871
93' 111, 000
7, 977, 000
147, 844' 000
248' 932^ 000
1876
89, 919, 000
16, 428, 000
6, 980, 000
189. 228, 000
302,' 555.' 000
92. 666, 000
1881
70, 758, COO
31, 921, 000
6, 525, 000
197,975,000
307, 179, 000
88, 845, 000
1886
63, 499, 000
24, 395, 000
9, 762, 000
197, 341, 000
294, 997, 000
72, 316, 000
1887
62, 238, 000
24, 204, 000
14, 071, 000
213, 130, 000
313, 643, 000
90, 778, 000
1888
61.715, 000
24, 098, 000
12, 823, 000
200, 608, 000
299, 244, 000
72, 708, 000
1889
60, 337, 000
24, 437, 000
11,737, 000
207, 233, 000
303, 744, 000
85, 477, 000
1890
60, 985, 000
24, 366, 000
11, 577, 000
213,810, 000
310, 738, 000
85, 075, 000
1891
60, 544, 000
24, 255, 000
14, 486, 000
204, 940,000
303, 225, 000
63, 492, 000
1892
57, 649, 000
24, 056, 000
14, 750, 000
203, 288, 000
299, 743, 000
62, 244, 000
1893
53, 995, 000
23, 773, 000
13, 960, 000
197, 547, 000
289, 275, 000
61, 822, 000
152
Circulation of NOTES by DENOMINATIONS, Bank of the Netherlands.
[From Jaaroijfers, Binnenland. 1892 en vorige J aren, p. 173.]
March 31—
1,000
florins.
500
florins.
300|
florins.
200
florins.
100
florins.
80
florins.
60
florins.
a
40
florins.
25
florins.
Value of
the total
circulation.
1870
27, 384
12
52, 300
83, 060
273,994
37
267. 296
292, 645
453, 279
Florins.
126, 191, 895
1875
37, 386
12
69, 586
100.510
365, 730
37
365, 963
391, 626
643, 768
168, 622. 780
1880
54,318
12
73, 210
101, 815
383, 847
36
378, 784
409, 610
618, 317
189, 606, 945
1885
44, 553
42
63, 261
93, 303
405, 429
35
414. 360
463, 326
776, 638
185, 534. 190
1888
48, 182
12
62, 992
91, 135
413,456
35
416,715
488, 336
889, 538
193, 435, 790
1889
54, 732
12
06, 243
95, 659
426, 828
17
419,327
495, 032
919, 241
204,368. 785
1890
49, 696
12
69, 300
101,409
459, 515
17
446, 602
524, 825
957, 350
208, 449. 530
1891
45, 048
12
63, 582
92, 506
435, 122
17
419, 662
496, 120
940, 501
194.680, 405
1892
45, 352
12
60, 246
86, 375
424, 941
17
398, 392
471, 482
926, 398
189. 125,010
1893
45, 852
12
62, 095
88, 877
428, 545
17
408, 635
484, 553
977, 359
193, 451, 955
Stock of GOLD and SILVER in the Netherlands Bank, 1881-93.
[From Jaaroijfers, Binnenland, 1892 en vorige Jaren, p. 174.]
July 2, 1881 ...
July 7,1883 ...
July 5, 1884 . . .
July 4, 1885
July 1, 1886 ...
July 2, 1887
July 7, 1888
July C, 1889
July 5, 1890 . . .
July 4, 1891
July 6, 1892 ....
January 7, 1893
July 1,1893 ....
Years.
Gold.
Florins.
50, 820, 000
45, 590, 000
43, 510. 000
43, 030, 000
78, 450. 000
61,110,000
66, 640, 000
66, 470, 000
61, 720, 000
47, 040, 000
38, 580, 000
38, 060. 000
33, 790, 000
Silver.
Florins.
89, 250, 000
94. 290, 000
94. 320. 000
95, 330. 000
99, 040, 000
99, 710, 000
97, 610, 000
79, 300, 000
65. 620. 000
68, 480, 000
85, 480, 000
84, 640, 000
85, 090, 000
The stock of gold coin in the country was estimated at 47,588,820. florins
($19,130,705), of which 23,816,680 florins ($9,574,305) was held in the Bank of the
Netherlands, and in addition the bank held 14,232,291 florins ($5,721,381) in gold
bullion.
The stock of silver coin was estimated as follows: 132,976,321 florins ($53,456,481)
in standard silver coins, and 7,715,793 florins ($3,101,749) in divisional coins; of the
total amount above 85,000,000 florins ($34,170,000) is held by the Bank of the Nether-
lands. In circulation (Government notes), 15,000,000 florins ($6,030,000) ; bank notes,
197,546,990 florins ($79,413,890).
Pursuant to the existing provisions of article 16 of the law relating to the Bank
of the Netherlands, the proportion of the total amount of bank notes, bank assign-
ments, and current coupons, etc., that shall be covered by money or coinable mate-
rial is flxed at two-fifths.
Florins.
Dollars.
197, 546, 990
1, 055, 884. 545
16, 609, 646. 24
79, 413,890
424, 465.5
6, 677, 077. 5
215, 212, 520. 79
(
86, 515, 433
153
JAPAN.
Items reported for 1892.
Ounces or kilo-
gx-ams.
Yen.
Value inUnited
States money.
Coinage:
Gold
1, 319, 525. 00
$1, 319, 525. 00
20. 28
12, 307, 062. 20
222, 209. 80
1-09
12, 307, 062. 20
190, 9G1 -55
Total -
190, 962 -64
13, 626, 587. 20
13, 848, 817. 28
79 -05
17, 646 -46
48, 337 -58
12, 729, 383 ‘70
6, 477, 531. 12
908. 14
1, 123, 266. 25
4, 005, 888. 01
6, 479, 001. 82
329,214. 37
1,179.513. 62
18, 818, 261. 75
Imports of silver
Product of mines:
Imperial gold mines, 1892
*296 -31
*473 -584
*9, 094 -674
*45, 891 -437
245, 468. 187
325.571.905
349, 595. 635
1,786, 694.444
245, 468. 19
325. 571. 91
349, 595. 63
1, 786, 694. 44
Private gold mines, 1890
Imperial silver mines, 1892
Private silver mines, 1890
Product of refineries :
Gold
*55, 756 -005
2, 707, 330. 171
2, 707, 330. 17
*2, 603 -509
*35, 774 -126
1, 730, 292. 08
1, 486, 772. 68
80, 660, 440. 00
81, 329, 853. 00
20, 828, 244. 75
23, 890, 509. 50
106, 493, 458. 00
Stock of gold
80, 660, 440. 00
81, 329, 853. 00
20, 828, 244. 75
23, 890, 509. 50
106, 493, 458. 00
Stock of silver
Government and bank notes outstanding:
National banks
Bank of Japan (convertible silver notes)
* Kilograms.
IMPERIAL ORDINANCES RELATING TO PAPER CURRENCY.
We hereby approve cf the alterations in the mint regulations and hereby order
the same to be promulgated.
[seal.] [sign manual.]
November 29, 1892.
Watanabe Kunitake,
Minister of Finance.
IMPERIAL proclamation no. 106.
The following alterations are made in the mint regulations:
Art. 3. Gold and silver bullion will not be received for import into the mint unless
of the following-named amount or over:
(Note. — When the amount imported at one time is large and exceeds the capacity,
upon consultation with the importer, another day for payment instead of that fixed
by article 10 as the limit shall be fixed and the receipt taken.)
Gold bull ion
Silver bullion
Impure gold and silver bullion .. )
Old gold and silver coins rIn value, 200 yen.
Mixed gold and silver bullion . .. )
Art. 12. When it is necessary to refine and separate the bullion imported, the fol-
lowing refining and separating charges, according to classification, shall be made:
(Note.— -When the gold or silver bullion does not contain more than 750 parts in
1,000 the same shall not be accepted.)
Bullion to be refined, refining fee.
Gold or silver, nine hundred and fifty one-thousandths or over, per 100 moimne pure
gold. 76 sen ; per 100 momme pure silver, 20 sen.
Gold or silver, nine hundred one-thousandths or over, per 100 momme pure gold, 83
sen ; per 100 momme pure silver, 23 sen.
Momme.*
. . 250
.. 2,500
* One momme is 3’7 grains.
154
Gold or silver, eight hundred and fifty one-thousandths or over, per 100 momme pare
gold, 91 sen ; per 100 momme pure silver, 27 sen.
Gold or silver, eight hundred one-thousandths or over, per 100 momme pure gold,
100 sen ; per 100 momme pure silver, 32 sen.
Gold or silver, seven hundred and fifty one-thousandths or over, per 100 momme
pure gold, 110 sen; per 100 momme pure silver, 38 sen.
Art. 14. When imported bullion is returned without being coined the following
fees shall be collected :
Fees for assaying and melting gold bullion.
Mixed gold and silver bullion (of less than 100 in 1,000 parts of gold) under 4,000
momme, 1 yen ; ditto over 4,000 and under 8,000 momme, 2 yen; over 8,000 momme iu
the same proportion.
Silver bullion.
Mixed gold and silver bullion (of less than 100 parts of gold in 1,000) under 8,000
momme, 1 yen; over 8,000 and under 16,000 momme, 2 yen; above 16,000 in the same
proportion.
For assaying and separating gold bullion.
Gold and silver mixed bullion, per ingot, 2 yen ; silver bullion, 1 yen.
Fee for certification and examination, in conformity with fee for examination and separa-
tion.
Art. 15. When coin unfit for circulation is condemned at either the mint or sub-
mint, if of or exceeding the following weight, the following fee shall be collected
and the coin received and coin paid therefor on the following day: Gold coin, 40
momme, three and one-half one-thousandths; silver coins, 1 yen denomination, 400
momme, five one-thousandths.
P. S. — This ordinance came into effect January 1, 1893.
Imperial Ordinance No. 103. — Buies relating to the committee of currency investigation.
Article I. The committee of currency investigation shall be under the superin-
tendence of the minister of state for finance, and shall investigate the following
matters :
(1) The origin and general results of recent fluctuations in the relative value of
gold and silver.
(2) The effect produced upon the economy of Japan by recent fluctuations in the
relative value of gold and silver.
(3) Whether in consequence of recent fluctuations in the relative value of gold and
silver any change should be made in the present currency system of Japan, and if
such change be considered necessary, what currency unit should be adopted and
what methods should be followed for the purpose.
Art. II. The committee of currency investigation shall be composed as follows:
President, 1 ; vice-president, 1 ; members, 20.
Art. III. The president, vice-president, and members shall be chosen from among
high-class administrative officials, professors of the Imperial University, members
of the Imperial Diet, and other persons of learning and experience in matters of
currency, and shall be nominated by the cabinet on the recommendation of the
minister of state for finance.
Art. IV. Regulations for the proceedings and deliberations of the committee of
currency investigation shall be determined by the minister of state for finance.
Art. V. The president shall control the proceedings and report the decisions of
the committee to the minister of state for finance.
In the event of the president’s absence his functions shall devolve upon the vice-
president.
Art. VI. Managers shall be attached to the committee; they shall be chosen from
among the superior officials of the department of finance and shall manage the busi-
ness of the committee under the direction of the president.
Art. VII. Secretaries shall be attached to the committee to manage all secretarial
matters under the direction of the president and the managers.
Art. VIII. The president, the vice-president, the members, the managers, and the
secretaries shall receive annual allowances of not more than 300 yen.
155
[The Japan Daily Mail, Yokohama, Wednesday, October 25, 1893.]
THE MONETARY SYSTEM INVESTIGATION COMMISSION.
The following appointments to the commission for the investigation of the mone-
tary system have been announced in the Official Gazette:
To be president: Viscount Tani, member of the House of Peers.
To he vice-president: Mr. Tajiri Juijiro, vice-minister of finance.
To ho kanji: Mr. Hayakawa Seukichiro, private secertary to the minister of
finance.
To he members: Mr. Wakamiya Seion, director of the bureau of commerce and
industry in the department of agriculture and commerce; Mr. Hara Kei, director of
the bureau of commerce in the department of foreign affairs; Mr. Wadagaki Kenzo,
professor in the Imperial University; Mr. Sakatani Yoshiro, accountant in the
department of finance; Mr. Soyeda Juichi, acting director of the bureau of inspec-
tion in the department of finance; Mr. Kauai Nobu professor in the Imperial Uni-
versity ; Mr. lvawata Koichiro, president of the Nippon Ginko ; Viscount Hotta Seiyo,
member of the House of Peers; Mr. Obata Tokujiro, member of the House of Peers
(imperial nominee); Mr. Watanabe Jinkichi, member of the House of Peers (repre-
sentative of the highest taxpayers) ; Mr. Sonoda Kokichi, president of the Yokohama
specie hank ; Mr. Shibusawa Eiichi, president of the First National Bank ; Mr. Masada
Takashi, manager of the Mitsui Bussan Kaisha; Mr. Shoda Heigoro, manager of the
Mitsubushi firm; Mr. Taguchi Ukichi, editor of the Keizai Zasshi ; Mr. Watanabe
Hiromoto, member of the house of representatives (Independent); Kawashima Jun,
member of the house of representatives (Domei club); Mr. Maki Bokushin, member
of the house of representatives (National Unionist); Mr. Kurihara Ryoichi, mem-
ber of the house of representatives (Radical), and Mr. Takata Sanaye, member of
the house of representatives (Progressionist).
It is stated that some of the members of the commission have under contemplation
the dispatch of a special committee to India and the United States to study the
()uestiou in loco. The above twenty-three members being classified, there are six
officials, five each from the two houses of the Diet and also from the business circle,
and two professors. The vernacular press adds that the Government at first intended
to ask either Count Okuma or Count Matsukata to accept the post of president, but
as neither was judged likely to consent, the choice at last fell to Viscount Tani.
CHINA.
During the year 1892, $3,500,000 worth of silver was coined.
SCA^fSTDIISrjA'VIAvlSr UNION— SWEDEN, NORWAY, DEUST-
M.ARK.
Items reported for 1892.
Weight.
Value.
Coining value,
United States
money.
Silver coinage:
Sweden
Kilos.
Crowns.
294, 762
450, 000
903, 759
$78, 996
120, 600
242, 208
Norway
Denmark
Total
1, 648, 521
132, 000
441, 804
35, 376
Silver recoinage:
Norway
Imports of gold:
By Sweden-
Gold coin .......
3, 955
1,060
77, 094
140, 995
938, 000
201, 000
Other bullion
116
By Norway :
Gold (including silver)
526, 100
3, 500, 000
750, 000
By Denmark :
Gold coin
Gold bullion
Total
116
4, 780, 055
1, 358, 149
Exports of gold :
By Norway (including silver)
478, 900
128, 345
Total
478, 900
128, 345
156
Items reported for 1892.
Imports of silver:
By Sweden —
Silver coin . ..
Other bullion .
Total.
Exports of silver:
By Sweden —
Silver coin
Other bullion.
Total.
Product of mines :
Sweden —
Gold
Silver
Norway :
Silver
Metallic stock —
Sweden :
In banks December 31, 1892 :
Gold (current coin)
Gold bullion
In the mint
Silver —
In Riksbank
In circulation
In the mint
Norway :
Gold (in Bank of Norway) ..
Silver (in circulation)
Silver in treasury
Denmark :
Gold (coin and bullion)
Silver .
Government and bank notes in circulation December 31,
1892—
Weight.
Kilos.
3, 815
3, 815
4,898
4, 898
87.62
52. 10
4, 495. 6
Value.
Crowns.
580, 365
580, 365
216, 100
216, 100
217, 311
*5, 454
20, 018, 485
4, 410, 304
98, 421
2. 867, 475
15, 216, 632
106, 701
27, 021, 700
6, 042, 350
474, 940
53, 000, 000
20, 000, 000
Coining value,
United States
money.
$155, 538
J 58. 55 L
314, 089
57, 915
203, 501
261,470
58, 232
2, 105
186, 837
5, 364. 954
1, 181, 961
20, 377
768, 483
4, 078, 057
28. 596
7, 241.815
1, 619, 349
127, 283
14, 204, 000
5, 360, 000
Sweden
Sweden uncovered notest . .
Norway (Bank of Norway)!
Norway uncovered notes
Denmark
Denmark uncovered notes. .
101, 978, 271
16, J 33, 509
45, 115, 200
5, 752, 700
81, 000, 000
23, 000, 000
27, 330, 176
4. 323, 780
12, 090, 874
1. 541, 723
21, 708, 000
6, 164, 000
* At 104.70 crowns per kilogram (mean price for year 1892 in London),
t All notes issued by private banks are covered to full value.
JThe Government does not issue notes.
MEXICO.
Items reported for 1892 : Value.
Gold coinage $275,203
Silver coinage 26, 782, 721
The exports were :
Gold 1, Oil, 512
Silver 48,239,251
The production was :
Gold 1,117,807
Silver 50,284,311
A decree of December 12, 1892, provides for the demonetization of the old copper
coins of the Republic and of the silver 25-centavo pieces, and the substitution for the
former of centavo and for the latter of 20-centavo pieces by the 30tli of June, 1893.
The decree of June 1, 1893, requires the stoppage of the coinage of the 25-centavo
pieces, and their retirement from circulation before Juno 30, 1896, thus modifying the
decree of December 12, 1892.
PERU.
1891.
Value of coinage - $3, 169, 797
Exports of gold 89,558
Exports of silver 11, 262
1892.
Value of coinage 2, 614, 948
157
THE NI8VV AUSTRIAN CURRENCY.
[From tlie London Economist for September, 1893.]
* # * * * * #
As soon as the coining of silver has been finished in Austria and no more is required
for the new currency the question will have to be decided what is to become of Aus-
trian silver production. It, is probable that the product of 1893, 1894, and 1895 will
be wanted for the 1-crown pieces of the new currency, but from 1896 the silver pro-
duction of Austria and Hungary will have to serve industrial purposes only. At
present the Government pays 90 llorins for a kilogram of silver, but in subsequent
years the price will be gradually reduced, so that by 1896 it may have reached the
international price of 34 \d. per standard ounce, this being only 62 florins for 1 kilo-
gram. It has been calculated that so long as the price of 63 florins per kilogram is
maintained the silver mines of Pizibram, in Bohemia, which belong to the state,
might be worked without loss, and the thousands of miners who are absolutely
unadapted to any other kind of mining work might be still employed. But with the
present prico of silver this would already be impossible. The state would have to
contribute if it wished to maintain these fine silver mines in activity.
The coining of the new currency in the Austrian mints is progressing very fast,
now that the machinery has been improved and extended. On September 9 the fol-
lowing amount of new money had been coined:
Denomination of pieces.
Number of
pieces.
Value in
crowns.
Coining value
in United
States money.
6, 323, 071
24, 984, 500
28, 518, 750
27, 872, 100
32, 865, 004
19, 947, 213
126, 461, 420
24, 984, 500
5, 703, 750
2, 787, 210
657, 300
199, 474
$25, 621, 084
5,061,860
1, 155, 580
564, 689
133, 169
40, 413
20-beller pieces in nickel
10-heller pieces in nickel :
Total
140, 510, 638
160, 793, 654
32, 576, 795
Tbe token money has almost all been put in circulation. The mint of Vienna has
also undertaken to coin 3,000,000 worth of Levantine, or Maria Theresa, thalers
before the end of the year.
BELGIUM.
The notes of the national bank of Belgium may be considered as fully covered.
To illustrate the fact an abstract of the report of the bank upon the operations of
the year 1892 may be cited.
The debit of the bank, available on the 31st of December, 1892, comprises:
Items.
Value.
The circulating notes of the bank
Francs.
427, 594, 580. 00
69, 340, 318. 00
The creditor’s balance on current accounts
Total . ..
496, 934, 898. 27
The disposable amount of the credit comprises:
Items.
Value.
The bonds of the public debt pertaining to the bank and its reserve fund
Francs.
73, 547,151.48
114, 654, 737. 14
39, 245, 869. 66
309, 391, 705. 26
8, 599, 400. 00
8, 476, 913. 99
Metallic cash on hand
Drafts fallen due and in current accounts
The portfolio
The loans upon bonds of the public debt
The assets upon specie and bars
Total
553, 915, 777. 53
158
[Copy of report from the Imperial Bank of Persia, responsive to financial questions, received from
another source but applicable in this case.]
PERSIAN CURRENCY AND COINAGE.
(Answers to interrogatories, 1892.)
(1) Is silver, gold, or paper the currency money ? If all are current, which prevails ?
Gold coin exists, but is used only for presents and hoarding. It is a commodity, and
at present commands a premium of 30 to 35 per cent.
Silver is the real currency. The coins are very small (1 kran and 2 krans almost
exclusively) and for trade purposes are highly inconvenient. The counting and
examinations are very long and laborious, the coins being often spurious or debased
and of such irregular weights that weighing is impossible. The old coinage (i. e.,
before 1877, when provincial mints existed) is extremely irregular in weight and fine-
ness, hut on the whole is heavier and more valuable than the new coinage.
The new coinage is struck with no technical skill or appliances. Although more
regular than the old, it is still extremely defective.
There are no guarantees of exactitude and no control; therefore the mint master
is supposed to make large illicit profits at the expense of the public.
The sarrafs, or money changers, circulate bags sealed by tliem and said to contain
250 tomans in silver. The hank does not accept them, however.
Copper circulates at a discount of 6 per cent and upwards, which would he greater
hut for the poverty of the people and the consequent amount of coin absorbed.
(2) If paper money is in use is it issued by the Government or the banks, and how
is it secured ?
Bank notes now exist and are issued by the Imperial Bank of Persia. The bank
is in its infancy (business commenced 1890) and its circulation is, therefore, only
about $250,000 or $300,000.
The above bank has a monopoly of issue. The security is a cash reserve of 33 per
cent under the Government control; the capital of the bank is £1,000,000, with a
reserve liability of a second million, upon which the notes are a first charge. Any
default would entail forfeiture of right of issue and the obligation to repay all out-
standing notes.
The notes are issued from Teheran and the bank’s branches, viz, Tabriz, Meshed,
Ispahan, Shiraz, Bushire, Yezd, and Reskd, and are legally payable only at the place
of issue. This was determined on account of the extreme difficulty of transferring
funds from place to place.
The denominations of the notes are 1, 2, 3, 5, 10, 20, 25, 50, 100, 500, and 1,000 tomans.
The two last are virtually cash orders, which do not circulate.
Persian Coinage.
[1 toman = 10 krans. 1 kran = 20 shahis.]
Gold: 10 tomans (rare), 2 tomans, 1 toman, one-half toman, or 5 krans, one-fourth
toman, or 2i krans.
Silver: 5 krans (rare and not used), 2 krans, 1 kran, one-half kran, or 10 shahis.
one-fonrth kran, or 5 shahis. (Also a maundy coin of 3 shahis, for distribution at
the Persian new year.)
Copper : 2 shahis, 1 shalii, and one-half 6hahi.
(Translation.]
From the Amin-ul-Mulk to Mr. McDonald.
Your Exceeeency : Some days ago you asked certain questions regarding the
coinage of gold and silver, also the extent of such coinages and the circulation of
notes in this country. So much of your question as relates to the coinage is answered
below. Mr. Rabino (the manager of the bank) has been asked to supply the infor-
mation concerning the notes, so that you may have knowledge of the matter. You
will, therefore, ask the bank to give you the details as to the circulation of notes.
In the year 1892, from old tomans, broken articles of gold, and gold imported,
12,500 miscals, or 25,000 tomans, were coined. In the beginning of the year the price
of gold was cheaper than at the close.
In the early part of the year the price of the English pound sterling was 32 krans,
and at the end 34 krans.
The amount of silver imported and coined during the year above mentioned was
1,436,000 tomans of the currency of Persia.
Permit me to renew the assurance of my friendship and esteem for your excel-
lency.
Rxbi-ue-Avvae, 1311.
Dated 28th.
159
rtu.-siys..
Coinage of gold in 1892.
Total value francs..
Numbor of pieces imperials..
Total weight kilograms..
Weight of fine gold.... do
2, 880, 300
8, 000
929, 185
836, 267
There was no remelting of Russian or foreign gold coins in 1892.
Coinage of silver — 1892.
Silver coins 0-900 fine:
Nominal value — the silver ruble (17-996 grams fine)
francs
Number of 1-ruble pieces
Number of 50-copeck pieces
Number of 25-copeck pieces
Total weight
Fine weight
Silver billon :
Nominal value (ruble, 4 francs)
Number of 20-copeck pieces
Number of 10-copeck pieces
Number of 5-copeck pieces
Total weight
Weight of fine silver '.
calculated at 4
francs.. 8,532,042
2, 131, 006
2, 006
4, 006
kilograms . . 42, 650, 796
do.... 38,385,836
francs.. 6,600,001
do.... 5,000,000
do.... 2,500,000
do 8,000,006
kilograms . . 29, 692, 438
do.... 14,846,380
The nominal value of the silver pieces mutilated, deteriorated, and worn which
were remeltecl in 1892 was 11,841,812 francs. The remelting yielded 6,843,340 francs’
worth of fine silver, the silver ruble containing 17-996 grams of fine silver being cal-
culated at the rate of 4 francs.
Iu 1892 kokans — silver coins of Bokhara — of the nominal value of 5,183,800 francs
were remelted. This operation produced 3,732,400 francs’ worth of fine silver and
2,892 francs’ worth of fine gold, the silver ruble containing 17-996 grams of fine
metal being calculated at 4 francs, and the gold ruble containing ff- grams of pure
ffold valued at the same rate.
Exportation of gold in 1892.
Kilograms.
Russian gold coin 114 -663
Foreign gold coin 147 -424
Gold bars 32-761
Total
294 -848
Importation of gold in 1892.
Russian gold coin
Foreigu gold coin
Gold bars
Kilograms.
3, 832 -936
125, 555 -730
5, 274 -370
Total
134, 663 -036
Exportation of silver in 1892.
Kilograms.
Russian silver coin 32 -761
Foreign silver coin 5,995-110
Silver bars 94,’ 006 -838
Total 100, 034 -709
Importation of silver in 1892.
Kilograms.
Russian silver coin 278 -468
Foreign silver coin 31, 613 -414
Silver bars #185, 131 -761
There are no data on the quantities of gold or silver ore imported or exported
during the year 1892.
160
Production of gold in 1892.
W eight kilograms . . 37, 318 '771
Value francs.. 128,529,440
Production of silver in 1892.
Weight kilograms.. 9, 492 '522
Nominal value francs.. 2, 109, 956. 20
There are no data on the output of gold or silver by the refineries of Russia.
The stock of gold in the Imperial treasury and the Bank of the State is 1,982,215,550 '
francs. This includes the ordinary exchange fuud, amounting to 841,517,400 francs,
and the extraordinary exchange fund, amounting to 600,000,000 francs, a total of
1,441,517,400 francs.
The stock of silver iu the Imperial treasury and the Bank of the State is: Silver
coin, -900 fine, 6,892,559 francs; billon coin, 18,239,410 francs.
The silver coin includes the exchange fund of 4,502,728 francs.
There are no data on the amount of money in the hands of individuals in Russia.
The amount of bills of credit issued for ordinary purposes was, at the end of 1892,
3,120,073,952 francs. The temporary issues authorized by the ukase of January 1,
1881, were at the same date, 1,065,052,584 francs, and the issues entirely secured by
gold, 600,000,000 francs, a total of 4,785,126,536 francs.
On December 31, 1892, the bank held bills of credit to the amount of 488,854,092
francs, so that the amount of bills actually outstanding was 4,296,271,844 francs.
The Bank of the State is the, only bank of issue in Russia.
The amount of uncovered notes at the end of 1892 was 3,339,106,408 francs, or
deducting the amount of bills in the bank, viz, 488,854,692, 2,850,251,716 francs.*
Francs, j
Exchange fund, in gold 1,441,517,400
Exchange fund, in silver 4,502,728 '
Total 1,446,020,128
Amount uncovered 2, 850, 251, 716
The mint of Russia publishes no report of its operations.
For the chief of accounts.
A. Konuciiixe.
VENEZUELA.
[Copy and translation of executive decree.]
Joaquin Crespo, chief of the national executive power, considering that small
money has become scarce in proportion to the necessities of the public, and that it
is indispensable to remedy this evil, facilitating transactions but not permitting
economic interests to suffer perturbation, do decree:
Article 1. There shall be coined 6,000,000 bolivars into silver money of the type,
weight, standard, and other conditions fixed by the coinage law of July 9, 1891.
Art. 2. The coinage shall be in the following-proportion : 2,500,000 bolivars in coins
of 5 bolivars; 1,000,000 bolivars in coins of 2 bolivars; 1,000,000 bolivars in coins of
1 bolivar; 1,000,000 bolivars in coins of 50 centimes; 500,000 bolivars in coins of 25
centimes.
Art. 3. There shall also be coined 500,000 bolivars in nickel money of 5 centimes.
Art. 4. This money will be imported in monthly lots.
Art. 5. The minister of finance is encharged with the execution off this decree.
Signed and sealed with the great national seal in the federal palace, Caracas, |
April 4, 1893. B
The importation of coined gold was 3,174,726-57 bolivars; the exportation of coined
gold, 181,392 bolivars. ■
The importation of coined silver was 41,713-38 bolivars; the exportation of coined
silver, 10,050 bolivars.
Gross weight, 1,566 kilograms; value, 4,176,877-60 bolivars.
Coined gold in circulation, 90,766,802-40 bolivars.
Coined silver in circulation, 14,000,000 bolivars. j
Consolidated 5 per cent debt. 38,232,710 bolivars; 1 percent “titulos”* (certifi- fl
cates), 2,766,787 bolivars ; diplomatic debt, 4,978,000 bolivars; exterior debt, 67,147,- _
325 bolivars; total, 113,124,912. ■
* The 1 per cent “titulos” are at 1 per cent monthly. They and the other debts
mentioned under this head constitute the. funded debt. There are no Government
notes proper in circulation. — F. C. Partridge.
Rank of Venezuela issued 4,341,800 bolivars; in circulation, 3,31!), 150 bolivars.
Rank of Caracas issued — part in circulation — 3,100,000 bolivars, which were retired
from circulation and burned in April, 1892.
PROHIBITION OF THE IMPORTATION OF SILVER COIN.
The Venezuelan Government issued the following decree on the 14th of August
1893 :
(1) From and after this date the importation of Venezuelan silver coin through
the customs stations of the Republic is prohibited, except when the same is imported
by the Government. The import of all foreign silver coin is also prohibited by law.
(2) The collectors of customs in seaport towns shall consider all silver coins, inclu-
sive of Venezuelan silver coins, which it is sought to import into the country, as
articles whose importation is prohibited, and persons found guilty of such attempted
importation shall be punished by the confiscation of the coin and a line equal to 50
per cent of its value.
The reasons for the issuance of this decree are explained by Mr. E. H. Plumacher,
our consul at Maracaibo, in the following words:
“At this moment, when the silver question is attracting universal attention, it
may interest the Department to know that for some time past there have been
imported into this country large quantities of Venezuelan silver coins which have
been discovered to be of unauthorized coinage.
“ Since 1886 the importation of foreign silver of all nationalities has been pro-
hibited, but all classes of gold coins and Venezuelan silver have until now been
allowed free entry and are constantly being introduced through the custom-houses.
It now appears that parties abroad, taking advantage of the low price of silver bull-
ion, have coined hundreds of thousands of Venezuelan silver dollars, exact fac-
similes of the emission authorized by the Government, and containing an equal, or,
as it is said, even a greater amount of pure silver.
“ The Government has acted promptly in the matter and issued a decree prohibit-
ing the importation from abroad, except by the Government, of Venezuelan silver
coins, and declaring them contraband should efforts be made to introduce them.
This will put a stop to the business through the custom-houses, but large amounts
will no doubt continue to be successfully smuggled.
“ It is a striking commentary on the situation that such a speculation is possible,
producing, it is said, nearly 40 per cent profit, although it is freely admitted that the
surreptitious coins are in all respects equal to those authorized by hiw.
“Advices from Curacoa, which is and always has been a dumping ground for
money of all nationalities, show that Venezuelan silver, since the late developments,
is received at only one-half its face value; moreovejt', it is intimated that it will soon
be rejected entirely.” (Consular Reports, November, 1892, p. 321.)
ECUADOR.
Exports. — Old gold and silver, gold dust and coin, 511,411 sucres, value in United
States gold, $337,580, of which $7,650 went to the United States, and nearly all the
remainder to England.
Imports.— Coined silver, 500,000 sucres, value in American gold, $313,000. It had
been coined principally in Birmingham, England; some in Peru and Chile.
£>. Rep. 235 11
SITUATION of the PRINCIPAL BANKS of ISSUE of Various Countries on Decem-
ber 31, 1S92.
Names of banks.
Metallic
Imperial Bank of Germany...
Bank of Austria-Hungary
Bank of Belgium
National Bank of Bulgaria (a)
National Bank of Denmark . . .
Bank of Spain
Bank of France
United Kingdom :
Bank of England
Banks of Scotland (b)
Banks of Ireland (b)
National Bank of Greece (c) . .
Italy :
National Bank ( d )
Other institutions of issue
Bank of Norway ( c )
Bank of the Netherlands
Bank of Portugal (e)
Bank of Koumania
ltussia :
reserve.
$202, 109, 600
110, 318,800
22, 156, 400
424, 600
15, 729, 500
61,972,300
574, 985, 600
117, 807, 200
26, 634, 000
15, 497, 900
463, 200
(d)
44, 718, 100
41,842. 400
5, 558, 400
49, 929, 100
6, 311,100
10, 634, 300
Imperial Bank (/). .
Bank of Finland (/)
Bank of Servia
Sweden :
322, 367, 900
4, 805, 700
2, 566, 900
Royal Bank (c)
Private hanks (c)
Swiss banks of issue
Associated hanks of New York
5, 384, 700
4, 303, 900
17, 350, 700
73, 340, 000
ANALYSIS OF THE RESERVE.
Bills payable
to hearer in ,
circulation.
Gold.
Silver.
$275, 179, 400
193,733,400
79, 940, 600
96,500 '
21,828,300 i
170, 631, 100
636,552,000 1
$41, 823, 100
$68, 495, 700
15, 729, 500
36, 727, 900
329, 779, 100
25, 244, 400
245, 206, 500
117, 807, 200
23,160, 000
13, 510, 000
122, 979, 600
34, 257, 500 1
31,845,000
23, 198, 600
106, 864,100
98, 179, 100
12, 178,300
80, 056, 400
53,611,900
22, 793, 300
3, 474, 000
1. 987, 900
38, 522, 800
35, 705, 000
6, 195, 300
6, 137, 400
15, 401, 400
20, 036. 800
10, 576, 400
57, 900
319, 415,000
4, 188, 100
1, 775, 600
2, 952, 900
617, 600
791, 300
782, 422, 000
8, 878, 000
5, 577, 700
4, 574, 100
1, 968, 600
12, 969, 600
800, 600
2, 335, 300
4, 381, 100
11,367,700
15,883, 900
22, 002, 000
5, 500, 500 ■
a Situation on Dec. 14.
b Situation on Dec. 3.
c Situation on Nov. 30.
d Situation on Dec. 20.
e Situation on Dec 21.
/ The paper reserve is estimated at 2 francs 35
centimes.
SITUATION of the PRINCIPAL BANKS of ISSUE of Various Countries on March
31, 1S93.
Names of hanks.
Metallic
reserve.
ANALYSIS OF THE RESERVE.
Gold.
Silver.
Bills payable
to hoarer in
circulation.
Imperial Bank of Germany . . .
Bank of Austria-Hungary
Bank of Belgium
National Bank of Bulgaria (a)
National Bank of Denmark . . .
Bank of Spain
Bank of Finland
Bank of France
National Bank of Greece (a) . .
$209, 636, 600
113, 117, 300
21, 403, 700
1, 100, 100
14. 339,900
65, 446, 300
4, 882, 900
566, 358, 500
424, 600
$42, 267, 000
14, 339, 900
37, 210, 400
4, 265, 300
320, 399, 300
$70, 850, 300
28, 235, 900
617. 600
245, 959, 200
$258, 234, 000
188,618.900 »
80, 674, 000
38. 600
19,454.400
171,133, 100 »
8, 800,800 '
671,369,800 t
22, 040, 600
Italy :
National Bank
Other institutions of issue.
Bank of Norway (a)
Bank of the Netherlands
Bank of Portugal
Bank of Roumania
United Kingdom :
Bank of England
Banks of Scotland (b)
Banks of Ireland (b)
Imperial Bank of Russia
Bank of Servia
Sweden :
Royal Bank (a)
Pri vate banks ( a )
Swiss hanks of issue (c)
Associated hanks of New York
44, 737, 400
41, 610, 800
6, 214, 600
50,411,600
7, 990, 200
10, 151, 800
126,569, 400
23, 642, 500
13. 992, 500
287, 550, 700
2, 586, 200
5, 461, 900
4, 979, 40(1
18, 045, 500
69, 094, 000
39, 815,900
36, 013, 800
6, 214. 600
15, 864, 600
1,908,600
9, 900, 900
126, 569, 400
19, 782, 500
12, 062, 500
284, 462, 700
1,794, 900
4, 535, 500
2, 007, 200
13, 510, 000
4,921,500
5, 597, 000
34. 933, 000
6, 021, 600
250, 900
3, 860, 000
1.930.000
3. 088. 000
791, 300
926, 400
2, 972. 200
4, 535, 500
JL 1 I , I vv
107,423,800
11.231,900
78, 628, 200
53, 190, 600
22, 040, 600
123, 346, 300
29,915, 000
29, 432. 500
754, 108, 000
5, 191, 700
11,483,500
15,015, 400
31, 034, 400
5,404,000
a Situation Feh. 28
b Situation Jan. 28,
c Situation Fob. 25,
1G3
SITUATION of the PRINCIPAL BANKS of ISSUE of Various Countries or luve
SO, 1893.
Names of banks.
Imperial Bank of Germany
Bank of Austria-Hungary
Bank of Belgium
National Bank of Bulgaria (a) ..
National Bank of Denmark
Bank of Spain
Bank of Finland ( b )
Bank of Franco
National Bank of Greece ( b ) ...
Italy :
National Bank (c)
Other institutions of issue .
Bank of Norway ( b )
Bank of the Netherlands
Bank of Portugal
Bank of Roumania
United Kingdom :
Bank of England
Banks of Scotland (d)
Banks of Ireland (d)
Imperial Bank of Russia (e)
Bank of Servia (/)
Sweden :
. Royal Bank (b)
Private banks (b)
Swiss banks of issue (a)
Associated banks of New York
a Situation on May 22.
b Situation on May 31.
c Situation on June 20.
Metallic
ANALYSIS OF THE RESERVE.
Bills payable
to bearer in
circulation.
reserve.
Gold.
Silver.
$196, 107, 300
112, 383, 900
19, 782, 500
$265, 375, 000
190, 162, 900
79, 207, 200
308, 800
21, 905, 500
174,182, 500
8, 337, 600
665, 985, 100
21, 944, 100
122, 883, 100
114, 429, 700
12, 313, 400
79, 516, 000
54, 155, 800
26, 691, 900
$41, 938, 900
$75, 445, 000
1,582,600
15, 961, 100
70, 078, 300
4, 844, 300
578, 459, 600
405, 300
38, 194, 700
4, 188, 100
331, 323, 100
31,883,606
656, 200
247, 136, 500
47, 709, 600
41,475,700
6, 562, 000
48, 192, 100
8, 646, 400
12, 757, 300
40, 742, 300
36, 284, 000
6, 562, 000
13, 760, 900
2, 412, 500
12, 487, 100
6, 967, 300
5, 191, 790
34, 489, 100
6, 233, 900
270, 200
145, 309, 700
21, 461, 600
15,034,700
293, 939, 000
2, 470, 400
145, 309, 700
128, 171, 300
28, ij25, 400
28, 930, 709
749, 361, 100
5, 095, 200
290, 677, 300
1, 659, 800
3, 261,700
810, 600
5, 519, 800
4, 400, 400
1.7, 177, 000
60, 795, 000
4, 496, 900
2, 065, 100
13, 374, 900
1, 022, 900
2, 335, 300
3, 802, 100
5, 625, 500
15. 362, 800
31,479, 600
4, 825, 000
d Situation on Apr. 22. g Situation on May 27.
e Situation on June 16.
/Situation on June 22.
SITUATION of the PRINCIPAL BANKS of ISSUE of VARIOUS COUNTRIES
on September 30, 1893.
Names of banks.
Imperial Bank of Germany —
Bank of Austria-Hungary
Bank of Belgium
National Bank of Bulgaria (a) .
National Bank of Denmark
Bank of Spain
Bank of Finland
Bank of France
National Bank of Greece
Italy ;
National Bank
Other institutions of issue .
Bank of Norway
Bank of the Netherlands
Bank of Portugal
Bank of Roumania
United Kingdom :
Bank of England
Banks of Scotland ( b )
Banks of Ireland (b)
Imperial Bank of Russia
Bank of Servia
Sweden :
Royal Bank (c)
Private banks (c)
Swiss banks of issue
Associated banks of New York
a Situation on Sept. 7.
Metallic re-
ANALYSIS OF THE RESERVE.
Bills payable
to bearer in
circulation.
serve.
Gold.
Silver.
$178, 177, 600
$265, 645, 200
107, 192, 200
19, 087, 700
1, 698, 400
14, 378, 500
68, 804, 500
$11, 533, 600
$65, 658, 6C0
200, 874, 400
77, 045, 600
193, 000
20, 535, 200
177,521,400
38, 194, 700
30, 609, 800
4, 940, 800
572, 495, 900
424, 600
4, 188, 100
752, 700
8, 607, 800
327, 289, 400
245, 206, 500
669, 285, 400
22, 330, 100
60, 180, 000
45, 490, 100
4, 689, 900
110,589, 000
36, 573, 500
6, 793, 600
32, 057, 300
4, 516, 200
80,406, 100
13, 046, 800
45, 181, 300
11, 464. 200
33,717, 100
76, 312, 200
8, 781. 500
2, 412, 500
6, 369, 000
55, 641, 900
11, 811, 600
11, 782, 300
19, 300
27, 425, 300
133, 015, 600
133,015, 600
124, 832, 400
23, 449. 500
22, 967, 000
19, 782, 500
14,011,800
13, 953, 900
11,830,900
2. 123, 000
29, 374, 600
301 , 060, 700
297, 799, 000
1, 679, 100
3, 261,700
783, 773, 000
2, 470, 400
791, 300
5, 577, 700
5, 404, 000
4, 477, 600
926, 400
11, 676, 500
4, 574, 100
2, 007, 200
2, 566, 900
15,111,900
16, 520, 800
75, 945, 500
13, 664, 400
2, 856, 400
32, 771, 400
13, 124, 000
b Situation on J uly 15. c Situation on Aug. 31.
ANNUAL AVERAGES of the RATE of DISCOUNT in EUROPE, 1885-1892.
[From the “Bulletin de Statistique,” January, 1893, page 60.]
Principal cities.
YEARS.
1885.
1886.
1887.
1888.
1889.
1890.
1891.
1892.
Per et.
Per ct.
Per ct.
Per ct.
Per ct.
Per ct.
Per ct.
Per ct.
Amsterdam
2-71
2 '50
2 '50
2-70
2-50
2-80
3T2
2-70
Berlin
4 T4
3-29
3-40
3-33
3-68
4-38
3-80
3-20
Brussels
3 23
2-75
3-06
3-27
3 54
3-20
3-00
2;70
London
2-91
3 -04
3-38
3-30
3-56
4-55
3-35
2-54
Paris
3 00
3-00
3-00
3 TO
3 TO
3-09
3-00
2-66
Rome
5 -50
5 -92
6 *00
5 -78
5 *90
St. Petersburg
5-75
5*85
4 -88
4 -x$
Vienna ~
4-04
4-00
4-12
4 TO
4 T9
4 *52
4-40
4 02
Tables showing the VALUE of the GOLD and SILVER COIN and BULLION imported
into and exported from the principal foreign countries of the world, also the excess of
imports over exports or exports over imports, for series of years.
, GREAT BRITAIN AND IRELAND.
Value of GOLD COIN and BULLION imported into and exported from Great Britain
and Ireland from 1S58 to 1892.
T cars,
1868
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868,
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1 890
1891
1892
Total
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports. J
$110, 922, 748
$61, 157, 500
$49, 765, 248
108, 511,747
87, 991, 863
20, 519, 884
61, 243, 365
76, 119, 739
$14, 876, 374
59, 195, 799
59, 071, 387
124,412
96, 861, 375
77, 922, 217
18, 939, 158
93,157, 779
74, 473, 407
18, 684. 372
82, 248, 478
64, 625, 850
17, 622, 628
70, 494, 026
41, 332, 800
29, 161, 226
114,409, 668
62, 009, 230
52, 400, 438
76, 891, 474
38, 393, 911
38, 497, 563
83, 393, 205
61, 845, 954
21,547,251
67, 015, 657
41,237, 256
25, 778, 401
91, 522, 942
48, 730, 800
42, 792, 142
105, 208, 494
100, 728. 155
4, 480, 339
89, 881, 539
96,108,100
6, 226, 501
100, 304, 234
92, 810, 092
9, 494, 142
87, 991, 279
51, 787, 522
36, 203, 757
112,614,868
90, 751,932
21. 862, 936
114, 245, 832
80, 373, 888
33, 871, 944
75, 148, 420
99, 088, 685
23, 940, 265
101,570,717
72, 844, 239
28, 726, 478
65, 058, 657
85, 547, 318
20, 488. 661
46,012. 081
57, 564, 962
11,552,981
48, 484, 969
75, 425, 090
26, 940, 121
69, 963, 524
58, 513, 842
11,449,682
37, 743, 601
34, 510, 128
3, 233, 473
52, 287, 602
58, 460, 481
6, 172,819
65, 097, 034
58,061,325
7, 035, 709
65, 173, 415
67, 078, 405
..............
1, 904. 990
48. 4-17, 594
45, 373, 368
3, 074, 226
76, 830, 297
72, 725, 672
4, 104. 625
. .......
87, 178,671
70, 346, 805
16,831,866
1 14, 693, 910
69, 623, 497
45, 070. 413
147, 472, 002
117, 634, 800
29, 837, 202
103,413, 125
75, 187, 425
28, 225, 700
2, 930, 690, 188
2, 425, 457, 645
165
Value of SILVER COIN and BULLION imported into and exported from Great Britain
and Ireland from 185S to 1892.
1858.
1 859 .
1860.
1861.
1862.
1863.
1864.
1865.
1806.
1867.
1868.
1860.
. 1870.
'871.
872.
.873.
874.
,875.
1 876.
1877.
1878.
1879.
1880.
1881.
1882.
,1883.
,1884.
‘885.
.880
887
888
] 1889.
J 1890
.891.
1892,
Total
Tears.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
$32, 605, 801
$34, 360, 425
$1,760, 564
71,890, 166
85, 687, 697
13, 797,531
50, 580, 026
48, 145, 209
$2,434, 817
32, 036, 695
46, 588, 348
14, 551,653
57, 194, 865
64, 793, 691
7, 598, 826
52, 987, 080
54, 702, 725
1,715,645
52, 691, 177
47, 947, 488
32,114,968
4, 74.3. 689
33, 951, 823
1,836, 855
52,448, 694
43, 295, 070
9,153, 624
39,033,651
31,318, 297
7, 715, 354
37,551,948
32, 752, 416
36,555,717
990, 231
38, 463, 984
43, 341,871
5,711,508
51,823,066
8,481,195
80, 403, 841
63, 568, 150
16, 835, 691
54, 205, 851
51, 521, 368
2, 684, 483
63, 206, 423
47, 826, 278
15, 378, 145
59, 849, 039
59, 429, 489
419, 550
40, 268, 227
43, 699, 934
5, 568, 296
66, 078, 646
63, 013, 067
94, 588, 861
3, 065, 579
105, 655, 676
11,060,815
' 56, 215, 594
57, 025, 837
810, 243
• 52,494,269
33, 087, 441
53, 561,156
1, 066, 887
34, 360, 804
1, 273, 363
33, 585, 673
34, 084, 878
499, 205
44, 980, 695
43, 630, 382
1,350, 313
46, 076, 032
45, 369, 630
706, 402
46, 881, 403
48, 598, 733
1,717, 330
45, 908, 639
47,946. 155
35, 154, 131
2, 037,516
36, 360, 731
1, 206, 600
37, 853, 295
37, 994, 732
141,437
30, 240, 139
37, 060, 480
6, 820, 341
44,700,749
50„541, 810
51,907, 607
7, 206, 858
52, 866, 658
2, 324, 848
63, 663, 246
64, 993, 889
1,330, 643
60, 222, 938
68, 495, 988
8, 273, 050
1, 759, 027, 825
1, 744, 021, 697
Note.— The imports amt exports ot gold and silver were not registered at the custom-house before
858.
166
^TTSTRA.ITA.SIA..
Value of GOLD COIN and BULLION imported into and exported from Australasia
from 1851 to 1892.
1851.
1852.
1852.
1854.
1855.
1850.
1857.
1858.
1859
1860.
1861.
1862
1862.
1864.
1865
1866.
1807
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875
1876
1877.
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
Years.
Imports.
Total
Exports.
Excess of
imports over
exports.
Excess of
expoi-ts over
imports.
$4, 365, 251
$4, 365, 251
46, 105, 221
46, 105, 221
50, 640, 799
50, 640, 799
49, 925, 424
49, 925, 424
53, 857, 556
53, 857, 556
61,050,243
61, 050, 243
55,137,445
55, 137, 445
55, 575, 430
55, 575. 430
56, 650, 927
56, 650, 927
49, 575, 036
49, 575, 036
53, 127, 581
53, 127, 581
50, 884,124
50, 884, 124
55, 813, 889
55, 813, 889
43. 925, 029
43, 925, 029
46, 397, 211
46, 397,211
46, 805, 997
46, 805, 997
42, 815, 467
42, 815, 467
45, 506, 642
45, 506, 642
50, 528, 870
50, 528, 870
40, 090, 227
40, 090, 227
37, 009, 733
37, 009, 733
36, 970, 801
36,970, 801
45, 024. 858
45, 024, 858
36, 615, 546
36, 615, 546
33, 423,122
33, 423, 122
27, 247, 534
27, 247, 534
36, 527, 949
36, 527, 949
28, 542, 023
28, 542, 023
13, 193, 081
13, 193, 081
22, 059, 845
22, 059, 845
33, 014, 336
33, 014, 336
26, 931.211
26. 931,211
24, 765, 619
24, 765, 619
5, 732, 737
5, 732, 737
25, 612, 390
25,612,390
16, 429, 304
16, 429, 304
9, 251, 217
9, 251, 217
16, 346, 574
16, 346, 574
25, 821, 649
25, 821, 649
27, 364, 330
27, 364, 330
31, 004, 472
31, 004, 472
20, 148, 254
20, 148, 254
1, 537, 814, 954
167
INDIA.
alue of GOLD COIN and BULLION imported into and exported from India from
1S35 to 1892.
L
Fiscal years.
[ 835-’36
S 836-’37
! 837-’38
i 838-’39
1 839-’40
4 840— ’41
1 S41-’42
: 842- 43
. 843- '44
I 844- ’45
I 845-’40
1 846-’47
li 847-’48
j 848-’4S)
li 349-’50
i 750-’51
851-' 52
i 852-’ 53
. 853-’54
i 854-’55
ii 855— "50
*356-’ 57
. 857- '58
858-’ 59
li 350— ’60
860- ’01
1 861-62
: 862-’ 63
863-’ 64
5 864-’65
;j 865-’66
' 866-’ 67
867- 68
i 868— ’GO
869-’70
. 870— ’ 71
871-72
#872-73
873-’ 74
' 874-’ 75
B 875 — ’76
i 876— ’77
1 877— ’78
878— ’79
879- ’80
80— ’81
81-’82
882— ’83
i83— ’84
,84-' 85
!85- 86
■86— ’87
;87-’88
;88-’89
889— ’90
l :90-’91
;91-’92
;92— ’93
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
$1, 622,486
$16, 940
$1,605, 546
2, 052, 174
9, 587
2, 042, 587
2,251,184
154, 355
2, 096, 829
1, 297, 073
37,015
1, 260, 058
1, 125, 247
22, 288
1, 102, 959
671,012
2,783
668, 229
809, 591
3, 587
806, 004
1, 033, 844
6, 229
1,027,615
1, 980, 850
2, 506
1, 978, 344
3, 501, 218
45, 516
3, 455, 702
2, 686, 142
36, 450
2, 649, 692
4, 150, 341
28, 664
4, 121,677
5, 103, 878
47, 020
5, 056, 858
6, 564, 510
6, 821, 607
257, 097
5, 042, 940
5, 622, 316
207, 094
5, 435, 846
9,811
5, 612, 505
6, 515, 163
346, 324
6, 168, 839
6, 526, 532
821,529
5, 705, 003
5, 249, 532
84, 020
5, 165, 512
4, 295, 762
736, 939
3, 558, 823
12,206, 900
10, 259
12, 196, 641
10, 589, 514
412, 621
10, 176, 893
13, 772, 604
228, 779
13, 543, 825
21, 594, 310
20, 867, 732
52, 977
21,541, 333
18, 508
20, 849, 224
20, 645, 839
48, 042
20, 597, 797
25, 257, 767
29, 233
25, 228, 534
33,489,045
162, 590
33, 326, 455
43, 434,417
131, 912
43, 302, 505
48, 055, 743
170, 659
47, 885, 084
31, 013, 698
3, 155, 525
27, 858, 173
22, 295, 723
3, 597, 143
18, 698, 580
23, 242, 144
810, 062
22, 432, 082
25, 193, 763
85, 768
25, 107, 995
27, 692, 321
578, 283
27, 114, 038
13, 541, 486
2,435, 454
11, 106, 032
17, 391, 790
12, 761, 768
41, 043
17, 350, 747
384, 496
12, 377, 272
8, 023, 918
1, 295, 311
6, 728, 607
10, 167. 256
1, 049, 709
9, 117, 547
8, 936, 648
1, 417, 358
7, 519, 290
7, 025, 824
6,016,755
1, 009, 069
7, 683, 847
5, 405, 698
2, 278, 149
7,119,933
11,481, 159
4, 361,226
9, 978, 237
1, 459. 398
8, 518, 859
17, 870, 070
82, 044
17, 788, 026
23, 633, 531
60, 383
23, 573, 148
24, 795, 464
799, 390
23, 996, 074
26, 617, 111
33, 831
26, 583, 280
23, 252, 973
516, 997
22, 735, 976
15, 044, 974
1, 599, 152
13, 445, 822
13, 789, 410
3, 194, 823
10, 594, 587
15, 748, 251
1, 185, 343
14, 562, 908
15, 179, 040
1,485.031
13,694,009
24, 678, 152
2, 217, 780
22, 460, 372
30, 794, 441
4, 095, 894
26, 698, 547
19, 511,366
8, 077, 234
11, 434, 132
8, 440, 334
21, 764, 013
13, 323, 679
810, 296, 236
88, 466, 411
Total
1G8
Value of SILVER COIN and BULLION imported into and exported from India from
1835 to 1S92.
1 835-’ 36 .
183(3- ’37 .
1837- ’38 .
1838- ’39 .
1839- ’40
1840- 41 .
1841- 42 .
1842- 43 ,
1S43-44
18-44-45
1845- 40
1846- 47
1847- 48
1848- 49
1 849- ’ 50
1858- 51
1851- ’52
1852- ’53
1853- ’54
1854- ’55
1855- ’56
185(5-57
1857-’58
1858'-’59
1859- ’60
1860- ’61
1861-’62
1862- ’63
1863- 64
1 864- ’ 65
1865- ’66
1860-67
1867- ’68
1868- ’69
1869- 70
1870- 71
1871- 72
1872- 73
1873- 74
1874- 75
1875- 76
1876- 77
1877- 78
1878- 79
1879- ’80
1880- ’81
1881-’82
1882- ’83
1883- ’84
1884- ’85
1885- ’86
1886- ’87
1887- ’88
1888- ’89
1889- ’90
1890- ’91
1891- 92
3892-’93
Fiscal years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
$8, 923, 570
$1, 079. 278
$7, 844, 292
8, 014, 347
1, 498, 677
6, 515, 670
10, 779, 395
1, 207. 261
9. 572. 134
13, 871. 374
998, 849
12. 872, 525
9, 426, 517
1,394,500
8, 032, 017
8, 309, 466
1,488, 239
6, 821, 227
8, 166, 405
1,921,576
6, 244, 829
15, 743, 181
1, 375, 107
14, 368. 074
23, 085, 410
5, 101, 542
17. 983, 868
15, 456, 238
5,778,905
9, 677, 333
9, 252, 954
5, 006. 981
4, 245, 973
10, 156, 785
3, 449, 536
6, 707, 249
4, 487, 813
6, 892, 794
$2, 404, 981
13, 619, 523
12, 091, 909
1, 527, 614
10, 880, 481
4, 682, 473
6, 198, 008
12, 927, 847
2. 024, 372
10. 303, 475
18, 070, 677
4, 126. 417
13, 944. 260
26, 718, 190
4,287,840
22, 430. 350
18, 349, 834
7, 128, 931
11, 220. 903
5, 572. 809
5, 428, 761
144, 048
42, 790, 127
2, 912. 201
39. 877, 926
59, 554, 743
5, 666, 786
53, 887, 957
63, 193, 118
3. 729, 608
59, 463, 510
40, 779, 771
3, 169, 795
37, 609. 976
58, 733, 428
4, 483, 813
54.249, 615
31, 313, 981
5, 385, 269
25, 928, 712
47, 504, 340
3, 285, 374
44,218, 966
66, 317, 742
5, 242, 194
61,075.548
68, 312. 034
6, 036, 407
62, 275, 627
55, 907,812
6, 859, 332
49, 048. 480
98, 227, 383
7, 376, 154
90, 851, 229
42, 121, 504
8, 236, 064
33, 885, 440
34, 062, 580
6, 839, 866
27, 222. 714
48, 562, 804
6, 706, 037
41, 856, 767
40, 218, 703
4, 594, 463
35, 624, 240
12, 955, 596
8,371,840
4, 583, 756
38, 932, 000
7, 142, 562
31,789,438
9, 310, 588
5, 932, 750
3, 377, 838
20, 165, 316
8. 019, 505
12, 145, 811
29, 451, 085
6, 859. 818
22, 591,267
16, 859,016
929, 015
15, 930, 001
48, 628, 015
13, 594, 568
35, 033. 447
76, 776, 337
5,354.123
71, 422, 214
27, 221, 736
7. 898, 329
19, 323, 407
46, 742, 742
8, 444, 351
38. 298. 391
25,871,073
6, 927, 463
18. 943, 610
31, 468, 682
5. 291, 345
26, 177, 337
40, 674, 314
4,271,789
36, 402, 525
36, 053, 494
4, 882, 559
31, 170, 935
44, 288. 435
9, 072, 616
35,215, 819
60, 277, 734
3, 794, 079
56, 4S3, 655
40, 001,467
5. 177, 956
34, 823,511
51, 535, 276
6, 623, 306
44,911,970
52. 197, 456
7, 198, 493
44, 998, 963
60, 288, 509
7, 059, 335
53,229,174
73,109,219
5, 961, 600
67, 147, 619
50, 229, 883
7,491,797
42, 738, 086
72, 135, 135
11, 200, 409
60, 934, 726
., 014, 585, 994
315, 586, 919
Total
F’liiYISrCIC.
Value of GOLD COIN and BULLION imported into and exported from France from
1815 to 1892.
Years.
18 1 5— ’21 *.
1822-’30*
1837-’52 *
1853
1854
1855
1850
1857
1858
1859
1860
1801
1862
1803
1864
1865
1866
1867
1868
1809
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1868
1889
1890
1891
1892
Total
Imports.
$424,214, 000
1,146,420, 000
1, 587, 232, 000
61, 525, 891
92,774, 135
73, 515, 630
89, 745, 193
109, 757, 556
100, 837, 852
140, 274, 330
90, 802, 254
47, 099, 141
77,552, 611
71, 358, 469
89, 551, 228
80, 944, 200
156, 967, 479
114,570,976
95, 234, 885
87, 737, 028
59, 896, 006
27. 765, 366
27, 379, 173
33, 889, 642
99, 789, 685
117, 340, 702
115,473, 251
103, 196, 521
70, 324, 568
37, 443, 737
37. 605, 278
45, 059, 710
54, 703, 341
12,462, 010
24, 598, 043
47, 018, 553
50. 354, 659
17,982, 216
19, 514, 968
65, 161,124
22, 528, 197
69, 462. 638
74, 379, 010
Exports.
$522, 837, 000
1,186,950, 000
1, 198, 144, 000
5, 737, 504
12, 462, 589
31, 394, 731
17, 321, 364
23, 713, 910
12, 826, 587
36,181, 131
30, 044, 347
51, 679, 803
45, 700, 277
69, 047, 101
65, 398, 822
51, 835, 168
67, 173, 843
35, 696, 894
54, 152, 326
34, 790, 566
36, 781, 168
69, 031, 468
37, 587, 522
54, 856, 969
16, 558, 435
26, 574, 749
18, 268,415
19, 099, 473
24, 698, 596
69, 774, 711
78, 737, 824
43, 054, 440
37, 068, 545
26, 028, 752
15, 806, 983
38, 816, 482
38, 233, 403
49, 809, 821
37, 135, 702
24, 974, 151
48, 153, 115
45, 430, 120
20, 837, 982
Excess of
imports over
exports.
$389, 088, 000
55, 788, 387
80,311, 546
42, 120, 899
72. 423, 829
86, 043, 646
94, 011,265
104,093, 199
60, 157, 907
31, 852, 334
2, 311,368
24, 152,406
29, 109, 032
89, 793, 636
78, 874, 082
41, 082, 559
52, 946, 462
23, 114, 838
83, 231, 250
90,771,953
97, 204, 836
84, 097, 048
45, 625, 972
2, 005. 270
17, 634, 796
8, 791,150
8, 202, 071
12, 121, 256
40, 186, 973
24, 032, 518
53, 541, 028
Excess of
exports over
imports.
$98. 623, 000
40, 530, 000
4, 580, 602
41, 266, 102
10, 208, 349
20, 967, 327
32, 330, 974
41,132, 546
13, 566, 742
31, 827, 605
17,620, 734
25, 624, 918
5, 977, 449, 256
4, 431,006, 789
For the periods
170
Value of SILVER COIN and BULLION imported into and exported from France from
1815 to 1802.
Years.
1815-’21 *
1822- 24*
1825-’29 *
1830-36*
1837-’52*
1853
1854
1855
1850
1857
1858
1859
1860
1861
1802
1863
1864
1805
1866
1867
1808
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
Total
Imports.
Exports.
Excess of
imports over
exports.
$60, 602, 000
$74, 691, 000
79, 323, 000
9, 264, 000
$70, 059, 000
186,824,000
84, 534, 000
102, 290, 000
200, 527, 000
71, 410, 000
129, 117, 000
515, 696, 000
202, 071. 000
313, 625, 000
21, 725, 817
44, 284. 622
19, 270, 664
50, 863, 606
23, 331, 963
61 , 3S3, 843
21, 209, 928
75, 949, 167
18. 965, 917
88,411,177
31, 002, 555
33, 885, 975
40, 633, 641
73, 737, 580
25, 206, 765
55, 554, 664
33, 230, 740
45, 160, 649
25, 368, 885
41, 999, 888
31, 073, 000
44,262,813
51,672, 276
59, 869, 758
45, 574, 441
31, 565, 343
14, 009, 098
48, 260, 036
39, 581,791
8, 678, 245
49, 095, 533
12, 493, 276
36, 602, 257
37, 260, 001
16, 169. 926
21, 090. 075
37,213,102
15, 708, 077
21, 505, 025
20, 465, 720
13, 620, 589
6, 845, 131
30, 337, 863
27, 343, 082
2, 994, 781
46, 488, 682
26, 754, 432
19, 734, 250
75, 083, 562
40, 054, 448
35, 029, 114
83, 842, 095
14, 181, 833
69, 660, 262
51,488, 926
15, 717, 920
36, 771, 006
39, 601. 863
12, 501, 575
27, 100, 288
28, 594, 108
8, 143, 828
20, 450, 280
34, 555, 492
11, 620, 530
22, 934, 962
26, 602, 927
11, 999, 968
14, 602, 959
19, 487, 017
12, 000, 933
7, 486, 084
25, 112, 195
15, 251, 246
9,860,949
24, 713, 071
30, 348, 092
15, 717,920
18, 517, 192
19, 500, 720
8, 938, 602
10,562,118
45, 505, 290
26, 581, 143
18, 924, 147
35,518,423
25, 923, 836
9, 594, 587
34, 354, 592
26, 738, 827
7,615,765
31, 669, 988
21,021,915
10, 648, 073
21, 350, 913
19, 818, 847
1, 532, 066
26, 614, 436
20, 822, 832
5, 791, 604
34, 030, 365
28, 055, 497
5, 974, 868
24, 020, 020
20, 739, 863
3, 280, 157
2, 397, 723, 452
1, 689, 549, 185
Excess of
exports over
imports.
$14, 089, 000
22, 558, 805
31, 592, 942
38, 051, 880
54, 739, 239
69, 445, 260
2, 883, 420
33, 103, 939
30, 347, 899
11, 929, 909
16, 631, 003
13, 189, 813
8, 197, 482
5, 635, 021
2, 799, 272
*For the periods.
171
BELGIUM.
Value of GOLD COIN and BULLION imported into and exported from Belgium from
1852 to 1892.
Years.
Imports.
Exports.
Excess of
Import 8 over
exports.
Excess of
exports over
imports.
1852-’55 *
t $32, 295, 892
t 61, 901, 100
1 36, 100, 885
1 72, 521, 380
1 192, 250, 550
8, 022, 250
250, 740
3, 169, 602
476, 808
1, 302, 424
2, 950, 557
2, 095, 316
764, 845
1, 157, 699
13, 550, 148
9, 202, 507
356, 479
5, 962, 214
f $44, 691, 920
1 182, 089, 520
1 129, 583, 765
t 23. 035, 185
1 17, 445, 265
896, 295
11,966
3, 689, 539
3, 227, 608
4, 037, 622
779, 767
522, 993
34, 741
66, 477
466, 673
195, 444
2, 517
90, 870
$12, 396, 028
120, 188, 420
93, 482, 880
1 H5t> — ’CO *
1861-’65 *
1866— ’70 *
$49, 486,195
174, 805, 285
7, 125, 955
238, 774
1871-75*
1876-’80 *
1881
1882
519, 937
2, 750, 800
2, 735, 198
1883
1884
1885
2, 170, 7G0
1, 572, 323
730, 104
1, 091, 222
13, 083, 475
9, 007, 063
353, 962
5, 871, 344
1886 ..
1887
1888
1889
1890
1891
1892
Total
444, 331, 396
410, 868, 167
* For tlie periods.
♦ Gold and silver.
Value of SILVER COIN and BULLION imported into and exported from Belgium
from 1S52 to 1892.
Years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
1852-’55
1856-’60
1861-’65
1866-70
1871-75
1876-’80 *
$30,651,950
4, 426, 007
5, 897, 347
16, 850, 216
7, 116, 601
579, 886
2, 595, 119
267, 046
1, 757, 497
10, 391, 231
10, 595, 251
297, 911
2, 865, 762
$3, 763, 675
3, 385, 085
434, 119
3, 516, 753
1, 890, 570
62, 731
168, 891
175,512
760, 231
1, 510, 060
1, 179, 518
13, 823
7, 215, 389
$26. 888, 275
1, 040, 922
5, 463, 228
13, 333, 463
5, 226, 031
517, 155
2, 426, 228
91, 534
997, 266
8,881,171
9, 415, 733
284, 088
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
$4, 349, 627
Total
94, 291, 824
24, 076, 357
For the period
172
SWITZERLAND.
Value of GOLD COIN and BULLION imported into and exported from Switzerland
from 1878 to 1892.
Tears.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
1878
$1, 861, 375
2, 991, 496
2, 858, 541
2, 127, 286
2, 792, 063
4, 985, 827
2, 526, 152
5, 553, 786
2, 523, 493
2, 940, 615
2, 877, 819
6, 594, 579
6, 118, 551
2, 553, 554
4, 548, 749
$1,794, 898
864,210
1, 528, 987
664. 778
531,822
1,263,076
132, 955
6, 199, 070
1, 931, 777
2, 234, 979
1,879,324
1,067,906
1, 226, 808
1, 124, 854
1, 485, 931
$6G, 477
2,127,286
1, 329, 554
1,462,508
2, 260. 242
3, 722, 751
2,393,197
187'.)
1880
1881
1882
1883
1881
1885*
$645, 884
1886
597, 716
714, 635
998, 495
5, 526, 673
4, 891, 743
1, 428, 700
3, 062, 818
1887
1888
1880
1800
1891
1892
Total
53, 862, 886
23, 931, 975
* Gold and silver.
Value of SILVER COIN and BULLION imported into and exported from Switzerland
from 1878 to 1892.
Tears.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
1878
$2, 985, 037
3,040, 792
5, 240, 970
4, 880, 707
4, 696, 288
3, 898, 561
2, 993, 615
$1, 136, 544
192, 998
471,773
450, 329
1,518, 251
1, 037, 901
802, 014
$1,848,493
2, 847, 794
4, 769, 197
4, 430, 378
3, 178, 035
2, 860, 660
2, 191, 601
1879
1880
1881
1882
1883
1884
1885
lttfifi
5, 342, 358
6, 187, 818
6, 500, 132
8, 877, 855
8, 522, 390
10, 570, 093
7, 340, 632
3, 427, 045
3, 589, 979
3, 528. 862
2,844,575
3, 843. 796
6, 030, 421
5,398,789
1,915,313
2, 597, 839
2, 971, 270
6, 033, 280
4, 678, 594
4, 539, 672
1, 941, 843
1887
1888
1889
1890
1891
1 892
Total
81,077, 246
34, 273, 277
173
ITALY.
Value of GOLD COIN and BULLION imported into and exported from \ Italy, from
1868 to 1802.
1862*
1863*
1864 *
1865*
1866*
1867 *
1868*
1869 *
1870*
1871*
1872 *
1873*
1874 *
1875*
1876*
1877*
1878. .
1879..
1880..
1881..
1882..
1883..
1884..
1885..
1886..
1887..
1888..
1889..
1890..
1891..
1892..
Total
Years.
I
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
$29, 857
$202, 065
$172, 208
40, 452
77, 666
36, 624
37,214
29, 805
6,819
6, 652
143, 484
136, 832
263, 285
905, 303
642, 078
286, 002
1,496,472
1,210,470
281,329
284, 426
3,007
291,951
30, 309
$261,642
260, 668
188. 088
72, 580
432, 786
791,629
2, 097, 918
1, 665, 132
953, 115
161, 486
4,918,051
340, 794
4, 577, 257
1, 804, 050
1,403,096
400, 954
l, 619, 190
2, 198, 594
579, 404
3, 887, 505
1, 612, 785
3, 709, 674
2, 274, 720
2, 841,419
868, 255
1, 517, 775
3, 945, 680
2, 427, 905
1, 824, 846
6,411, 120
4, 586, 274
2, 979, 063
3, 063, 200
81,137
14,351,731
3, 957, 098
10, 394, 633
..........
12,344,261
222, 934
12,121,327
8, 120, 475
1, 616, 124
6, 504, 351
3, 942, 758
2, 271, 243
19, 558, 195
1, 671, 515
2, 257, 849
17, 300, 346
2, 063, 595
1, 798, 760
264, 835
1, 500, 479
4, 705, 456
3, 204, 977
1, 432, 639
4, 372, 936
2, 940, 297
3, 086, 186
3,515,090
428, 904
1,913, 325
3, 81.7, 212
1, 903, 887
2,316, 000
3, 184, 500
6, 710, 037
868, 500
4, 173, 109
2, 536, 928
81, 608, 722
84, 830, 058
* Gold and silver.
Value of SILVER COIN and BULLION imported into and exported from Italy from
1862 * to 1892.
Years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
1878
$737, 937
997, 378
4, 638, 937
3, 654, 990
10, 703, 056
10, 037, 549
1, 091,724
20,414,016
8, 809, 527
15, 676, 915
11,504,228
6, 489, 085
9,212, 739
8, 163, 900
10, 653,251
$5, 067, 962
375, 02o
2, 498, 174
1, 442, 156
985, 155
1, 919,564
3, 713, 730
16, 822, 841
8,845,808
16, 622, 411
10, 194, 453
7, 111, 124
9, 047, 222
8, 916, 600
12, 233, 135
$4, 330, 025
1879
$622, 358
2, 140, 763
2, 212, 834
9, 717, 901
8, 117, 985
1880
1881
1882
1883
1884
2, 622, 006
1885
3, 591, 175
1886
36, 281
945, 496
1887
1888
1, 309, 775
1889
622. 039
1890... i
165, 517
1891
752, 700
1, 579, 884
1892
Total
122, 785, 232
105, 795, 355
•From 1862 to 1878 silver was included with gold in the reports.
174
/
SDPAITsT.
Value of GOLD and SILVER COIN and BULLION imported inte and exported from
Spain from 1S71 to 1S92.
Tears.
1871.
1872.
1873.
1874.
1875.
187(5
1877.
1878
1879
1880
1881
1882
1883
1884
1885
188(5
1887
1888
1889
1890
1891
1892
Total
Imports.
Exports.
Excess of
imports over
exports.
$20, 765, 642
$1,648,799
$19, 116, 843
20, 538, 288
482, 886
20, 055, 402
20, 342, 972
1,229,796
19,113,176
12, 228, 866
1, 245, 236
10, 983, 630
17, 800, 197
832, 988
16, 967, 209
2,318, 123
820, 636
1, 497, 487
9, 505, 250
402, 019
9, 103, 231
7, 504, 226
441, 198
7, 063, 028
6, 577, 247
590, 773
5, 986, 474
17, 241, 848
. 2,458,048
14, 783, 800
2, 021, 289
1, 252, 570
768, 719
7, 896, 981
1, 370, 879
6, 526,102
9, 502, 355
1, 399, 057
8, 103, 298
8, 718, 196
458, 375
8, 259, 821
5, 243, 810
1, 888, 119
3, 355, 691
12, 131, 787
509, 327
11, 622, 460
3, 861, 158
886, 642
2, 974, 516
546, 383
820, 250
2, 611, 869
2, 555, 706
56, 163
8, 359, 988
1, 027, 918
7, 332, 070
22, 661, 095
4, 028. 875
18, 632, 220
8, 948, 997
8, 380, 253
568, 744
227, 326, 567
34, 730, 350
Excess of
exports over
imports.
$273, 8G7
PORTUGAL.
Value of GOLD COIN and BULLION imported into and exported from Portugal from
1869 to 1891.
I860.
1870.
1871.
1872.
1873.
1874.
1875.
1876.
1877.
1878.
1879*
1880.
1881*
18812 .
1883.
1884.
1885*
1886.
1887.
1888.
1889.
1890.
1891.
Total
Tears.
Imports.
$325, 712
1, 232, 768
3, 878, 710
1,938, 875
4,221,064'
1,565, 302
2, 693. 037
4, 671, 243
779, 127
3, 513, 650
1, 343, 520
2, 779, 705
3, 248, 640
2, 956, 220
21, 044. 080
2, 932, 122
4, 177, 000
9, 448, 364
4, 762, 970
4, 866 877
10, 844
15, 878, 704
4, 018, 788
102, 287, 328
Exports.
$136, 358
74, 264
48, 197
2, 829
35, 527
42, 963
71, 771
1, 786, 325
1, 520, 681
1, 823. 424
2, 838, 240
30, 489
135, 000
2, 795, 6(57
2, 425, 351
295, 764
847, 000
3, 73 (
3,123
572, 297
2, 037
11, 284, 488
462, 988
27, 238, 520
Excess of
imports over
exports.
$189, 354
1, 158, 504
3,830,519
1,936,046
4, 185, 537
1, 522. 339
2, 621. 266
2, 884, 918
1, 690, 226
2, 749, 216
3, 113, 640
160, 553
18, 618, 729
2, 636, 358
3, 330, 000
9, 444, 627
4, 759, 847
4, 294, 580
8, 807
4, 594, 216
3, 555, 800
Excess of
exports over
imports.
741, 554
1, 494, 720
Gold and silver,
175
Value of SILVEli COIN and BULLION imported into and exported from Portugal from
1869 to 1891.
Years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
I860
$7, 747
2, 984
33, 026
346
24, 632
62, 387
47, 537
173, 774
63, 818
362, 572
$371, 232
244, 858
129, 078
41, 891
39, 701
76, 842
54, 607
30, 467
111,718
216, 391
$363, 485
241,874
96, 052
41,545
15, 069
14, 455
7, 070
1870
1871
1872
1873...
1874
1875
1876 ..
$143, 307
1877
47, 900
1878
146, 181
1879- .
1880
47, 181
33, 035
14, 146
1881
1882
66, 006
500, 713
79, 669
16, 417
107, 888
23, 869
49, 589
392, 825
55, 800
1883
1884
1885
1886 !
637, 189
338, 959
99, 936
487
495, 720
4,911,840
3,886
2, 118
102, 948
109
204, 984
5, 338, 440
633, 303
336, 841
1887
1888
8, 012
1889
378
290, 736
1890
1891
426, 600
Total
7, 956, 523
7, 150, 479
Value of GOLD COIN and BULLION imported into and exported from Austria-Hun-
gary from 1859 to 1892.
1859
1860
1861
1862
1863
1864
1865
1866
1867.
1868
1869
1870.
1871.
1872.
1873.
1874.
1875.
1876.
1877.
1878.
1879.
1880.
1881.
1882.
1883.
1884.
1885.
1886.
1887.
1888.
1889.
1890.
1891.
1892.
Total
Tears.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
$13, 358, 460
$9, 768, 955
$3, 589, 505
6, 933, 771
8, 345, 382
$1,411,611
6, 646, 000
6, 124, 289
521, 711
7, 500, Oil
8, 090, 176
590, 165
10, 498, 022
8, 199, 170
2, 298, 852
5, 677, 013
5, 940, 195
263, 182
4, 252, 111
4, 644, 889
392, 778
6, 284, 458
5, 027, 699
1,256,759
8,491,594
4, 383, 702
4, 107, 892
7, 672, 142
2, 662, 388.
5, 009, 754
13, 313, 267
3, 946, 395
9, 366, 872
16,115, 885
7, 217, 556
8, 898, 329
26, 986, 083
9, 710, 471
17, 275, 612
15, 650, 646
5, 930, 225
9,726, 421
12, 380, 169
2, 108, 111
10, 2^2, 058
4, 699, 387
290, 412
4, 402, 975
1,998,452
1,609,661
388, 791
10, 285, 350
2, 845, 817
7, 439, 533
8, 671, 030
2, 758, 755
5,912, 281
6, 760, 976
1,800,880
4, 900, 096
10, 454, 823
1, 452, 816
9, 002, 007
10, 562, 488
1, 516, 617
9, 045, 871
9,412, 065
998, 229
8, 413,836
8, 411, 178
1, 995, 129
6, 416, 049
6, 420, 701
968, 322
5, 452, 379
4, 745, 244
1, 384, 362
3, 360, 882
3, 833, 413
1, 935, 980
1, 897, 433
3, 156, 850
451, 263
2, 705, 587
3, 329, 646
1,497, 344
1,832, 302
10, 559, 829
4, 533, 237
6, 026, 592
9, 958, 366
3, 468, 547
6,489,819
18, 973, 001
1, 733, 941
17, 239, 060
13, 840, 960
709, 793
13, 131, 167
307, 839, 397
124, 116, 708
176
Falue of SILVER COIN and BULLION imported into and exported from Austria-Hun-
gary from 1859 to 1892.
Years.
1859..
1860..
1861 ..
1862..
1868. .
186-1..
1865..
I860.'.
1867..
1868..
1869..
1870..
1871..
1872..
1872..
1874..
1875.1
1876..
1877..
1878..
1879..
1880..
1881..
1882..
1882..
1884..
1885..
1886..
1887..
1888..
1889..
1890..
1891..
1892..
Total
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
$17, 324, 743
$22, 440, 114
$5, 115, 371
9, 300, 505
16, 127, 316
6, 826, 811
7, 386, 002
7, 573, 146
187,144
4, 576, 629
6, 358, 763
1, 782, 134
5,128,338
3, 697, 136
$1, 431, 202
3, 229, 170
6, 193, 978
2, 964, 808
6, 416, 116
3, 637, 996
2, 778, 120
7, 067, 029
18, 568, 343
11,501,314
4, 544, 544
5, 856, 469
1, 311, 925
8, 599, 096
5, 659, 682
2, 939, 414
6,814,801
2, 782, 691
4, 032,110
4, 621,514
6, 210, 934
1,589,420
4, 225, 114
11,361, 133
7, 136, 019
3, 148, 004
20, 579, 681
17,431,677
8. 224, 807
10, 153, 939
1, 929. 132
5, 130, 042
7, 379, 934
2, 249, 892
4,950,710
5, 693, 304
742. 591
6, 922, 3 17
12, 946, 813
•
6, 024. 496
5, 619. 826
4, 780, 771
839, 055
18, 478, 532
5, 524, 363
12, 954, 169
20, 774, 473
2, 687, 560
18, 086, 913
3, 615, 928
8,231,457
4, 615, 529
7, 905, 793
651, 495
7, 254, 298
1,562, 781
23, 157, 024
21,594,243
3, 186, 613
96, 627
3, 089. 986
882, 859
2, 737, 890
1, 855, 031
1,611,073
1,870, 907
259, 834
1, 354, 690
12, 842
1, 341, 848
1, 348, 456
467, 924
880, 532
1,521, 255
404, 379
1,119, 876
2,010,721
55, 940
1, 984, 781
1, 329, 588
44,511
1, 285, 077
4, 369, 494
6, 702. 132
2, 332, 038
193, 214, 563
230,647,194 1
/
Note. — The above is at United States coining rate.
GERMANY.
Value of GOLD COIN and BULLION imported into and exported from Germany from.
1872 to 1892.
Years.
1872
1872
1874
1875
1876
1877
1878
1879
1880
1881
1882
1882
1884
1885
1886
1887
1888
1889
1890
1891
1892
Total
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
$8, 396, 640
$24, 247, 440
$15, 850. 800
84, 252, 000
12, 598, 630
$71, 653, 470
4, 176, 900
8, 353, 800
4, 176, 900
3, 665, 200
20,991,600
6, 664, 000
5, 331, 200
15, 660, 400
2, 998. 800
17,374,000
11, 067, 060
6, 307, 000
40. 126, 800
333, 200
39, 793, 600
20, 658, 400
1, 332, 800
19, 325, 600
4, 962, 300
7, 06 1, 554
2. 102, 2.r«
3, 350, 564
10, 863,510
7, 512, 946
6,816,558
9. 335, 788
2, 519, 230
4, 963, 252
10, 027, 416
5, 064, 164
4,384,912
7, 873, 754
3, 488. 843
10, 127, 138
5, 837, 664
4, 289, 474
11,152,204
5, 522, 790
5,629,414
13, 193, 054
3, 993, 878
9, 199, 176
31,943,646
23. 868, 544
8,075.102
17,375, 404
13, 678, 146
3, 697, 258
26,471, 145
10,816,886
15. 654, 259
56, 647, 846
31,689,457
24, 958, 389
45,612, 162
38, 897, 709
6.714,453
436, 641,725
249, 398, 066
177
Value of SILVER COIN and BULLION imported into and exported from Germany
from 1872 to 1892.
Years.
1872
,1873
. 1874
1875
1876
.1877
1878
. 1879
.1880
1881
.1882
11883
. > 884 --------
'885
. S86
j 1887
. 888
11889
,1890
.1891
.1892
Total
Imports.
Exports.
Excess of im-
ports over
exports.
Excess of
exports over
imports.
$40, 698, 000
$17, 157, 420
$23, 540, 580
35, 057, 400
31, 915, 800
3,141,660
12, 052, 320
17, 080, 308
$5, 027, 988
2, 037, 280
7, 210, 160
9, 253, 440
5, 483, 520
8, 409, 492
2, 925, 972
7, 106, 680
4, 678, 128
2, 428, 552
9, 520, 000
6, 645, 912
2, 874, 068
7, 794, 500
9, 567, 600
1,773,100
4, 366, 348
5, 017, 992
651,644
3, 142, 790
4, 165,714
1, 022. 924
1, 551, 284
3, 418, 156
1, 866, 872
1, 502, 018
4, 917, 556
3, 415, 538
1, 356, 838
7, 468, 202
6, 111,364
710. 906
4, 618, 866
3, 907, 960
2, 310, 980
10, 141, 894
7, 830, 914
2, 060, 842
9, 063, 278
7, 002, 436
2, 603, 958
11, 056, 290
8, 452, 332
2, 254, 669
13, 934, 329
11, 679, 660
3,141,743
13, 442, 240
10, 300, 497
4, 056 ; 672
13, 166, 707
9, 110, 035
3, 904, 687
3, 029, 225
875, 462
157, 892, 315
208, 148, 549
ISTEniKRI^iYlSrJDS.
' Value of GOLD COIN and BULLION imported into and exported from the Netherlands
from 1S51 to 1892.
Years.
851- 55*.. .
856- 60*...
861 -’65*...
866-’70*. . .
871-75*...
876-’80*. . .
881
882
883
884
885
886
887
888
889
890
891
892
Total
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
f $22, 655, 250
1 $20, 375, 265
$2, 279, 985
1 34, 469,490
26, 990, 020
7, 479, 470
126, 803, 655
1 36, 969, 725
$10, 166, 070
142,527, 210
126, 139,410
16, 387, 800
150, 747, 505
1 18, 602, 135
32, 145, 370
22, 539, 255
4, 538, 920
18, 000, 335
2, 668, 641
3, 183, 004
514, 363
4,014, 018
1, 852, 411
2, 161, 607
11, 393, 703
308. 645
11,085, 058
5, 658, 021
805, 809
4, 852, 212
6, 595, 534
421,963
6, 173,571
11,212,074
770, 212
10, 441, 862
1, 248, 992
603
1, 248, 389
3, 766, 457
5, 553, 435
1, 786, 978
988, 855
822, 894
165, 961
2, 623, 952
228, 158
2, 395, 794
3, 707, 284
891, 636
2, 815, 648
852, 155
97, 464
754, 691
254, 472, 051
148,551,709
Tor the periods.
t Gold and silver.
S. Rep. 235 12
178
Value of SILVER COIN and BULLION imported into and exported from the Nether-
lands from 1851 to 1892.
Years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports. 1
1851-1855
1856 1860
1861-1865
1866-1870
1871-1875
1876-1880*
$13, 273, 625
976, 851
1, 061, 238
926, 065
706, 709
950, 119
572, 811
309, 492
387, 338
264, 797
551, 823
4, 802, 292
5, 255, 793
$8, 520, 980
19, 507
26, 745
111, 250
425, 125
286, 444
11, 619
47, 430
1, 631, 316
6, 668, 657
3, 083, 943
625, 512
2, 241, 753
$4, 752, 645
957, 344
1, 034, 493
814, 809
281, 584
663, 675
561, 192
262, 062
1881
1882
1883
1884
1885
1886
1887
1888
$1, 243, 978
6, 403.8601
2, 532, 120
1889
1890
1891
4, 176, 780
3, 014, 040
1892
Total
30,038,953 23,700,287
* For the period.
SCANDINAVIAN XJNTIOISr.
Value of GOLD and SILVER COIN and BULLION imported into and exported from
Norway, Sweden, and Denmark from 1871 to 1892.
Tears.
1871 *
1872 *
1873 *
1874 *
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887 t
1888 t
1889
1890
1891
1892
Total
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
$2, 896, 008
$558, 780
$2, 337, 228
3. 461, 220
30, 284
3, 430, 936
7, 014, 364
4, 843, 832
2, 170, 532
3, 424, 772
2, 234, 584
1,190, 188
5, 966, 484
3, 348, 928
2, 617, 556
10, 659, 432
10, 956, 644
$297, 212
6, 223, 496
4, 402, 007
1, 821, 489
6, 982, 472
3, 091, 916
3, 890, 556
9. 207, 944
5, 361, 876
3, 846, 068
7, 203, 572
2, 399, 940
4, 803, 632
4,036, 884
3, 252, 448
784, 436
3, 152, 484
2, 179, 108
973, 376
4, 043, 852
1, 836, 068
2, 207, 784
2, 927, 096
1, 079, 236
1, 847, 860
2, 379, 481
1, 813, 154
566, 327
2, 519, 987
322, 813
2, 197, 174
4, 959, 684
2, 387, 880
2, 571, 804
1, 656, 650
705, 486
951. 164
2, 911, 368
1, 353, 802
1, 557, 566
1, 374, 770
746, 136
628, 634
1, 966, 988
933, 893
1, 033, 095
1, 672, 238
389, 821
1, 282, 417
96, 641,246
54, 228, 036
* Exclusive of imports and exports of Denmark.
♦ Exclusive of imports and exports of Norway.
i
179
liUSSI^.
talue of GOLD COIN and BULLION imported into and exported from Russia from 1S71
to 1802.
Yoars.
. (71 .
. 572.
(73.
(74.
575.
<76.
(77.
<78.
■79.
•SO.
•81.
82.
183.
84.
85.
86.
■87.
..88.
89.
90.
91.
32.
Total .
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
$4, 897, 071
$13,013, 320
$8,116,249
6, 260, 070
4, 992, 774
$1,267, 296
1, 929, 500
11, 043, 686
9, 114, 186
5, 056, 834
13, 162, 277
21, 283, 157
8, 105,443
1,328,268
19, 954, 889
1, 148,438
78, 603, 971
77, 455, 533
7, 257, 235
10, 490, 306
3, 233, 071
7,910,178
5, 252, 871
2, 057, 307
5, 702, 058
4, 493, 420
1,208, 638
5. 438, 103
19, 971, 097
14, 532, 994
4, 145, 338
51,652, 715
47, 507, 377
3,464, 610
52, 957, 057
49, 492, 447
2, 326. 205
14, 827, 822
12, 501,617
1, 861, 582
3, 884, 409
2, 022, 887
1, 921, 010
4, 118,325
2, 197, 315
1,853,092
11,031,337
9, 178, 245
1, 691,014
14, 579, 302
12, 888, 288
16, 213, 203
27, 013, 772
10, 800, 569
2, 074, 598
13, 468. 082
11, 394, 084
12,195,212
13, 054, 997
859, 785
55.818,120
475, 429
55, 342, 691
89, 497, 054
195, 956
89, 301, 098
239, 988, 793
389, 566, 742
alue of SILVER COIN and B U LLI ON imported into and exported from Russia from
1871 to 1892.
Years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
71
73
74
75
76
77
78
T9
.80
81
; 52
.13
84
■ 55
.56
87
88
.59
10
)1
. )2
Total
$830, 457
3, 803, 430
13, 932, 534
7, 778, 200
3, 642, 896
3, 038, 577
1,193,975
4, 842, 273
5, 697, 428
4, 124,499
3, 530, 985
4, 078, 963
2, 732, 944
2, 654. 220
3, 323, 371
3, 669, 137
3, 143, 541
1,471,051
6,541,777
5, 693, 569
8, 145, 577
9, 019, 503
102, 888, 907
$628, 245
969, 381
273, 989
341, 136
354, 256
1, 087, 466
4, 367, 616
5, 672, 730
3, 369, 679
2, 240, 535
1, 592, 223
9, 110,327
2, 115, 504
1,779, 771
2, 479, 793
1, 880, 877
2, 235, 133
3, 127, 334
2,333, 151
3, 101,864
4, 131,445
4, 157, 443
57, 349, 898
$202, 212
2, 834, 049
13, 658, 545
7, 437, 064
3, 288, 640
1,951,111
2, 327, 749
1, 883, 964
1, 938, 762
617, 440
874, 449
843, 578
1, 788, 260
908, 408
4, 208, 626
2, 591,705
4, 014, 132
4, 862, 060
$3, 173, 641
830, 457
5, 031, 364
1, 656, 283
180
j^T^nsr.
V alue of GOLD COIN and BULLION imported into and exported from Japan from 187g I
to 1892.
Tears.
Imports.
Exports.
Excess of im-
ports over
exports.
EXC68S Of
exports over
imports. |
1872
$2, 684, 786
2, 614, 055
8, 126, 290
10, 603, 345
5, 872, 356
6, 221, 776
4, 601, 082
4, 749, 634
5, 888, 174
2, 246, 889
2, 291, 773
1,009, 570
1, 426, 543
484. 918
314, 191
86, 236
441, 237
264, 385
1, 682, 608
193, 000
6, 479, 022
$2, 684, 786
600, 148
8, 123, 590
10,576, 830
5, 250, 892
6, 059, 496
4, 600. 840
4, 047, 968
5, 867, 558
2, 246. 739
2,291,613
1, 009,012
1, 026, 001
1873
$2, 013. 907
2, 700
26, 515
621, 464
162, 280
242
701, 660
20, 618
150
160
558
400, 542
724, 989
1, 151, 897
62, 717
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
$240, 071
837, 706
1886
1887
23,519
441,237
"i, 355, i72
1888
1889
646, 326*
327, 436
250, 000
329, 214
381, 941
1890
1891
57, 000
1892
6, 149, 808
7, 443, 381
68, 281, 870
Value of SILVER COIN and BULLION imported into and exported from Japan from
1872 to 1892.
Tears.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports. |
1872
$3, 691, 509
.1, 066, 635
1, 069, 041
. 271,806
7, 545, 776
2, 011, 217
2, 188, 858
2, 403, 137
3, 617, 611
1, 855, 996
1,823, 118
4, 442, 683
3, 052, 205
6, 405, 936
8, 753, 345
7, 467, 861
5, 868, 928
14, 209, 632
781,324
12, 000, 000
. 18, 818, 262
$1,796, 109
2, 508, 862
5, 688, 911
4, 060, 626
4, 803, 344
3, 219, 494
2, 727, 569
8, 029, 229
7, 334, 819
5, 243, 658
5, 243, 479
1, 908, 880
594, 997
3, 753, 615
9, 357, 785
10, 948, 845
7, 113, 520
4, 171, 632
12, 091, 206
1,200, 000
1, 179, 514
$1, 895, 400
1873
$1, 442, 227
4, 619,870
3, 788, 820
1874
1875
1 «7 fi
2, 742, 432
1877
1, 208, 277
538, 711
5, 626, 092
3, 717, 208
3, 387, G62
3, 420, 361
•
1878
1879
1880
1881
1882
1883
2, 533, 803
2, 457, 208
2, 652, 321
1884
1885
1886
604. 440
3, 480, 984
1, 244, 592
1887
1888
1889
10, 038, 000
1890
11, 309. 8S2
10, 800, 000
17, 638, 748
1892
Total
109, 344, 880
102, 976, 094
l
i
181
CITIN’ A..
'aim of GOLD COIN and BULLION imported into and exported from China from
1S81 to 1885.
Years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
81
$82,812, 230
32, 197, 337
34, 653, 579
7, 349, 653
63, 599, 002
$19, 935, 880
21,424, 176
29, 756, 403
21, 132, 426
115, 539, 656
$12, 876, 350
10, 773, 161
4,897,176
82 1
83
84
$13, 782, 773
51, 940, 654
85
Total
170, 611, 801
207, 788, 541
due of SILVER COIN and BULLION imported into and exported from China from
1881 to 1885.
Years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
51
$33, 119, 846
51, 809. 679
30, 473, 767
34,514. 153
27, 700, 467
$24, 725, 684
37, 342, 013
23, 241, 947
24, 133, 372
34, 278, 347
$8, 394, 162
14, 467, 666
7, 231, 820
10, 380, 781
52
53
54
55
$6, 577. 880
Total
177, 617, 912
143, 721, 363
JTote. — The above is United States coining value.
MEXICO.
due of GOLD and SILVER COIN and BULLION imported into and exported from
from Mexico 1879 to 1892.
Years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
9
$21,835,872
22, 388, 576
19, 567, 144
17, 337, 024
30, 103, 064
34, 008, 568
34, 314, 384
30, 384, 496
34, 097, 976
31, 502, 096
39, 405, 560
41, 847, 008
20, 912, 328
49, 250. 763
$21, 835, 872
22, 388, 576
19, 567, 144
17, 337, 024
30, 103, 064
34, 008, 568
34, 314, 384
30, 384, 496
34, 097, 976
31, 502, 096
39, 405, 560
41, 847, 008
20, 912, 328
49, 250, 763
0
1
2
3
4
5
6
7
8
9
0
1
2
Total
426, 954, 859
iOTE :-The above is United States coining value.
182
ARGENTINE REPUBLIC.
Value of GOLD and SILVER COIN and BULLION imported into and exported from
the Argentine Republic from 1881 to 1892.
Years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
1381
$4, 180, 324
2, 700, 908
2, 369, 986
4, 778, 903
6, 136, 657
20, 084, 046
9, 489, 675
43, 013, 573
11,436,275
7, 088, 401
9, 007, 891
$3, 007, 497
2, 238, 590
4, 774, 037
' 4, 389,.583
8, 219, 519
8, 136, 788
9,611,338
8, 501, 776
27, 670, 919
775, 529
1, 659, 476
$1. 172, 827
462, 318
1882
1883
$2, 404, 051
1884
389, 320
1885
2, 082, 862
1886
11, 947, 258
1887
121, 663
1888
35, 111, 797
1889
16, 234, 644
1890
6, 312, 872
7, 348, 415
1891
1892
Total
120, 880, 639
78, 985, 052
CHILE.
Value of GOLD and SILVER COIN and BULLION imported into and exported from
Chile from 1873 to 1891.
Tears,
1873
1874.
1875.
1870
1877
1878.
1879.
1880
1881
1882.
1883
1884,
1885.
1886
1887
1888
1889
1890
1891
Total
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
$1, 547, 547
$5, 007, 629
$3, 460, 082
126, 529
4, 326, 319
4,199,790
345, 522
6,535,710
6, 190, 188
330, 922
6, 061. 160
4, 730, 238
321, 189
1, 771, 406
1,854,137
1,450,217
180, 060
1,674,077
53, 531
2, 501, 381
2, 447, 850
43, 799
4, 676, 707
4, 632, 908
116, 796
2, 949, 099
2, 832, 303
29, 199
3, 900. 530
3, 961, 331
345, 521
6, 647, 639
6, 302, 118
58, 398
6,214, 521
6, 156, 123
155, 728
7, 620, 939
7,465,211
311,456
7, 509, 010
7, 197, 554
9, 017, 625
87, 597
9, 105, 222
199, 527
8, 895, 962
8, 696, 435
452, 585
6, 117, 190
5, 664, 605
199, 527
5, 645, 140
5, 445, 613
5, 236, 354
116, 796
5, 353, 150
5, 022, 229
101, 782, 851
I
i,
183
CAPE COLONY.
Value of GOLD COIN and BULLION imported into and exported from Cape Colony
from 1825 to 1890.
Years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
1825-1865
$16, 606, 980
48, 665
170, 327
488, 363
121, 662
908, 433
3, 220, 333
8, 848, 416
1, 511, 389
810, 608
95, 758
1, 303, 682
1, 376, 129
2, 123, 575
2, 825,811
1, 798, 171
$5, 196, 147
57, 872
93, 252
57, 989
195, 448
140, 505
252, 143
303, 830
485, 087
1, 211, 680
880, 705
659, 747
127, 721
372, 029
1,274,774
716, 436
$11, 410, 833
1866
$9, 207
1867
77, 075
430, 374
1868
1869
73, 786
1870
827, 928
2, 968, 190
8, 544, 586
1, 026, 302
1871
1872
1873
1874
401, 072
784,947
1875
1876
643, 935
1, 248, 408
1, 751, 546
1-, 551, 037
1, 081,735
1877
1878
1879
1880
1881
1882
1, 290, 737
249, 233
1, 041, 504
1884
1885
979, 914
842, 391
3,339,378
1,893,818
871,970
228, 580
2, 516, 569
12, 685, 544
913, 904
29, 579
1886
1887
3, 110, 798
1888
2, 516, 569
12, 685, 544
1889
1890
Total
48, 770, 722
30, 471, 079
Value of SILVER COIN and BULLION imported into and exported from Cape Colony
from 1825 to 1890.
Years.
Imports.
Exports.
Excess of
imports over
exports.
Excess of
exports over
imports.
1825-1865
$1, 367, 389
$587, 240
9, 387
9, 991
8, 331
6, 395
23, 554
12, 531
49, 940
18, 186
30, 182
23, 130
7, 504
10, 375
501
638
3, 100
$780, 149
1866
$9, 387
9, 991
7, 844
6, 395
23, 554
1867
1868
487
1869
1870
1871
52, 072
837, 524
164, 716
39, 541
787, 584
146, 530
1872
1873
1874
30, 182
1875
56, 680
26, 016
74, 477
2,998
15, 621
278, 899
33, 550
' 18,512
64, 102
2,497
14, 983
275, 799
1876
1877
1878
1879
1880
1881
1882
109, 594
17,734
91, 860
1883
1884
1885
89, 329
2,433
239, 485
202, 285
127, 176
82, 794
112, 956
124, 743
1886
1887
156, 691
1888
1889
1890
Total
3,317,720
1, 230, 974
184
Summary of population and an approximate statement of revenue, expenditures, debt,
to the latest available
Countries.
Population.
Revenue.
Ilevonue
per cap-
ita.
Expendi-
tures.
Expendi-
tures per
capita.
Debt.
Australasia
4. 285. 000
$144, 439, 000
$33. 71
$153, 327, 000
$35. 78
$944, 053, OOu
Austria-Hungary
41, 359, 000
222, 255, 000
5.37
222, 072, 000
5.36
1, 248, 437, 000
Brazil
14, 002, 000
113, 564, 000
8.09
112.447,000
8. 00
576, 600, 000
Denmark
2, 185, 000
15, 656, 000
7.16
17, 646, 000
8. 07
50, 018, 000
Egypt
0, 817. 000
49, 931, 000
7. 32
47, 636, 000
6. 98
517, 560, 000
Finland
2, 338, 000
10,731,000
4.59
10, 731, 000
4. 59
15, 850. 000
German Empire
49, 428, 000
286, 057, 000
5. 79
289, 690, 000
5. 86
270, 095, 000
Great Britain
38, 109, 000
442, 826, 000
11. 62
437, 634, 000
11.48
3, 273, 305, 000
Canada
4, 833, 000
38, 538, 000
7. 97
36, 342, 000
7. 52
289, 890, 000
Newfoundland and
Labrador
198, 000
1, 973, 000
9. 96
1,831,000
9. 24
5, 296, 000
Norway
2, 001, 000
13, 756, 000
0.87
13, 756, 000
6.87
31 , 105, 000
Portugal
4, 708, 000
50, 462, 000
10. 09
51, 868, 000
11. 01
462. 447, 000
Sweden
4, 803, 000
26, 002, 000
5.41
26, 002, 000
5.41
69, 163, 000
Turkey
39, 212, 000
81,400, 000
2. 07
94, 160, 000
2. 40
868, 175, 000
Total
214, 278, 000
1, 497, 590, 000
1, 515, 142, 000
8, 621, 994, 000
Summary of population and an approximate statement of revenue, expenditures, debt,
according to the latest avail
Countries.
Population.
Revenue.
Revenue
per cap-
ita.
Expendi-
tures.
Expendi-
tures per
capita.
Debt.
United States §
Belgium
Greece
Italy
Switzerland
France
Algiers
Tunis
Spain
Cuba
Netherlands
J apan
Haiti
Argentine Republic
Chile
Total
66, 946, 000
6, 130, 000
2, 187, 000
30, 397, 000
2, 918, 000
38, 343, 000
4, 124, 000
1 , 500, 000
17. 550, 000
1, 632, 000
4, 622, 000
40, 453, 000
960, 000
4, 086, 000
2, 818, 000
$385, 820, 000
66, 506, 000
19, 985, 000
313, 902, 000
13, 325, 000
635, 333, 000
8, 932, 000
4, 139, 000
144,356, 000
20, 322, 000
51.426.000
83, 514, 000
7, 880, 000
87. 912. 000
59, 298, 000
$5. 76
10.84
9. 14
10. 33
4.56
16. 57
2.17
2.76
8. 23
12. 47
11.13
2.06
8.21
21. 51
21.04
$383, 478, 000
65. 757, 000
19, 277, 000
326, 995, 000
14, 091, 000
621, 040, 000
8, 671. 000
4, 137, 000
143, 276, 000
19, 901, 000
54. 769. 000
77, 064, 000
7, 686, 000
72, 472, 000
45, 875, 000
$5. 72
10. 72
8.81
10. 75
4.83
16.19
2. 10
2. 76
8. 17
12. 25
11.85
1.91
8. 00
17. 83
16. 24
$1,545,986,000
446, 777, 000
144,814, 000
2, 212, 085, 000
61, 847, 000
5, 908, 055, 000
33, 661,000
1, 235, 921, 000
229, 092, 000
451,130,000
306, 600, 000
15, 176, 000
525, 000, 000
100, 168, 000
224, 672, 000
1, 902, 650, 000
1,864,573, 000
13,206,612,000
§To June 30, 1893.
185
imports, exports, stock, and production of silver in GOLD standard countries according
returns or estimates.
Debt per
capita.
Imports.
Imports
per cap-
ita.
Exports.
Exports
per cap-
ita.
Approximate
stock of silver.
Apjrroxi-
mato
stock of
silver per
capita.
Production
of silver.
1 $220. 32
$351,561,000
$82. 04
$355, 531, 000
$82. 97
$7, 000, 000
$1.62
$17,376, 000
30. 18
102, 004, 000
2.46
110,677,000
2. 07
85, 000, 000
2. 05
2, 162, 000
41 17
14*2 015 000
10 14
173 531 000
12. 39
(*)
22. 89
89, 677, 000
4L08
66 1 74l‘ 000
3o! 54
5, 400, 000
2.47
75. 92
45, 897, 000
6. 73
94, 173, 000
13.81
15, 000, 000
2. 20
6 77
27 130 000
1 1 60
17, 837 000
7 62
(1)
5. 46
1,048,010, 000
21.20
794, 862', 000
16. 08
215, 000, 000
4.34
7,921,000
85.89
2, 311, 746, 000
60. 66
1, 384, 344, 000
36. 32
112, 000, 000
2.94
256. 000
59. 97
119,964, 000
24. 82
98,414, 000
20. 36
5, 000, 000
1.03
408, 000
26. 74
6, 869, 000
34. 69
7, 437, 000
37.56
(I)
15. 54
59 | 777i 000
29. 87
3-l| 943j 000
17.46
1 , 700, 000
.87
235, 000
98. 22
54, 026, 000
11.47
34, 42*2, 000
7.31
10, 000, 000
2. 12
14.40
101, 086, 000
21.04
81, 631, 000
17. 00
4, 900, 000
1. 02
152,000
22. 14
100, 823, 000
2.57
56, 480, 000
1.44
44, 000, 000
1. 12
55, 000
4, 560, 651,000
3, 311,-023, 000
505, 000, 000
28, 565, 000
* Included in South America. t Included in Russia. J Included in Canada.
imports, exports, stock, and production of silver in GOLD and SIL VEIi standard countries,
able returns or estimates.
Debt per
capita.
Imports.
Imports
per cap-
ita.
Exports.
Exports
per cap-
ita.
Approximate
stock of silver.
Approx-
imate
stock of
silver per
capita.
Production
of silver.
$23. 09
$922, 764, 000
$13. 78
$998, 580, 000
$14. 91
$615, 862, 000
$9.19
$74, 990, 000
72. 81
602, 087, 000
98. 12
549, 491, 000
89.55
54, 900, 000
8. 95
66. 22
27, 089, 000
12. 39
20, 746, 000
9. 49
3, 000. 000
1.37
72. 77
• 217,830,000
7.17
169, 222, 000
5. 57
16, 500, 000
.54
1,146, 000
21. 19
278, 877, 000
95. 56
229, 020, 000
78. 49
15, 001), 000
5. 14
154. 08
1, 145, 754, 000
29.88
912. 890, 000
23. 81
500, 000. 000
13.04
2, 956, 000
53, 600,000
13. 00
45, 600, 000
11. 06
(II)
22. 24
7, 356, 000
4.90
8,582,000
5. 72
(II)
69. 85
191, 728, 000
10. 92
182, 759, 000
14. 14
155, 000, 000
8.83
2, 140, 000
140. 37
12, 279, 000
7. 52
28, 500, 000
17.47
1, 500, 000
.92
97. 60
545, 135, 0U0
117. 94
458, 470, 000
99. 19
56, 000, 000
12. 12
7. 78
62, 881, 000
1. 55
78, 738, 000
1.95
81, 300, 000
2. 00
1, 799, 000
15. 81
9, 706, 000
10. 1 1
13, 668, 000
14. 24
2, 900, 000
3.02
128. 50
64, 805, 000
15. 86
93. 318. 000
22. 84
(11)
620, 000
35. 65
61, 915, 000
21.97
62, 373, 000
22. 13
(If)
2, 942, 000
4, 203, 806, 000
3, 851, 957, 000
1, 501 , 962, 000
86, 593, 000
|| Included in France. U Included in South America.
186
Summary of population and an approximate statement of revenue, expenditures, debt,
according to the latest avail
Countries.
Population.
Revenue.
Revenue
per
capita.
Expendi-
tures.
Expendi-
tures per
capita.
Debt.
Russia
124, 000, 000
$088, 311, 000
$5.50
$674, 800, 000
$5. 44
$2, 268,159, 000
India
287, 225, 000
305, 853, 000
1.08
291, 160, 000
1.01
775, 083, 000
England in Asia
3,791,000
11, 362, 000
2.99
11,904, 000
3. 01
13,311,000
China
402, 680, 000
89, 880, 000
.22
73, 000, 000
.18
25, 000, 000
CentralAmerican States
Costa Rica
243, 000
3, 485, 000
14. 35
3, 268, 000
13. 45
13, 050, 000
Guatemala
1, 460. 000
6, 679, 000
4. 57
6, 579, 000
4.50
13, 430, 000
Honduras
432, 000
1, 160, 000
2.68
1,122, 000
2. 60
41,117, 000
Nicaragua
313, 000
3, 084, 000
9. 50
3, 307, 000
10. 56
2, 501,000
Salvador
778, 000
5, 218, 000
0. 70
5,213,000
6.70
7, 060, 000
South American States :
Colombia
3, 879. 000
12, 414, 000
3. 18
12. 580, 000
3.24
30. 878, 000
Ecuador
1, 272, 000
2, 430, 000
1.91
2, 557, 000
2.01
0, 700, COO
Venezuela
2, 324, 000
8,691,000
3. 74
7, 614, 000
3.27
21, 869, 000
Peru ,
2, 622, 000
4, 262, 000
1.62
4, 203, 000
1.62
269, 489, 000
Paraguay
329, 000
1. 042, 000
3.16
1, 945, 000
5.91
15, 809, 000
Uruguay
677, 000
7, 740, 000
11.43
8, 700, 000
12. 85
108, 131, 000
Bolivia
2, 300, 000
3, 442, 000
1.50
3, 562, 000
1.54
5, 072, 000
Mexico
11, 396, 000
40, 870, 000
3. 58
40, 307, 000
3. 54
131, 250, 000
Total
845, 721, 000
1, 195, 923, 000
1, 151, 953, 000
3, 747, 909, 000
RECAPIT
Gold standard conn-
214, 278, 000
224, 672, 000
845, 721, 000
$1,497,590,000
1, 902, 650, 000
1, 195, 923, 000
$1,515,142,000
1, 864, 573, 000
1,151, 953, 000
$8, 621, 994, 000
13, 206, 612, 000
•
3, 747, 909, 000
Gold and silver stand-
Silver standard coun-
Grand total
1, 284,671, 000
4, 596, 163, 000
4, 531, 668, 000
25, 576, 515, 000
187
imports, exports, stock, and production of silver in SILVER standard countries,
able returns or estimates.
Debt per
capita.
Imports.
Imports
per
capita.
Exports.
Exports
per
capita.
Approximate
stock of silver.
Approx-
imate
stock of
silver per
capita.
Production
of silver.
$18.21
$292, 240, 000
$2. 36
$556, 563, 000
$4,48
$41,000,000
$0.33
$550, 000
2. 70
298, 623, 000
1.04
395, 516, 000
1.38
950, 000, 000
3.30
3.51
156, 090, 000
41. 17
136, 634,000
36. 03
110, 000, 000
29.01
.06
138, 028, 000
.34
138, 664, 000
.34
725, 000, 000
1.80
53. 70
5, 011,000
20. 62
5, 090, 000
20.94
1
9. 20
5, 730, 000
3.92
10, 701, 000
7.33
95. 27
2,161,000
5. 00
8, 000, 000
.24
2, 000, 000
8.00
1,917,000
6.12
1, 064, 000
5.31
9. 07
2, 240, 000
2. 88
4, 951,000
6. 36
J
7. 96
8,141,000
2. 09
12, 479, 000
3. 21
*
5. 26
4, 485, 000
3.52
4,417,000
3.47
9.41
16, 138, 000
6. 94
19, 477, 000
8. 38
102.77
8, 858, 000
3.38
7, 722, 000
2. 94
30, 000, 000
.87
19, 898,000
48.05
1,081,000
’3.28
1.900,000
5.77
159. 70
10, 987, 000
16. 22
13, 800, 000
20.38
2.20
5, 840, 000
2. 54
8, 760, 000
3.80
11. 51
40, 225, 000
3.53
75, 468, 000
6. 62
50, 000, 000
4.38
59, 000, 000
995, 634, 000
1, 395, 967, 000
1, 914, 000, 000
81, 448, 000
$4, 560, 651, 000
4, 203, 806, 000
995, 634, 000
9, 760, 091, 000
$3,311,023, 000
3, 851, 957. 000
1, 395, 967, 000
8, 558, 947, 000
$505, 000, 000
1, 501, 962, 000
1, 914, 000, 000
$28, 565, 000
86, 593, 000
81, 448, 000
3, 920, 962, 000
196, 606, 000
TJLATIOX,
188
1 RECOINAGES of GOLD and SILVER by the coining
[To be read in connection with
Countries.
1873.
1874.
Gold.
Silver.
Gold.
Silver.
United States
a $27, 635, 490
4, 623, 539
a $327, 271
b 916, 181
e 146, 155
$15. 589, 249
$270, 267
760, 901
214, 802
4, 1G9, 692
Mexico
Australasia
India
France
f
Italy
!
Portugal
r 5, 191,644
923, 677
47, 579
r 16, 454, 093
930, 942
24, 081
Netherlands
Austria-H linear v
1,403, 121
1,297, 279
■XT ® -V
1
Kussia
Turkey
Central and South America
All other countries
Total
38, 374, 350
2, 840, 307
32, 974, 284
6, 737, 022
Countries.
1878.
1879.
Gold.
Silver.
£old.
Silver.
$1, 617, 482
$349, 69S
1, 954, 556
$1,696, 902
13,732,719
114,722
$709,210
2, 409, 180
49, 506
328, 882
413,326
2,463,247
529, 576
1, 656, 791
Portugal
31
p 126. 981
p 460, 252 I
592, 934
1, 807, 287
686, 767
1,541,301 j
65, 631
2, 789, 498
6, 162, 870
16, 358, 091
7, 996, 546
189
countries of the world, from 1S73 to 1S02.
the “ .Remarks ” and “ Notes.’’]
1875.
187
0.
1877.
Gold.
Silver.
Gold.
Silver.
Gold.
Silver.
$2, 820. 103
$174, 892
$2, 529, 030
$140, 097
$2, 540, 000
$1, 273,977
10, 305, 005
749.441
3, 107, 025
008
1,343,154
d
7, 579, 573
49, 083
1, 008, 728
157, 780
105, 708
435, 409
41,010
5, 028, 000
1, 589, 432
3, 540, 905
2, 538. 223
1
32, 139
22,252
23, 059
544, 502
1, 009, 489
1, 403, 551
1,743, 227
1, 053, 9G2
1 , 702, 732
593, 912
375, 804
803, 744
283, 532
dd 3, 243, 017
dd 12, 811, 190
13, 735, 730
4, 307, 091
10, 324, 841
12,141,011
29, 663,014
7, 320, 320
.1880.
1881.
1882.
Gold.
Silver.
Gold.
Silver.
Gold.
Silver.
$43, 079, 887
1,894,803
720
$078, 141
2, 304, 218
$33, 083, 370
$093, 910
1, 800, 905
$5, 131,438
$1, 745, 040
447, 357
140, 929
058, 004
783, 428
3, 594, 752
1,523,407
4,010, 518
418, 857
819,318
1, 507, 350
1 1
008, 307
s 91, 709, 191
2, 077, 099
702, 382
x 339, 237
I
\
935, 309
1, 797, 379
45, 077, 882
99, 518, 070
33, 049, 150
8, 08, 343
0, 008, 700
8, 038, 007
190
RECOIN AGES of GOLD and SILVER hy the coining
[To be read in connection with
Countries.
1883.
1884.
Gold.
Silver.
Gold.
Silver.
United States
$12, 018, 278
$1, 858, 834
$6, 594, 093
$1, 662, 036
Great Britain
1G, 769, 803
369, 274
1, 865, 884
4, 737, 231
367, 026
1, Oil, 905
Australasia
2, 601, 562
1,228, 285
France
Italy
g 3, 474, 000
Switzerland
Portugal -
81,105
184, 518
Austria-Hungary
500, 317
Central and South America
All other countries
1, 952, 448
Total
29, 157, 355
8, 359, 833
11, 698, 350
8,061,061
Countries.
1888.
1889.
Gold.
Silver.
Gold.
Silver.
$5, 400, 578
$513, 439
337, 558
1, 146, 941
$4, 666, 442
$1, 173, 526
535, 097
1, 129, 475
11, 056, 688
483, 433
2, 848
2, 937, 083
658, 982
1, 148
3, 428, 913
2, 949, 848
2, 212, 897
4, 731, 944
1, 222. 456
60, 208
217, 125
o 26, 624, 858
16, 984
1, 036, 800
132, 660
177, 078
275, 248
23, 718
127, 388
27, 238
16, 321, 492
989, 127
7, 946, 071
244j 934
76j 514
8,010
1,381
762, 480
66, 000
74, 448
463, 216
65, 156
1,478,253
33, 348, 023
11, 532, 015
19, 640, 020
37, 285, 655
RECAPITU
Tears.
Gold.
Silver.
$38, 374, 350
32, 974, 284
$2, 840, 307
6, 737, 022
13, 735, 730
10, 324, 841
4, 367, 091
12, 141, Oil
29, 663, 014
7, 326, 320
2, 789, 498
6, 162, 876
16, 358, 091
7, 996, 546
45, 677, 882
99, 518, 670
33, 649, 156
8, 608, 343
6, 608, 760
8, 638, 607
29, 157, 355
8, 359, 833
191
countries of the world, from 1S73 to 1S03 — Continued.
tho “Remarks” and “Notes.”]
1885.
1886.
1887.
Gold.
Silver.
Gold.
Silver.
Gold.
Silver.
$7, 919, 278
6, 082, 725
31,403
$2, 030, 971
1, 588, 641
$9, 518, 475
$1, 323, 909
900, 862
$16, 112, 469
11, 192, 950
2, 550
4, 250
$8, 559, 674
1, 721,918
196, 772
2, 250, 469
e3, 932, 256
3, 345, 629
1,719,742
h 5, 170
i-
i229, 728
1, 795, 364
jfc2, 030, 167
1270, 200
n 2, 390, 151
58, 320
n 2,811,717
291.990
<1, 907, 233
224, 663
v 672, 742
76, 380
<208, 734
34, 643
21,111,828
958, 881
192, 815
y 64, 645
19, 290
act, 54, 551
(ee)
•
880, 000
875, 500
921, 768
2, 250, 854
1, 515, 400
1,845,714
1 , 083, 629
14, 371, 955
12, 135, 056
12, 428, 089
15, 692, 230
49, 382, 928
19, 662, 768
1890.
1891.
1892.
Gold.
Silver.
Gold.
Silver.
Gold.
Silver.
$9, 415, 834
$3, 867, 236
$14, 787, 563
$4, 864, 557
$7, 077, 726
$7, 720, 297
15, 808, 518
375, 601
1,851,253
2, 807, 897
92, 010
1, 315, 522
c 67, 863, 162
7,304
1, 325, 342
2, 942, 450
1,613,404
989, 082
3, 871, 895
3, 063, 965
6, 058
888, 958
1,091
279, 850
1, 479, 152
540, 000
84, 420
22, 096
m 183, 350
392, 476
144, 750
2, 423, 115
o 101, 385, 311
407, 160
80, 400
1,513,466
1, 237, 864
uT25, 232
35, 376
2, 191,750
922, 417
w 1,206
295, 488
795, 333
1, 006, 354
u 2, 185, 276
928, 653
20, 368
108, 569
687, 287
28, 944
7, 069
1,052
2, 690, 902
432, 410
882
3, 285, 943
884, 268
cc2, 189, 429
433, 752
bb 3, 342, 108
140, 800
cc2, 713, 989
250, 000
357, 154
271, 051
3, 283, 092
956, 795
1, 177, 846
517, 000
134, 736, 846
13, 057, 845
2d] 4/ J, ol4
15, 246, 207
83,061,415
21, 028, 103
RATION.
1884
1885
1886
1887
1888
1889
1890
1891
1892
Total
Years.
Gold,
Silver.
$11,698, 350
14, 371, 955
12, 428, 089
49, 382, 928
33, 348, 023
19, 640, 020
134.736, 846
28, 473, 514
83, 061, 415
$8, 061,061
12, 135, 056
15,692,230
19, 266, 768
11, 532,015
37, 285, 655
13, 057, 845
15, 246, 207
21, 028, 103
646, 454, 101
326, 001, 566
192
REMARKS.
A blank space indicates absence of information; a dash, that there either was no recoinage, or, if
any, that it is included in the recoinage given for some subsequent year, and mentioned in a note to
the latter year.
Each country's recoinage ot foreign coins has been given when it could be ascertained. It is
be‘ieved that, beginning with 1887, the table is quite complete in this respect.
Ol interest in connection with the table is the following information as to the demonetization, sales,
etc., ot gold and silver coins not recoined, resulting from the notable monetary reforms occurring
during the period from 187:i to 1892 :
Germany.— Under the monetary reform, begun in 1873, establishing a gold standard, there were
withdrawn from circulation, up to tho close of 1880, for account of the Empire, and melted into bars,
coins which produced 3,737,322 kilograms of line silver. Of this quantity there had been sold, up to
the suspension of sales in May, 1879, 3,551,431 kilograms, of the value of $147,597,472 (16,214.05 kilo-
grams ot the value ot $673,874.62 were used iu the manufacture of new silver coins of the Empire:,
leaving a balance of 169,676.5 kilograms, of the value of $7,051,755.29, unsold May, 1879, and disposed
of since.
Sweden, Norway, and Denmark. — In consequence of the change from a silver to a gold standard
under the Scandinavian Monetary Union of 1873, it is estimated that Sweden exported about $1,500,000
in silver; Norway melted into bars and sold at London silver coins of the nominal value of about
$1,094,400; and Denmark sold silver amounting to about $7,000,000 during the three years ending
June 30, 1876; a total of $9,600,000, in round numbers.
District of Funchal, Portugal. — tinder the law of May 2, 1879, silver was sold in London to tho
amount of $785,400.
Italy.— By the end of 1880 almost the total issue of 520,000,000 lire, or about $101,223,200, in the
silver dollars issued by the Government of the Two Sicilies had been called in by the Italian Gov-
ernment.
Roumania. — In execution of the law passed by the Roumanian Parliament, March, 1890, for the
adoption of a gold standard, and for the substitution of gold coin for 40,000,000 francs of the existing
5-iranc silver currency, about 25.000.000, or $5,000,000, of the latter coins have been withdrawn from
circulation and sold iu Europe and for the East.
Egypt.— Da. 1891, $494,300 in Eyptian pounds (silver) were melted at Berlin and sold.
NOTES.
a Recoinages of the United States, given by fiscal years ending June 30, up to and including 1879,
from which by calendar years.
b Silver recoinages given for Great Britain include all worn silver coins withdrawn from British
colonies, and all recoinages of Great Britain given by fiscal years ending March 31.
c Amount of gold coinage for the year. Lightweight gold coin, to the value of $84,521,980, was
imported into the royal mint during the year.
d See note b. Silver has never been coined by the branch mints iu Australia.
e Recoinage of India, given by fiscal years ending March 31, up to and including 1885, from which
by calendar years.
/No recoinage of French gold coins up to 1886. Gold recoinages reported up to that year were of
foreign coins.
g Recoined in 1883 and 1884, from 50 to 20 centesimi pieces.
h Estimated recoinage of Italian gold coins from establishment of Kingdom of Italy, in 1862, to
December 31, 1885.
i Only a portion of this amount was recoinage.
k No recoinage of national gold or silver since establishment of mint, except of $2,030,167, up to 1885,
m subsidiary silver necessitated by the monetary convention of December 23, 1865.
/ Only a portion of this amount was recoinage.
m Only a transformation into coin of the new design adopted in 1887.
n A large proportion of gold coins, and nearly all the silver coins, struck in 1886 were produced from
old pieces withdrawn from circulation.
o Total recoinage of gold and silver, respectively, from 1868 to July 12, 1890, the silver being largely
old coins of the Spanish Indies.
p Resulting from the monetary reform iu the district of Funchal, Madeira, under the law of May 2,
1879.
q No gold recoined since 1875.
r Value of gold coins of the different German states demonetized and withdrawn by reason of the
establishment by the German Empire of an exclusive gold standard.
s Total value of silver coins of the different German states demonetized and delivered, from 1873 to
1880. to the mints for coinage in the new Imperial silver coins.
t Total recoinage of gold and silver coins, respectively, of the Empire from its establishment to the
end of 1885.
u For Hungary only.
win the course of the transition from the silver standard to that of gold in Norway, under the
Scandinavian Monetary Union of 1873, old silver coins of the nominal value of $645,972 wore withdrawn
from circulation, and converted into subsidiary coins of the now system. Silver coins of the value of
$26,770 have been recoined since. Tho metal used in the gold coinage was exclusively gold bullion
purchased in London, no gold coin having been presented for exchange at the mint.
w Up to tho end of 1890 there bad been struck in Norway gold coin to the valuoof $4,250,659, of which
amount there had been withdrawn from circulation, as worn and broken, coins to the value of $1,206.
a; The figures given for the years 1875, 1876, 1877, 1878, and 1880 show the amounts of silver coins
brought to tho Stockholm mint for exchange during those yoars, and are the approximate amounts of
silver recoinage resulting from tho change from the silver'to the gold standard, under the Scandina-
vian Monetary Union of 1873.
y This amount includes the total recoinage up to the end of 1885 of national gold coins, and also
foreign gold coins to tin' value of $46,989, exchanged at the mint in 1874, 1876, 1877, and 1879.
z Estimated recoinage of silver coins from 1873 to end of 1876, resulting from the change from the
silver to a gold standard under the Scandinavian Monetary Union of 1873.
aa Total silver recoinage since completion of the monetary reform begun in 1873.
bb Only a portion of this was recoinage.
cc Total amount of worn Japanese gold and silver coins, and foreign gold and silver coins, respec-
tively, purchased or imported into the Imperial mint from its commencement in December, 1870, to
March 31. 1893.
dd All foreign coins.
ecTlie amount of recoinage of gold from 1800 to January, 1886, is reported as having beon altogether
insignificant.
193
CHANGES in Ihe VALUES of EO REIGN COINS, 1880-1893.
Country.
Monetary unit.
VALUE JANUARY 1 —
1880.
1881.
1882.
1883.
1884.
1885.
Austria-Hungary. .
Bolivia
Central American
States.
Silver florin
Silver boliviano
$0.41,3
. 83, 6
' . 83, G
$0.40,7
.82,3
$0. 40, 6
.82,3
$0. 40, 1
.81,2
$0. 39, 8
.80, 6
$0. 39, 3
.79,5
Do
Silver tael, Haikwan.
Colombia
Cuba
Silver peso
Gold peso
.83,6
.82,3
. 93. 2
. 82, 3
.39,0
.88,8
.89,4
. 82, 3
.65.8
.74,3
.19,3
.82,3
.93,2
.82,3
.39,0
.88,7
.89,4
.82,3
.65,8
.74,3
.19,3
.81,2
. 93, 2
.81,2
. 38, 6
.87,6
.88,2
.81,2
.65,0
.73,3
.19,3
.80,6
. 93, 2
.80,6
.38,3
.86,9
.87,5
.80,6
. 64, 5
.72,7
.19,3
.79,5
. 93, 2
.79,5
.37,8
.85,8
.86,4
.79,5
.63,6
.71,7
.19,3
Ecuador
India
Japan
Mexico
Peru
Russia
Tripoli
Venezuela
Silver peso a
Silver rupee
Silver yen
Silver ilollar
Silver sol
Silver ruble
Silver mahbub
Gold bolivar
.83,6
.39,7
. 90, 9
, 83. 6
. 66, 9
.74,8
Country.
Austria-Hungary.
Bolivia
Central Amei'icau
States.
China
Do
Colombia
Cuba
Ecuador
India
Japan
Mexico
Peru
Russia
Tripoli
Venezuela
Monetary unit.
Silver florin
Silver boliviano .
Silver peso
Silver tael, Shanghai .
Silver tael, Haikwan.
Silver peso
Gold peso
Silver peso a
Silver rupee
Silver yen
Silver dollar
Silver sol
Silver rublo
Silver mahbub
Gold bolivar
Country.
Austria-Hungary.
Bolivia
Central American
States.
China
Do
Colombia
Cuba
Ecuador
India
Japan
Mexico
Peru
Russia
Tripoli
Venezuela
Monetary unit.
Silver florin -
Silver boliviano
Silver peso
Silver tael, Shanghai
Silver tael, Haikwan
Silver peso
Gold peso
Silver peso a
Silver rupee
Silver yen
Silver dollar
Silver sol
Silver rublo
Silver mahbub
Gold bolivar
VALUE JANUARY 1 —
VALUE
1890.
1886.
1887.
1888.
1889.
Jan. 1.
Oct. 1.
$0. 37, 1
$0. 35, 9
$0. 34, 5
$0. 33, 6
$0. 34, 5
$0. 42, 0
.75,1
.72,7
.69.9
. 68, 0
. 69, 8
.85,0
. 69, 9
. 68, 0
. 69, 8
85 0
1. 03, 3
1.00,5
1. 03, 1
1.25 6
1. 15, 1
1. 14 8
1 40 0
.75,1
.72,7
.69,9
.68,0
. 69, 8
. 85, 0
.93,2
. 93, 2
.92, 6
.92,6
. 92, 6
.92,6
.75, 1
.72.7
.69,9
.68.0
.69,8
.85,0
. 35, 7
.34,6
.33,2
.32,3
.33,2
. 40. 4
.81,0
.78,4
. 75, 3
.73,4
.75,2
. 91, 7
.81,6
.79,0
.75,9
.73, 9
. 75, 8
. 92, 3
.75,1
.72,7
.69,9
.68,0
.69,8
.85, 0
.60, 1
.58,2
.55,9
. 54, 4
.55,8
.68,0
.67,7
. 65, 6
.63,0
.61,4
.62,9
.76,7
.19,3
.19,3
b. 14, 0
b. 15, 6
b. 14, 0
b. 17, 0
VALUE 1891.
VALUE 1892.
Jan. 1.
Apr. 1.
July 1.
Oct. 1.
Jan. 1.
Apr. 1.
$0. 38, 1
$0. 36, 3
$0. 36, 3
$0. 35, 7
$0. 34, 1
$0. 32, 8
.77, 1
.73,5
. 73, 6
.72,3
. 69, 1
.66,5
.77,1
.73,5
.73,6
.72,3
.69,1
.66,5
1. 13, 9
1.08,5
1. 08, 7
1. 06, 8
1.02,1
.98,2
1. 27, 0
1. 20, 9
1.21,0
1. 18, 9
1.13,7
1. 09, 3
.77, 1
.73,5
.73,6
.72,3
.69, 1
.66,5
.92,6
.92, 6
.92,6
.92,6
.92, 6
.92,6
.77.1
.73,5
.73,3
.72,3
.69,1
.66,5
.36,6
.34.9
. 35, 0
.34,3
.32,8
.31, 6
.83,1
.79,2
.79,3
.77,9
.74,5
.71,6
. 83, 7
.80,0
.80,0
.78,5
.75,0
. 72, 2
.77, 1
.73,5
.73,6
.72,3
. 69, 1
. 60, 5
.61,7
.58,8
.58,8
.57,8
.55,3
.53,1
.69,5
.66,3
.66,4
. 65, 2
.62,3
.60,0
b. 15, 4
b. 14, 7
b. 14, 7
b. 14, 5
b. 13, 8
b. 13, 3
Country.
Austria-Hungary .
Bolivia
Central American
States.
China
Do
Colombia
Cuba
Ecuador
India
Japan
Mexico
Peru
Russia
Tripoli
Venezuela
Monetary unit.
VALUE 1892.
VALUE 1893.
J uly 1.
Oct. 1.
Jan. 1.
Apr. 1.
July 1.
Oct. 1.
Silver florin
$0. 32, 0
c$0. 20, 3
c$0. 20, 3
c$0. 20, 3
c$0.20,3
c$0. 20, 3
Silver boliviano
.64,9
.61, 6
.61,3
.61,0
.60,4
.53, 1
Silver peso
. 64,9
.61,6
.61,3
.61,0
.60,4
. 53l 1
Silver tael, Shanghai.
.95,8
.91,0
.90.6
.90,1
.89,2
.78,4
Silver tael, Haikwan.
1. 06, 7
1. 01, 3
1. 01, 0
1.00,4
.99,4
. 87,' 4
Silver peso
.64,9
.61,6
.61,3
.61,0
.60,4
.531 1
Gold peso
.92,6
.92,6
.92,6
.92,6
.92, 6
.92,6
Silver peso a
.64,9
.61,6
.61,3
.61,0
.60,4
.53, 1
Silver rupee
.30,8
.29,3
.29,2
.29,0
.28,7
.25,2
Silver yen
.69,9
.66,4
.66,1
.65,8
.65, 1
.57,3
Silver dollar
.70,4
.66,9
.66,6
.66,2
. 65, 6
. 57, 7
Silver sol
.64,9
.61,6
.61,3
.61,0
.60,4
. 53, 1
Silver ruble
.51,9
.49,2
.49,1
.48,8
.48,3
.421 5
Silver mahbub
.58,5
.55,5
. 55, 3
.55,0
.54,5
.47, 9
Gold bolivar
b. 13, 0
b. 12, 3
.19,3
.19,3
.19,3
.19,3
a Since 1887 called “ sucre.” 6 Value of the silver bolivar.
S. Rep. 235 13
o Value of the gold crown.
194
WORLD’S PRODUCTION of GOLD and
[Kilogram of gold, $664.60. Kilogram of silver, $41.56.
Countries.
United States
Australasia
Mexico
European countries :
Russia
Germany
Austria-Hungary
Sweden
Norway
Italy
Spain
Turkey
France
Great Britain
Dominion of Canada.
South American countries :
Argentine Republic
Colombia
Bolivia
Chile
Brazil
"Venezuela
Guiana (British)
Guiana (Dutch)
Guiana (French)
Peru
Uruguay
Central American States
Japan
China
Africa
India (British)
Korea
1890.
Gold.
Kilos.
49, 421
44,851
1,154
35, 296
2,104
88
211
Total.
dlO
185
4
2, 506
123
5, 416
101
/ 2, 162
670
2, 512
1,693
668
/825
104
140
226
764
1 8. 020
15, 432
3,009
1, 128
178, 823
Dollars.
32, 815, 000
29, 808, 000
767, 000
23, 458, 000
1, 398, 500
58, 500
140, 300
7.000
123, 000
3. 000
1, 666, 000
82, 000
3, 600, 000
h 67, 000
1, 436, 600
c 445, 300
1,670, 000
1,125,000
444, 200
548. 000
69, 000
93, 500
g 150, 000
507, 700
5, 330, 000
10, 256, 100
2, 000, 000
750. 000
118, 848, 700
Silver.
Kilos.
1, 695, 500
258, 212
1, 211, 646
15, 021
182, 086
50, 613
4, 180
5, 539
10, 110
c51, 502
d 1, 323
71,117
9, 075
12, 464
14, 680
19,971
301, 112
73, 700
65, 791
48, 123
42, 468
4, 144, 233
Dollars.
70, 465, 000
10, 731, 300
50, 356, 000
624, 300
7, 567, 500
2, 103, 500
173, 700
230, 200
420, 200
2, 140, 400
55, 000
2, 955. 600
377, 200
518, 000
610, 100
830, 000
12, 514, 200
3, 063, 000
2, 734, 300
g 2, 000, 000
1,765,000
172, 234, 500
a Estimate of the Bureau of the Mint.
b Product of Hungarian mines in 1892, Austrian mines in 1891.
c Estimated the same as officially communicated for 1888.
d Estimated the same as officially communicated for 1886.
e Estimated the same as officially communicated for 1890.
/Estimated the same as officially communicated for 1889.
195
SILVER, calendar years 1890, 1891, and 1892 ,
Coining rate in United States silver dollars.]
1891.
1892.
Gold.
Silver.
Gold.
Silver.
Kilos.
Dollars.
Kilos.
Dollars.
Kilos.
Dollars.
Kilos.
Dollars.
49, 917
33, 175, 000
1,814,642 ■
75,416,500
49, 654
33, 000, 000
1, 804, 377
74, 989, 900
47, 245
31, 399, 000
311, 100
12, 929, 300
50, 964
33, 870. 800
418, 087
17, 375, 700
1, 505
1, 000, 000
1, 275, 265
53, 000, 000
1,699
1, 147, 500
1, 419, 634
59, 000, 000
36, 356
24, 162, 500
13, 864
a 186, 636
52, 019
576, 200
7, 756, 600
2, 161, 900
37, 325
24, 806, 200
9, 798
a 184,818
18, 460
407, 200
7, 681,000
b 767, 200
2, 106
1, 399, 600
73, 100
2, 262
b 1, 503, 300
110
3, 658
5, 665
27, 584
152, 000
235, 400
1,146, 400
88
58, 500
53
4,495
39, 853
2, 200
186, 800
1, 656, 300
142
94, 300
137
91,400
c 51, 502
d 1, 323
2, 140, 400
55, 000
40, 556
d 1, 323
1, 685, 500
55, 000
d 10
7, 000
d 10
7, 000
e 200
133, 000
e 71,117
2, 955, 600
210
139, 600
103, 000
4, 280, 700
101
67, 000
6, 150
255, 600
77
51, 200
5, 270
219, 000
1,392
925, 000
9,797
407, 100
k 1, 392
925, 000
k 9, 797
407, 100
e 123
82. 000
14, 918
620, 000
e 123
82, 000
k 14, 918
620, 000
5, 224
3. 472, 000
31,232
1, 298, 000
k 5, 224
3, 472, 000
k 31, 232
1, 298, 000
101
h 67, 000
372, 666
15, 488, 000
101
h 67, 000
k 372, 666
15, 488, 000
/ 2, 162
1, 436, 600
70, 794
2, 942, 000
/ 2, 162
1, 436, 600
k 70, 794
2, 942, 000
669
438, 000
659
438, 000
806, 100
1, 800, 000
542, 000
998, 200
75, 000
1,505
2,708
816
1, 000, 000
1, 800, 000
542, 000
998, 200
75, 000
1,213
k 2, 708
k 816
1,502
113
k 1,502
k 113
74, 879
3, 112, 000
k 74, 879
3, 112, 000
140
e 93, 500
163, 500
140
e 93, 500
246
48, 123
g 2, 000, 000
k 246
163 j 500
48, 123
g 2, 000, 000
h 765
7,908
21,924
3, 754
1,128
508. 400
5, 255, 900
14, 570, 900
2, 495, 000
e 750, 000
t 43, 282
1 , 798, 800
j 770
7, 523
35, 670
4,993
1, 128
511, 700
a 5, 000, 600
23, 706, 600
3, 318, 300
e 750, 000
j 54, 986
2, 285, 200
189, 862
126, 183, 500
4, 486, 216
186, 446, 800
208, 909
138, 861,000
4, 727, 119
196, 458, 800
g Estimated the same as officially cofnmunicated for 1887.
h Rough estimates based on exports for 1890,
i Product of Imperial mines, 1891. Private mines, 1889.
j Product of Imperial mines, 1892. Private mines, 1890.
k Estimated the same as officially communicated for 1891.
I Imports of gold bullion from CShina into London and India.
196
A table compiled from information furnished by foreign governments through our
diplomatic representatives and revised from the latest data, exhibiting the weight
and value of the gold and silver product of the principal countries of the world for
the calendar years 1890, 1891, and 1892, will be found in the Appendix.
For the sake of uniformity the value of silver has, as heretofore, been calculated
at its coining rate, viz, $1.2929+ per ijne ounce.
The following table exhibits the estimated product of the precious matals in the
world for each calendar year since 1873:
PRODUCTION of GOLD and SILVER in Ihe WORLD for the calendar years 1873-
1892.
Calendar years.
Gold.
Fine ounces
(troy)
Silver.
Commercial
value.
Coining
value.
1873
$96, 200, 000
63, 267, 000
$82, 120, 000
$81,800,000
1874
90, 750, 000
55, 300, 000
70, 673, 000
71, 500, 000
1875
97, 500, 000
62, 262, 000
77, 578, 000
80, 500, 000
1876
103, 700. 000
67, 753, 000
78, 322, 000
87, 600, 000
1877
1 14, 000, 000
62, 648, 000
75, 240, 000
81, 000, 000
1878
119,000,000
73, 476, 000
84, 644, 000
95, 000, 000
1879 -
109, 000, 000
74. 250, 000
83, 383, 000
96, 000, 000
1880
106. 500, 000
74, 791, 000
85, 636, 000
96, 700, 000
1881
103, 000, 000
78, 890, 000
89, 777, 000
102, 000, 0U0
1882 «...
102, 000, 000
86, 470, 000
98, 230, 000
111,800,000
1883
95, 400, 000
89, 177, 000
98, 986, 000
115,300,000
1884
101,700,000
81,597, 000
90, 817, 000
105, 500, 000
1885
108, 400, 000
91,652, 000
97, 564, 000
118, 500, 000
1886
106, 000, 000
93, 276, 000
92, 772, 000
120, 600, 000
1887
105, 775, 000
96, 124, 000
94, 031,000
124, 281.000
1888
110, 197, 000
108, 827, 000
102, 283, 000
140, 706, 000
1889
123, 489, 000
125,420, 000
117, 268, 000
162, 159, 000
1890
118, 848,700
133,212, 600
139, 873, 200
172, 234, 500
1891
126, 183, 500
144, 204, 900
142, 618, 700
186, 446, 800
1892
138, 861, 000
151, 948, 600
132, 955, 000
196, 458, 800
107
Statement showing the FINENESS of the GOLD and SILVER COINAGE of the
principal countries of the world.
[Submitted by Senator Cockrell.]
Country.
Standard.
Gold,
tineness.
Silver,
full legal
tender,
fineness.
Silver,
limited
tender
fineness.
Double . . .
•900
•900
Gold
■900
■835
Bolivia
Silver ....
•900
•900
Brazil
Gold
•910*
■916}
Bulgaria
Double . . .
•900
•900
Central American States:
Costa Rica
Silver
•900
■900
•835
... .do
•900
•900
•835
Honduras
. . . .do
•900
•900
•835
. . . .do
•900
•900
•835
Salvador
do
•900
■900
•835
Chile
Gold
•916*
•835
Colombia
Silver
•900
•900
•835
Cuba
Gold
•875
Ecuador
Silver
•900
•900
Eevot
Gold
•875
•833}
Finland
do
•900
<, -808
Gorman Empiro
do
■900
•900
) -750
•900
Great Britain
do
•910}
•925
Haiti
•900°
•900
India
Silver
•910}
•916}
Japan
Double . .
•900“
•900*
Latin Union :
Belgium
do
•900
•900
•835
France
do
•900
•900
•835
Greece
•900
•900
•835
Italy
do
•900
•900
•835
Switzerland
. . . .do
•900
■900
■835
Mexico
Silver
•875
•902. 7
Netherlands
Double ...
•900
•945
•640
Persia
Gold
■900
Peru
Silver ....
•900
•900
Portugal
Gold
•910}
Rouraania
Double . . .
•900
•900
•835
Russia
Silver
•900
•900
Scandinavian Union :
Denmark
Gold . .
•900
C '800
Norway
•900
$ -600
C -800
\ -600
Sweden
do
•900
C -800
Servia
Double .
'900
*900
1 -000
*835
Spain
do
*900
*900
*835
Tunis
. .do . .
*900
•900
•835
Turkey
do
■91Gi
•830
Venezuela
. . . .do
■900
C 900
\ -835
198
Table showing the FULL and LIMITED TENDER RATIOS between SILVER and
GOLD of the principal countries of the ivorld, and the value of the silver in a silver
dollar at each ratio, from 13 to 1, to 16 ^ to 1, compared with the United States silver
dollar.
[Submitted by Senator Cockrell.]
Countries.
Pull legal-
tendersilver.
Limited
tender silver.
Value of silver
dollars ex-
pressed in cents.
Pull
tender.
Limited
tender.
13 to l
. 813
13$ to 1
.844
Austria-Hungary
13 T>9 to 1
850
German v
13 -957 to 1
873
Portugal
14 *08 to 1
88
United Kingdom
14*28 to 1
893
Australia. .7
14 *4>8 to 1
893
Prance
15$ to 1
14 -38 to 1
.969
! 899
Belgium
15$ to 1
14 -38 to 1
.969
.899
Italy
15$ to 1
14 -38 to 1
. 969
.899
Switzerland
15$ to 1
14 -38 to 1
.969
.899
Greece
15* to 1
14 -38 to 1
. 969
.899
Spain
15$ to 1
14 -38 to 1
.969
.899
Denmark
14 *88 to 1
93
Norway 1
14 -88 to 1
. 93
Sweden
14 -88 to 1
93
Canada
14 -95 to 1
. 935
United States
15 -988+ to 1
14 -95 tol
1. 060
. 935
Netherlands
15$ to 1
15 to 1
.969
.938
Russia
15$ to 1
15 to 1
.969
.938
Turkey
15 -1 to 1
. 944
Egypt
15 -68 to 1
. 98
India
15 to 1
. 938
Central America
15* to 1
. 909
South America
15$ to 1
. 969
Cuba, Haiti, etc
1 5$ to 1
.969
Japan
16 T8 to 1
1. 012
Mexico
16$ to 1
1. 032
Bureau of the Mint,
October 16, 1893.
It. E. Preston,
Acting Director.
In our silver dollar of 4121 grains, each grain is equal to of a cent, and 1
cent is equal to 4IV<ft) grains.
To hud the ratios between silver and gold, divide the number of grains of silver in
the coin. by the number of grains of gold in the coin unit — tine bullion by fine bul-
lion and standard bullion by standard bullion.
To find the number of grains required in a silver coin, coined at any given ratio to
gold, multiply the number of grains in the gold coin by the number of the ratio, and
the result is the number of grains of silver in the coin; of fine silver, if the grains of
fine gold were multiplied by the proposed ratio; and of standard silver, if the grains
of standard gold were multiplied.
To ascertain in gold, the value of silver bullion in London, quoted in pence, mul-
tiply the rate of exchange in New York on London, the legal or normal rate beiug
$4.8665, by the price of sterling silver given in pence and divide the result by 222,
and you have the London price of silver. Sterling silver is 925 fine and 222 pence fine
silver equal to 240 pence sterling silver.
MONETARY CONFERENCE.
The first international monetary conference was that of 1867. It met on the invi-
ation of the French Government “to consider the question of uniformity of coin-
age, and to seek for tho basis of ulterior negotiations.” It came together in the city
of Paris on June 17. Eighteen of the principal countries of Europe, and the United
States were represented at it, tho latter by Hon. Samuel B. Ruggles, of New York.
The conference voted unanimously against the adoption by the countries repre-
sented of the silver standard exclusively, and unanimously, with the exception of
the Netherlands, in favor of the single gold standard. It also voted that an inter-
national coinage should consist of “ types with a common denominator for weight,
in gold coins of identical fineness,” and that that fineness should be -900. By a vote
of 13 to 2 it favored the 5-franc gold piece as the common denominator, and voted
that gold coins having this common denominator should have legal circulation in the
countries agreeing to the action of the conference, and that it would be expedient
to coin gold pieces of 25 francs for international circulation.
At the final session of the conference it was voted to refer these and other decis-
ions reached to the several States for diplomatic action, and that information of the
action of the States should be transmitted to the French Government, which should
have power to reassemble the conference. The conference adjourned July 6, and
was not reassembled.
The second international monetary conference was that of 1878. It was called by
the United States. The act of February 28, 1878, directed the President to invite
the governments of Europe to join in a conference to adopt a common ratio between
gold and silver for the purpose of establishing internationally the use of bimetallic
money and securing fixity of relative value between these metals. The conference
met at Paris on the 16th of August. Twelve countries were represented, the United
States by Reuben E. Fenton, of New York; W. S. Groesbeck, of Ohio, and Francis
A. Walker, of Connecticut. S. Dana Horton, the secretary of the American delega-
tion, was admitted to the conference as a member. It is worthy of note that Ger-
many declined to send delegates to this conference.
At the second session Mr. Groesbeck, on behalf of the United States, laid two
propositions before the conference: (1) That it was not to be desired that silver be
excluded from free coinage in Europe and the United States. (2) That the use of
both gold and silver as unlimited legal tender may be safely adopted by equalizing
them at a ratio fixed by international agreement.
These propositions were discussed in their every phase by the delegates of the
various states during the seven sessions of the conference. The collective answers
to them of all the European delegates, save those of Italy, were presented by the
president, Mr. Leon Say, and were :
(1) That it was necessary to preserve in the world the monetary function of silver
as well as of gold, but that the choice of one or the other, or of both simultaneously,
should be governed by the special situation of each state or group of states. (2) That
the question of the restriction ofthe coinage of silver also should be left to the dis-
cretion of each state or group of states. (3) That the differences of opinion that
had appeared excluded the adoption of a common ratio between the two metals.
'the conference adjourned on the 29th of August.
The third international monetary conference, that of 1881, was called in January
of that year by the governments of France and the United States “to examine and
adopt for the purpose of submitting the same to the governments represented, a plan
and a system for the establishment of the use of gold and silver as bimetallic money
according to a settled relative value between those metals.” Nineteen countries
were represented. The representatives of the United States were Hon. William M.
Evarts, of New York; Allen G. Thurman, of Ohio; Timothy O. Howe, of Wisconsin,
and S. Dana Horton.
Like the debates of the previous conferences, those of the present one were marked
by the highest ability and by a thorough mastery on the pant of the several del-
egates of monetary science. They covered twelve sessions. At the thirteenth, Mr.
Evarts, on behalf of the delegates of France and the United States, and in the name
of their respective governments, read a declaration in which they stated.
199
200
(1) That the depression and great fluctuations of the value of silver relatively to
gold are injurious to commerce and to the general prosperity, and the establish-
ment of a fixed ratio of value between them would produce the most important bene-
fits to the commerce of the world.
(2) That a bimetallic convention entered into between an important group of
states for the free coinage of both silver and gold at a fixed ratio and with full legal-
tender faculty would cause and maintain a stability in the relative value of the two
metals suitable to the interests and requirements of commerce.
(3) That any ratio now or lately in use by any commercial nation, if so adopted,
could be maintained, but that the adoption of the ratio 15^ to 1 would accomplish
the object with less disturbance to existing monetary systems than any other ratio.
(4) That a convention which should include England, France, Germany, and the
United States, with the concurrence of other states, which this combination would
assure, would be adequate to produce aud maintain throughout the commercial
world the relation between the two metals that such convention should adopt.
After this declaration had been read, certain members, through the president,
expressed a desire for adjournment, but this met with opposition from Mr. Forsell,
delegate from Sweden, who thought that an adjournment would give a character of
permanence to the conference, whereas it was better to acknowledge at once that
bimetallism had collapsed and that the resolutions of the European delegates at the
conference of 1878 should be reaffirmed. After a short recess the president read a
resolution reciting that, in view of the speeches and observations of the delegates
and the declarations of the several governments, there was ground for believing
that an understanding might be established between the states which had taken
part in the conference, but that it was expedient to suspend its meetings; that the
monetary situation might in some states call for governmental action, and that there
was reason for giving opportunity for diplomatic negotiations. The conference was
adjourned to April 12, 1882. It was never reconvened.
The fourth international monetary conference was called by the Government of
the United States “for the purpose of conferring as to what measure, if any, can be
taken to increase the use of silver as money iu the curreucy systems of nations.”
The conference met at Brussels on the 22d of November, 1892. Twenty countries
Avere represented. The delegates of the United States were Hon. William B. Allison,
lion. John P. Jones, Hon. James B. McCreary, Mr. Henry W. Canuon, Mr. E. Ben-
jamin Andrews, and Hon. Edwin H. Terrell.
BRUSSELS INTERNATIONAL MONETARY CONFERENCE.
Message from, the President of the United States, transmitting a communication from the
Secretary of State, accompanying the official report of the American delegates to the
International Monetary Conference.
Febktjaky21, 1S83. — Head, referred to the Committee on Foreign Relations, and ordered to be printed
To the Senate and House of Representatives:
I transmit herewith a communication of the Secretary of State, transmitting the
official report of the American delegates to the International Monetary Conference,
convened at Brussels on November 22, 1892, with its accompaniments.
Benj. Harrison.
Executive Mansion,
Washington, February SI, 1893.
To the President:
I have the honor to inclose herewith, for transmission to the Congress of the
United States, the official report of the American delegates to the International
Monetary Conference, convened at Brussels on November 22, 1892, together with the
accompanying translation of the official record of the proceedings, and an appendix
containing a series of papers presented from time to time by tho members of the
conference.
Respectfully submitted.
John W. Foster.
Department of State,
Washington, February SI, 1S93.
201
Report of the Commissioners of the United States.
Washington, I). C., February 14, 1S9S.
Sir: The commissioners, William B. Allison, John P. Jones, James B. McCreary,
Henry W. Cannon, E. Benjamin Andrews, and Edwin H. Terrell, appointed by the
President of the United States as delegates to represent the United States at the
International Monetary Conference, held at Brussels, beginning on the 22d day ot
November, 1892, have the honor to submit herewith an English translation of the
official record of said conference during its first series of meetings, ending on the
17tli day of December, 1892. It contains tho minutes of the sessions, together with
the text of the various proposals, reports, and other papers directly relating to the
proceedings.
Accompanying this record, in the form of an appendix, will he found a series of
documents relating to tho monetary laws and the monetary situation of the various
countries, these documents having been presented from time to time by members of
the conference for its consideration and use.
The several delegates were furnished by the Department of State with the follow-
ing letter of instructions for their general guidance as respects the policy to be pur-
sued by them at the conference :
“ Department of State,
“ Washington, November 10, 1892.
“Hon. William B. Allison, Hon. JonN P. Jones, Hon. James B. McCreary,
Henry W. Cannon, Esq., President E. Benjamin Andrew’s, Edwin H. Terrell,
Esq., Commissioners on the part of the Government of the United States to the Interna-
tional Monetary Conference to be convened at Brussels, Belgium:
“ Gentlemen: Reposing full confidence in your ability to properly represent the
interests of the United States at the monetary conference, called at the instance of
this Government, to meet at Brussels on November 22, 1892, to consider the present
condition of silver and what measures, if any, can be taken to increase the use of
that metal in the currency systems of the world, tho President does not deem it nec-
essary or desirable to cumber you with detailed instructions as to your duties.
“Therefore only general instructions will be given, leaving much to your own
judgment and the developments of the conference itself.
“The main purpose which this Government seeks to accomplish by this conference
is to bring about a stable relation between gold and silver.
“It is the opinion of the President, and, as Ave believe, of the people of the United
States, Avith singular unanimity, that a full use of sih’er as a coined metal at a ratio
to gold to he fixed by an agreement betweeu the great commercial nations of the
world, would very highly promote the prosperity of all the people of all the countries
of all the world. For this reason your first and most important duty will bo to
secure, if possible, an agreement among the chief commercial countries of theAA’orld
looking to international bimetallism, that is, the unlimited coinage of gold and sil-
ver into money of full debt-paying poAver at a fixed ratio in coinage common to all
tbe agreeing powers.
“You should not lose sight of the fact that no arrangement will be acceptable to
tbe people or satisfactory to the Government of tho United States which would by
any possibility place this country on a silver basis Avhile European countries main-
tain the single gold standard.
“Failing to secure international bimetallism, the next important duty will be to
secure, if possible, some action upon the part of European countries looking to a
larger use of silver as currenoy, in order to put an end to the further depreciation
of that metal.
“To your Avisdom, your wide experience, and your knowledge of this important
subject, as well as your intimate acquaintance Avith the feelings and sentiments of
our own people, the President commits the interests of this country, feeling assured
that you will not fail to guard them well.
“You will be expected to report from time to time the progress of the conference
at Brussels, and you Avill be authorized to use the cable in case of urgency.
“I am, gentlemen, your obedient servant,
“John W. Foster.”
The first meeting of the delegates of the United States was held at Brussels on the
morning of the 22d of November, the conference assembling at 2 o’clock that day.
At this meeting there were present: Messrs. William B. Allison, chairman; John P.
Jones, James B. McCreary, Henry W. Cannon, E. Benjamin Andrews, and EdAvin H.
Terrell, the entire delegation of the United States, and Prof. Roland P. Falkner, the
secretary of the delegation.
202
•
Meetings of the delegates of the United States were held daily from that time till
the recess of the conference. These meetings were in the nature of consultations as
to the matters intrusted to them. ' They were informal. As a rule there were no
differences among the delegates as to the policy to be pursued in the conference, and
therefore no detailed minutes of these various consultations were kept.
Prior to our arrival at Brussels our minister to Belgium, as has been the custom
in like conferences, arranged with the Government of Belgium for the preliminary
organization of the conference, which arrangements were quite complete and most
satisfactory. The authorities of Belgium provided a convenient place of meeting in
the Palace of the Academies, and arranged for the opening of the conference by the
prime minister of Belgium, and for the selection of Mr. Montefiore Levi, a distin-
guished Belgian senator, as the president of the conference.
Without exception the nations invited by the president were represented at the
first session. During the sessions this fact was frequently alluded to as an evidence
of the interest felt in the object for which the conference was convoked.
The prime minister of Belgium in his opening address called attention to the
importance of the subject to be considered in the following terms:
“ The conference in which you are called upon to take part has for its object the
consideration of one of the most serious, complex, and arduous problems which is
presented to modern society. * * *
“It [money] touches all economic and social interests; it affects the commerce of
the world, and is the real reason of more than one unexplained crisis. * * *
“ Currents of capital are always in a certain measure metallic currents. The
decreased cost of transportation and the more highly developed spirit of association
which permits the formation of companies for enterprise in remote countries only
increase these currents. And thus while it has changed the international function
of money has greatly increased.
“ At the same time the evil results of every monetary crisis are more and more
acute, and it is, it seems, to an international agreement that we must look for the
means of preventing them or moderating them.”
Similar sentiments were expressed by the president of the conference, who, in his
address on taking the chair, strongly emphasized the gravity of the situation and
the interest which it had for all the nations of the earth. Among other things, he
said :
“The depreciation of silver, so far as ify serves as a monetary standard, finds an
echo throughout the social organism.
“ But the principal evil of the present situation lies in the instability that results
from it. How would it be possible for the merchant or manufacturer to make with
safety contracts extending over a long period, as important business transactions
generally do, if the shrewdest judgments and the best-founded calculations might at
any moment be upset by a sudden movement of the money market f There is no
need, we believe, to look elsewhere for the cause of the noticeable falling off which
has taken place in international transactions. The hesitation which checks all great
enterprises and which paralyzes many markets is the direct consequence ot the
instability in the price of silver as compared with gold.
“Conscious of these difficulties, the Government of the United States has taken
the initiative in inviting the principal powers to send delegates to a new interna-
tional conference for the purpose of investigating together whether there beany
means of mitigating, by a more general use of silver in the monetary circulation,
the serious inconveniences from which all civilized nations suffer in various degrees.
“ Impressed by the gravity of the situation, all of the governments hastened to
accept the invitation which w*as sent to them, and we are now met together, gentle-
men, to commence the investigation of this arduous problem.
“ Whatever may be the result, of your deliberations it may surely be affirmed that,
convinced of the considerable influence which the solution of a question so complex
as that submitted to you may have upon the progress of universal civilization, you
will have it at heart to investigate the possibility of remedying a condition of
affairs of which none mistake the gravity. You will endeavor to lay aside any con-
sideration of narrow or egotistical interest to place yourselves upon the standpoint of
the higher interests of the great human family and, should the possibility of a rem-
edy be recognized, you will desire to unite your efforts to give substance to the solu-
tions resulting from your debates by the adoption of a scheme stated in practical
form.”
The first session was devoted mainly to the organization of the conference. After
the election of Mr. Montefiore Levi as president, Mr. Edwin H. Terrell, a delegate
of the United States, was elected vice-president, and Mr. Georges de Laveleye, gen-
eral secretary.
At this session of the conference it seemed to be generally expected, as will be
seen by reference to the minutes, that the United States, having invited the nations
to the "conference, would present, through its delegates, a plan for the consideration
203
of the conference looking to the enlarged use of silver as money by the nations rep-
resented.
The instructions to the delegates of the United States outlined the general policy
which they should pursue, hut did not include a specific plan for the monetary use
of silver to be presented as an official programme of tko United States.
In accordance with the wish expressed by the conference, the delegates of the
Uuited States, after full consultation, prepared a declaration and programme which
is published at large in the record. This programme was presented at the second
session by Senator Allison, the chairman of the delegation, who outlined the consid-
erations which led the President of the United States to invite the nations to a con-
ference and briefly indicated the policy of the United States with respect to silver
and its monetary use.
The programme embodied the following resolution :
“ That in the opinion of this conference it is desirable that some measure should
be found for increasing the use of silver in the currency systems of the nations.”
This resolution was presented to the conference at the second session. On that
occasion Sir Rivers Wilson, speaking in the name of the entire delegation of Great
Britain, said:
“We accept the resolution of the delegates of the United States as it stands, add-
ing only this reservation and this explanation, that we consider it as being in fact a
recapitulation of the substance of the invitation which has been addressed to the
different governments and which has been accepted by them.”
Similar declarations were made by France, Spain, the Netherlands, and other
nations.
The programme of the United States was discussed in all its phases by the con-
ference substantially in the order presented. Comformably to the suggestions of
the programme, several projects, having in view the enlarged use of silver without
contemplating its complete rehabilitation, were presented to the conference. These
plans, together with the subordinate projects mentioned in the programme, were
referred at the third session of the conference to a committee of twelve. This com-
mittee made two reports, which are published in full in the record and to which
attention is called. The committee reported affirmatively upon one proposition,
namely, that it was wise to withdraw from monetary circulation all the gold coins,
and all paper money redeemable in gold of a less denomination than £1, 20 francs,
or 20 marks, and substitute silver money for them. As to the other plans, though
some of them were favored in principle, they were not reported upon affirmatively,
because they were not broad enough nor presented in sufficient detail to justify a
favorable report upon them.
In the discussion of these various proposals and plans in the full meetings of the
conference the attitudes of all, or nearly all, the governments were disclosed. The
utterances of the delegates indicated, however, what measures the governments
were unwilling to adopt rather than how far they were willing to go to secure the
enlarged use of silver as proposed by the President in his invitation.
Our instructions favoring the unrestricted use of silver as well as gold, on a ratio
to be lixed, justified us in presenting, as a part of our programme for discussion,
this main question of the unrestricted coinage of both silver and gold internation-
ally by means of a common ratio. Although it appeared in the course of the debates
that the governments of Europe were not ready to adopt this plan as a solution of
the question, there was a general desire on the part of the conference that there
should be a discussion of this question before a recess should be taken. Therefore,
as will be seen by a reference to the minutes, this subject was discussed at con-
siderable length in the conference.
The attitudes of the various governments relative to the proposals presented were
somewhat reserved, as will appear from citations which follow.
On the other hand, it is important to observe that with comparatively few excep-
tions the recognition was general in the conference of a monetary evil requiring a
remedy. This feeling pervaded the proceedings of the conference and was forcibly
expressed by more than one of the leading delegates.
Conspicuous in this regard was the statement of Mr. de Rothschild, one of the
delegates of Great Britain, who, in submitting his proposal, said:
“The stock of silver in the world is estimated at some thousands of millions, and
if this conference were to break up without arriving at any definite result there
would be a depreciation in the value of that commodity which it would be frightful
to contemplate, and out of which a monetary panic would ensue, the far-spreading
effects of which it would be impossible to foretell.”
Sir Rivers Wilson, another delegate of Great Britain, said:
“There can be no question, in our opinion, that all the governments who have sent
representatives to this conference, even those who have instructed their delegates to
act with the greatest reserve, recognized the presence of danger, otherwise there
would be no justification for our presence here. * * * The instructions which
204
we have received from our Government require u,8, before concluding that matters
must be left as they are, to examine with the greatest care any plan which may be
submitted for the purpose of extending the monetary use of silver.”
Mr. Tirard, speaking for France, the leading nation of the Latin Union, said:
“It is certain that a great stability in the ratio would result in facilitating com-
mercial relations, in binding the nations closer together, and permitting them to
exchange their products as it suited them, to the satisfaction of all governments and
to the greater profit of all individuals.
“ It is for this task that we are met together. I do not know yet what will come
out of the conference and to what practical result it may lead, but this much is cer-
tain, our labors will not in any case be fruitless.”
Gen. Strachey, one of the delegates of British India, said:
“ The government of India during this period (the last two decades) has made
many ineffectual attempts tp protect itself against the effects on its currency of this
continued fall in the value of silver in relation to gold, and, notwithstanding the
heavy burdens thereby entailed upon the country, has maintained the silver stand-
ard in the hope that circumstances might at length bring it some relief from the
ever-increasing difficulties of its position. But no such relief has come, and, on the
contrary, the difficulties have become constantly greater until they are becoming, if
they have not already become, real dangers.”
Sir Guilford L. Molesworth, the other delegate of the Indian government, said:
“ Our predecessors in the Paris monetary conferences of 1878 and 1881 were almost
unanimous in the opiuion that silver must be rehabilitated. They only disagreed
on the method of rehabilitation. Some were of the opinion that matters would right
themselves, whilst others considered that the remedy could ouly come by reestab-
lishing the link that had existed between gold and silver prior to 1873.
“ The opinion of the latter was undoubtedly correct. Matters have gone from bad
to worse.”
The proposal of the United States for the unrestricted coinage of silver concur-
rently with gold by an international agreement was advocated by a number of del-
egates.
Sir William Houldsworth, a delegate of Great Britain, said :
“A further fall (in the level of prices) would be a disaster. I frankly admit that,
in my opinion, there will never be a permanent solution of this difficulty until we
have an international bimetallic agreement.”
Mr. Van den Berg, a delegate of the Netherlands, said:
“Our ideal is an international bimetallic agreement. Such an agreement we
firmly believe to be possible and desirable both from the theoretical and also from
the practical point of view.”
In this view the speaker just named was supported by his colleague, Mr. Boisse-
vain, who said :
“I believe that international bimetallism is the only monetary system which is
thoroughly good from the theoretical point of view, and the only system which in
practice can satisfy all needs. I believe also that it is perfectly admissible for
England.”
Mr. Alpb. Allard, a delegate of Belgium, says:
“The crisis <vhick oppresses us is no birth of yesterday. It dates from 1873, the
moment when free coinage of silver was suspended in Europe. The true remedy,
which would be at the same time efficacious and thorough, would be the reestablish-
ment of free coinage, but it appears to me that for the moment this solution has no
chance of being adopted.”
The quotations which follow indicate the attitude of the leading nations toward
the practical application of the proposal of the United States for the concurrent
mintage of silver and gold by an international agreement.
Sir Rivers Wilson, immediately after his words, which have been quoted in the
foregoing, said:
“Her Majesty’s Government did not find it possible to accept an invitation con-
veyed in terms which might give rise to a misunderstanding by implying that the
Government had some doubt as to the maintenance of the monetary system which
had been in force in Great Britain since 1816.”
Speaking for Sir Charles Fremantle and himself, he said:
“Our faith is that of the school of monometallism pure and simple. We do not
admit that any other than the single gold standard would be applicable to our coun-
try.”
Replying to the supposition that France might resume the free coinage of silver,
Mr. Tirard said :
“ But why should France permit the freo coinage of silver when she is already
amply provided with it? I believe that she alone possesses as much as all the States
of Europe put together. * * *
“ In spite of that she would consent perhaps to do what is asked of her, if tliero
205
was any reciprocity, if those powers also which are wedded to monometallism should
decide to adopt the free coinage of silver. * * * If other European powers, such
as England, the Gorman Empire, the Austro-Hungarian Empire, the Scandinavian
States and others would consent to open their mints to the free coinage of silver,
then the aspect of the question would be changed.”
While the delegates from France frequently disclaimed the right to speak in the
name of the Latin Union, it is worthy of note that, on many occasions, the represent-
atives of the different countries of the union declared that these States followed a
common policy.
Early in the session the leading delegate of Germany declared:
“ Germany being satisfied with its monetary system has no intention of modifying
its basiB. * * * In view of the satisfactory monetary situation of the Empire,
the Imperial Government has prescribed the most strict reserve for its delegates,
who, in consequence, can not take part either in the discussion or in the vote upon
the resolution presented by the delegates of the United States.”
Austria-Hungary, although represented at the conference, instructed their delegate
to take no part in any discussion or vote.
A leading part in the discussion was taken by the delegates of the Netherlands,
and in a speech of the senior delegate the following important declaration was mado
as to tbe point in question :
“The declaration * * * that Holland would not enter into a bimetallic union
without the full and complete participation of England is a part of the formal
instructions furnished us by our Government.”
From this it will be seen that England is not prepared to open her mints to the
free coinage of silver, and that Germany expresses satisfaction with her preseut
monetary system, while France and other nations expressed a willingness to unite
with England and Germany in forming a monetary union. While England is not
prepared to adopt free coinage of silver at a fixed ratio, in common with gold, it
appears not unwilling to accept a policy in conjunction with other nations, which
would secure a stable value to silver and sustain its price, by some practical method
short of free mintage looking to its enlarged monetary use.
Various plans were presented to the conference looking to the enlarged use of sil-
ver, but falling short of the opening of European mints to its free coinage on an
agreed ratio. The plans presented are printed in full in the record. The sugges-
tions andproposals made by delegates from important nations lookingtoan enlarged
use of silver as money by purchase or deposit of silver bullion to be held asareserve
against the issue of paper money or certificates indicate a strong disposition to
increase the monetary use of silver.
Each of the plans had its advocates in the conference, but it was found impossi-
ble within the short time allotted to the conference before a recess was inevitable
to discuss the plans at large, or to suggest modifications or changes so as to secure
for them general approval.
The sessions were limited to the time between the 22d of November and the 20th
of December, when all agreed that the conference must adjourn for the holidays.
Accordingly, after the plans were presented and examined, there seemed to be a gen-
eral sentiment in favor of a long recess, to enable the delegates to the conference
to submit the record and plans to their respective Governments for further instruc-
tions and suggestions. This sentiment was particularly emphasized in the last two
sessions of the conference.
At the ninth session of the conference the discussion on bimetallism was closed.
The general feeling at this juncture was admirably voiced in the remarks of Mr. De
Osma, who, summing up the results of the conference, stated, in substance, that there
was practically a unanimous desire to reach a tangible result for the remedy of the
evils which were felt by all. He said:
“There has always been in our discussions a certain dominant and unmistakable
character which is supported by the evidence of attitude more eloquently than by
words, viz, the presence of a general good will inspired by the existence of a crisis
generally felt, but with different degrees of intensity. Whatever personal sympa-
thies we may feel, we must admit that very few of us have been able to agree with
the stoic opinion which denies the existence of a crisis, and concludes very logically
that there is no need of looking for a remedy. That opinion is too strongly con-
trasted with the attitude of some of our colleagues who are, moreover, themselves
thoroughly convinced and perfectly impenitent monometallists. It disappears
before the reiterated and recent declarations of statesmen, who have described the
evils which are ruining the agriculture and destroying the industries of their coun-
tries, with a precision whose significance it is impossible to mistake.”
At the tenth session a motion was presented for a recess until the 30th of May,
1893. The president reviewed the work of the conference, and commented upon the
resolution and the necessity of a recess at this stage of the proceedings in order to
insure the best results from the conference. He said:
206
“The various governments which we have the honor to represent will be able on
their part to examine and judge the ideas put forward, and the general situation,
whose conditions seem to be faithfully reflected in our discussions. At the moment
when we suspend our labors we carry with us, I regret to say, the very general
impression of an uneasiness which calls for a remedy, but we cherish at the same
time the hope that palliatives, or, possibly, a combination of palliatives, may per-
haps be found to conjure the evil by the aid of an international agreement or under-
standing. We have finally, I venture to assert, a lively and sincere desire to come
together again, with the conviction that we shall be better equipped to reach a
fortunate result than we were in beginning our labors.”
The motion was presented by his excellency Baron de Renzis, the minister of Italy,
who, in urging it upon the conference, spoke of the work which had been accom-
plished, and the prospects of future action, as follows:
“ The public, perhaps even some of us in commenting upon our work, and seeing
how short a road we have traveled, might think that this conference could result
only in failure like all the monetary conferences which have preceded it.
“ Permit me to say frankly that such is not my opinion. Our sessions have been
numerous, the investigations made have been long and serious, and if no solution
has crowned our work that is no reason why we should doubt the final result. There
is in the assembly a sincere desire to reach a tangible result. * * *
“ Well, gentlemen, why have we arrived at no result thus far? Because, frankly,
no proposition was ripe ; they were improvised, so to speak, for the needs of our dis-
cussions. What could we have done without preparation, without precise instruc-
tions from our governments?
“In these conditions an adjournment is desirable. Letusleave, in the first instance,
the governments time to gain a knowledge of our discussions and of the speeches of
the eminent delegates from all countries of the world. In six months it is possible
that in returning here we shall find ourselves face to face with more mature and
more practical proposals.
“We have planted a fertile germ; give it time to develop and grow.”
The text of the resolution in regard to the recess is reproduced here :
“The International Monetary Conference, recognizing the great value of the argu-
ments which have been developed in the reports presented and in the discussions of
the sessions ; and
“ Reserving its final judgment upon the subjects proposed for its examination,
“Expresses its gratitude to the Government of the United States for having fur-
nished an opportunity for a new study of the present condition of the white metal.
“The conference suspends its labors and decides, should the governments approve,
to meet again on the 30th of May, 1893.
“It expresses the hope that during the interval the careful study of the documents
submitted to the conference will have permitted the discovery of an equitable basis
for an agreement which shall not infringe in any way the fundamental principles of
the monetary policy of the different countries.”
Some question having arisen as to the steps necessary to reconvene the conference,
it was agreed, upon the motion of the president, that the officers should continue to
perform their functions during the recess.
His proposal to the conference was in the following terms :
“The bureau of the conference will exist, but it may exist in fact or in form
only. You will, without doubt, be of the opinion that it is useful to have it exist
in fact; that is, to be, if necessary, a means of communication between the dele-
gates.
“ I will take an example. Suppose a delegate formulates a proposal which he
deems might be accepted by the conference, and ho sends it to the president. It
will be communicated to the bureau, translated if necessary, printed, and distrib-
uted to the delegates. In this way the bureau will fulfill a useful function.”
(Agreed.)
From these proceedings it will be seen that the conference is to reconvene at
Brussels on the 30th of May, 1893. In the meantime it is expected that the proposi-
tions and plans already submitted and such others as maybe submitted to the presi-
dent of the conference and by him transmitted to the several governments, through
their delegates, will be considered. It is anticipated that the delegates, upon the
reassembling of the conference, will be able to state definitely the views of their
respective governments as to what plans are practicable to secure the greater use of
silver as a part of the metallic money of the world.
The delegates of the United States express the hope that the conference at the
next session will be able to adopt some practical method to secure this end. They
are encouraged in this hope by the fact that in the later sessions of the conference
the general consensus of opinion was distinctly more favorable to the objects which
the conference had in view than in the early sessions.
207
Tliis Count Alvonsleben, a delegate of Germany, said in the tenth session :
“ The Imperial Government takes a most lively interest in the labors of the con-
ference. We have made it our duty to follow them with the most serious attention
in order to report them conscientiously, and I do not hesitate to express the convic-
tion that the Imperial Government will submit the propositions which have been
made in the course of our deliberations to a most careful examination.”
Count Khevenliiiller Metsch, delegate of Austria-Hungary, said in the eighth
session :
“ I am authorized to state, in the name of the two governments which I have the
honor to represent here, that they take a very active interest in the debates of the
conference. They are animated by a sincere desire that the labors of the conference
may reach a tangible result.
‘‘The governments of Austria-Hungary will be ready to examine, with scrupulous
attention, propositions which may issue by conmon consent as the final result of the
Monetary Conference at Brussels.”
The attitude revealed in the last two citations was borne out by the remarks of
other delegates at the tenth session. The delegates of the United States, in con-
cluding their report, are glad to bear testimony to the earnest wish of the conference
that apian for the enlarged use of silver as money, acceptable to the nations and
adequate to the monetary situation, may result from its deliberations.
The delegates of the United States can not close this brief statement of the result
of the first sessions of the conference without expressing the indebtedness of the
United States to the Government of Belgium for the cordiality of its reception to the
conference, for its uniform courtesy to all the members of the conference, and for its
liberal provision for their comfort and convenience.
We have the honor to be, sir, your obedient servants,
W. B. Allison,
Chairman.
Hon. John W. Foster,
Secretary of State, Washington, D. C.
Jno. P. Jones,
James B. McCreary,
Henry W. Cannon,
E. Benj. Andrews,
Commissioners.*
VOLUME OF MONEY.
Statemen t showing the amounts of gold and silver coins and certificates, United States notes ,
and national-hank notes in circulation August 1, 1893.
General stock,
coined or
issued.
In Treasury.
Amount in cir-
culation
Aug. 1, 1893.
Amount in cir-
culation
Aug. 1, 1892.
Gold coin
Standard silver dollars
Subsidiary silver
Gold certificates
Silver certificates
Treasury notes, act July 14, 1890.
United States notes
Currency certificat es, act June 8,
1872..^
National-bank notes
Total
$520, 273, 567
419, 332.450
76, 563, 878
87, 704, 739
333,031,504
148, 286,348
346, 681,016
8, 340, 000
183, 755, 147
$103, 363, 626
363, 108, 461
12, 556, 749
93, 710
2, 843,114
4, 512, 210
22, 286, 612
485, 000
3, 620, 150
$416, 909, 941
56, 223, 989
64, 007, 129
87, 611,029
330, 188, 390
143, 774, 138
324, 394, 404
7, 855, 000
180, 134, 997
$410,447, 360
57, 031, 862
63, 346, 937
136, 861, 829
327, 336, 823
101, 756, 301
311, 852,278
26, 720, 000
166, 595, 935
2, 123, 968, 649
512, 869, 632
1,611,099,917
1, 601,949,325
Population of the United States August 1, 1893, estimated at 67,066,000; circula-
tion per capita, $24.02.
*The name of Mr. Edwin H. Terrell is not attached to the report, as he waa unable to be in Wash-
ington when it was prepared.
208
Comparative statement showing the CHANGES in CIRCULATION during July, 1S9S.
In circulation
July 1,1893.
In circulation
Aug. 1, 1893.
Decrease.
Increase.
Gold coin
$403, 633, 700
57, 029, 743
65, 400, 268
92, 970, 019
326, 489, 165
140, 161, 694
320, 875, 683
11, 935, 000
174, 731, 139
$416, 909, 941
56, 223, 989
64, 007, 129
87,611, 029
330, 188, 390
143, 774, 138
324, 394, 404
7, 855, 000
180, 134, 997
$13, 276, 241
Standard silver dollars
$805, 754
1,393,139
5, 358, 990
Subsidiary silver
Gold certificates
Silver certificates
3. 699, 225
3, 112,444
3, 518, 721
Treasury notes, act July 14, 1890.
United States notes
Currency certificates, act June 8,1
1872
4, 080, 000
National-bank notes
5, 402, 858
Total
1, 593, 726, 411
1, 611, 099, 017
11,637,883
29, 010, 489
17, 372, 606
Net increase
Comparative statement of CHANGES in MONEY and BULLION in Treasury during
July, 1893.
In Treasury
July 1, 1893.
In Treasury
Aug. 1, 1893.
Decrease.
Increase.
Gold coin
$110, 109, 923
362, 302, 707
11,855,944
6, 528, 533
25, 805, 333
3, 982, 733
$103, 363, 626
363, 108, 461
12, 556, 749
4, 512, 210
22, 286, 612
3, 620, 150
$6, 746, 297
2, 016, 323
3, 518, 721
362, 583
Standard silver dollars
Subsidiary silver
Treasury notes, act July 14, 1890.
United States notes
National-hank notes
$805, 754
700, 805
520, 585, 173
78, 345, 510
118, 173, 820
509, 447, 808
83, 450, 336
119, 277, 735
12, 643, 924
1, 506, 559
5, 104, 826
1, 103, 915
Silver bullion
Total
Net decrease
717, 104, 503
712, 175, 879
12, 643, 924
4, 928, 624
7, 715, 300
Gold certificates held in cash $93, 710
Silver certificates held in cash 2, 843, 114
Currency certificates held in cash 485, 000
Decrease since July 1, 1893 $977,460
Decrease since July 1, 1893 1,625,225
Increase since July 1, 1893 55, 000
Treasury Department,
Secretary’s OJJice , Division of Loans and Currency.
Statement showing the amounts of gold and silver coins and certificates, United States
notes, and national-hanlc notes in circulation Octohet 1, 1893.
General stock,
coined or issued.
In Treasury.
Amount in cir-
culation
Oct. 1, 1893.
Amount in cir-
culation
Oct. 1, 1892.
Gold coin
Standard silver dollars
Subsidiary silver
Gold certificates
Silver certificates.
Treasury notes, act J uly 14, 1890 ..
United States notes
Currency certificates, act June 8,
1872
National-bank notes
Total
$556, 479, 232. 00
419, 332, 550. 00
77, 596, 621. 00
79, 756, 819. 00
330, 864, 504. 00
151, 319, 040. 00
346, 681, 016. 00
8, 285, 000. 00
208, 690, 579. 00
$72, 183, 123. 00
360, 499, 882. 00
13. 496, 416. 00
129, 220. 00
5, 909, 370. 00
2, 494, 841. 00
14, 452, 110. 00
85, 000. 00
7, 815, 481. 00
$484, 296, 109. 00
56, 832, 668. 00
64, 100, 205. 00
79, 627, 599. 00
324, 955, 134. 00
148, 824, 199. 00
332, 228, 906. 00
8, 200, 000. 00
200, 875, 098. 00
$411, 524, 329. 00
59, 569, 103. 00
64, 916, 209. 00
, 121, 210, 399. 00
326, 849, 827. 00
107. 001.850.00
322, 603, 158. 00
77, 290. 000. 00
165. 085. 108. 00
2,179, 005,361.00
447, 065, 443. 00
1,701,939,918. 00
1,265, 049,983. 00
Population of the United States October 1, 1893, estimated at 67,306,000; circula-
tion per capita, $25.29.
209
Comparative statement showing the CHANGES in CIRCULATION during September,
1893.
In circulation
Sept. 1, 1893.
In circulation
Oct. 1,1893.
Decrease.
Increase.
(▼old coin
$469, 466, 368. 00
61, 654, 630. 00
64, 335, 238. 00
80, 414, 049. 00
326, 206, 336. 00
145, 420, 209. 00
331, 638, 060. 00
5, 605, 000. 00
195, 822, 781. 00
$484, 296, 109. 00
58, 832, 668. 00
64, 100, 205. 00
79, 627, 599. 00
324, 955, 134. 00
148, 824, 199. 00
332, 228, 906. 00
8, 200, 000. 00
200, 875, 098. 00
$14, 829, 741. 00
3, 403, 990. 00
590, 846. 00
2, 595, 000. 00
5, 052, 317. 00
Standard silver dollars
Subsidiary silver
Gold certificates
Silver certificates
Treasury notds, act July 14, 1890 ..
United States notes
Currency certificates, act June 8,
1872
$2, 821, 962. 00
235, 033. 00
786,450. 00
1, 251, 202. 00
National-bank notes
Total
"Not increase
1, 680, 562, 671. 00 1, 701, 939, 918. 00
5, 094, 647. 00
26, 471,894.00
21, 377, 247. 00
Comparative statement of CHANGES in HONEY and BULLION in Treasury during
September, 1893.
In Treasury
Sept. 1, 1893.
In Treasury
Oct. 1, 1893.
Decrease.
Increase.
Gold coin
$78, 049, 667. 00
357, 677, 820. 00
12, 700, 829. 00
4,461,749.00
15, 042, 956. 00
3, 157, 587. 00
$72,183,123.00
360, 499, 882. 00
13, 496, 416. 00
2, 494. 841. 00
14,452,110. 00
7, 815,481.00
$5, 866, 544. 00
1, 966, 908. 00
590, 846. 00
Standard silver dollars
Subsidiary silver
Treasury notes, act July 14, 1890. . .
United States notes
National-bank notes
$2, 822. 062. 00
795, 587. 00
4, 657, 894. 00
471.090,608.00
98, 373, 505. 00
122, 200, 760. 00
470,941,853.00
101, 026, 648. 00
124, 242, 787. 00
8, 424, 298. 00
8, 275, 543. 00
2, 653, 143. 00
2, 042, 027. 00
Silver bullion -
Total
Net increase
691, 664, 873. 00
696, 211, 288. 00
8, 424, 298. 00
12, 970, 713. 00
4, 546, 415. 00
Gold certificates held in cash $129, 220. 00
Silver certificates held in cash 5, 909, 370. 00
Currency certificates held in cash. . . 85, 000. 00
Decrease since Sept. 1, 1893 $436, 150. 00
Increase since Sept. 1, 1893 3,027,202.00
Increase since Sept. 1, 1893 25, 000. 00
Treasury Department,
Secretary' 8 Office, Division of Loans and Currency.
Statement showing the amounts of gold and silver coins and certificates, United States notes,
and national-bank notes in circulation January 1, 1894.
General stock
coined or issued.
In Treasury.
Amount in cir-
culation
Jan. 1, 1894.
Amount in cir-
culation
J an. 1, 1893.
Gold coin
Standard silver dollars
Subsidiary silver
Gold certificates
Silver certificates
Treasury notes, act July 14, 1890 ..
United States notes
Currency certificates, act June 8,
1872
National-bank notes
Total
$582, 227, 095. 00
419, 332, 777. 00
77, 494, 207. 00
77, 487, 769. 00
334, 584, 504. 00
153, 160, 151. 00
346, 681, 016. 00
39, 085, 000. 00
208, 538, 844. 00
$73, 624, 284. 00
361,463, 188.00
11, 639, 467. 00
75, 590. 00
5, 038, 854. 00
1, 194, 884. 00
44, 139, 202. 00
40, 000. 00
12, 357, 628. 00
$508, 602, 811. 00
57, 869, 589. 00
65, 854, 740. 00
77, 412, 179. 00
329, 545, 650. 00
151, 965, 267. 00
302, 541, 814. 00
39, 045, 000. 00
196, 181, 216. 00
$412, 970, 960. 00
62, 822, 936. 00
67, 327, 267. 00
117, 093, 139. 00
322, 035, 011. 00
122, 039, 656. 00
330, 933, 540. 00
7, 100, 000. 00
168, 361, 365. 00
2, 238, 591, 363. 00
509, 573, 097. 00
1, 729, 018, 266. 00
1, 610, 683, 874. 00
Population of the United States January 1, 1894, estimated at 67,668,000; circula-
tion per capita, $25.55.
8. Rep. 235 14
210
Comparative statement showing the CHANGES in CIRCULATION during December,
1893.
In circulation
Dec. 1, 1893.
In circulation
Jan. 1, 1894.
Decrease.
Increase.
Gold coin
$505, 058, Oil. 00
58, 425, 922. 00
65, 541, 645. 00
78,163, 079. 00
328, 421, 997. 00
150, 770. 406. 00
311, 268, 672. 00
33, 205, 000. 00
196, 139, 558. 00
$508, 602. 811. 00
57, 869, 589. 00
65, 854, 740. 00
77,412, 179. 00
329, 545, 650. 00
151, 965. 267. 00
302, 541, 814. 00
39, 045, 000. 0#
196, 181,216. 00
$3, 544, 800. 00
Standard silver dollars
$556, 333. 00
Subsidiary silver
313, 095. 00
Gold certificates
750, 900. 00
Silver certificates
1, 123, 653. 00
1. 194, 861. 00
Treasury notes, act July 14, 1890. . .
United States notes
8, 726, 858. 00
Currency certificates, act J une 8,
1872
5, 840, 000. 00
41. 658. 00
National-bank notes
1, 726, 994, 290. 00 jl, 729, 018, 266. 00
10, 034, 091. 00
12, 058. 067. 00
2, 023, 976. 00
Comparative statement of CHANGES in MONEY and BULLION in Treasury during
December, 1893.
Gold coin
Standard silver dollars
Subsidiary silver
Treasury notes, act July 14, 1890
United States notes
National bank notes
Gold bullion
Silver bullion
Total
Net increase
In Treasury
Dec. 1, 1893.
In Treasury
Jan. 1, 1894.
Decrease.
$70, 211, 506. 00
360, 906, 628. 00
11,418,708.00
2, 683, 223. 00
35, 412. 344. 00
12. 808, 547. 00
$73, 624, 284. 00
361, 463, 188. 00
11,639,467. 00
1,194. 884, 00
44,139, 202. 00
12, 357, 628. 00
$1,488, 339. 00
450, 919. 00
493, 440, 956. 00
90, 910,622. 00
127, 262, 267. 00
504, 418, 653. 00
84, 679, 495. 00
127, 207, 874. 00
1, 939, 258. 00
6, 231, 127. 00
54, 393. 00
711,613,845.00
716, 306, 022. 00
8,224,778. 00
Increase.
$3, 412, 778. 00
556, 560. 00
220, 759. 00
8, 726, 858. 00
12,916, 955.00
12,916.955.00
4, 692, 177. 00
Gold certificates held in cash $75, 590. 00
Silver-certificates held in cash 5, 038, 854. 00
Currency certificates held in cash . . 40, 000. 00
Treasury Department,
Secretary's Office, Division of Loans and Cur ,
Decrease since Dec. 1, 1893 $73, 500. Oo
Decrease since Dec. 1, 1893 677, 653. 0g
Decrease since Dec. 1, 1893 80, 000. 0g
rency.
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214
Amounts of MONEY in the United States, and in CIRCULATION, on July 1 of each year
from 1860 to 1893, inclusive.
July 1 —
Amount of
money in United
States.
Amount in cir-
culation.
Population
June 1.
Money
per capita.
Circula-
tion per
capita.
1860
$442, 102, 477
$435, 407, 252
31, 443, 321
$14.06
$13. 85
1861
452, 005, 767
448, 405, 767
32, 064, 000
14.09
13. 98
1862
358, 452, 079
334, 697, 744
32, 704, 000
10. 96
10.23
1863
674, 867, 283
595, 394, 038
33, 365, 000
20. 23
17. 84
1864
705,588.067
669, 641,478
34, 046, 000
20. 72
19.67
1865
770, 129, 755
714, 702, 995
34, 748, 000
22.16
20. 57
1866
754, 327, 254
673, 488, 244
35, 469, 000
21.27
18. 99
1867
728, 200, 612
661,992, 069
36,211,000
20. 11
18. 28
1868
716, 553, 578
680, 103, 661
36, 973, 000
19. 38
18. 39
I860
715, 351, 180
664, 452, 891
37, 756, 000
18. 95
17. 60
1870
722, 868, 461
675, 212, 794
38, 558, 371
18. 73
17. 50
1871
741, 812, 174
715,889, 005
39, 555, 000
18. 75
18. 10
1872
762, 721, 565
738, 309, 549
40, 596, 000
18.70
18.39
1873
774, 445, 610
751,881,809
41, 677, 000
18. 58
18.04
1874
806, 024, 781
776, 083, 031
42,796,000
18. 83
18. 13
1875
798, 273, 509
754, 101, 947
43,951, 000
18. 16
17. 10
1876
790, 683, 284
727, 609, 388
45, 137, 000
17. 52
16.12
1877
763, 053, 847
722, 314, 883
46, 353, 000
16.46
15. 58
1878
791,253,576
729, 132, 634
47, 598, 000
16. 62
15.32
1879
1, 051, 521, 541
818,631,793
48, 866, 000
21.52
16. 75
18»0
1, 205, 929, 197
973, 382, 228
50, 155, 783
24.04
19.41
1881
1,406,541,823
1, 114, 238, 119
51, 316, 000
27.41
21. 71
1882
1,480, 531,719
1, 174, 290, 419
52, 495, 000
28. 20
22. 37
1883
1, 643, 489, 816
1,230,305, 696
53, 693, 000
30. 60
22. 91
1884
1,705, 454, 189
1, 243, 925, 939
54,911,000
31.06
22. 65
1885
1, 817, 658, 336
1, 292, 568, 615
56, 148, 000
32. 37
23. 02
1886
1, 808, 559, 694
1, 252, 700, 525
57, 404, 000
31. 50
21. 82
1887
1, 900, 442, 672
1, 317, 539, 143
58, 680, 000
32. 39
22. 45
1888
2, 062, 955, 949
1, 372,170, 870
59, 974, 000
34. 39
22. 88
1889
2, 075, 350, 711
1,380,361,649
61, 289, 000
33.86
22. 52
1890
2, 144, 226, 159
1, 429, 251, 270
62, 622, 250
34.24
22. 82
1891
2, 195, 224, 075
1, 497, 440, 707
63, 975, 000
34. 31
23.41
1892
2, 372, 599, 501
1, 601, 347, 187
65, 520, 000
36. 21
24.44
1893
2, 323, 402, 392
1, 596, 701, 245
66, 946, 000
34.70
23.85
1, 729, 018, 260
67, 668, 000
25. 55
Note. — The difference between the amount of money in the country and the amount in circulation
represents the money in the Treasury.
Currency certificates, act of June 8, 1872, are included in the amount of United States notes in cir-
culation in the tables for the years 1873 to 1891. inclusive; in 1892 they are reported separately.
The foregoing tables present the revised figures for each of the years given.
215
NATIONAL BANK STATISTICS.
LOANS, CAPITAL, SURPLUS, NET DEPOSITS, etc., of national banks of the United
States, 1872 to 1893.
[From reports of the Comptroller of the Currency.]
Lepral-
tender
notes and
United
States
certifi-
cates.
Katios of—
Dates.
Num-
ber of
banks.
Loans.
Capital.
Surplus.
Net
deposits.
Specie.
Loans to
capital,
surplus,
and net
deposits.
Cash to
net de-
posits.
Oct. 3. 1872
1,119
Millions.
877 -2
Millions.
479 -6
Millions.
110 -3
Millions.
619 -8
Millions.
10-2
Millions.
119-0
Per cent.
72 -5
Percent.
20 -g
Sept. 12, 1873
1, 976
944 -2
491-1
120 -3
673 -4
19-9
113 1
73 -5
19-8
Oct. 2, 1874
2, 004
954 -4
493-8
129-0
717 -3
21 -2
122-8
71-2
20
Oct. 1, 1875
2, 087
984 -7
504 -8
134-4
731 -9
8-1
125-3
71 -8
18 -2
Oct. 2, 1876
2, 089
931-3
499-8
132-2
705 -7
21-4
113-4
69-6
19 1
Oct. 1,1877
2, 080
891 9
479-5
122 -8
667-7
22-7
100 -3
70-2
18 -4
Oct 1 1878
2, 053
2,048
834 -0
466 -1
116-9
677 -3
30 -7
97 -1
66 -2
18 -9
Oct. 2, 1879
878-5
454-1
114 -8
767 -7
42-2
96 0
65 -7
18
Oct. 1, 1880
2, 090
1, 041 -0
457-6
120 -5
967-2
109 -3
64 -3
69-3
17 -9
Oct. 1,1881
2, 132
1,173-8
463 -8
128-1
1, 111-6
112-6
59 -9
68 -9
15-5
Oct. 3, 1882
2, 269
l, 243 -2
486-1
132-0
1,118-6
102 -9
72 -0
69-3
15-6
Oct. 2. 1883
2, 501
1, 303 -5
509 -7
142 -0
1, 168 -2
107 -8
80 -6
71 -6
13
Sept. 30, 18S4
2, 664
2, 245 -3
524 -3
147 -1
1, 098 -7
128-6
91 -2
70 -3
20
Sept. 30,1885
2, 714
1, 301 -2
527 -5
146 -6
1,248-2
174-9
88 -5
67-7
21 *2
Oct. 7, 1886
2, 852
1, 443 -7
548 -2
157 -2
1,301-8
156-4
68 -7
71 -9
17 -3
Oct. 5, 1887
3,049
1,580-0
578-5
173 -9
1, 388 -4
165 1
79 -9
73 -9
17 -6
Oct. 4, 1888
3, 140
1, 674 -9
592 -6
185 -5
1, 543 -6
178 -1
90 -0
72-1
17 -4
Sept. 30, 1889
3, 290
1, 805 -7
612 -6
197 -4
1, 655 -4
164.3
99 -7
73-2
15-9
Oct. 2. 1890
3, 540
1, 970 -0
650 -5
213-6
1,758-7
195 -9
86-8
75 -1
16
Sept. 25, 1 89 1
3, 677
1, 989 -2
677 -4
227 -6
1, 758 -6
183 -5
113 -3
74 -7
16 -9
Sept. 30, 1892
3, 773
2, 171 -0
686-6
238-9
2, 022 -5
209 -1
118-3
74-1
16 -3
May 4, 1893
3,830
2, 141 -4
688-7
246 1
1, 910-4
207 -2
115 -6
75 -3
10-9
July 12, 1893
3,807
2, 020 -5
685 -3
249-1
1, 674 -7
186-8
102-5
77 -4
17 -3
Oct, 3, 1893
3,781
1,843-6
678-5
246 -8
1, 573 -7
224 -7
121 -7
73 -8
22
Dec. 19, 1893
3, 787
1, 871 -6
681 -8
246-7
1,778 '4
251-3
162 -9
69-1
23 -3
Amount of each hind of COIN and COIN CERTIFICATES held hy the national banks
of the United States and of New York City, respectively , at the dates indicated, for the
years 1888 to 1893, inclusive.
[From the reports of the Comptroller of the Currency.]
Oct. 4, 1888.
Sept. 30, 1889.
Oct. 2, 1890.
Sept. 25, 1891.
Sept. 30, 1892.
New York City:
Gold coin
Treasury certificates
Clearing-house certificates.
$7, 138, 669. 50
64, 305, 120. 00
$7, 096, 549. 50
48, 925, 260. 00
$8, 631, 003. 00
65, 551, 590. 00
$9, 845, 117. 00
37, 523, 360. 00
$12, 146, 883. 00
44, 618, 480. 00
Silver coin —
Dollars
Fractional
Silver Treasury certificates .
Total „
United States exclusive of
New York City:
Gold coin
Treasury certificates
Clearing-house certificates
Silver coin —
Dollars
Fractional
Silver Treasury certificates -
Total
United States:
Gold coin
Treasury certificates
Clearing-house certificates.
Silver coin —
Dollars
Fractional
Silver Treasury certificates .
Total
362, 213. 30
219, 845. 64
1, 771, 348. 00
220, 699. 00
255, 586. 02
2, 589, 798. 90
267, 232. 00
328, 370. 03
3, 681, 745. 00
155, 216. 00
401, 567. 49
5, 871, 631. 00
151, 290. 00
467, 497. 07
5, 183, 921. 00
73, 797, 196. 44
59, 087, 892. 52
78, 459, 940. 03
53. 796, 891. 49
62, 568, 071. 07
63, 084, 236. 45
16, 783, 670. 00
9, 070, 000. 00
6, 689, 717. 70
3, 036, 046. 05
5, 526, 950. 00
64, 504, 980. 44
17, 085, 690. 00
7, 375, 000. 00
5, 322, 307. 00
3, 473, 314. 88
7, 477, 264. 00
66, 033, 830. 34
27, 784, 010. 00
3, 469, 000. 00
6, 222, 302. 00
3, 992, 237. 47
9, 947, 530. 00
74, 619, 230. 24
22, 650, 310. 00
7, 300, 000. 00
6, 193, 357. 00
3, 417, 183. 18
14, 538,104. 00
82, 875, 069. 77
26, 431, 700. 00
7, 860, 000. 00
6, 633, 794. 00
4, 938,213. 85
17, 809, 530. 00
104, 190, 620. 20
105, 238, 556. 32
117, 448, 918. 83
129, 718, 184. 42
146, 548. 307. 62
70, 222, 905. 95
81, 088, 790. 00
9, 070, 000. 00
7, 051, 931. 00
3, 255, 891. 69
7, 298, 298. 00
71, 601, 529. 94
60, 010, 950. 00
7, 375, 000. 00
5, 543, 006. 00
3, 728, 900. 90
10, 067, 062. 00
74, 664, 833. 34
93, 335, 601. 00
3, 469, 000. 00
6, 489, 534. 00
5, 320, 607. 50
13, 629, 284. 00
84. 464, 347. 24
60, 173, 670. 00
7, 300, 000. 00
6, 348, 573. 00
4, 818, 750. 67
20, 409, 735. 00
95, 021, 952. 77
71. 050. 180. 00
7, 860, 000. 00
6, 785, 084. 00
5, 405, 710. 92
22. 993. 451. 00
177, 987, 816. 64
164, 326, 448. 84
195, 908, 858. 84
183, 515, 075. 91
209, 116, 378. 69
[Prepared hy the Comptroller of the Currency. ]
Dec. 9, 1892.
Mar. 6,1893.
May 4, 1893.
July 12, 1893.
New York City :
$12, 480, 409. 50
48, 311, 090. 00
$12, 438, 652. 00
44, 738, 320. 00
$13, 948, 415. 50
43, 604, 640. 00
$16, 574, 704. 00
34, 208, 040. 00
Silver coin—
175, 333. 00
463, 566. 48
4, 344, 622. 00
219, 908. 00
345, 485. 58
3, 834, 774. 00
125, 979. 00
386, 804. 09
5, 504, 655. 00
143, 018. 00
447, 883. 31
3, 634, 631. 00
Silver Treasury certificates
Total
65, 775, 020. 98
61, 577, 139. 58
63, 570, 493. 59
55, 008, 276. 31
United States, exclusive of New York
City:
82, 273, 918. 55
24, 807, 390. 00
6, 237, 000. 00
7. 417, 751. 00
5, 172, 113. 23
18,212, 067. 00
87, 418,583. 09
24, 460, 470. 00
4, 939, 000. 00
6. 992, 892. 00
5, 093, 391. 75
17, 860, 340. 00
87, 058, 116. 08
19, 178, 770. 00
5, Wo, 000. 00
7, 489, 595. 00
5, 753,311. 14
19, 098, 856. 00
79, 225, 157. 68
16, 342, 060. 00
4, 285, 000. 00
7, 237, 439. 00
5, 671,091.32
18, 991, 549. 00
Clearing-house certificates ...
Silver coin—
Fractional
144, 120, 239. 78
146, 764, 676. 84
143, 051, 648. 22
131, 752, 897. 00
United States:
G old com
Treasury certificates
Clearing-house certificates ...
Silver coin —
94, 754, 328. 05
73, 1 18, 480. 00
6, 237, 000. 00
7, 593, 084. 00
5, 635, 679. 71
22, 556, 689. 00
99, 857, 235. 09
69, 198, 790. 00
4, 939, 000. 00
7, 212,800. 00
5, 438, 877. 33
21, 695, 114. 00
101, 006, 531. 58
62, 783, 410. 00
5, 073, 000. 00
7, 615, 574. 00
6, 140. 115.23
24, 603, 511. 00
95. 799, 861. 68
50, 550, 100. 00
4, 285, 000. 00
7, 380, 457. 00
0,119,574.63
22, 626, 180. 00
Fractional
Silver Treasury certificates
Total
209, 895, 260. 76
208, 341,816. 42
207,222, 141.81
180, 761, 173. 31
217
Amount of each kind of COIN and COIN CERTIFICATES held by the national banks
of New York City, at the dates indicated.
[Prepared by the Comptroller of the Currency].
Oct. 3, 1893.
Dec. 19, 1893.
New York City:
Gold coin
$36, 739, 700. 00
32, 403, 940. 00
$45,544, 117.50
37, 739, 820. 00
Treasury certificates
Clearing-house certificates
Silver coin —
Dollars
248,996 00
431, 664. 00
5, 878, 763, 00
202, 437. 00
420, 319. 72
10, 230, 344. 00
Fractional -
Silver Treasury certificates ,
Total
75, 703, 063. 90
94, 137, 038. 22
in
! C
ly.
11
19
1
3
30
13
1
22
2
31
7
24
20
30
20
10
6
1
1
24
1
3
27
7
28
4
13
1
5
7
14
30
30
4
12
26
13
12
30
11
28
17
18
2
19
26
4
9
25
2
1
17
12
30
9
6
4
12
3
19
218
3 ECIE held by the national banks at the dates of their report
elusive, the COIN, COIN CERTIFICATES, and GOLD C
EllTIFICATES held by the New York City national banks
[From the reports of the Comptroller of the Currency.]
Held by national banks in Hew York City.
Coin.
$17, 093,
15,541,
14, 278,
14,391,
10, 811,
10, 060,
9, 891,
8,219,
9, 388,
10, 793,
12, 948,
8,929,
7, 446,
7, 296,
11,314,
11,802,
11, 479,
14, 417,
11, 290,
13, 826,
13, 559,
12,643,
11,819,
11, 942,
12, 853,
10. 356,
8, 537,
8, 304,
8,731,
8, 952,
9, 002,
8, 992,
8, 462,
7, 720,
7, 722,
8, 013,
7,610,
7, 926,
7, 572,
9, 112,
9, 630,
9, 455,
8, 934,
9, 226,
8, 020,
8, 280,
8, 609,
10, 535,
10, 401,
10, 632,
12, 506,
14,213,
14, 292,
12, 765,
12, 119,
13, 004,
14. 461,
17, 165,
37, 420,
46, 166,
447. 39
956. 93
290. 77
783. 74
726. 69
551. 05
63^15
744. 22
073. 82
481.17
092. 34
064. 27
696. 82
178. 39
080. 57
276. 48
763. 87
685. 25
427. 74
637. 74
142. 08
619. 92
590. 77
492. 07
614. 67
485. 65
861.17
877. 59
137. 94
291. 83
398. 36
809. 75
977. 94
728. 14
201. 62
460. 99
047. 54
591. 29
834. 52
663. 83
979. 37
468. 73
154. 82
605. 03
421. 39
766. 50
982. 02
236. 56
900. 49
606. 16
544. 06
888. 12
614. 14
670. 07
308. 98
045. 58
198. 59
605. 31
360. 90
874. 22
United
States coin
certificates.
Gold clear-
ing-house
certificates.
$4, 075, 800
4,034,300
4, 005, 100
3, 098, 100
17, 720, 100
10, 813, 320
16, 094, 210
26, 477, 760
20, 541,100
20, 525, 270
21,582, 060
20, 093, 380
20, 397, 590
40, 765, 140
41,193, 870
61, 114, 080
67, 646, 060
65, 400, 390
62, 249, 740
46, 588, 780
48, 322, 120
28, 069, 380
29, 325, 930
36, 369, 130
42, 976, 299
46, 326, 549
40, 161,633
39, 652, 579
38, 705, 792
31, 735, 515
43, 177, 280
43, 176, 794
56, 958, 437
64, 871, 468
62, 611,074
68, 456, 270
62, 885, 493
54, 191,234
51,515, Q58
57, 573, 221
60, 019, 185
55, 773, 326
55, 228, 650
69, 233, 335
60, 143, 362
61,461,243
49,984,312
45, 017, 973
43, 394, 991
65, 524, 570
75, 805, 161
70, 984, 193
61,555,965
49, 802,401
52, 655, 712
48, 593, 094
49, 109, 295
37, 842, 671
38, 282, 703
47, 970, 164
$29, 907, 000
31, 783, 000
32, 854, 000
26, 224, 000
22, 020, 000
21, 818, 000
21, 334, 000
22, 139, 000
20, 345, 000
21, 693, 000
25. 912, 000
20, 527, 000
15, 690, 000
15, 052,000
17, 331, 000
17, 579, 000
17, 374, 200
16, 709, 000
17.914.000
17, 164, 000
15, 340, 000
17, 174, 000
17,086, 000
15, 795, 000
17, 651, 000
18, 195, 000
14.939.000
17, 039, 000
16, 186, 000
17, 890, 000
19, 123, 000
17, 245, 000
7, 999, 000
1,315, 000
Total.
$51, 076,
51,359,
51. 137,
43, 713,
50, 551,
42, 691,
47,319,
56, 836,
50, 274,
53, Oil,
60, 442,
49, 549,
43, 534,
63, 113,
72, 838,
90. 495,
96, 500,
96, 527,
91, 454,
77, 579
77, 221,
57, 886,
58, 231,
64, 106.
73, 475,
74, 878.
63, 638,
64, 996,
63, 622,
58, 577,
71,302,
69, 414,
73, 420,
73, 907,
70, 333,
76, 469,
71, 495,
61,817,
59, 087,
66, 685,
69, 650,
65, 228,
64. 162,
78, 459,
68. 163,
69, 742,
58, 594,
55, 553,
53, 796,
76, 157,
88,311,
85, 198,
75,848,
62, 568,
65, 775.
61,577,
63, 570,
55. 008,
75, 703,
94. 137,
247. 39
256. 93
390. 77
883. 74
826. 69
871. 05
846. 15
504. 22
173. 82
751. 17
152. 34
444. 27
286. 82
318. 39
950. 57
356. 48
023. 87
065. 25
167. 74
417.74
262. 08
999. 92
520. 77
622. 07
913. 67
034. 65
494.17
456. 59
928. 94
806. 83
678. 36
603. 75
414.94
196. 14
275. 62
730. 99
540. 54
825. 29
892. 52
884. 83
164. 37
794. 73
804. 82
940. 03
783. 39
009. 50
294. 02
209. 56
891. 49
176. 16
705. 06
081. 12
579. 14
071.07
020. 98
139.58
493. 59
276. 31
063. 90
038. 22
Held by
other national
banks.
$58, 907,
61, 056,
60, 556,
58, 333,
55, 875,
55, 270,
56, 287,
58, 517,
57, 543,
61, 274,
62, 637,
65,195,
66, 127,
65, 490,
66, 908,
76, 620,
80, 933,
81, 085,
83, 418,
87, 774,
94, 394,
99. 572,
90, 768,
92, 281,
93, 507,
90, 800,
103, 677.
100, 107,
101, 462,
100, 662,
102, 527,
102, 659,
107,871,
104,190,
102, 401,
105,815,
113, 080,
114, 086,
105, 238,
104, 403,
111,895,
112, 937,
114,441,
117,448,
121, 899,
131,498.
136, 345,
135, 216,
129, 718,
131,740,
141,836,
153, 846,
153,471,
146, 548,
144, 120,
146, 764,
143,651,
131,752,
149, 000,
863. 65
549. 80
871.77
894. 53
332. 71
495. 29
420. 17
890. 40
809. 7 L
406. 87
974. 99
262. 82
395. 29
153. 34
128. 96
517. 19
095. 43
426. 77
409. 80
934. 63
657. 31
870. 57
971.33
073. 93
642. 34
871.50
171.45
753. 69
525. 44
836. 65
936. 26
407. 44
861.82
620. 50
002. 88
072. 01
910. 32
043. 69
556. 32
573. 27
973. 43
699. 70
258. 74
918. 81
222. 81
353. 32
117. 29
327. 90
184. 42
858. 59
263. 22
027. 03
901. 27
307. 62
239. 78
676. 84
648. 22
897. 00
796. 17
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Abstract of reports made to the Comptroller of the Currency, showing the CONDITION of the NATIONAL BANKS in the city of New York , N. Y.
at the close of business on Tuesday, the 3d day of October, 1893.
220
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Tkeasuht Department, Office of Comptroller of the Currency,
Washington , August 16, 1893.
[N uraber of banks, 3,781.]
Abstract of reports made to the Comptroller of the Currency, showing the CONDITION of the NATIONAL BANKS in the United States at the close of
business on Tuesday, the 3d day of October, 1893.
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Statement showing QUARTERLY INCREASE or DECREASE of national -hank cir-
culation, from January Id, 1875, to October 31, 1893.
From Jan, 14 to Jan. 31, 1875 . .
For quarter ended —
Apr. 30, 1875
July 31, 1875
Oct. 31,1875
Jan. 31, 1876
Apr. 30, 1876
duly 31. 1876
Oct. 31, 1876
Jan. 31,1877
Apr. 30,1877
July 31,1877
Oct. 31,1877
Jan. 31,1878
Apr. 30, 1878
July 31,1878
Oct'. 31,1878
Jan. 31,1879
Apr. 30, 1879
July 31,1879
Oct. 31,1879
Jan. 31,1880
A pr. 30,1880
Julv 31, 1880
Oct. 31,1880
Jan. 31,1881
Apr. 30, 1881
July 31, 1881
Oct'. 31,1881
Jan. 31,1882
Apr. 30,1882
July 31, 1882
Oct. 31,1882
Jan. 31,1883
Apr. 30,1883
July 31, 1883
Oct. 31,1883
Jan. 31,1884
Apr. 30,1884
July 31,1884
Oct, 31, 18S4
Jan. 31,1885
Apr. 30,1885
July 31,1885
Oct' 31,1885
Jan. 31,1886
Apr. 30, 1886
Julv 31, 1886
Oct. 31,1886
Jan. 31,1887
Apr. 30, 1887
July 31,1887
Oct, 31,1887
Jan. 31,1888
Apr. 30,1888
July 31,1888
Oct'. 31,1888
Jan. 31,1889
Apr. 30, 1889
July 31,1889..-.
Oct. 31,1889
Jan. 31,1890
Apr. 30, 1890
July 31,1890
Oct'. 31,1890
Jan. 31,1891
Apr. 30,1891
July 31, 1891
Oct'. 31,1891
Jan. 31,1892
Apr. 30, 1892
July 31,1892
Oct. 31,1892
Jan. 31,1893
Apr. 30, 1893
July 31,1893
Oct, 31,1893...
Total
Surrendered to tiiis ofticn and
Jan. 14, 1875, to Oct. 31, 1893.
Grand total
National bank.
retired from
Issued.
$537, 580
4, 409, 220
4. 124. 165
1,915,710
2, 504, 600
8:7,580
1,107, 110
2, 604, 390
3. 188, 630
4, 363, 010
3, 000, 230
5, 754, 160
6, 725, 585
3, 036, 760
4, 252, 980
2, 276, 360
3, 097, 060
7, 039. 300
3, 674, 830
9, 122, 300
7, 289, 805
3, 163, 820
1,748, 660
1 , 199, 930
2, 234, 780
12. 690,890
9, 569, 410
6. 484, 550
5, 625, 200
2, 991, 400
4, 054, 740
9, 792, 910
4, 588, 850
3, 638, 650
3, 527, 100
2, 755, 600
2, 748, 270
2, 052, 294
2, 778, 960
2, 792, 170
1,265, 520
2, 125, 260
2, 160, 110
5,591,760
7, 751, 794
4, 700, 384
1, 469, 325
1, 566, 700
1, 243, 550
2, 961, 775
2, 936, 670
4, 021, 350
6, 144, 629
7, 755, 416
6. 188, 531
1, 049. 765
930, 445
1.179.165
1,376, 200
1,783, 920
1, 428, 895
3, 469, 345
2, 481, 990
1,817, 525
1, 765, 540
1, 397, 135
4, 065, 775
8, 230, 000
5, 241 , 445
3, 217,945
2, 992, 805
2,271,669
4, 384, 625
4, 735, 660
8. 523, 700
26, 721,395
312, 287, 267
312, 287, 267
Retired.
$255, 600
3, 336, 804
5, 423, 930
5, 553, 971
3, 852, 731
5, 425, 539
9, 663, 984
8, 564, 727
4, 759, 015
5, 005, 596
4, 984, 399
3,516,321
2, 701, 885
1, 906, 720
3, 453, 080
2, 924, 430
747, 327
1,822, 988
2, 715, 524
1, 754, 558
674,129
1,555, 766
2, 427, 398
1, 535, 760
1, 361, 534
4, 426, 596
4, 734, 578
3. 182, 551
3, 354, 153
4, 414, 865
5,741,456
5,611,497
4, 927. 020
6, 510, 245
6, 868, 245
6, 369, 273
5, 172,714
8, 430, 804
7, 883, 997
6, 833, 874
7,812, 055
8, 135, 112
5, 731, 673
6, 758, 154
5, 581,261
8, 397, 163
8, 425, 486
6, 468, 227
9, 580, 973
11,014,057
11,307. 718
8, 421,529
12. 190, 159
15, 005, 579
15,115,185
11, 277, 768
11. 031,498
11,789, 161
11,791,639
7, 894, 453
8, 865, 001
8, 496, 305
7, 545,116
6, 444, 175
5, 896, 594
6, 578, 579
5, 973, 521
4, 462, 850
4, 220, 507
3, 934, 429
2, 824, 744
2, 439, 286
2, 426,418
2, 267, 346
1,612,297
1. 183, 029
439, 314, 632
16,489,210
455, 803, 872
Increase.
$281, 980
1,072,416
2, 237, 839
4, 023, 700
1, 130, 039
797, 900
2, 349, 733
5,216,312
959, 306
7, 367, 742
6, 615, 676
1, 608, 054
873, 246
8, 264, 294
4. 834, 832
3, 301,999
2, 271, 047
4, 181,413
2, 170. 533
3,767,150
1,020,938
168, 061
1, 958, 207
2, 468, 314
6,911,403
25, 538, 366
101,392,500
101, 392, 500
Decrease.
$1,299,761
3, 638, 261
1, 348, 131
4, 547, 959
8, 556, 874
5, 960, 333
1,570,386
642, 586
1, 984, 169
648, 070
678, 738
335, 830
1,423,465
1, 686, 710
338, 170
2, 871, 595
3, 341, 145
3, 613, 673
2, 424, 444
6, 378, 510
5, 105, 037
4, 041,704
6, 576, 535
6, 009, 852
3, 571, 563
1, 166, 394
3, 696, 779
6, 956, 161
4, 901, 527
8, 337, 423
8, 052, 282
8, 371, 048
4, 400, 179
6, 045,530
7, 250, 163
8, 926, 654
10, 228, 003
10, 101,053
10, 609, 996
10,415,438
6, 110, 533
7, 436, 106
5, 026, 960
5, 063, 126
4, 626, 650
4, 131, 054
5, 181,444
1, 907, 746
716, 484
167, 617
228, 419, 865
16,489, 240
244, 909, 105
Comparative statement of the RESOURCES and LIABILITIES of the national banks
from 1864 to 1893, inclusive.
-
Oct. 3,
Oct. 2,
Oct. 1,
Oct. 7,
Oct. 5,
Oct. 9,
Oct. 8,
Oct, 2,
1864.
1865.
1866.
1867.
1868.
1869.
1870.
1871.
508
1,513
1,644
1,642
1,643
1,617
1,648
1, 767
banks.
banks.
banks.
banks.
banks.
banks.
banks.
banks.
RESOURCES.
Millions.
Millions.
Millions.
Millions.
Millions.
Millions.
Millions.
Millions.
Loans
$93.2
$487. 2
$603. 3
$609. 7
$657. 7
$682. 9
$715.9
$831. 6
Bonds for circulation
1
( 331.8
338.6
340.5
339.5
340.9
364.5
Other United States bonds. .
S 108.1
427.7
< 95.0
80.3
74. 1
44.6
37.7
45.8
Stocks, bonds, etc
s
( 15.9
21.5
20.7
22.2
23.6
24.5
Due from banks
34.0
107.3
122.9
103.6
110.1
100.8
109.4
143.2
Real estate
2.2
14.7
17.1
20.6
22.7
25.2
27.5
30.1
Specie
< 18.1
9.2
12.8
13.1
23.0
18.5
13.2
Legal- tender notes
l 190.0
202.8
157.4
156.1
129.6
122.7
107.0
National-bank notes
4.7
16.2
17.4
11.8
11.8
10.8
12.5
14.3
Clearing-houseexchanges. .
72.3
103.7
134.6
143. 2
108.8
79. 1
115.2
U. S. certificates of deposit .
Due from U. S. Treasurer. .
Other resources
10.1
26.3
7.9
8.6
9.6
9.8
22.9
41.2
Total
297.1
1, 359. 8
1, 527. 0
1, 499. 5
1, 559. 6
1, 497. 2
1,510.7
1, 730. 6
LIABILITIES.
Capital stock
86.8
393.2
415.5
420.1
420.6
426.4
430.4
458.3
Surplus fund
2.0
38.7
53.3
66.7
78.0
86.2
94.1
101.1
Undivided profits
6.0
32.4
32.6
33.8
36.1
40.7
38.6
42.0
Circulation outstanding . . .
45.2
171.3
290.0
297.9
298.7
296.0
293.9
317. 4
Due to depositors
122.2
549.1
598.0
568.2
603.1
523.0
512.8
631. 4
Due to banks
34.9
174.2
137.5
112.8
123.1
118.9
130.0
171.9
Other liabilities
.9
. 1
6. 0
10.9
8.5
Total
297. 1
1, 359. 8
1, 527. 0
1, 499. 5
1, 559. 6
1, 497. 2
1, 510. 7
1, 730. 6
Oct. 3,
Sept. 12,
Oct. 2,
Oct. 1,
Oct, 2,
Oct. 1,
Oct. 1,
Oct. 2,
1872.
1873.
1874.
1875.
1876.
1877.
1878.
1879.
1,919
1,976
2,004
2, 087
2,089
2, 080
2,053
2, 048
banks.
banks.
banks.
banks.
banks.
banks.
banks.
banks.
RESOURCES.
Millions.
Millions.
Millions.
Millions.
Millions.
Millions.
Millions.
Millions.
Loan 8 :
$877. 2
$944. 2
$954. 4
$984. 7
$931.3
$891.9
$834. 0
$878. 5
Bonds for circulation
382. 0
288.3
383. 3
370.3
337.2
336.8
347.6
357.3
Other United States bonds.
27.6
23.6
28.0
28.1
47.8
45.0
94.7
71.2
Stocks, bonds, etc
23.5
23.7
27.8
33.5
34.4
34.5
36.9
39.7
Due from banks
128. 2
149.5
134.8
144.7
146.9
129.9
138.9
167.3
Real estate
32.3
34.7
38.1
42.4
43.1
45.2
40.7
47.8
Specie
10.2
19.9
21. 2
8.1
21.4
22.7
30.7
42. 2
Legal-tender notes
102. 1
92.4
80.0
76.5
84.2
66.9
64.4
69.2
National-bank notes
15.8
16.1
18.5
18.5
15.9
15.6
16.9
16.7
Clearin e-house exchanges .
125.0
100.3
109.7
87.9
100.0
74. 5
82.4
113.0
U.S. certificates of deposit.
6.7
20.6
42.8
48.8
29.2
33.4
32.7
26.8
20.3
19.6
16. 7
16. 0
16.5
17.0
Other resources
25.2
17.3
18.3
19.1
19.1
28.7
24.9
22.1
Total
1, 755. 8
1, 830. 6
1, 877. 2
1, 882. 2
1, 827. 2
1, 741. 1.
1, 767. 3
1,868.8
LIABILITIES.
Capital stock
479.6
491.0
493.8
504.8
499.8
479.5
466.2
454.1
Surplus fund
110.3
120.3
129.0
134. 4
132.2
122.8
116.9
114.8
Undivided profits
46. 6
54.5
51.5
53.0
46.4
44.5
40.9
40.3
Circulation outstanding ...
335. 1
340.3
334.2
319.1
292. 2
291.9
301. 9
313.8
Due to depositors
628.9
640.0
683. 8
679.4
666. 2
630.4
668.4
736.9
Due to banks
143.8
173. 0
175.8
179. 7
179.8
161.6
165.1
201.2
Other liabilities
11.5
11.5
9.1
11.8
10.6
10.4
7.9
6.7
Total
1, 755. 8
1, 830. 6
1, 877. 2
1, 882. 2
1, 827. 2
1, 741. 1
1,767.3
1, 868. 8
225
Comparative statement of the RESOURCES and LIABILITIES of the national hanks
from 1864 to 1898, inclusive — Continued.
Occ. 1,
1880.
Oct. 1,
1881.
Oct. 3,
1882.
Oct. 2,
1883.
Sept. 30,
1884.
Oct. 1,
1885.
Oct. 7,
1886.
2, 090
banks.
2, 132
banks.
2, 209
banks.
2, 501
banks.
2, 664
banks.
2,714
banks.
2,852
banks.
RESOURCES.
Millions.
Millions.
Millions.
Millions.
Millions.
Millions.
Millions.
$1, 041. 0
$1,173.8
363.3
$1, 243. 2
357.6
$1, 309. 2
351.4
$1, 245. 3
327. 4
$1,306.1
307.7
$1,451.0
258. 5
Bonds for circulation
357.8
Other United States bonds
43.0
56.5
37.4
30.7
30.4
31.8
32.4
Stocks, bonds, etc
48.9
61.9
66.2
71.1
71.4
77.5
81.8
Due from banks
213.5
230.8
198.9
208.9
194.2
235. 3
241.4
Keal estate
48.0
47.3
46.5
48. 3
49.9
51.3
54. 1
Specie
109.3
114.3
102.9
107.8
128.6
174.9
156.4
• Legal-tender notes
56.6
53.2
63.2
70.7
77.0
69.7
62.8
National-bank notes
18.2
17.7
20.7
22.7
23.3
23. 1
22.7
i Clearing-house exchanges
121.1
189.2
208.4
96.4
66.3
84.9
95.5
• United States certificates of deposit . .
7.7
6.7
8.7
10.0
14.2
18.8
5.9
Due from United States Treasurer . .
17.1
17.5
17.2
16.6
17.7
14.9
14. 0
a Other resources
23.0
26.2
28.9
28.9
33.8
36.9
37.4
Total
2, 105. 8
2, 368. 4
2, 399. 8
2, 372. 7
2, 279. 5
2, 432. 9
2, 513.9
LIABILITIES.
Capital stock
457.6
463.8
483.1
509.7
524.3
527.5
548.5
Surplus fund
120.5
128.1
132.0
142.0
147. 0
146.6
157. 3
Undivided profits
46. 1
56.4
61.2
61.6
63.2
59.3
66. 5
i Circulation outstanding
317.3
320.2
315.0
310.5
289.8
269. 0
228.8
Due to depositors
887.9
1, 083. 1
1, 134. 9
1,063.6
993.0
1,116.7
1, 189. 5
Due to banks
267.9
294.9
259.9
270.4
246.4
299.7
308. 6
| Other liabilities
8.5
11.9
13.7
14.9
15.8
14.1
14.9
Total
2, 105. 8
2, 358. 4
2, 399. 8
2, 372. 7
2, 279. 5
2, 432. 9
2, 513. 9
Oct. 5,
Oct. 4,
Sept. 30,
Oct. 2,
Sept. 25,
Sept. 30,
Oct. 3,
1887.
1888.
1889.
1890.
1891.
1892.
1893.
3,049
3, 120
3, 290
3,540
3, 677
3,773
banks.
3,781
banks.
banks.
banks.
banks.
banks.
banks.
RESOURCES.
Millions.
Millions.
Millions.
Millions.
Millions.
Millions.
Millions.
joans
$1,587.5
$1, 628. 1
$1, 817. 3
$1, 986. 1
$2, 006. 5
$2, 171. 0
$1,843.6
londs for circulation
189.1
177.6
146. 5
140.0
150.0
163.3
206.4
)ther United States bonds
34.7
63.6
48.5
30.7
24.9
20.2
17.6
Stocks, bonds, etc
88.8
96.3
109.3
115.5
125. 2
154.5
148.6
lue from banks
256.3
282.5
335.4
336.2
338.7
409.5
277.5
teal estate
58.0
61.1
69.4
76.8
83.3
87.9
89.2
Specie
165.1
181.3
164.3
195.9
183.5
209.1
224. 7
.egal-teuder notes
73. 7
82.0
86.8
80.6
97. 6
104.3
114.7
National-bank notes
21.9
21.3
20.9
18.5
26.0
19. 6
22.4
,'learing-house exchanges
88.8
74.2
136.8
100.8
122.0
105.5
106.2
Jnited States certificates of deposit
6.2
12.3
12.9
0.2
15.7
14.0
7.0
)ue from United States Treasurer. .
9.3
9.0
7.4
6.9
8.0
8.2
10.2
)ther resources
40.8
42.1
42.8
41.3
38.7
43.0
41.4
Total
2, 620. 2
2, 731. 4
2, 998. 3
3, 141. 5
3, 213. 1
3, 510. 1
3, 109. 5
LIABILITIES.
lapital stock
578.5
588.4
612.6
650.4
677.4
686.6
678.5
iiirplus fund
173.9
183. 1
197.4
213.6
227. 6
238.9
246.8
Jndivided profits
71.5
70.3
84.9
97.0
103.3
101.6
103.5
■1 lirculation
167.3
155.4
128.5
123. 0
131.3
143. 4
183.0
)ue to depositors
1,274.7
1, 350. 7
1, 522. 0
1,594.2
1, 608. 6
1,779.3
1, 465. 4
)ue to hanks
329.6
358.1
425.3
426.4
430.6
530.7
349.3
Ither liabilities
24.7
25.4
27.6
36.9
34.3
29.6
83.0
Total
2, 620. 2
2, 731.4
2, 998. 3
3, 141. 5
3, 213. 1
3, 510. 1
3, 109. 5
S. Eep. 235 15
226
Statement exhibiting the CHANGES in DEPOSITS and DESERVE since June 20, 1874;
also, on or about October 1, of each year in each central reserve city, in all the reserve
cities, and in States and Territories, with a general summary embracing all active
national banks.
NEW YORK CITY.
Date.
No. of
banks.
Net de-
posits.
Reserve
required
(25 per
cent).*
Reserve held.
Classification of reserve.
Amount
Ratio to
deposits.
Specie.
Other law-
ful money.
Due from
agents.
Redemp-
tion fund.
Oct. 2, 1874
48
Millions.
$204. 6
Millions.
$51.2
Millions.
$68.3
Per cent.
33 -4
Millions.
$14. 4
Millions.
$52. 4
Millions.
Millions.
$1.5
Oct. 1, 1875
48
202.3
50.7
60.5
29-9
5.0
54.4
1. 1
Oct. 2, 1876
47
197. 9
49.5
60.7
30-7
14.6
45.3
0.8
Oct. 1, 1877
47
174.9
43.7
48.1
27 -5
13.0
34.3
0.8
Oct. 1, 1878
47
189.8
47.4
50.9
26-8
13.3
36.5
1.1
Oct. 2, 1879
47
210.2
52 6
53.1
25 -3
19.4
32.6
1.1
Oct. 1, 1880
47
268.1
67.0
70.6
26 -4
58.7
11.0
0.9
Oct. 1, 1881
48
268.8
67.2
62.5
23 -3
50.6
10.9
1.0
Oct. 3, 1882
50
254.0
63.5
64.4
25 4
44.5
18.9
1.0
Oct. 2, 1883
48
266.9
66.7
70.8
26 -5
50.3
19.7
0.9
Sept. 30,1884
44
255.0
63.7
90.8
35 6
63.1
27.0
0.7
Oct. 1, 1885
44
312. 9
78.2
115.7
37-0
91.5
23.7
0.5
Oct. 7, 1886
45
282.8
70.7
77.0
27 '2
64.1
12.5
0.4
Oct. 5, 1887
47
284.3
71.1
80.1
28-2
63.6
16.1
0.4
Oct. 4, 1888
46
342.2
85.5
96.4
28 -2
73.9
22.1
0.3
Sept. 30,1889
Oct. 2, 1890
45
338.2
84. 5
84. 9
25 T
59. 1
25.6
0.2
47
332. 6
83.2
92.5
27-8
78.4
13.9
0.2
Sept, 25,1891
49
327.8
81.9
86.1
26 -3
53.8
32.0
0.3
Sept. 30,1892
48
391.9
97.9
103.4
26 -4
62.6
40.5
0.3
Oct. 3, 1893
49
309.9
77.5
109.0
35 T
75.7
32.5
0.8
Average for
20 years . .
47
275.7
67.6
77.2
28 -6
48.4
28.1
0.7
* All lawful money.
CHICAGO.
Oct. 5, 1887
18
$64. 6
$16. 2
$19.7
30 -5
$12.9
$6.7
$0. 05
Oet, 5, 1888
19
69.3
17.3
21.0
30-2
13.1
7.8
0.05
Sept. 30,1889
20
78.7
19.7
25.0
31 -7
15.3
9.6
0. 05
Oct, 2, 1890
19
82.9
20.7
24.8
30-0
17.0
7.8
0. 05
Sept. 25,1891
21
92.9
23.2
31.2
33-6
20.1
11.0
0. 05
Sept, 30,1892
23
106.5
26.6
30.5
28-6
22.4
8. 1
0.05
Oct. 3, 1893
21
85.8
21.4
39.0
45-4
22.8
16.2
0. 05
ST. LOTJIS.
Oct, 5,1887
5
$10.3
$2.6
$2.7
26 -4
$1.3
$1.3
$0. 03
Oct. 4, 1888
4
7.9
2.0
2.1
27 -0
1.0
1. 1
0.02
Sept. 30,1889
5
12.0
3.0
3.2
26 -7
1.6
1.6
0. 01
Oct. 2, 1890
8
26.2
6.5
5.6
21 -3
3.1
2.5
0. 02
Sept, 25,1891
9
24.2
6.1
5.8
23-8
3.8
2.0
0. 02
Sept. 30,1892
9
29.2
7.3
6.1
21 T
4.6
1.5
0. 02
Oct. 3, 1893
9
17.9
4.5
5.7
31 9
3.7
2.0
0. 02
227
Statement exhibiting the CHANGES in DEPOSITS and RESERVE since June 20,
1S74, etc. — Continued.
RESERVE CITIES.*
[Reserved 25 per cent, one-half in lawful money.]
No. of
banks.
Net de-
posits.
Reserve
required
(15 per
cent).*
Reservo held.
Classification of reserve.
Date.
Amount
Ratio to
deposits.
Specie.
Other law-
ful money.
Duo from
agents.
Redemp-
tion fund.
Oct.
2, 1874
182
Millions.
$221. 4
Millions.
$55. 3
Millions.
$76.0
Per cent.
34-3
Millions.
$4.5
Millions.
$36. 7
Millions.
$31.1
Millions.
$3.7
Oct.
1,1875
188
223.9
56.0
74.5
33-3
1.5
37. 1
32.3
3.6
Oct.
2, 1878
189
217. 0
54.2
76. 1
35 T
4.0
37. 1
32.0
3.0
Oct.
1,1877
188
204.1
51.0
67.3
33 -0
5.6
34.3
24.4
3.0
Oct.
1. 1878
184
199. 9
50.0
71.1
35 -6
9.4
29.4
29. 1
3.2
Oct.
2, 1879
181
288.8
57.2
83.5
36-5
11.3
33.0
35.7
3.5
Oct.
1, 1880
184
280. 4
72.4
105.2
36 2
28.3
25.0
48.2
3.7
Oct.
1, 1881
189
335. 4
83.9
100.8
30-0
34.6
21.9
40.6
3.7
Oct.
3, 1882
193
318.8
79.7
89.1
28 -0
28.3
24. 1
33.2
3.5
Oct.
2. 1883
200
323.9
81.0
100.6
31 T
26.3
30.1
40.8
3.4
Sept.
30, 1884
203
307.9
77.0
99.0
32-2
30.3
33.3
32.3
3. 1
Oct.
1, 1885
203
364.5
91.1
122. 2
33 -5
42.0
34.9
42.4
2.9
Oct.
7, 1886
217
381.5
95.4
114.0
29-9
44.5
26.0
41.3
2.2
Oct.
5, 1887
223
338.5
84.6
100.7
29-7
36.3
23.2
40.0
1.2
Oct.
4, 1888
224
384.9
96.2
116.9
30 -4
40.0
24.5
51.5
0.9
Sept.
30, 1889
228
419.0
104.8
121.9
29 T
37.8
26.7
56.7
0.6
Oct.
2, 1890
259
457.8
114.4
129.8
28-3
43. 1
24.9
61.0
0.7
Sept.
Sept.
25, 1891
265
451.9
113. 0
138.8
30 -7
45.5
31.5
61.0
0.8
30, 1892
263
519.3
129.8
156.1
30 T
53.1
29.0
73.0
1.0
Oct.
3, 1893
268
392.6
98.1
129.6
35 T
46.6
29.8
51.6
1.6
* Includes Chicago and St. Louis up to October 5, 1887.
STATES AND TERRITORIES.
Oct.
2, 1874
1. 774
$293. 4
$44.0
$100. 6
34-3
$2.4
$33.7
$52.7
$11.9
Oct.
1, 1875
1,851
307.9
46.3
100.1
32-5
1.6
33.7
53.3
11.6
Oct.
2,1876
1, 853
291.7
43.8
99.9
34 -3
2.7
31.0
55.4
10.8
Oct.
1, 1877
1,845
290.1
43.6
95.4
32-9
4.2
31.6
48.9
10.7
Oct.
1, 1878
1,822
289.1
43.4
106.1
36 -7
8.0
31.1
56.0
11.0
)ct.
2, 1879
1,820
329.9
49. 5
124. 3
37 -7
11.5
30.3
71.3
11.2
let.
1, 1880
1,859
410.5
61.6
147.2
35 -8
21.2
28.3
86.4
11.3
Oct.
1, 1881
1,895
507.2
76.1
158.3
31-2
27.5
27.1
92.4
11.4
let.
3, 1882
2, 026
545.8
81.9
150.4
27 -5
30.0
30.0
80.1
11.3
let.
2, 1883
2, 253
577.9
86.7
157.5
27 -2
31.2
30.8
84.1
11.3
iept.
30, 1884
2, 417
535.8
80.4
156.3
29-2
35.2
30.9
79.7
10.5
>ct.
1, 1885
2,467
570.8
85.6
177.5
31-1
41.5
29.9
95.9
10.2
)ct.
7, 1886
2, 590
637. 6
95.6
186.2
29-2
47.8
30.1
99.5
8.7
)ct.
5, 1887
2,756
690.6
103.6
190.9
27 -6
50.8
32.6
100.9
6.6
let.
4, 1888
2, 847
739.2
110.9
209.8
28 -4
50.2
34. 5
119.0
6.2
■ept.
30, 1889
2, 992
807.6
121.1
224.6
27 8
50. 5
36.2
132.4
5.5
)ct.
2, 1890
3, 207
859.2
128.9
225.5
26-2
54.3
37.7
128.5
5.2
•ept.
25, 1891
3,333
861.8
129.3
235.5
27 -3
60.3
36.8
133.0
5.4
ept.
30, 1892
3,430
975.5
146.3
274.8
28-2
66.6
38.9
163.5
5.8
»ct.
3, 1893
3, 434
767.5
115.1
230.6
30-0
75.9
41.2
106.9
6.6
‘Reserve 15 per cent, two-fifths in lawful money.
SUMMARY.
>ct.
2, 1874
2, 004
$719. 5
$150. 1
$244.9
34-0
$21.3
$122. 8
$83.8
$17.1
et.
1, 1875
2, 087
734. 1
152.2
235.1
32 0
8.1
125. 2
85.6
16.3
ct.
2, 1876
2, 089
706.6
147.5
236.7
33 -5
21.3
113.4
87.4
14.6
ct.
1, 1877
2, 080
669.1
138.3
210.8
31 -5
22.8
100.2
73.3
14.5
ct.
1, 1878
2, 053
678.8
140. 8
228.1
33 -6
30.7
97.0
85.1
15.3
ct.
2, 1879
2,048
768.9
159.3
260.9
33-9
42.2
95.9
107.0
15.8
ct.
1, 1880
2, 090
968.0
201.0
323.0
33-4
108.2
64.3
134.6
15.9
ct.
1, 1881
2, 132
1,111.6
227.2
321.6
28-9
112.7
59.9
133.0
16.1
ct.
3,1882
2, 269
1,118.6
225. 1
303. 9
27 '2
102,8
72.0
113.3
15.8
ct.
2, 1883
2, 501
1, 168. 7
234.4
328. 9
28 T
107.8
80.6
124.9
15.6
apt.
30, 1884
2,664
1, 098. 7
221.1
346.1
31-6
128.6
91.2
112.0
14.3
ct.
1, 1885
2, 714
1,248.2
254.9
415.4
33 -3
175.0
88.5
138.3
13.6
ct.
7, 1886
2, 852
1,301.8
261. 7
377.2
29-0
156. 4
68.7
140.8
11.4
ct.
5, 1887
3,049
1, 388. 4
278. 0
394.2
28-4
165.1
79.9
140.9
8.3
ct.
4, 1888
3, 140
1, 543. 6
311.9
446. 2
28-9
178.1
90.1
170.5
7.6
jpt.
30, 1889
3,290
1,655.5
333.1
459.6
27 -8
164.3
99.7
189.1
6.4
ct.
2. 1890
3, 540
1, 758. 7
353.7
478.2
27 -2
195.9
86.8
189.5
6. 1
3pt.
25,1891
3, 677
1,758.6
353.5
497.4
28 -3
183.5
113.3
194.0
6.6
ipt.
30, 1892
3, 773
2, 022. 5
408.1
570.9
28-2
209.1
118.3
236.4
7.1
ct.
3, 1893
3,781
1, 573. 7
316.6
513.9
32 -6
224.7
121. 7
158.5
9.0
228
Average WEEKLY DEPOSTTS, CIRCULATION, and RESERVE of the national
hanks of New York City , as reported to the New York clearing house, for the months
given, in the years 1S87, 1S88, 1889, 1890, 1891, 1892, and 1898.
Weeli
ended—
Liabilities.
Reserve.
Circulation.
Net deposits.
Total.
Specie.
Legal ten-
ders.
Total.
Ratio to
liabilities.
Sept.
Per cent.
3, 1887
$8,112, 000
$281, 345, 100
$289, 457, 100
$59, 175, 700
$18, 786, 100
$77, 961, 800
26-93
Sept.
10, 1887
8, 115, 600
279, 915, 600
288, 031, 200
58, 851, 300
17, 769, 000
76, 620, 300
26-60
Sept.
17, 1887
8, 126, 000
279, 288, 500
287, 414, 500
59, 052, 900
16, 389, 600
75, 442, 500
26-25
Sept.
24, 1887
8, 235, 300
278, 573, 000
286, 808, 300
60, 635, 900
16, 259, 600
76, 895, 500
26 -81
Oct.
1, 1887
8, 202, 500
281. 047, 300
289, 849, 800
64, 019,200
15, 767, 500
80, 386, 700
27 -73
Oct.
8, 1887
8, 186, 800
285, 703, 700
293, 890, 500
64, 317, 500
16, 269, 700
80, 587, 200
27 -42
Oct.
15, 1887
8, 199, 100
289, 861, 500
298, 060, 600
64, 663, 100
16, 885, 400
81, 548, 500
27 -36
Oct.
22, 1887
8, 216, 200
289, 542, 800
297, 759, 000
64, 918, 700
16, 735, 800
81, 654, 500
27 -42
Oct.
29, 1887
8, 115, 100
289, 601, 900
297, 717, 000
66, 005, 800
17, 542. 400
83, 548, 200
28 06
Nov.
5, 1887
8, 046, 100
289, 954, 700
298, 000, 800
64, 639, 800
17, 810, 700
82, 450, 500
27 -67
Nov.
12, 18S7
8, 033, 700
288, 289, 700
296, 323, 400
63, 791, 600
18, 070, 800
81, 862, 400
27 -63
Sept.
1, 1888
7, 770, 400
341, 477, 200
349, 247, 600
73, 344, 200
30, 867, 300
104, 031,500
29 -79
Sept.
8, 1888
7, 850, 400
336, 495, 600
344, 346, 000
69, 844, 500
28, 797, 600
98, 642, 100
28-65
Sept.
15, 1888
7, 892, 900
312, 995, 600
320, 888, 500
69, 723, 700
28, 238, 900
97, 962, 600
30 -53
Sept:
22, 1888
7, 927, 700
333, 959, 700
341,887,400
70, 054, 900
26, 320, 600
96, 375, 500
28-02
Sept.
29, 1888
6, 836, 400
336, 016, 200
342, 852, 600
74, 146, 500
24, 994, 100
89, 140, 600
28 -92
Oct.
6, 1888
6, 515, 300
349, 506, 800
356, 022, 100
74, 411, 300
23, 204, 300
97, 615, 600
27 -42
Oct.
13, ]888
6, 516, 700
337, 755, 000
344, 271, 700
73, 901, 500
22, 017, 800
95, 919, 300
27 -S6
Oct.
20, 1888
6, 488, 700
343, 953, 000
350, 441, 700
81, 457, 700
21, 386, 800
102, 844, 500
29 -35
Oct.
27, 1888
6, 484, 500
343, 813, 200
350, 297, 700
81, 212, 600
21, 329, 800
102, 542, 400
29-27
Nov.
3, 1888
6, 363, 200
343, 587, 300
349, 950, 500
80, 140, 200
21,700,800
101, 841, 000
29-10
Sept.
7, 3889
3,961, 900
345, 344, 200
349, 306, 100
65, 635, 100
31, 687, 500
97, 322, 600
27 -86
Sept.
14, 1889
3, 978, 100
346, 601, 000
350, 574, 100
63, 824, 300
30, 527, 100
94, 351, 400
26-91
Sept.
21, 1889
3, 931, 300
342, 298, 800
346, 230, 100
60. 894, 900
29, 468, 400
90, 363, 300
26-10
Sept.
28, 1889
3, 945, 500
340, 542, 700
344, 488, 200
60, 375, 900
28, 933, 700
89, 309, 600
25-93
Oct.
5, 1889
3, 957, 100
334, 991, 500
338, 948, 600
58, 407, 200
27, 257, 900
85, 665, 100
25 -27
Oct,
12, 1889
3, 943, 900
329, 923, 400
333, 867, 300
59, 565, 900
24, 873, 400
84, 439, 300
25 -29
Oct,
19, 1889
3, 893, 200
328, 225, 600
332, 118, 800
62, 537, 900
23, 570, 300
86, 108, 200
25-93
Oct.
26, 1889
4, 037, 400
325, 328, 100
329, 365, 500
62, 403, 200
22, 715, 200
85, 118, 400
25 -84
Nov.
2, 1889
4, 053, 600
325, 635, 600
329, 689, 200
62, 450, 000
22, 748, 700
85, 198, 700
25-84
Nov.
9, 1889
3, 991, 200
320, 166, 700
324, 157, 900
61, 240, 500
20, 416, 800
81, 657, 300
25 19
Sept.
6, 1890
3, 690, 700
309, 128, 200
312, 818, 900
68, 678, 800
19, 062, 800
87, 741, 600
28-05
Sept.
13, 1890
3, 700, 100
304, 626, 200
308, 326, 300
56, 963, 600
19, 146, 500
76, 110, 100
24-68
Sept.
20, 1890
3, 585, 700
309, 181, 200
312, 760, 900
63, 588, 600
17, 403, 400
80, 992, 000
25 -90
Sept.
27, 1890
3, 479, 300
324, 335, 300
327, 814, 600
79, 205, 500
16, 692, 300
95, 897, 800
29-25
Oct.
4, 1890
3, 505, 000
331, 436, 600
334, 941, 600
80, 839, 400
15, 353, 900
96, 193, 300
28-72
Oct.
11, 1890
3, 521, 300
325, 794, 800
329, 316, 100
73, 148, 900
14, 436, 700
87, 585, 600
26-60
Oct.
18, 1890
3, 518, 800
320, 667, 900
324, 180, 700
60, 552, 400
14, 642, 500
81, 194, 900
25 -05
Oct.
25, 1890
3, 497, 200
317, 395, 500
320, 892, 700
65, 080, 500
15, 611, 800
81, 292, 300
25 -33
Nov.
1, 1890
3, 500, 800
314, 709, 700
318, 210, 500
66, 088, 800
16, 334, 300
82, 423, 100
25-90
Nov.
8, 1890
3, 493, 500
309, 975, 100
313, 468, 600
62, 360, 900
15, 517, 400
77, 878, 300
24 -84
Sept.
5, 1891
5, 459, 400
332, 378, 600
337, 838, 000
49, 293, 200
44, 509, 800
93, 803, 000
27 -77
Sept.
12,1891
5, 527, 000
332, 578, 000
338, 105, 000
51, 750, 700
41, 488, 500
93, 239, 200
27 -58
Sept.
19, 1891
5, 501, 200
335, 317, 300
340, 818, 500
53, 065, 900
39, 540, 900
92,611,800
27-17
Sept.
26, 1891
5, 567, 700
333, 004, 000
338, 571, 700
52, 824, 200
35, 676, 300
88, 500, 500
26-14
Oct,
3, 1891
5, 619, 00C
331, 492, 100
337, 111,100
54, 783, 400
32, 879, 900
87, 663, 300
26-00
Oct.
10, 1891
5, 629, 100
332, 294, 100
337, 923, 200
59, 731, 800
30, 905, 700
90, 637, 500
26 -82
Oct.
17, 1891
5, 576, 500
339, 667, 000
345, 243, 500
65, 532, 000
29, 010, 500
95, 142, 500
27 -56
Oct.
24, 1891
5, 573, 400
341, 023, 000
346, 596, 400
69, 327, 700
27, 347, 300
96, 675, 000
27-89
Oct.
31,1891
5, 592, 600
343, 572, 700
349, 165, 300
71, 771, 500
26, 779, 400
98, 550, 900
28-22
Nov.
7, 1891
5, 587, 400
345, 411, 300
350, 998, 700
71, 728, 600
23, 665, 800
95, 394, 400
27-18
Sept.
3, 1892
5, 424, 200
419, 587, 400
425, 011,600
67, 699, 700
45, 381, 700
113,081,400
26-61
Sept,
10, 1892
5, 530, 800
414, 929,500
420, 460, 300
66,210, 100
44.185, 600
110, 395, 700
26 -26
Sept.
17. 1892
5,601,000
408,312, 700
413, 913, 700
65, 742, 400
43, 884, 100
109, 626, 500
26 -49
Sept.
24, 1892
5, 642, 600
399, 038, 400
404, 681,000
63, 667, 200
43, 760, 701
107, 427,900
26 ‘55
Oct.
1,1892
5. 672, 000
395, 234, 300
400, 906, 30C
62, 208, 200
43, 225, 300
105,433,500
26 -30
Oct,
8, 1892
5, 573, 900
390, 012, 300
395, 586, 200
62, 137, 500
39, 862, 800
102, 000, 300
25-78
( )ct.
15, 1892
5, 569,100
384, 724, 200
390, 293, 300
62, 030, 800
37, 053, 901
99, 084, 700
25 -39
Oct,
22, 1892
5, 608, 800
378, 739, 600
384, 348, 400
61,205,200
38, 529, 900
99, 735, 100
25 -95
Oct.
29, 1892
5, 633, 700
374, 072, 300
379, 706, 000
62, 313, 900
36, 526, 000
98. 839, 900
26-03
Nov.
5, 1892
5, 650, 800
371, 530, 500
377, 181, 300
62, 274, 600
34, 685, 500
96,960,100
25 -71
Sept,
2, 1893
9, 911, 600
301, 665, 200
311, 576, 800
57, 584, 800
18, 727, 900
76, 312, 700
24 -49
Sept.
9,1893
11,209, 400
299,816,400
311,025, 800
59, 174, 600
20, 345, 900
79, 520, 501
25 -56
Sept,
16,1893
12, 723, 600
304, 808, 300
317,531,900
63, 650, 000
23, 946, 100
87, 596, 100
27-58
Sept.
23, 1893
13, 610, 300
310, 368,900
323, 979, 200
67, 942, 900
27, 048, 100
94,991.000
29 -32
Sept.
30, 1893
14, 395, 600
317, 329, 300
331,724,900
69, 703, 000
32, 358. 300
102, 061, 300
30-76
Oct.
7, 1893
14, 940, 000
325,891,300
340, 831,300
72, 369, 000
35, 435, 000
107, 804, 000
31-62
Oct,
14, 1893
14, 956, 800
335, 951, 400
350, 911, 200
75, 563, 400
37, 728. 600
113, 292. 000
32-28
Oct.
21, 1893
14, 690, 500
344, 672, 800
359, 363, 300
79, 504, 100
42, 957, 900
122, 462, 000
34 -07
Oct.
28, 1893
14, 610, 800
354, 660, 600
369, 271, 400
80, 472, 200
49,418, 600
129, 890, 800
35 -1*
Nov.
4, 1893
14, 409, 900
365, 638, 100
380, 048, 000
81. 118. 200
54, 757, 600
135, 875, 800
35-75
229
Table allowing the MOVEMENT of the RESERVE of the national banks in New York
City during October for the last sixteen years.
Week ended—
Specie.
Legal ten-
acre.
Total.
Eatio of re
Circula-
tion and
deposits.
serve to—
Deposits.
Percent.
Per cent.
October 5, 1878
$14, 995, 800
$38, 304, 900
$53, 300, 700
25-7
28 '4
October 12, 1878
12, 184, 600
37,685,100
49, 809, 700
24 -4
27
October 19, 1878
13,531,400
36, 576, 000
50, 107, 400
24-7
27 -3
October 26, 1878
17,384,200
35, 690, 500
53, 074,700
25-8
28-5
October 4, 1879
18, 979, 600
34, 368, 000
53, 347, 600
23-3
25 -8
October 11, 1879
20, 901, 800
32, 820, 300
53, 722, 100
23 -4
25-9
October 18, 1879
24, 686, 500
29, 305, 200
53,991,700
23-5
26-1
October 25, 1879
25, 636, 000
26, 713, 900
52, 349, 900
23
25-5
October 2, 1880
59, 823, 700
11, 129,100
70, 952, 800
25-4
26-4
October 9, 1880
62, 521, 300
10, 785, 000
73, 306, 300
25 -4
27 -2
October 16, 1880
62, 760, 600
10, 939, 200
73, 699, 800
25-5
27 T
October 23, 1880
60, 888, 200
10,988, 200
71,876,400
24-8
26-6
October 30, 1880
61, 471, 600
10, 925, 000
72, 396, 600
25
26 -7
October 1, 1881
54, 954, 600
12, 150, 400
67, 105, 000
23 -1
24-6
October 8, 1881
53, 287, 900
12, 153, 800
65,441,700
23 1
24 -8
October 15, 1881
51,008, 300
12, 452, 700
63, 461, 000
23-2
25 -9
October 22, 1881
54, 016, 200
12, 496, 500
66, 512,700
24-6
26-6
October 29, 1881
55, 961, 200
12, 947, 900
68, 909, 100
25-6
27
October 7, 1882
47, 016, 000
18, 384, 500
65, 400, 500
24
26 -4
October 14, 1882
48, 281, 000
18, 002, 700
66, 283, 700
24 -7
26 '3
October 21, 1882
49, 518, 200
17, 023, 900
66, 542, 100
25
26-8
October 28, 1882
48, 374, 200
17, 204, 700
65, 578, 900
24 -8
26-5
October 6, 1883
51, 586, 700
20, 122, 500
71,709,200
25 -5
27
October 13,1883
50, 894, 000
21, 145, 800
72, 039, 800
25 -4
26-8
October 20, 1883
47, 262, 900
20, 719, 700
67, 982, 600
24-5
25 -9
October 27, 1883
46, 372, 800
20, 617, 600
66, 990, 400
24-5
25-9
October 4, 1884
67, 470, 600
25, 817, 300
93. 287, 900
34-5
36-3
October 1 1 , 1884
68, 922, 500
27, 654, 100
96, 576, 600
35-2
36-9
October 18, 1884
67, 579, 400
27, 875, 500
95, 454, 900
34 -8
36-5
October 25, 1884
67, 638, 000
27, 354, 200
94, 992, 200
34-6
36-3
October 3, 1885
92, 351, 600
24, 516, 600
116, 868, 200
36
37 T
October 10, 1885
93, 642, 500
23, 002, 000
116, 644, 500
35 -8
37
October 17, 1885
91, 945, 300
22, 221, 100
114, 166, 400
34-9
36
October 24, 1885
87, 309, 100
21, 059, 800
108, 368, 900
33 -5
34 -5
October 30, 1885
84, 954, 600
21, 874. 900
106, 829, 500
33
34-1
October 2, 1886
64, 111, 700
14, 607, 700
78,719,400
27 T
27 '9
October 9, 1886
65, 723, 800
13, 209, 100
78, 932, 900
27
27 '7
October 16, 1886
65, 228, 600
13, 133, 100
78, 361,700
26 -7
27 -4
October 23, 1886
65, 668, 400
12, 803, 800
78, 472, 200
26-9
27 -7
October 30, 1886
66, 195, 100
13, 177, 200
79, 372, 300
27 T
27-9
October 1, 1887
64, 619, 200
15, 767, 500
80, 386, 700
27-7
28 '5
October 8, 1887
64. 317, 500
16, 229, 700
80. 587, 200
27 '4
28 -2
October 15, 1887
64, 663, 100
16, 885, 400
81, 548, 500
27-3
28-1
October 22, 1887
64, 918, 700
16, 735, 500
81, 654, 500
27-4
28-2
October 29, 1887
66, 005, 800
17, 542, 600
82, 848, 400
27-8
28-0
October 6, 1888
74, 411,300
23, 204, 300
97. 615, 600
27 '4
27 -9
October 13, 1888
73, 901, 500
22, 017, 800
95, 919, 300
27-8
28 -4
October 20, 1888
81, 457, 700
21, 386, 800
102,844, 500
29 3
29 -9
October 27, 1888
81,212, 600
21, 329, 800
102, 542, 400
29-3
29 8
October 5, 1889
58, 407, 200
27, 247, 900
85, 655, 100
25-3
25 -6
October 12, 1889
59, 565, 900
24, 873, 400
84, 439, 300
25-3
25-6
October 19. 1889
62, 537, 900
23, 570, 300
86, 198, 200
25 '9
26-2
( Ictober 26, 1 889
62, 403, 200
22, 715, 200
85, 118, 400
25'8
26-2
'October 4, 1890
80, 839, 400
15, 353, 900
96, 193, 300
28 -7
29
October 11, 1890
73, 148, 900
14, 436, 700
87, 585, 600
26 -6
26-9
October 18, 1890
66, 552, 400
14, 642, 500
81,194, 900
25
25 -3
October 25, 1890
65, 680, 500
15, 611,800
81, 292, 300
25-3
25-6
October 3, 1891
54, 783, 400
32, 879, 900
87, 663, 300
26
26-4
October 10, 1891
59, 731, 800
30, 905, 700
90, 637, 500
26 -8
27-3
October 17, 1891
65, 532, 000
29, 010, 500
95. 142, 500
27-6
28
October 24, 1891
69, 327, 700
27. 347, 300
96, 675, 000
27-9
28 -3
October 31. 1891
71,771,500
26, 779, 400
98, 550, 900
28-2
28-7
October 1, 1892
62, 208, 200
43, 225, 300
105,433, 500
26-3
26-7
October 8, 1892
62, 137, 500
39, 862, 800
102, 000, 300
25 -8
26 1
October 15, 1892
62, 030, 800
37, 053, 900
99, 084, 700
25 -4
25-5
October 22, 1892
61, 205, 200
38, 529, 900
99, 735, 100
25 -9
26-3
October 29, 1892
62, 313, 900
36, 526, 000
98, 839, 900
26
26-4
October 7, 1893
72, 369, 000
35, 435, 000
107, 804, 000
316
33 -1
October 14, 1893
75, 563, 400
37, 728, 600
113, 292, 000
32-3
33-7
October 21, 1893
79,504, 100
42, 957, 900
122, 462, 000
34 T
35 -5
| October 28, 1893
80, 472, 200
49, 418, 600
129, 890, 800
35-2
36-6
230
EARNING S and DIVIDENDS of the national hanks, arranged hg geographical divi-
sions, for semiannual periods from September, 1884, to September, 1893.
Geographical divisions.
No.
of
banks
Capital.
Surplus.
Dividends.
Net earn-
ings.
Dividends to
capital.
Dividends to W
capital and §*
surplus.
Earnings to
capital and
surplus.
Sept., 1884, to Mar., 1885:
Pr. ct.
Pr. ct.
Pr. ct.
New England States. . .
567
$167, 400, 370
$41, 413, 826
$5,661,537
$4, 388, 812
3-4
2-7
2-1
Middle States
732
173,212,145
64, 741,009
7, 156, 680
7, 474, 752
4 1
3
3-1
Southern States
278
42, 648, 400
11, 527, 942
1, 790, 726
2, 426, 858
4-2
3-3
4 5
Western States
1, 073
139, 638, 800
31, 088, 344
5, 828, 707
7, 310, 780
4-2
3-4
4 '8
Total
2,650
522, 899, 715
148, 771, 121
20, 437, 650
21, 601, 202
3-9
3 3-2
Mar., 1885, to Sept., 1885:
New England States. . .
562
165, 668, 370
40, 786, 007
5, 391, 401
4, 725, 395
3-3
2-6
2-3
Middle States
731
172, 907, 352
64, 247, 888
6, 953, 332
7,297,159
4
2-9
3 T
Southern States
287
43, 500, 300
11, 505, 477
1, 655, 261
2, 282, 782
3-8
3
4-2
W estern States
1,085
142, 523, 580
30, 364, 123
6, 218, 477
7, 718, 959
4 '5
3 -6
4-5
Total
2, 665
524, 599, 602
146, 903, 495
20, 218, 471
22, 024, 295
3-9
3
3-3
Sept., 1885, to Mar., 1886:
New England States . . .
559
165, 203, 920
41, 128, 387
5, 375, 226
5, 925, 381
3-2
2-6
2-8
Middle States
738
172, 435, 295
67, 583, 309
7, 044, 535
9, 484, 324
4
2 9
3-9
Southern States
294
44, 437, 400
12, 053, 524
1, 969, 190
2, 705, 274
4-4
3-4
4-7
Western States
1, 117
148, 879, 580
32, 767, 699
6, 946, 485
9, 412, 687
4-6
3-8
5-2
Total
2, 708
530, 956, 195
153, 532, 919
21, 335, 436
27, 527, 606
4
3 T
4
Mar., 1886, to Sept., 1886:
New England States. . .
563
165, 352,320
41, 581, 845
5. 338, 635
6, 736, 479
3-2
2-5
3-2
Middle States
744
173, 028, 875
70,044,187
7, 328, 798
9, 789, 135
4-2
3
4
Southern States
303
45, 444, 000
11, 967, 321
1, 994, 537
2, 553, 055
4-3
3-4
4
W estern States
1,174
153, 138, 453
33, 470, 425
6, 485, 172
8, 834, 050
4-2
3-5
4-7
Total
2,784
537, 563, 648
157, 064, 778
21, 147, 142
27, 912, 719
3-9
3
4
Sept., 1886, to Mar., 1887 :
New England States. ..
563
165, 252, 370
41, 897, 072
5. 318, 4S0
6, 176, 707
3-2
2-6
3
Middle States
754
175, 873, 735
73, 445, 033
7, 574, 027
12, 072. 419
4-3
3
4-8
Southern States
313
46, 213, 240
12. 463, 050
2. 143, 870
2, 646, 393
4-6
3-6
4-5
Western States
1, 225
161, 016, 425
35, 926, 745
7, 111, 610
10, 803, 275
4-4
3-6
5-5
Total
2, 855
548, 355, 770
163, 731, 900
22, 148, 587
31, 698, 794
4
31
4-5
Mar., 1887, to Sept., 1887:
New England States. . .
566
164, 837, 370
43, 118, 790
5, 355, 787
7, 224, 781
3-2
2 6
3-5
Middle States
764
176, 635, 656
76, 574, 179
7, 357, 400
11, 360, 893
4-2
2-9
4 5
Southern States
343
51, 515, 315
13, 247, 285
2, 137, 328
3, 268, 973
41
3-3
5
Western States
1, 2(39
165, 556, 200
38, 314, 299
7, 153, 305
10, 953, 427
4'3
3-5
5-4
Total
2, 942
558, 544, 541
171,254, 553
22, 003, 820
32, 808, 074
3 9
3
4-5
Sept., 1887, to Mar., 1888:
New England States. . .
567
164, 405, 920
43, 459, 769
5, 426, 178
6, 187, 595
3-3
2-6
3
Middle States
780
183, 382, 395
80, 679, 527
7, 346,515
11,201.708
4
2-8
4'2
Southern States
358
53, 124, 400
14, 258, 403
2, 298, 039
3. 257. 542
4-3
3-4
4'8
Western States
1.339
176, 224, 033
40, 999, 447
8, 017, 876
11, 954, 449
4-5
3-7
5 5
Total
577, 136, 748
179, 397, 147
23, 088, 607
32, 001,294
4
3 | 4-3
Mar.. 1888, to Sept., 1888:
New England States. -.
508
164,649, 820
44,197, 418
5, 349, 582
6, 739, 240
3-2
2 6
3-2
Middle States
793
184, 220, 575
82, 998, 759
7, 564, 822
11, 544, 258
4 T
2-8
4-3
Southern States
369
54, 802, 800
14, 844, 534
2, 189, 937
3, 105, 262
4
31
4 4
Western States
179, 865, 950
42, 376, 280
8, 338, 710
11,370,432
4-6
3-8
51
Total
583, 529, 145
184, 416, 991
23, 443, 051
32, 759, 192
4
3
4-3
Sept., 1888, to Mar., 1889:
New England States...
508
164, 506, 720
44, 904, 040
5,508,163
6, 932, 212
3-3
2-6
3-3
Middle Slates
793
1S4, 628, 445
86, 496, 367
7, 379, 692
12, 241, 399
4
2-7
4 *5
382
56, 974, 485
15, 715, 136
2,357,718
3, 497, 410
4 T
3-2
4-8
Western States
1,404
187, 144, 200
45, 391, 957
8, 045, 400
12, 438, 868
4-3
3-5
5-3
Total
3,147
593, 253, 850
192, 507, 500
23, 290, 973
35, 109, 889
3-9
3
4 5
231
EARNINGS and DIVIDENDS of the national banks, etc. — Continued
Ratios.
Geographical divisions.
No.
of
banks
Capital.
Surplus.
Dividends.
Net earn-
ings.
Dividends to
capital.
I Dividends to
capital and
| surplus.
Earnings to
capital and
surplus.
Mar., 1889, to Sept., 1889:
Row England States. . .
Middle States
571
$165, 101, 920
$45, 476, 953
$5, 307, 086
$6, 920, 889
Pr. ct.
3-2
Pr. ct.
2-5
Pr. ct.
3-3
790
184, 195, 745
87, 936. 236
7, 636, 874
12, 060,433
3, 818, 379
4 1
2-8
4 '5
Southern States
403
58, 905, 530
16, 387, 359
2, 365, 368
4
3 1
5 T
W esteru States
1,425
191, 247, 990
47, 328, 336
8, 016, 259
11, 708, 674
4-2
3 4
4*9
Total
3, 194
599, 451, 185
197, 128, 884
23, 325, 587
34, 508, 375
3-9
2-9
4-3
Sept., 1889, to Mar., 1890:
New England States. . .
576
165, 631, 980
46, 157, 181
5, 520, 977
5, 606, 830
3-3
2-6
2-6
Middle States
811
186, 198, 725
91, 010, 405
7, 629, 170
12, 208, 788
4-1
2-8
4-4
Southern States
436
62, 949, 360
200, 625, 480
17, 141, 070
2, 861, 628
4, 229, 776
4-5
3-6
5-3
W estern States
1,471
50, 237, 778
10, 237, 991
12,203,145
5 T
41
5
Total
3,294
615, 405, 545
204, 546, 434
26, 249, 766
35, 248, 539
4-3
3*2
4-3
Mar., 1890, to Sept., 1890:
New England States. . .
582
165, 500, 920
46, 488, 598
5, 144, 588
6, 239, 358
3 1
2-4
2-9
Middle States
834
188, 261, 155
94, 608, 921
7, 946, 301
12, 534, 630
4-2
2-8
4-4
Southern States
475
68, 491, 105
18, 081, 496
2, 695, 210
4, 730, 666
3-9
3 T
5-5
W estern States
1,521
212, 520, 566
52, 690, 124
9, 123, 018
13, 302, 370
43
3*4
5-0
Total
3, 412
634, 773, 746
211, 869, 139
24, 909, 117
36, 807, 024
3-9
2'9
4-3
Sept., 1890, to Mar., 1891 :
New England States. . .
583
165, 525, 420
47, 263, 871
5, 530, 473
7, 275, 215
3-3
2-6
3 4
Middle States
851
189, 215, 745
98, 565, 397
7, 720, 433
13, 189, 635
4 T
2-7
4-6
Southern States
522
75, 175, 100
19, 232, 961
3, 026, 492
4, 842, 139
4-0
3-2
51
W estern States
1,586
222, 670, 320
54, 368, 512
9, 491, 377
14, 838, 985
4-3
3-4
5 *4
Total
3, 542
652, 586, 585
219, 430, 741
25, 768, 775
40, 145, 974
3-9
3
4-6
Mar., 1891, to Sept., 1891:
New England States . . .
589
165, 392, 090
48, 053, 953
5, 231, 854
6, 512, 910
3-2
2-4
3
Middle States
874
192, 973, 876
99, 692, 776
7, 911, 627
11, 475, 715
41
2-7
3-9
Southern States
544
78, 244, 000
20, 344, 334
2, 778, 024
4, 299, 226
13, 329, 789
3 6
2-8
4.4
Western States
1,605
231, 019, 971
58, Oil, 532
9, 104, 730
3-9
3-2
4-6
Total
3, 612
667, 629, 937
226, 102, 595
25, 026, 235
35, 617, 640
3-7
2-8
4
Sept., 1891, to Mar., 1892:
New England States . . .
585
165, 668, 920
48, 438, 842
5, 292, 014
5, 422, 799
3-2
2-5
2-5
Middle States
880
192, 303, 940
103. 561, 327
7, 463, 453
11, 764, 329
3 9
2-5
3-9
Southern States
558
78, 227, 550
21, 026, 567
3, 350, 369
3, 412, 941
4-3
3 4
3 4
Western States
1, 648
239, 155, 900
61, 650, 165
9, 441, 017
13, 763, 021
3'9
3-1
4-6
Total
3, 671
675, 356, 310
234, 676, 901
25, 546, 853
34, 363, 090
3-8
2-8
3-8
Mar.. 1892, to Sept., 1892:
New England Stales . . .
587
165, 918, 920
48, 072, 364
4, 300, 264
5, 542, 293
2-6
2
2-6
Middle States
882
182, 464, 745
105, 487, 995
8, 147, 702
10, 855, 644
4-2
2-7
3-6
Southern States
570
79, 620, 155
21. 456, 227
3, 007, 204
3, 780, 308
3-8
2-9
3-7
Western States
1,662
241, 072, 830
62, 745, 277
9, 398, 600
12,116, 679
3-9
3-1
4
Total
3,701
679, 076, 650
237, 761, 865
24, 853. 860
32, 294, 924
3-7
2-7
3-5
Sept., 1892, to Mar., 1893 :
New England States. . .
593
166, 883,920
49, 226, 403
5, 265, 294
6, 237, 163
3-7
2-4
2-9
Middle States
896
193, 420, 145
109, 068, 414
8, 019, 584
12, 501,582
4-2
2-6
41
Southern States
584
80, 834, 940
21, 664, 386
3, 363, 815
3, 706, 154
4-2
3-3
3-6
Western States
1,686
245, 735, 370
65, 755, 235
9, 825, 517
13, 646, 809
4
3-2
4-4
Total
3,759
680, 874, 375
245^714,438
26, 474, 210
36, 091, 708
3-8
2-8
3-9
Mar., 1893, to Sept., 1893 :
New England States . . .
Middle States
594
166, 483, 920
49, 330, 806
5, 225, 243
6, 093, 766
3 T
2-4
2-8
908
195, 020, 223
110, 921,832
7, 740, 742
11,925,936
4
2-5
3-9
Southern States
574
77, 023, 500
21, 638, 868
2, 443, 628
3, 654, 948
3-2
2-5
3-7
Western States
1, 682
243, 282, 030
66, 231, 402
7, 749, 372
10, 984, 593
3 T
2-5
3-5
Total
3, 758
681, 809, 673
248, 122, 908
23, 158, 985
32, 659, 243
3-4
2-5
3 5
General average
3,213
603, 877, 957
195, 718, 573
23, 468, 174
32, 321, 091
3 9
2-9
4
‘232
Statement showing by comparison the TRANSACTIONS of the NEW YORK CLEAR-
ING HOUSE for forty years, and for each year, the number of banks, aggregate
capital, clearings, balances, average of the daily clearings and balances, and the per-
centage of balances to clearings.
Tear.
No. of
banks.
Capital.*
Clearings.
Balances paid
in money.
Average
daily
clearings.
Average
daily bal-
ances paid
in money.
Bal-
ances to
clear-
ings.
1854
50
$47, 044, 900
$5, 750, 455, 987
$297, 411, 494
$19, 104, 505
$988, 078
Per et.
5-2
1855
48
48, 884, 180
5, 362, 912, 098
289, 694, 137
17, 412, 052
940, 565
5-4
1856
50
52, 883, 700
6, 906, 213, 328
334, 714, 489
22, 278, 108
1,079, 724
4-8
1857
50
64, 420, 200
8, 333, 226, 718
365, 313, 902
26, 968, 371
1, 182, 246
4-4
? 858
46
67, 146, 018
4, 756, 664, 386
314,238, 911
15, 393, 736
1,016, 954
6-6
1859
47
67,921,714
6, 448, 005, 956
363, 984, 683
20, 867, 333
1, 177, 944
5-6
I860
50
69, 907, 435
7, 231, 143, 057
380, 693, 438
23,401,757
1, 232, 018
5-3
1861
50
68, 900, 605
5, 915, 742, 758
353, 383, 944
19, 269, 520
1, 151, 088
6
1862
50
68, 375, 820
6, 871,443,591
415, 530, 331
22, 237, 682
1, 344, 758
0
1863
50
68, 972, 508
14, 867, 597, 849
677, 626, 483
48, 428, 657
2, 207, 252
4 0
1864
49
68, 586, 763
24, 097, 196, 656
885,719, 205
77, 984, 455
2, 866, 405
3-7
1865
55
80, 363, 013
26, 032, 384, 342
1, 035, 765, 108
84, 796, 040
3, 373, 828
4
1866
58
82, 370, 200
28, 717, 146, 914
1, 066, 135, 106
93, 541, 195
3, 472, 753
3 *7
1867
58
81, 770, 200
28, 675, 156, 472
1, 144, 963, 451
93, 101, 167
3, 717, 414
4
1868
59
82, 270, 200
28, 484, 288, 637
1, 125, 455, 237
92, 182, 164
3, 642, 250
4
1869
59
82, 720, 200
83, 620, 200
37, 407, 028, 987
27, 804, 539, 406
1, 120, 318, 308
121, 451, 393
3, 637, 397
3
1870
61
1,036,484, 822
90, 274, 479
3, 365, 210
3-7
1871
62
84, 420, 200
29, 300, 986, 682
1, 209, 721, 029
95, 133. 074
3, 927, 666
4-1
1872
61
84, 420, 200
33, 844, 369, 568
1, 428, 582, 707
109, 884. 317
4, 636, 632
4-2
1873
59
83, 370, 200
35, 461, 052, 826
1, 474, 508, 025
115, 885, 794
4, 818, 654
4-1
1874
59
81, 635, 200
22, 855, 927, 636
1,286, 753, 176
74, 692, 574
4, 205, 076
5-7
1875
59
80, 435, 200
25, 061, 237, 902
i, 408, 608, 777
81, 899, 470
4, 603, 297
5 6
1876
59
81, 731, 200
21, 597, 274, 247
1, 295, 042, 029
70. 349, 428
4, 218, 378
5 '9
1877
58
71,085,200
23, 289, 243, 701
1, 373, 996, 302
76,358,176
4, 504, 906
5-9
1878
57
63, 611, 500
22, 508, 438, 442
1, 307, 843, 857
73, 555, 988
4, 274, 000
5-8
1879
59
60, 800, 200
25, 178, 770, 691
1, 400, 111, 063
82,015,540
4, 560, 622
5 ‘G
1880
57
60, 475, 200
37, 182, 128, 621
1, 516, 538, 631
121, 510, 224
4, 950, 009
4'1
1881
60
61, 162, 700
48, 465, 818, 212
1, 776, 018, 162
159, 232, 191
5, 823, 010
3 5
1882
61
60, 962, 700
46, 552, 846,161
1, 595, 000, 245
151, 637, 935
5, 195, 440
3 4
t88*5 ......
63
61, 162, 700
40, 293, 165, 258
1, 568, 983, 196
132,543,307
5, 161, 129
3'9
1884
61
60, 412, 700
34, 092, 037, 338
1, 524, 930, 994
111, 048, 982
4, 967, 202
4 •:")
1885
64
58, 612, 700
25, 250, 791, 440
1, 295, 355, 252
82, 789, 480
4, 247, 069
5-1
1886
63
59,312, 700
33, 374, 682, 216
1, 519, 565, 385
109, 067, 589
4, 965, 900
4 ’5
1887
64
60, 862, 700
34, 872, 848, 786
1, 569, 626, 325
114, 337, 209
5, 146, 316
4-5
1888
63
60, 762, 700
30, 863, 686, 609
1,570,198, 528
101,192,415
5, 148, 192
5-1
1889
63
60, 762, 700
34, 796, 465, 529
1, 757, 637, 473
114, 839, 820
5, 800, 784
5
1890
64
60, 812, 700
37, 660, 686, 572
1, 753, 040, 145
123, 074, 139
5, 728, 889
1-7
1891
63
60, 772, 700
34, 053, 698, 770
1, 584, 635, 500
111, 651, 471
5, 195, 526
4 0
1892
64
60, 422, 700
36, 279, 905, 236
1, 861, 500, 575
118, 561, 782
6, 083. 335
5-1
1893
64
60, 922, 700
34, 421, 380, 870
1. 696, 207, 176
113, 978, 082
5, 616, 580
4 9
Total.
168, 127, 200
Jl, 021, 018, 193, 454
*45, 981, 837, 600
t83, 246, 522
13, 749, 029
4 *5
* The capital is for various dates, the amounts at a uniform date in each year not being obtainable,
t Yearly average for forty years.
t Totals for forty years.
233
Statement showing by Comparison the EXCHANGES of the CLEAE1NG HOUSES of
the United States for Years ended September SO, 1898, and September SO, 1892.
Clearing house at —
New York
Boston
Chicago
Philadelphia
St. Louis
San Francisco
Baltimore
Pittsburg
Cincinnati
Galveston
Kansas City
New Orleans
Minneapolis
Buffalo
Milwaukee
Detroit
Louisville
Houston
Providence
St. Paul
Cleveland
Denver
Omaha
Indianapolis
Memphis
Columbus
Dallas
Nashville
Hartford
Portland, Oreg
Fort Worth
Duluth
Peoria
Washington, D. C
St. Joseph
New Haven
Salt Lake
Rochester
Toledo
Springfield
W orcester
Portland, Me
Norfolk
Tacoma
Lowell
Grand Rapids
Sioux City
Syracuse
Seattle
Los Angeles
W ilmington
Lincoln
Des Moines
Chattanooga
Wichita
New Bedford
Lexington
Topeka
Richmond
Waco
Birmingham
Binghamton
Total
Decrease
Exchanges for years ended Sep-
tember 30 —
1893.
1892.
$34, 421, 379, 870
$36, 279, 905, 236
4, 864, 779, 750
4,901,096, 976
4, 970, 913, 387
4,959,861, 142
3, 656, 677, 140
3, 671, 149, 047
1, 188, 378, 457
1,211,370, 719
752, 949, 766
833, 617, 126
737, 568, 241
772, 435, 133
711,547,291
743, 635, 356
679, 051, 000
728,711,350
152, 848, 438
141, 985,866
507, 454, 919
494, 900, 132
523, 996, 645
488,931,005
377, 785, 380
427, 287, 201
415, 229,127
409, 405, 192
377, 740, 215
353, 849, 753
353, 558, 369
347, 737, 532
356, 361, 823
368, 698, 812
130, 136, 394
102. 715, 466
305, 593, 800
280, 637, 800
237, 137, 633
271,350, 612
291, 500, 368
287, 324,716
221, 784, 526
259, 519, 344
315, 244, 799
271, 668, 937
64,111,531
118,616, 627
98, 939, 078
140, 387, 378
171, 069, 700
177, 384, 700
51, 440, 379
49, 298, 231
81, 973, 258
* 96, 295, 409
117, 542, 969
109, 746, 541
90, 561, 073
*108, 903,862
29, 850, 748
28, 841,335
103, 447, 519
93,413,428
88, 318, 395
95, 873, 112
104, 721, 162
98, 005, 354
93, 918, 878
89, 814, 345
77, 502, 994
74, 492, 129
70, 692, 022
89, 463, 682
81, 662, 509
77, 594, 997
No report.
No report.
72, 405, 148
68, 875, 781
68, 814, 169
61, 732, 396
67, 649, 013
62, 605, 687
47, 112, 879
52, 409, 229
42, 521,796
47, 154 237
36, 918, 580
42, 736, 155
49, 344, 223
48, 622, 342
50, 675, 522
54, 367, 936
50, 762, 983
47, 687, 537
48, 236, 447
52, 386, 734
45, 239, 721
40, 027, 896
46, 904, 288
44, 573, 069
29, 010,186
32, 235, 901
50, 334, 184
49, 972, 363
19, 329, 230
*22, 684,000
24, 909, 142
27, 566, 186
25, 470, 283
24, 138, 424
20, 392, 202
* 24, 352, 938
19, 951, 288
20, 512, 044
119, 978, 116
N o report.
32, 197, 057
No report.
22,273, 145
No report.
14, 883, 300
No report.
58, 880, 682, 455
60, 883, 572, 438
58, 880, 682, 455
2, 002, 889, 983
Comparisons.
Increase.
$11,052, 245
12, 548, 787
35, 065, 640
5, 823, 935
23, 890, 462
5, 820, 837
27, 420, 928
24, 956, 000
4,175, 652
43,’ 575,’ 862
2, 142, 148
7, 796, 428
1, 009, 413
10, 034, 091
6, 715, 808
4, 104, 533
3,010,865
4, 067, 512
3, 529, 367
4, 081,773
5, 043, 326
721, 881
3,075 446
5, 211, 825
2, 331, 219
361, 821
1, 331, 859
119,978,116
32, 197, 057
22, 273. 145
14, 883, 300
448, 231, 281
Decrease.
$1, 858, 525, 366
36, 317, 226
14, 471, 907
22, 992, 262
80, 667, 360
34, 800, 892
32, 088, 065
49, 660, 350
123, 404, 057
49, 501,821
12, 336, 989
34,212, 979
37, 734, 818
54, 505, 096
41,448, 300
6, 315, 000
14, 322, 151
18, 342, 789
7, 554, 717
18, 771, 660
5, 296, 350
4, 632, 441
5, 817, 575
3, 692, 414
4, 150, 287
3, 225, 715
3, 354, 770
2, 657, 044
3, 960, 736
560, 756
2, 585, 387, 893
448, 231.281
2, 137, 156, 612
* For nine months.
STATE AND SAVINGS BANKS, LOAN AND TRUST COMPANIES.
234
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$272, 520, 217
1, 196, 369
8, 739, 172
19, 780, 527
49, 919, 183
13, 037, 939
12. 306, 578
999, 944
18, 546, 073
17, 201, 489
24, 586, 682
438, 834, 173
91, 808, 213
286, 391
23, 148, 050
8, 902, 579
481, 858
281, 835, 496
18, 262, 172
14, 109, 414
438, 834, 173
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savings banks made to this office, and was the first call of that character ever made upon State by Federal officer.
Abstract of reports of CONDITION of STATE BANKS, 1872-’73 to 1892-' 92— Continued.
235
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236
Aggregate RESOURCES and LIABILITIES of LOAN and TRUST COMPANIES
from 1S88-’ 89 to 1892-' 98.
Resources and liabilities.
1888-89.
1889— '90.
1890-’91.
1891-’92.
1892-’93.
120 banks.
149 banks.
171 banks.
168 banks.
228 banks.
Resources.
Loans on real estate
Loans on pers’l and collat’l security.
Other loans and discounts
Overdrafts
United States bonds
State, county, and municipal bonds.
Railroad bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages.
Due from other banks and bankers .
Real estate, furniture, and fixtures. .
Current expenses and taxes paid. . .
Cash and cash items
Other resources
Total
Liabilities.
Capital stock
Surplus fund
Other undivided profits
Debenture bonds
Dividends unpaid
Individual deposits
Due to other banks and bankers
Other liabilities
Total
$53, 349, 045
193, 610, 054
44, 491, 268
83, 957
27, 193, 201
3, 765, 747
19, 352, 398
737,312
25, 676, 359
25, 084, 040
14, 455, 406
438, 018
25, 236, 526
7,795,152
$56, 669, 834
209, 617, 297
61. 595. 409
91, 362
24, 921, 203
2, 993, 365
26. 102. 410
1, 230, 642
40, 459, 876
33, 307, 028
16, 845, 480
568, 924
19, 861, 137
9, 537, 369
$65, 072, 641
225, 012, 238
66, 791, 541
105, 608
16, 057, 015
3, 828, 397
29, 771, 125
1, 159, 776
43, 157, 008
39, 948, 373
17, 357, 290
743, 684
16, 482, 207
11, 141, 299
$55, 098, 822
256, 413, 894
73, 760, 832
155, 999
18, 059. 578
6, 404, 311
27, 617, 700
1, 608, 344
52. 516, 845
54, 975, 325
22, 617, 764
648,-269
22, 600, 045
7, 767, 180
$81, 288, 973
307, 170. 395
74, 270, 229
93, 917
18, 486, 636
5, 842, 753
11, 639, 330
668, 470
92, 187, 712
53, 352, 071
26, 245, 518
984, 177
22, 216, 539
32, 217, 786
441, 268, 483
503, 801, 336 | 536, 628, 202
600, 244, 908
t26, 664, 500
59, 445, 937
25, 583, 905
13, 199, 209
16, 902, 812
271, 981
299, 612, 899
3, 013, 572
23, 238, 168
70, 676, 247
34, 594, 751
12, 233, 252
19, 565, 215
203, 460
336, 456, 492
2, 863, 248
27, 208, 671
79, 292, 889
38, 412, 197
17, 091, 648
18, 907, 550
83, 396
355, 330, 080
2,210,772
25, 299, 670
80, 645, 972
45, 824, 747
15, 943, 401
11, 365, 280
108, 479
411,659,996
3, 771, 465
30,925,568
94, 867, 268
50, 403, 421
20, 368, 056
18, 489, 542
67, 385
486, 244, 079
2, 690, 476
53, 534, 279
441, 268, 483
503,801,336
536, 628, 202
600, 244, 908
726, 664, 506
Aggregate RESOURCES and LIABILITIES of SAVINGS BANES from 1888-89 to
1892-98.
Resources and liabilities.
1888-’89.
1889-'90.
1890-’91.
1891-’92.
1892-’93.
849 banks.
921 banks.
1,011 banks.
1,059 banks.
1, 030 banks.
Resources.
Loans on real estate
Loans on personal, etc., security
Other loans and discounts
Overdrafts
United States bonds
State, county, and municipal bonds.
Railroad bonds and stocks
Bank stocks
Other stocks, bonds, and mortgages.
Due from other banks and bankers.
Real estate, furniture, and fixtures.
Current expenses and taxes paid. . .
Cash and cash items
Other resources
Total
Liabilities.
Capital stock
Surplus fund
Other undivided profits
Dividends unpaid
Individual deposits (savings)
Individual deposits (not savings) . .
Due to other banks and hankers
Other liabilities
Total
$567, 373, 144
160, 816, 153
74, 551, 588
813, 211
158, 923, 630
280, 139, 464
101, 443, 381
42, 263, 654
101, 819, 419
61, 534, 576
29, 652, 572
593, 924
29, 928, 532
12, 758, 967
$634, 229, 417
70, 227, 800
182, 091, 574
303, 316
148, 532, 828
303, 919, 560
110, 405, 678
43, 735, 762
111, 575, 177
65, 126, 477
30, 211, 272
753, 963
30, 147, 978
11,356, 193
$687, 583, 977
93, 679, 153
198, 134, 045
286, 254
139, 267, 045
320, 278, 708
115, 991, 821
45, 038, 830
107, 963, 932
70, 660, 882
30, 438, 232
971, 260
29, 720. 473
14,502,451
$714, 832, 576
79, 173, 174
229,711,725
328, 763
133, 344, 199
393, 190, 240
131, 215, 829
43, 688, 739
71, 096, 738
81,576,253
33, 097, 998
832, 059
33, 208, 271
18, 748, 297
$763, 579, 985
74, 179, 877
209, 014, 835
495, 781
129, 610, 783
398, 606, 298
121, 519, 071
44, 466, 725
105, 169, 599
83, 007, 108
34,615, 359
748, 432
36, 956, 824
11, 804, 470
1,622,612,215
1,742,617,001
1, 854, 517, 069
1, 964, 044, 861
2, 013, 775, 147
23, 311, 848
127, 225, 533
19, 845, 228
44, 696
1,425,230,349
19, 160, 976
992, 323
6, 801, 262
26, 401,035
133, 762, 883
22, 774, 760
123, 298
1,524,844,506
25, 179, 450
1, 996, 161
7, 534, 902
32, 106, 127
130, 042, 098
25, 815, 395
19, 364
1, 023, 079, 749
31,746, 393
2, 766, 225
8, 941, 718
37, 407, 475
132, 880, 724
27, 448, 960
41,412
1, 712, 769, 026
45, 560, 592
3, 593, 717
4, 342, 955
33, 429, 188
137, 456, 120
26, 017, 047
160, 297
1. 785, 150, 957
23, 649, 305
2, 350, 368
5, 561, 859
1,622,612,215
1,742,617,001
1, 854, 517, 069
1, 964, 044, 861
2, 013, 775, 147
237
Table showing, by States, the aggregate SAVINGS DEPOSITS of SA VINGS BANKS,
with the number of the depositors and the average amount due to each, in 1891-92
and 1892-93.
States.
1891-92.
1892-’93.
N umber of
depositors.
Amount of
deposits.
Average
to each
depositor.
Number of
depositors.
Amount of
deposits.
Average
to each
depositor.
Maine
146, 668
$50, 278, 452
$342. 80
155, 333
$53, 397, 950
$343. 76
New Hampshire
169, 949
72, 439, 660
426. 24
174, 654
74, 377, 279
425. 85
Vermont
80, 740
24, 674, 742
305. 60
89,115
27, 262, 930
305. 93
Massachusetts
1, 131,203
369, 526, 386
326. 67
1, 189, 936
393, 019, 862
330. 29
Itliode Island
136, 648
66, 276, 157
485. 01
142, 492
69, 906, 993
490. 60
Connecticut
317, 925
122, 582, 160
385. 57
331, 061
130, 680, 729
394. 75
Total Eastern
States
1, 983, 133
705, 777, 557
355. 89
2, 082, 591
748, 651, 743
359. 48
New York
1,516, 289
588, 425, 421
388. 07
1, 593, 804
629, 358, 274
349. 88
New Jersey
131, 739
33, 807, 634
256. 62
140, 772
36, 488, 246
259. 20
Pennsylvania
248, 471
65, 233, 993
262. 54
252, 980
66, 417, 794
262. 54
Delaware
17,318
3, 626, 319
209. 39
18, 613
3, 739, 484
200. 90
Maryland
142,135
41, 977, 868
205. 34
147, 462
44, 495, 128
301.74
District of Columbia
1,303
60, 178
46. 18
1,400
74, 729
53. 38
Total Middlo
States
2, 057, 255
733, 131, 413
356. 36
2, 155, 031
780, 573, 655
362. 21
West Virginia
8, 428
473, 848
56. 22
* 5, 149
*237, 707
46. 16
North Carolina
6, 247
282, 425
45. 21
6, 112
301, 234
49. 28
South Carolina
21, 397
4, 225, 459
197. 48
24, 422
5, 913, 139
242.12
Georgia
4, 569
572, 523
125. 30
* 8, 494
1, 004, 765
118. 29
Florida
170
31,912
187. 73
*1,321
219, 448
166.12
Alabama
1,698
220, 046
129. 59
1,848
73, 032
39. 52
Louisiana
5, 557
1, 695, 732
305. 15
6, 507
2, 003, 854
307.95
Texas
1,950
279, 783
143. 48
2, 583
356, 553
138. 04
Arkansas
258
51, 854
200. 10
844
123,451
146. 27
Tennessee
* 16, 392
1, 292, 913
78.87
* 14, 126
1, 778, 174
125. 88
Total South-
ern States ..
66, 666
9, 126, 495
136. 89
71, 406
12, Oil, 357
168. 21
Ohio
84, 779
33, 895, 078
399. 80
85, 614
34, 606, 213
404. 21
Indiana
15, 418
3, 754, 622
243. 52
16, 127
4, 073, 131
252. 56
Illinois
* 73, 872
21, 106, 369
285. 72
* 84, 861
23. 498, 504
276. 90
Michigan
180, 391
36, 959, 573
204. 88
Wisconsin
'948
' 138, 926
146. 59
1,164
184, 698
158. 67
Iowa
*71,687
26, 115, 384
364. 29
*73,108
26, 426, 031
361. 46
Minnesota
35, 123
8, 786, 879
■ 250. 17
42,212
10, 658, 564
252. 50
Total West-
9
ern States. . .
462, 218
130, 756, 831
282. 89
303, 086
99, 447, 141
328. 11
Oregon
* 2 461
683 620
277 78
Colorado
* 21, 215
2, 893, 276
136. 38
* lb 639
2, 217j 547
190. 52
Utah
* 13, 596
2, 427, 950
178. 58
22, 815
2, 935, 849
128. 68
Montana
1, 736
423, 248
243 80
New Mexico
900
149, 449
166. 05
885
186i 923
211.21
Washington
* 8, 955
1, 193,967
133. 33
California
* 167, 667
127, 312, 088
759. 32
* 178, 949
138, 019, 874
771. 28
Total Pacific
States and
Territories . .
212, 333
133, 976, 730
630. 97
218, 485
144, 467, 061
661.22
Total United
States
4, 781, 605
1, 712, 769, 026
358. 20
4, 830, 599
1, 785, 150, 957
369. 55
Partially estimated,
238
Table showing the number of savings banks in the United States, number of depositors,
amount of savings deposits, average amount due each depositor in the years 1820,
1825, 1830, 1835, 1840, and 1845 to 1893, and average per cagrita in the United States in the
years given.
Year.
Number
of banks.
Number of
depositors.
Deposits.
Average
due each
depositor.
1820
10
8,635
$1, 138, 576
$131. 86
1825
15
16, 931
2, 537, 082
149. 84
1830
36
38, 085
6, 973, 304
183. 09
1835
52
60, 058
10, 613, 726
176. 72
1840
61
78, 701
14, 051, 520
178. 54
1845
70
145, 206
24, 506, 677
168. 77
1846
74
158, 709
27, 374, 325
172. 48
1847
76
187, 739
31, 627, 479
168. 46
1848
83
199, 764
33, 087, 488
165. 63
1849
90
217, 318
36, 073, 924
165. 99
1850
108
251, 354
43, 431, 130
172. 78
1851
128
277, 148
50, 457, 913
182. 06
1852
141
308, 863
59, 467, 453
192. 54
1853
159
365, 538
72, 313, 696
197. 82
1854
190
396, 173
77, 823, 906
196. 44
1855
215
431, 602
84, 290, 076
195. 29
1856
222
487, 986
95, 598, 230
195. 90
1857
231
490, 428
98, 512, 968
200. 87
1858
245
538, 840
108, 438, 287
201. 24
1859 t
259
622, 556
128, 657, 901
206. 66
1860
278
693, 870
149, 277, 504
215. 13
1861
285
694, 487
146, 729, 882
211.27
1862
289
787, 943
169, 434, 540
215. 03
1863
293
887, 096
206, 235, 202
232. 48
1864
305
976, 025
236, 280, 401
242. 08
1865
317
980, 844
242, 619, 382
247. 35
1866
336
1, 067, 061
282, 455, 794
264. 70
1867
371
1,188,202
337, 009, 452
283. 63
1868
406
1,310, 144
392, 781, 813
299. 80
1869
476
1, 466, 684
457, 675, 050
312. 04
1870
517
1, 630, 846
549, 874, 358
337. 17
1871
577
1, 902, 047
650, 745, 442
342. 13
1872
647
1, 992, 925
735, 046, 805
368. 82
1873
669
2, 185, 832
802, 363, 609
367. 07
1874
693
2, 293,401
864, 556, 902
376. 98
1875
771
2, 359, 864
924, 037, 304
391. 56
1876
781
2, 368, 630
941, 350, 255
397. 42
1877
675
2, 395, 314
866, 218, 306
361. 63
1878
663
2, 400, 785
879, 897, 425
366. 50
1879
639
2, 268, 707
802, 490, 298
353. 72
1880
629
2, 335, 582
819, 106, 973
350. 71
1881
629
2i 528, 749
891, 961, 142
352. 73
1882
629
2,710,354
966, 797, 081
356. 70
1883
630
2, 876, 438
1, 024, 856, 787
356. 29
1884
636
3, 015, 151
1, 073, 294, 955
355. 96
1885
646
3, 071, 495
1, 095, 172, 147
356. 56
1886
638
3, 158, 950
1, 141, 530, 578
361. 36
1887
684
3, 418, 013
1, 235, 247, 371
361. 39
1888
801
3, 838, 291
1, 364, 196, 550
355. 41
1889
849
4, 021,523
1, 425, 230, 349
354. 40
1890
921
4, 258, 893
1, 524, 844, 506
358. 04
1891
1,011
4, 533, 217
1, 623, 079, 749
358. 04
1892
1,059
4, 781,605
1, 712, 769, 026
358. 20
1893
1, 030
4, 830, 599
1, 785, 150, 957
369. 55
Average
per capita
in the
United
States.
$0. 12
'*.'54
”.'82
1.87
4. 75
14. 26
16. 33
24. 35
25. 29
26.11
26. 63
239
PRIVATE BANKS.
AGGREGATE RESOURCES and LIABILITIES of PRIVATE BANKS in 1889,
1890, 1891, 1892, and 1893.
Resources and liabilities.
RESOURCES.
Loans on real estate
Loans on personal, etc., security
Other loans and discounts
Overdrafts
United States bonds
State bonds
Railroad bonds and stocks
Bank stocks
Other stocks, bonds, etc
Due from banks and bankers
Real estate, furniture, etc
Current expenses, etc
Cash and cash items
Other resources
Total
LIABILITIES.
Capital
Surplus fund
Other undivided profits
Dividends unpaid
Individual deposits
State, county, etc., deposits . . .
Deposits of State, etc., officers
Duo to banks and bankers
Other liabilities
1889.
1890.
1891.
1892.
1893.
1,321 banks.
1,344 banks.
1,235 banks.
1,161 banks.
848 banks.
$8, 386, 735
17, 121, 720
65, 480, 534
1, 733, 213
1, 421, 537
814, 683
470, 627
514, 770
3, 216, 823
19, 753, 173
9, 474, 378
815, 829
11,911,866
1, 845, 449
$10, 678, 574
21,363,819
72, 922, 802
2, 437, 105
1, 643, 560
936, 491
536, 068
866, 787
3, 951, 600
21, 726, 466
9, 812, 101
960, 400
14, 479, 550
1, 705, 499
$15, 997, 251
16, 738, 321
68, 180, 783
2, 475, 025
1, 509, 155
908, 983
737, 239
634, 140
1, 883, 192
19, 380, 059
9, 217, 951
797, 326
11, 977, 512
1,209, 081
$13, 782, 512
10, 259, 256
69,051,435
2, 067, 627
1, 709, 495
1, 316, 540
404, 178
703, 932
3, 268, 242
20, 097, 669
9, 317, 287
846, 197
12, 235, 490
1, 601, 813
$9, 772, 644
8, 885, 376
54, 879. 855
1, 509, 436
1, 472, 148
792, 652
269, 505
517, 866
1, 798, 426
10, 551, 291
6, 449, 149
527, 765
9,445, 188
972, 042
142, 961, 337
164, 020, 822
151,646, 018
146, 661, 673
107, 843, 343
38, 038, 690
8, 266, 516
3, 555, 590
67, 326
83, 183, 718
693, 969
41, 042, 018
9, 741, 183
4, 677, 667
36, 785, 458
8, 993, 987
3, 152, 635
34, 590, 227
7, 730, 587
3, 528, 577
26, 943, 075
5, 488, 683
3, 335,118
99, 521, 667
902, 481
586, 210
3, 812, 799
3, 736, 797
94, 959, 727
93, 091, 148
68, 552, 696
563i 025
3, 432, 360
5, 160, 143
2, 240, 371
5, 513, 840
1, 745, 695
5, 975, 439
1, 670, 358
1, 853, 413
142, 961, 337
164, 020, 822
151, 646, 018
146, 661, 673
107, 843, 343
Total
240
AGGREGATE RESOURCES and LIABILITIES of all Stale banks, loan and trust
Companies, savings and private banks, 1892-93.
State banks.
Loan and
trust com-
panies.
Savings
banks.
Private
banks.
Total.
3,579 hanks.
228 com-
panies.
1,030 hanks.
848bank8.
5,685bank8.
RESOURCES.
Loans on real estate
Loans on collateral security other
than real estate
Other loans and discounts
Overdrafts
United States bonds
State, county, and municipal bonds.
Railroad bonds and stocks
Bank stocks
Other stocks and bonds
Due from other hanks and bankers. .
Real estate, furniture, and fixtures .
Current expenses and taxes paid . . .
Cash and cash items
Other resources
Total
LIABILITIES.
Capital stock
Surplus fund
Other undivided profits
$43, 233, 876
39, 092, 976
675, 236, 292
5, 488, 630
412, 654
2, 468, 258
301, 325
98, 953
73, 275, 186
103, 790, 249
38, 600, 425
4, 242, 164
137, 026, 652
7, 457, 897
$81, 288, 973
307, 170, 395
74, 270, 229
93, 917
18, 486, 636
5, 842, 753
11, 639, 330
668, 470
92, 187, 712
53, 352, 071
26, 245,518
984, 177
22, 216, 539
32, 217, 786
.$763, 579, 985
74, 179, 877
209, 014, 835
495, 781
129, 610, 783
398, 606, 298
121, 519, 071
44, 466, 725
105, 169, 599
83, 007, 108
34, 615, 359
748, 432
36, 956, 824
11, 804, 470
$9, 772, 644
8, 885, 376
54, 879, 855
1, 509, 436
1, 472, 148
792, 652
269, 505
517, 866
1, 798, 426
10, 551, 291
6, 449, 149
527, 765
9, 445, 188
972, 042
$897, 875, 478
429, 328, 624
1,013,401,211
7, 587, 764
149, 982, 221
407, 709, 961
133, 729, 231
45, 752, 014
272, 430, 923
250, 700, 719
105, 910, 451
6, 502, 538
205, 645, 203
52, 452, 195
1, 130, 725, 537
726, 664, 506
2, 013, 775, 147
107, 843, 343
3, 979, 008, 533
250, 767, 709
74, 237, 606
28, 900, 230
9,534
94, 867, 268
50, 403, 421
20, 368, 056
33, 429, 188
137, 456, 126
26, 017, 047
*
26, 943, 075
5, 488, 683
3, 335, 118
406, 007, 240
267, 585, 836
78, 620, 451
9, 534
18, 489, 542
753, 184
1, 285, 311, 723
1, 785, 150, 957
54. 970, 464
82, 109, 602
18, 489, 542
67, 385
486, 244, 079
Dividends unpaid
Individual deposits
525, 502
706, 865, 643
160,297
23, 649, 305
1, 785, 150, 957
2, 350, 368
5, 561, 859
68, 552, 696
Due to other banks and bankers . . .
Other liabilities
Total
48, 259, 262
21,160, 051
2, 690, 476
53, 534, 279
1, 670, 358
1, 853, 413
1, 130, 725, 537
726, 664, 506
2, 013, 775, 147
107, 843, 343
3, 979, 008, 533
241
Statement showing the AMOUNT of GOLD, etc., held by national banks on July 12,
1893, and by other banking institutions on or about the same date.
Classification.
National
banks (3,807).
All other
banks (5,685).
Total all
banks (949B).
Gold coin
$95, 799, 862
50, 550. 100
4, 285, 000
7, 380, 457
6, 119, 575
22, 626, 180
20, 135, 054
95, 833, 677
6, 660, 000
952, 632
$7, 618, 014
$103, 417, 876
50, 550, 100
4, 285, 000
15,315, 656
22, 626, 180
20, 135, 054
160, 346, 021
6, 660, 000
952, 632
15, 093, 221
116, 606, 000
Gold Treasury certificates
Gold (clearing-house) certificates
Silver, dollars
£ 1, 815, 624
Silver, fractional.
Silver, Treasury certificates
National-bank notes
Legal-tender notes
‘64,512, 344
United States certificates for legal teTiders
Fractional currency
Specie, not classified
15, 093, 221
116, 606, 000
Cash not classified
Total
310, 342, 537
205, 645, 203
515, 987, 740
*Inoludes coin certificates and national-bank notes.
S. Eep. 235 16
242
Table showing, by Slates and Territories, the capital of the national banlcs on July 12,
1S98, and of the State, stoclc savings, and private banlcs and loan and trust companies
at date of latest reports to this Bureau.
States and
Territories.
Maine
New Hamp-
shire
Vermont
Massachusetts
Rhode Island. .
Connecticut...
Total East-
ern States.
New York
New Jersey
Pennsylvania. .
Delaware
Maryland
District of
Columbia . . .
Total Mid-
dle States .
Virginia
West Virginia.
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Total South
ern States.
Missouri
Ohio
Indiana
Illinois
Michigan
Wisconsin
Iowa
Minnesota —
Kansas
Nebraska
Total West-
ern States .
Nevada
Oregon
Colorado
Utah
Idaho
Montana
Wyoming
New Mexico ..
North Dakota.
South Dakota.
Washington...
Arizona
California
Oklahoma Ter-
ritory
Indian Terri-
tory
Total Paci-
fic States
and Terri-
tories ... .
Total United
Slates
National
banks.
$11, 214, 196
6, 380, 000
7, 010, 000
99, 217, 500
20, 277, 050
22, 999, 370
167, 098, 116
87, 235, 366
14, 603, 350
73, 143, 213
2, 133, 985
16, 935, 289
2, 827, 000
196, 878, 203
4, 796, 300
2, 951, 000
2, 476, 000
1, 748, 000
4, 091, 000
1, 450, 000
3, 844, 000
1, 115, 000
3, 935, 000
25, 540, 500
1, 100, 000
15, 009, 400
9, 648, 620
State banks.
Stock sav-
ings banks.
$916, 675
2, 340, 000
3, 256, 675
33, 359, 200
1, 780, 460
8,819, 697
680, 000
1, 128, 450
45, 767, 807
6, 388, 588
2,421,676
1, 913, 530
1, 123, 024
9, 363, 036
335, 000
900, 910
3, 260, 925
2, 755, 447
450, 000
3,675. 925
15, 855, 430
3, 346, 435
77,704,820 ! 49,789,926
23, 865, 000
45, 694, 300
14, 171, 000
38, 218, 850
14, 684, 000
9, 235, 000
14, 615. 000
10, 245, 230
11, 902, 100
12, 698, 100
19, 837, 105
7, 618, 325
4, 504, 500
7, 065, 500
12, 102, 955
6, 806, 900
8, 074, 420
9, 189, 000
*5, 969,915
* 11, 418, 995
201, 328, 580
282, 000
3. 795, 000
8, 510, 000
2, 550, 000
825. 000
4, 725, 000
1, 210, 000
750, 000
2. 215. 000
2, 550, 000
6. 830. 000
400, 000
7, 475, 000
300, 000
360, 000
42, 777, 000
685, 786, 719
92, 587, 615
553, 800
1, 740, 000
750, 000
157, 500
365, 000
94, 500
333, 800
* 1, 092, 340
*3,987, 053
4. 263, 555
240, 200
47, 848, 938
159, 000
59, 365, 686
250, 767, 709
'$787, 500
Private
banks.
787, 500
223, 040
50, 675
$759, 400
1, 377, 429
166," 517
273, 715
40, 000
1, 253, 126
1, 027, 354
210, 000
305, 000
100, 000
139, 480
123, 157
555, 000
3, 753, 123
1, 860, 000
7, 972, 666
6. 409, 700
225, 000
16, 400, 700
800, 450
450, 000
1,731,100
200, 000
80, 000
8, 886, 600
12, 148, 350
33, 429, 188
2, 303, 346
Loan and
trust com-
panies.
$1, 069, 800
1, 455, 000
8, 975, 000
2, 557, 900
1, 161, 600
15, 219, 300
25, 950, 000
1, 695, 000
36, 003, 744
500, 000
1, 000, 000
3, 250, 000
68, 398, 744
Total.
$12, 283, 996
7, 835, 000
7, 797, 500
108, 192, 500
23, 753,625
26, 500, 970
Aver-
age per
capita
ofpopu-
lation.
$18. 50
20. 35
23.41
43. 95
64.72
33. 50
186, 361,591
147, 303, 966
18, 078, 810
119, 344, 083
3, 313, 985
19, 453, 296
6, 127, 675
37. 25
23. 34
11.61
21.31
18. 94
18. 20
22. 78
313, 621, 815
20. 93
32, 500
.1
287, 443
111,490
338, 000
49, 226
430, 000
2, 796, 800
3, 933, 969
1, 173, 860
3, 021, 549
2, 448, 148
3, 709, 308
996, 579
1, 177, 742
4. 328, 619
870, 495
17, 786, 300
~ 70, 000
98, 395
467, 248
25, 000
111, 500
190, 000
235, 400
50, 000
111, 403
1, 560, 514
2, 919, 460
26, 943, 075
111, 490
1, 050, 000
3, 460, 000
2, 176, 603
4, 451,131
11 , 137, 734
94, 867, 268
11, 217, 388
5, 484, 166
4, 716, 973
4, 124, 150
14, 819, 390
2, 044, 226
5, 479, 910
4, 375, 925
6, 790, 447
28, 926, 786
2, 899, 082
30, 864, 830
13, 550, 055
6. 61
6. 85
2.83
3.46
7. 73
4. 68
3. 46
3. 28
5. 85
12.12
2. 37
16. 20
7.44
135, 293, 328
45, 925, 965
5S, 194, 174
21, 123, 648
60. 485, 658
27, 783, 534
17, 219, 642
35, 604, 342
30, 980, 856
17, 872, 015
24, 117, 095
7. 08
16.14
15. 29
9. 39
14. 68
12. 42
9. 43
17. 96
20. 68
11.79
15. 48
339, 306, 929
352. 000
5, 247, 645
11, 167, 248
5, 056, 100
1, 094, 000
5, 480, 000
1, 539, 900
993, 800
3, 307, 340
4, 537, 053
11, 204, 958
640, 200
65, 771, 052
459. 000
360. 000
14.51
7. 65
14. 07
22. 56
21.98
10. 13
30. 61
19. 99
6. 02
13.07
10.55
23. 10
10. 00
49.94
3.53
1.85
117, 210. 296
1,091,793. 959
25. 77
16.29
* Capit al of banks other than nat ioual.
243
Table showing, by States and Territories , the population of each on June 1, 1893 , and the
aggregate capital, surplus, undivided profits, and individual deposits of national and
State banks, loan and trust companies, savings and private banks in the United States
on or about June SO, 1893; the average of these per capita of population, and the per
capita averages of such resources in each class of banks and in all banks.
»
States and Territories.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
■ Connecticut
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia. .
Virginia
West Virginia
North Carolina
t 8outh Carolina
. Teorgia
Florida
Alabama
Mississippi
,i ..ouisiana
t L’exas ,
Arkansas
Kentucky
L'ennesseo
Missouri
)hio
ndiana
llinois
lichigan
•i Visconsin
owa
linnesota
Kansas
ebraska
evada
regon
h olorado
tah ’
laho
on tan a
| ryoming
ew Mexico
orth Dakota
mth Dakota
rashington
rizona
1 ilifomia
Oklahoma Territory.,
tdian Territory
Total United States.
Population
Juno 1,
189a. *
All banks.
National
banks.
State
banks .
Loan
and
trust
compa-
nies.
Savings
banks.
Private
banks.
Capital, etc.
Aver-
age per
capita.
Aver-
age per
capita.
Aver-
age per
captia.
Aver-
age per
capita.
Aver-
age per
capita.
Aver-
age per
capita.
C64 000
$89, 707, 745
$135. 10
$43. 14
$6. 48
$85. 48
385’ 000
102, 646, 545
266. 60
43. 32
i4. 26
209. 02
333, 000
47, 883, 258
143. 79
55. 08
88.71
2, 462 000
803, 901, 450
326. 52
122. 40
35.31
168. 81
367, 000
I42i 298', 067
387. 73
121.29
$5.48
59. 85
201. 11
791,000
218, 071, 008
275. 69
82. 57
9.91
8. 04
175. 17
0, 311,000
1,839, 989,879
291. 55
83. 82
41.15
52.13
113. 79
$0. 66
1, 557, 000
136, 829, 792
87. 88
‘ 48.05
6. 56
7. 80
25.47
5, 600, 000
635, 096, 309
113. 40
61.90
10. 57
25.65
13.36
1.86
175, 000
15, 630, 358
89.31
44. 17
12. 53
8.31
24. 30
1, 069, 000
110, 397, 805
103. 27
53. 18
3.34
2.09
44. 22
.44
269, 000
22, 364, 276
83. 14
51.66
30.95
. 53
1, 696, 000
44; 329, 571
26. 13
12. 76
13. 32
.05
800,' 000
22, 62i; 943
28. 28
12.30
15.40
.28
.30
1, 668, 000
13, 167, 178
7. 89
4. 25
2. 84
.22
.58
1, 184, 000
19, 010, 617
16. 06
6. 99
1. 79
7. 28
1, 917j 000
38, 014; 463
19. 83
5.45
12. 41
1. 65
.32
437, 000
8, 624, 906
19. 74
15.11
2. 89
1.44
.30
1, 582, 000
14, 144, 814
8. 94
6. 66
1.04
.62
.62
1 , 332, 000
12, 162, 893
9.13
2.36
6. 77
1 . 160| 000
3Sj 032j 893
32.78
20. 09
10. 73
1. 96
2, 386, 000
73i 245| 261
30.70
27. 27
.51
.37
2. 55
1 , 222, 000
8, 357, 230
6. 83
2.73
3. 76
. 34
l’ 905' 000
18, 873i 841
41. 40
18.79
22.61
]' 820,' 000
37i 523, 635
20. 62
13.91
5. 17
1.54
2, 845^ 000
176i 600; 771
62. 07
22. 29
36. 06
1. 18
2. 54
3, 804, 000
240, 557, 236
64. 81
40. 35
10. 50
10. 23
3. 73
2. 250, 000
78, 954, 829
35. 09
23. 25
5. 95
2.00
3.89
4, 119, 000
285,184,145
69. 23
41.82
6. 89
3. 90
12. 83
3.79
2, 237, 000
130, 848, 877
58. 50
24.90
t31. 95
1. 65
1,826; 000
97, 715, 823
53. 51
23.24
26. 00
.10
4.17
1,982,000
123, 873, 045
62.49
23. 54
12. 88
1.77
17.26
7. 04
1, 498, 000
110, 295, 433
73. 62
35. 92
23. 55
4.62
7.57
1.96
1, 516, 000
52, 4S7, 761
34.63
22. 31
1 12. 32
R 305, 000
81, 135, 798
62. 17
30.58
1 31. 59
46^ 000
li 074, 041
23.36
19. 89
3. 47
373; 000
17, 962, 442
48. 15
37. 93
2. 77
6.81
.64
495, 000
39, 446, 851
79. 69
61.72
10. 32
5.84
1.81
230, 000
14, 040, 602
61.04
28. 93
5.82
26. 08
.21
108, 000
3, 348, 828
31.01
26. 04
2. 70
2. 27
179,' 000
23, 577, 740
131. 72
119. 37
5. 25
4. 87
2. 23
77, 000
4, 598, 619
59. 72
44. 71
3.38
11. 63
165, 000
3, 386, 024
20.52
15.57
2. 63
1.70
.62
253, 000
10, 885, 193
43.02
30. 27
1 12. 75
430, 000
13, 499, 311
31. 39
17. 43
j 13. 96
485, 000
30, 715, 357
63. 33
38.12
' 24. 43
.78
64, 000
1, 814, 601
28.35
16. 59
11.76
1, 317, 000
289, 584, 676
219. 88
16.73
85.49
115. 37
2. 29
130, 000
1,523, 792
11. 72
7.67
4.05
195, 000
891,822
4. 57
4. 57
67, 021, 000
6, 412, 939, 954
95.68
38. 64
15.83
9. 73
29. 93
1.55
* Estimated by Mr. Joseph S. McCoy, Government actuary,
flncludes savings hanks and loan-trust companies.
J Includes private banks.
Table showing, bg States and geographical divisions, the number, assets, and liabilities of
States which were compelled to suspend business during the
[From reports to the
States, etc.
State hanks.
Savings hanks.
Trust companies.
No.
Assets.
Liabilities.
No.
Assets.
Liabilities.
No.
Assets.
Liabilities.
New Hampshire
3
$795, 000
$1, 150, 000
3
$6, 225, 000
$7, 413, 000
Vermont.. "
Rhode Island
1
$250, 000
$225, 000
Total Eastern States .
1
250, 000
225, 000
3
795, 000
1, 150, 000
3
6, 225, 000
7, 413, 0001
New York
6
6, 225, 544
180, 000
137, 000
5, 639, 234
220, 000
275, 000
1
124, 350
122, 996
New Jersey
1
Pennsylvania
2
Delaware
District of Columbia . .
Total Middle States . .
9
6, 542, 544
6, 134, 234
1
124, 350
122, 996
Virginia
5
775, 800
1, 250, 000
525, 000
136, 940
506, 000
227, 225
140, 000
‘ 597, 000
950. 000
695, 000
133,539
322. 000
157, 847
125, 000
70, 000
1
40, 000
60, 000
West Virginia
1
North Carolina
2
South Carolina
1
1
3,000
30, 000
Georgia
3
1
35, 000
15, 000
Florida
2
1
5,000
15, 000
Alabama
1
Louisiana
1
150i 000
Texas
1
500, 000
760, 000
Arkansas
2
5,000
850, 575
249, 000
35, 000
554, 000
222, 000
Kentucky
2
Tennessee
5
4
664, 750
645, 000
Total Southern States
25
4, 815, 540
3, 861, 386
7
712, 750
750, 000
2
535, 000
775, 000
Missouri
8
724, 654
307, 544
1, 286, 000
584 613
c
1, 990, 000
2, 523, 000
2, 528, 000
1, 725, 000
2
225, 000
311,000
3
212, 400
850, 000
5
12
Illinois
Michigan
1
30, 000
12, 094, 851
793, 041
40, 000
12, 123, 343
577, 198
2, 604, 941
1, 624, 100
528, 280
2
1,252, 000
252, 000
313, 878
9, 000
25, 000
647, 000
1, 214, 000
290, 643
231, 120
9,000
35, 000
713, 000
13
3
4
3
2
2, 200, 000
3, 650, 000
6. 350, 000
6,415, 000
15
3, 204, 250
1, 387, 500
749, 961
1
2
25
1
10
3
1
1, 200, 000
800, 000
Total Western States
91
20, 577, 801
19, 144, 875
24
7, 011,878
6, 745, 763
7
7, 275, 000
13, 876, 000
4
1, 029, 047
747, 569
552, 000
188, 000
214, 179
78, 000
20, 000
3
3, 241, 905
2, 514, 000
2, 600, 000
2, 514, 000
0
824, 000
60, 000
4
1
3
3
227| 729
140, 000
45, 000
1
i
220, 000
189, 246
1
15, 000
16, 000
Washington
4
1, 699, 897
88 000
641, 300
45, 000
5, 035, 723
2
386, 000
219, 000
1
302, 500
290, 000
i
19
4,967,290
2
2, 668, 055
2, 539, 804
Total Pacific States
and Territories.
16
9, 095, 963
7, 537, 771
12
9, 029, 960
8, 062, 050
1
302, 500
290, 000
Total United States. .
172
41,281,848
36, 903, 266
47
17,073,938
16, 830, 809
13
_
14,337, 500
22, 354, 000
•Incomplete. tNo information.
245
State and savings banks, trust and mortgage companies and private banks in the United
first eight months of the current calendar year.
Bradstreet Agency.]
Mortgage and investment
companies.
No.
Assets.
$200, 000
200, 000
50, 000
150, 000
340, 803
540, 803
20, 000
20, 000
760, 803
Liabilities.
$750, 000
750, 000
70, 000
200, 000
700, 000
970, 000
70, 000
70, 000
1, 790, 000
Private banks.
No. Assets. Liabilities
6
1
1 2
15
11
1
2
1
27
5
19
11
23
8
14
12
8
5
2
107
1
27
177
$142, 875
142, 875
531, 595
1, 072, 795
204, 000
1, 808, 390
180, 000
150, 000
275, 000
177, 598
2, 917, 000
483, 000
5,000
990, 000
15, 000
5, 192, 598
360, 000
1, 446, 587
863, 000
4, 041, 027
174, 295
1, 051, 000
781, 700
713, 000
415, 000
22, 000
9, 867, 609
478, 533
194, COO
4, 000
1, 375, 000
305, 000
100, 000
"594," 254
175, 000
3, 225, 787
20, 237, 259
$699, 271
1, 403, 478
360, 000
2, 462, 749
250, 000
150, 000
95, 000
111, 647
1,741,000
736, 000
15, 000
450, 000
10, 000
3, 558, 647
282, 000
1, 430, 375
565, 000
5, 056, 813
234, 547
1, 360, 992
997, 500
438, 800
638, 000
37, 000
11, 041, 027
552, 348
236, 000
900
543, 000
250, 000
75, 000
495, 784
100, 000
2, 253, 032
19, 315, 455
Total ail banks.
No. Assets. Liabilities,
10
15
1
8
1
25
8
2
2
2
6
6
4
1
12
3
4
10
61
21
27
23
24
11
31
2!
26
32
16
232
13
20
1
4
8
3
1
3
11
1
21
1
$7, 020, 0001
342, 875
250, 000
7, 612, 875
6, 881,489
180, 000
1, 209, 795
204, 000
8, 475 284
995, 800
1, 400, 000
525, 000
139, 940
816, 000
409. 823
3, 057, 000
150, 000
983, 000
10,000
1, 840, 575
928, 750
$8, 563, 000
750, 000
225, 000
9, 538, 000
6, 461, 501
220, 000
1, 678, 478
360, 000
8, 719, 979
907. 000
1,100,000
695. 000
163, 539
432. 000
284, 494
1, 866, 000
70, 000
1, 496, 000
50, 000
1, 004, 000
877. 000
11, 255, 888 8, 945, 033
3, 299, 654
4, 277, 131
2, 149, 000
4, 091, 027
1, 456, 295
13, 397, 851
4, 238, 619
7, 576, 250
2, 168, 303
2, 618, 961
45, 273, 091
4, 749, 485
3, 532, 000
60, 000
231, 729
1, 515, 000
350, 000
220, 000
135, 000
2, 982, 651
88, 000
7, 635, 345
175, 000
87
415
21, 674, 210
94, 291, 348
3, 705, 613
3, 367, 775
1, 415, 000
5, 126, 813
1, 488, 547
13, 774, 978
8,355, 818
9, 467, 741
2, 997, 100
2, 078, 280
51, 777, 665
3, 899, 917
3, 302, 000
188, 000
215, 079
621, 000
270, 000
189, 246
161, 000
1, 646, 084
45, 000
7, 575, 527
100, 000
18, 212, 853
97, 193, 530
States.
N. n.
Vt.
R. I.
N. Y.
N. J.
Pa.
Del.
D. C.
Ya.
W. Ya.
N. C.
S. C.
Ga.
Fla.
Ala.
La.
Tex.
Ark.
Ky.
Tenn.
Mo.
Ohio.
Ind.
HI.
Mich.
Wis.
Iowa.
Minn.
Kans.
Nebr.
Oreg.
Colo.
Utah.
Idaho.
Mont.
Wyo.
N.'Mex.
N. Dak.
S. Dak.
Wash.
Ariz.
Cal.
Okla.
jNot included in returns to Bradstreet,
PUBLIC DEBT STATEMENT.
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Decrease during the month 408, 277. 28
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255
VALUE of GOLD COIN and BULLION imported into, and exported from, the United
Staten from 1S44 to 1S9S, inclusive; also annual excess of imports or of exports.
Year ending
June 30 —
Exports.
Imports.
Domestic, a
Foreign.
Total.
1844
$1, 183, 116
$1, 613, 304
1845
2, 210, 979
’818! 850
1846
lj 629’ 348
910, 413
1847
975, 301
21, 574, 931
1848
8, 370’ 785
3! 408! 755
1849
l’ 015! 359
4! 068, 647
1850
2, 51 3i 948
F 776^ 706
1851
4, 767! 333
3,’ 569! 090
1852
2, 636, 142
3, 658, 059
L853
1, 894, 323
2! 427! 356
1854
2’ 491, 894
3! 031, 964
1855
lj 15l’ 797
1 ! 092, 802
1856
' 852' 698
' 990, 305
1857
5, 154, 301
6, 654! 636
1858
7, 595, 558
11,560,068
859
3, 605, 748
2, 125, 397
1860
1, 499’ 188
2! 508! 786
1861
3, 624, 103
42, 291, 930
1862
4, 395| 252
13, 907! 011
1863
6' 169| 276
5! 530 ! 538
1864
$97, 134, 624
3, 527^ 010
$100, 661, 634
ll! 176! 769
! 865
56, 558, 706
1, 822, 327
58,381,033
6, 498, 228
1866
70, 127, 400
1, 069, 843
71,197, 309
8, 190, 261
1867
36, 229, 676
2, 796, 951
39, 026, 627
17, 024, 860
1868
68, 231, 158
4,105, 186
73, 396, 344
8, 737, 443
1869
28, 442, 776
7, 560, 722
36, 003, 498
14, 132, 568
1870
28, 580, 609
5, 055, 353
33, 635, 962
12, 056, 950
1871
64,581,678
2, 104, 530
66, 686, 208
6, 883, 561
1872
48, 377, 502
1, 171,258
49, 548, 760
8, 717,458
1873
44, 472, 038
384, 677
44, 856,715
8, 682, 447
1874
32, 645, 486
1, 396, 934
34, 042, 420
19, 503, 137
1875
61, 543, 545
5, 437, 432
66, 980, 977
13, 696, 793
1876
29, 431, 757
1.745, 293
31, 177, 050
7, 992, 709
1877
22, 359, 101
4, 231, 273
26, 590, 374
26, 246, 234
1878
6, 632, 570
2, 571, 885
9, 204, 455
13, 330,215
1879
4, 145, 085
442, 529
4, 587, 614
5. 624, 948
1880
1, 775, 039
1,863, 986
3, 639, 025
80, 758, 396
1881
1,826, 307
738, 825
2, 565. 132
100, 031, 259
1882
31, 403, 625
1, 184, 255
32, 587, 880
34, 377, 054
1883
8, 920. 909
2, 079, 979
11, 600, 888
17, 734, 149
1884
35, 294, 204
5, 787, 753
41, 081, 957
22, 831, 317
L885
2, 741, 559
5, 736, 333
8, 477, 892
26, 691, 696
1886
32, 766, 066
10, 186, 125
42, 952, 191
20, 743, 349
1887
5, 705, 304
3, 995, 833
9,701, 187
42, 910, 601
1888
12, 560, 084
5, 816, 150
18, 376, 234
43, 934, 317
'889
54, 930, 332
5, 021, 953
59, 952, 285
10, 284, 858
1890
13, 403, 632
3, 870, 859
17,274, 491
12. 943, 342
1891
84, 939, 551
1,423, 103
86, 362, 654
18, 232, 567
,892
43,321,351
6, 873, 976
50, 195, 327
49, 699, 454
1893
102, 008, 153
6, 612, 091
108, 680, 844
21, 174, 381
July to Novem-
her, 1893, inclu-
sive
1, 866, 631
1, 528, 240
3, 394, 871
60, 257, 101
Excess of
exports over
imports.
$89, 484, 8C5
51, 882, 805
68, 001, 048
22, 001, 761
63, 658, 901
21, 870, 930
21, 579, 012
59, 802, 647
40, 831, 302
36, 174, 268
14, 539, 283
53, 284, 184
23, 184, 341
344, 140
18, 250, 640
22, 208, 842
49, 607, 427
4, 331, 149
68, 130, 087
495, 873
87, 506, 463
Excess of
imports over
exports.
$4, 125, 760
1, 037, 334
77, 119, 371
97, 466, 127
1, 789, 174
6, 133, 261
18, 213, 804
33, 209, 414
25, 558, 083
56, 862, 230
a Gold and silver prior to 1864 can not be separately state d, but it is probable that the greater por-
tion of the exports was gold.
256
VALUE of SILVER COIN and BULLION imported into, and exported from, the United
States from 1844 to 1898, inclusive; also annual excess of imports or of exports.
Year ending
Exports.
June 30 —
Domestic.a.
Foreign.
1844
$4, 087, 693
5, 551, 070
1, 852, 009
869, 103
4, 770, 419
3, 432, 415
2, 962, 367
6, 635, 839
2, 600, 156
2, 044, 017
727, 040
1, 138, 128
744, 508
3, 904, 269
2, 630, 343
2, 779, 358
8, 100, 200
2, 367, 107
1, 447, 737
1, 993, 773
1, 395, 969
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
I860
1861
1862
1863
1864
$3, 338, 938
1865
8,089,418
1, 202, 775
1866
12, 515, 908
2, 330, 854
1867
18, 746, 520
3, 095, 225
5, 872, 941
1868
15, 514, 817
1869
14, 473, 190
6, 661, 692
1870
15, 303, 193
9, 216, 511
1871
19,821,681
11, 934, 099
1872
24, 420, 738
5, 908, 036
1873
29, 433, 508
10, 318, 351
1874
27, 054, 200
5, 533, 785
1875
22, 313, 584
2, 837, 581
1876
20, 606, 934
4, 722, 318
1877
20, 775, 637
8, 796, 226
1878
20, 429, 315
4, 106, 355
1879
13, 409, 950
6, 999, 877
1880
7, 572, 854
5, 931, 040
1881
12, 400, 637
4, 441, 078
1882
12, 076, 646
4, 752, 953
1883
12, 702, 272
. 7,517,173
1884
14, 931, 431
11, 119, 995
1885
21, 634, 551
12, 119, 082
1886
19, 158, 051
10, 353, 168
1887
17, 005, 036
9, 291, 468
1888
20, 625, 420
7, 402, 529
1889
25, 284, 662
11, 404, 586
1890
22, 378, 557
12, 495, 372
1891
14, 033, 714
8, 557, 274
1892
16, 765, 067
16, 045, 492
1893
23, 559, 254
17, 178, 065
July to Novem-
ber, 1893, inclu-
sive
14, 429, 737
7, 003, 249
Excess of
Excess of
Total.
Imports.
exports over
imports.
imports over
exports.
$4, 734, 907
9, 202,193
14, 816, 702
21,841,745
21, 387, 758
21, 134, 882
24, 519, 704
31, 755, 780
30, 328, 774
39, 751, 859
32, 587, 985
25, 151, 165
25, 329, 252
29, 571, 803
24, 535, 070
20, 409, 827
13, 503, 894
16, 841, 715
16, 829, 599
20, 219, 445
26, 051, 426
33, 753, 633
29,511,219
26, 296, 504
28, 037, 949
36, 689, 248
34, 873, 929
22, 590, 988
32, 810, 559
40, 737, 319
.$4, 217, 125
3, 251, 392
2, 867, 319
2, 546, 358
2, 951, 529
2, 582, 593
2, 852, 086
1, 884, 413
1, 846, 985
1, 774, 026
3, 726, 623
2, 567, 010
3, 217, 327
5, 807, 163
7, 708, 428
5, 309, 392
6, 041, 349
4, 047, 681
2, 508, 041
4, 053, 567
1, 938, 842
3,311,844
2, 503, 831
5, 045, 609
5, 450, 925
5, 675, 308
14, 362, 229
14, 386, 463
5, 026, 231
12, 798, 490
8, 951, 769
7, 203, 924
7, 943, 972
14, 528, 180
16, 491, 099
14,671,052
12, 275, 914
10, 544, 238
8, 095, 336
10, 755, 242
14, 594, 945
16, 550, 627
17, 850, 307
17, 260, 191
15, 403, 669
18, 678, 215
21, 032, 984
18, 026, 880
19, 955, 086
23, 193, 252
$2, 796, 064
5, 950, 349
12, 342, 931
16, 796, 136
15, 936, 833
15, 459, 574
10, 157, 475
17, 369, 317
25, 302, 543
26, 953, 369
23, 636, 216
17, 947, 241
17, 385, 280
15, 043, 683
8, 044, 571
5, 738, 775
1, 227, 980
6, 297, 477
8, 734, 263
9, 464, 203
11, 456, 481
17, 203, 006
11, 660, 912
9, 036, 313
12, 634, 280
18, 011, 033
13, 846, 945
4, 564, 108
12, 855, 473
17, 544, 067
21, 432, 986
7, 770, 214
13, 662, 772
a Gold and silver can not be separately stated prior to 1864, but it is probable that the greater por-
tion of the exports was gold.
Total values of IMPORTS and EXPORTS of MERCHANDISE during the year ending June 30, 1S93.
[From Summary Statement Bureau of Statistics for August, 1893.]
257
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261
Statement showing AMOUNT of GOLD COIN and BULLION in the Treasury , and of
GOLD CERTIFICATES OUTSTANDING, from latest returns received at the end of
; each month.
January ..
i February..
March
April
May
June
July
August,. . .
September
October...
November
December
Date,
Total gold in
Treasury, coin
and bullion.
Gold certifi-
cates in
Treasury
cash.
Gold certifi-
cates in
circulation.
Net gold in
Treasury, coin
and bullion.
1889.
$325, 641, 856. 13
326, 456, 697. 81
326, 700, 938. 96
328, 203, 900. 80
321,297, 376. 96
303, 504, 319. 58
300, 759, 572. 98
304, 048,189.30
305, 871, 772. 02
308, 509,615.21
310, 979, 791. 06
313, 818,941.47
25, 043,518
24, 802, 813
26, 586, 125
20, 783, 433
27, 350, 140
37, 235, 793
34, 669, 943
39, 557, 233
42, 073, 803
34, 925, 823
30, 668, 090
31, 316, 100
130, 986, 592
130,210, 717
128,826, 517
136, 614, 789
129, 044, 662
116, 792, 759
118, 541,409
123, 393,519
116, 675,349
120, 937, 229
123, 483, 119
122, 985, 889
194, 655, 264. 12
196, 245, 980. 81
197, 874, 421. 96
191, 589,111.80
192, 252, 714. 96
186, 711,560. 58
182, 218, 163. 98
180, 654, 670. 30
189, 196, 423. 02
187, 572, 386. 21
187, 496, 672. 06
190, 833, 052. 47
1890.
January
February
March
April
May
J une
July
August
September
October
November
December
316. 043,454. 19
318,593,752.14
320, 235, 794. 87
320, 878,411.60
321,333,253.10
321, 612, 423. 49
316, 536, 823. 28
310, 220, 120.43
306. 086, 471. 18
294, 489, 003. 03
293, 755, 879. 85
293, 020, 214. 20
20, 452, 870
28, 222, 835
24, 614, 210
24, 142, 200
27,473, 120
26, 162, 960
27, 577, 120
33, 005. 730
16, 058, 780
36, 482, 690
43, 755, 570
31, 384, 690
138. 657, 169
130, 604, 804
134, 938, 079
134, 642, 839
130, 788, 399
131, 380, 019
132, 444, 749
124, 382, 539
158, 104, 739
138, 173, 979
131, 316, 499
144, 047, 279
177, 386, 285. 19
187, 988, 948. 14
185, 287, 715. 87
186, 235, 572. 00
190, 544, 854. 10
190, 232,404. 49
184, 092, 074. 28
185,837, 581.43
147, 981, 732. 18
156, 315, 624. 03
162, 439, 380. 85
148, 972, 935. 20
1891.
January
. February
I March
April
May
June
July
August
September
October
November
December
297, 567, 546. 04
296, 831,953. 14
292. 435, 218. 50
280, 633, 039. 99
255, 331, 502. 93
238, 518, 121.59
236, 828, 413. 24
240. 745, 487. 66
244, 974. 790. 94
263. 774, 741. 81
271,843,193.35
278, 846, 749. 90
19, 892, 050
25, 155, 770
24, 050, 460
27, 309, 200
36,777,810
31, 006, 030
34, 004, 820
37,721,280
28, 332, 490
20, 790, 420
19, 202, 170
17, 472, 720
155, 839, 449
147, 119, 129
144, 317, 069
138, 890, 799
122, 124, 339
120, 850, 399
115, 715, 389
108, 273, 079
112,451,509
136, 100,319
142, 649, 969
148, 106, 119
141, 728, 097. 04
149, 712, 824. 14
148,118,149.50
141,742, 210.99
133, 207, 163. 93
117, 067, 722. 59
121, 113, 024. 24
132, 471, 408. 66
132, 523, 221. 94
127, 674, 422, 81
129, 193,224.35
130, 740, 630. 90
1892.
Tanuary
February
March
A.pril
May
June
Tuly
lugnst
September
Dctober
November
December
282. 753, 863. 24
282,123,391.53
280, 144, 269. 34
273, 623, 455. 45
271, 527, 091.86
255, 577, 705. 23
247, 306, 220. 66
242, 543, 695. 63
240, 605, 908. 58
244, 261, 468. 91
247, 598, 465. 89
238, 359, 801. 29
17. 486, 810
18, 150, 140
23, 673, 770
21,931,180
14,470, 520
15, 363, 590
17, 738, 500
23. 847, 210
25, 315, 590
23, 181, 990
19, 632. 830
24, 254, 750
163, 178, 959
160, 001, 279
154, 329. 229
153, 713, 609
157, 295, 209
141, 235, 339
136, 861,829
128, 387, 379
121,210, 399
120, 255, 349
123, 188, 809
117,093, 139
119, 574, 904. 24
122, 122, 112, 53
125, 815, 040. 34
119, 909, 756.45
114, 231,882. 86
114, 342, 366, 23
110, 444,391.66
114,156,316. 63
119, 395, 509. 58
124, 006, 119. 91
124, 409, 656. S9
121, 266, 662. 29
1893.
Tanuary
: February
Jarch
, Lpril
lay
une
uly
lu gust
■eptember
October
November
lecember
228, 827, 532. 53
217, 672, 947. 91
218, 378, 232. 99
202, 283, 359. 08
196, 518,609. 76
188, 455, 432, 59
186, 813, 962. 98
176, 423, 172. 44
173, 209, 771. 16
163,274,171.26
161, 122, 128. 09
158, 303, 779. 13
15, 729, 770
7, 782, 260
5, 135, 430
8. 888, 310
3, 324, 670
1,071,170
93, 710
565, 370
129, 220
115, 860
149, 090
75, 590
120, 645, 819
114, 388, 729
111. 486, 009
105, 272, 029
101,469, 969
92, 970, 019
87, 611, 029
80, 414, 049
79, 627, 599
78, 889, 309
78, 163, 079
77, 412, 179
108, 181, 713. 53
103, 284, 218. 91
106, 892, 223. 99
97, Oil, 330. 08
95, 048, 640. 76
95, 485, 413. 59
99, 202, 933. 98
96, 009, 123. 44
93, 582, 172. 16
84, 384, 862. 26
82, 959, 049. 09
80, 891, 600. 13
262
Statement showing AMOUNT of GOLD COIN and BULLION in the Treasury, and of
GOLD CEBTIFICATES OUTSTANDING, etc.— Continued.
FOR TEN-DAY PERIODS SINCE JANUARY 1, 1892.
Date.
Total gold in
Treasury, coin
and bullion.
Gold certifi-
cates in
Treasury
cash.
Gold certifi-
cates in
circulation.
1892.
January 9
$280, 248, 147. 86
$15, 688, 420
$154, 435, 619
January 20
281,787,085.45
18, 201, 290
162, 037, 799
January 30
282, 753, 863. 24
17,486,810
163, 178, 959
February 10
283, 606, 618. 26
15,011,230
163, 960, 889
February 20
283, 918, 152. 86
16, 179,280
163, 187, 139
February 29
282, 123, 391. 53
18, 150, 140
160, 001, 279
March 10
279, 736, 275. 63
24, 177, 450
154, 969, 819
March 19
280, 281,702. 79
25, 154, 050
155, 656, 119
March 31
280, 144, 269. 34
23, 673, 770
154, 329, 229
April 9
279, 283, 980. 76
23, 775, 020
154, 631, 229
April 20
279, 834, 8S8. 39
19, 139, 780
157, 939, 719
April 30
273, 623, 455. 45
21,931,180
153, 713, 699
May 10
271, 161,507.13
23, 849, 390
151, 395, 089
May 20
271, 021, 429. 94
19, 775, 470
155, 914, 259
May 31
271,527, 091. 86
14, 470, 520
157, 295, 209
June 10
269, 462, 769. 67
17, 040, 610
154, 552, 119
Juno 20
261, 579, 139. 52
25, 205, 190
146, 454, 539
June 30
255, 577, 705. 23
15, 363, 590
141,235, 339
July 9
250, 748, 196. 43
16, 583, 040
139, 676, 939
July 20
250, 732, 089. 96
17, 956, 910
138, 187, 269
July 30
247, 306, 220. 66
17, 738, 500
136, 861, 829
August 10
246, 184, 794. 71
20, 574, 760
134, 025, 529
August 20
244, 287, 050. 95
22, 396, 260
132, 608, 429
August 31
242, 543, 695. 63
23, 847, 210
128, 387, 379
September 10
240, 228, 370. 01
26, 688, 690
126, 009, 399
September 20
240, 167, 338. 17
28, 143, 660
123, 606, 679
September 30
240, 605, 908. 58
25, 345, 590
121, 210, 399
October 10
241, 816, 593. 37
27, 503, 085
119, 413, 754
October 20
242, 870, 082. 69
27, 146, 670
119,441, 169
October 31
244, 261, 468. 91
23,181,990
120. 255, 349
November 10
246, 937, 513. 82
21, 578, 790
122, 303, 699
November 19
248, 329, 726. 00
19, 232, 670
124, 728, 269
November 30
247, 598, 465. 89
19, 632, 830
123, 18S, 809
December 10
246, 724, 380. 52
21,147. 430
121, 319,209
December 20
238, 841, 163. 00
„ 23,347,220
119, 556, 969
December 31
238, 359, 801. 29
24, 254, 750
117, 093, 139
1893.
January 10
237, 448, 372. 04
19, 800, 810
117, 750, 679
January 19
237, 891, 568. 88
16, 010, 870
121. 702, 969
January 31
228, 827, 532. 53
15, 720, 770
120, 645, 819
February 10
226, 350, 868. 95
22, 000, 150
114, 429, 189
February 20
220, 803, 047. 14
10, 760, 410
113, 664, 579
February 28
217, 672,947. 91
7, 782, 260
114, 388, 729
March li)
216, 875, 237. 40
5, 247, 070
114, 472, 419
March 20
219, 808, 303. 90
6, 175, 870
113,232, 719
March 31
218, 378, 232. 99
5, 135, 430
111, 486, 009
April 10
216,433, 583. 33
6, 301, 810
110, 243, 929
April 20
210, 874, 230. 44
5, 202, 260
109. 870, 929
April 29
202, 283, 359. 08
8, 888, 310
105, 272, 029
May 10
203, 022, 684. 76
5, 495, 020
103, '’97, 019
May 20
202, 257, 408. 59
6, 322, 680
102, 282, 309
May 31
196, 518, 609. 76
3, 324, 670
101, 469, 969
June 10
190,481,877.18
827, 820
99, 758, 919
June 20
191,367,769.75
188,455,432. 59
752, 780
97, 317, 459
June 30
1,071, 170
92, 970, 019
July 10
188, 779,016. 14
156, 550
91, 492, 339
July 20
188, 756, 609. 60
226, 610
90, 767, 529
July' 31 j
186,813, 962.98
93, 710
87,611,029
August 10
1.86,282, 914.35
3. 573, 760
82, 419, 624
August 19
179,498, 045.27
4. 084, 290
81. 187, 799
August 31
176, 123. 172.44
565, 370
80,414,049
178, 246, 159. 58
174,775, 321.73
168,279
80, 195, 690
September 20
199, 050
79, 935, 619
September 30
173, 209, 771. 16
129,220
79, 627, 599
October 10
166, 443, 707. 34
212,120
79, 544, <599
October 20
160,904, 248. 35
453, 220
79. 203, 599
October 31
163, 274,171.26
115, 860
78. 889, 309
November 10
163, 978, 989. 05
313, 120
78, 568, 849
November 20
162,936,543.71
186, 140
78, 420, 029
Novembor 29
161, 122, 128.09
149, 090
78, 163, 079
December 9 -
161,532, 948.65
280, 349
77,961,829
160, 395, 543. 82
281, 160
77, 608, 209
December 30
153, 303, 779. 13
75, 590
77, 412, 179
1894.
January 10
151,509, 238.75
147, 930
77, 339, 839
Net gold in
Treasury, coin
and bullion.
$125, 812, 528. 86
119, 749, 286. 45
119, 574, 904. 24
119, 645, 729. 26
120, 731, 013. 86
122, 122, 112. 53
124, 766, 456. 63
124, 625. 583. 79
125, 815, 040. 34
124, 652, 751. 76
121,895, 169. 39
119, 909, 756. 45
119, 766.418.13
115, 107, 170. 94
114, 231, 882. 36
114, 910, 650. 67
115. 124. 600. 52
114, 342, 366. 23
111,071. 257. 43
112, 544, 820. 96
110, 444, 391. 66
112, 159,265.71
111,678, 621.95
114,156,316. 63
114,218, 971.01
116, 560, 659.17
119. 395, 509. 58
122, 402, 839. 37
123, 128, 913. 69
124, 006,119. 91
124, 633, 814. 82
123, 601,457. 00
124, 409, 656. 89
125. 405. 171. 52
119, 284, 194. 00
121, 266, 662. 29
119, 697, 693. 04
116. 188, 599. 88
108, 181, 713. 53
111, 927, 679. 95
107, 228, 468. 14
103, 284, 218. 91
102,302,818. 40
106, 575, 584.90
106, 892, 223. 99
106. 189, 654. 33
191, 003, 301. 44
97,911,330. 08
99, 225, 665. 76
99. 975, 099. 59
95,048.640.76
90, 722. 958. 18
94. 050. 310. 75
95,485, 413.59
97, 286, 677. 14
97, 989,080. 60
99, 202, 933. 98
103,863,290.35
98,310, 240.27
96,009,123.44
98, 050, 469. 58
94, 839, 702. 73
93, 582, 172. 16
86, 899, 008. 34
81, 700, 649. 35
84, 384, 862. 29
85,410, 140.05
84, 516, 514. 71
82, 959, 049. 09
83,571,119.65
82, 787, 334. 82
80,891,600. 13
74, 169, 399. 75
263
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EXECUTIVE AND MISCELLANEOUS DOCUMENTS.
265
‘
EXECUTIVE AND MISCELLANEOUS DOCUMENTS,
By the President of the United States of America.
A PROCLAMATION.
Executive Mansion,
Washington, D. C., June 30, 1898.
Whereas the distrust and apprehension concerning the financial situation, which
i pervade all business circles, have already caused great loss and damage to our peo-
ple, and threaten to cripple our merchants, stop the wheels of manufacture, and
bring distress and privation to our farmers, and withhold from our workingmen the
wage of labor;
And whereas the present perilous condition is largely the result of a financial
policy which the executive branch of the Government finds embodied in unwise laws
which must be executed until repealed by Congress:
Now, therefore, I, Grover Cleveland, President of the United States, in perform-
ance of a constitutional duty, do by this proclamation declare that an extraordinary
iccasion requires the convening of both Houses of the Congress of the United States at
the Capitol in the city of Washington on the 7th day of August next, at 12 o’clock
loon, to the end that the people may be relieved, through legislation, from present
and impending danger and distress.
All those entitled to act as members of the Fifty-third Congress are required to
;ake notice of this proclamation and attend at the time and place above stated.
Given under my hand and the seal of the United States at the city of Washington
in the 13th day of June, in the year of our Lord 1893, and of the Independence of
he United States the 117th.
[seal.] Grover Cleveland.
By the President :
Alvey A. Adee,
Acting Secretary of State.
[House Ex. Doc. No. 1, Fifty-third Congress, first session.]
PRESIDENTIAL MESSAGE.
To the Congress of the United States :
The existence of an alarming and extraordinary business situation, involving the
velfare and prosperity of all our people, has constrained me to call together in extra
ession the people’s representatives in Congress, to the end that through a wise and
latriotic exercise of the legislative duty with which they solely are charged, present
vils may be mitigated and dangers threatening the future may be averted.
Our unfortunate financial plight is not the result of untoward events, nor of con-
ditions related to our natural resources; nor is it traceable to any of the afflictions
which frequently check national growth and prosperity. With plenteous crops, with
bundant promise of remunerative production and manufacture, with unusual invi-
tation to safe investment, and with satisfactory assurance to business enterprise,
uddenly financial distrust and fear have sprung up on every side. Numerous
moneyed institutions have suspended because abundant assets were not immediately
vailable to meet the demands of frightened depositors. Surviving corporations
nd individuals are content to keep in hand the money they are usually anxious to
nan, and those engaged in legitimate busiuess are surprised to find that the securi-
ies they offer for loans, though heretofore satisfactory, are. no longer accepted,
"allies supposed to be fixed are fast becoming conjectural, and loss and failure have
avaded every branch of business.
I believe these things are principally chargeable to Congressional legislation
Duelling the purchase and coinage of silver by the General Government.
267
268
This legislation is embodied in a statute passed on the 14th day of July, 1890,
which was the culmination of much agitation on the subject involved, and which
may he considered a truce, after a long struggle, between the advocates of free-
silver coinage and those intending to be more conservative.
Undoubtedly the monthly purchases by the Government of four million and five
hundred thousand ounces of silver, enforced under that statute, were regarded by
those interested in silver production as a certain guaranty of its increase in price.
The result, however, has been entirely different, for immediately following a spas-
modic and slight rise the price of silver began to fall after the passage of the act,
and has since reached the lowest point ever known. This disappointing result has
led to renewed and persistent effort in the direction of free-silver coinage.
Meanwhile, not only are the evil effects of the operation of the present law con-
stantly accumulating, but the result to which its execution must inevitably lead is
becoming palpable to all who give the least heed to financial subjects.
This law provides that in payment for the four million and five hundred thousand
ounces of silver bullion which the Secretary of the Treasury is commanded to pur-
chase monthly there shall be issued Treasury notes redeemable on demand in gold
or silver coin, at the discretion of the Secretary of the Treasury, and that said notes
may be reissued. It is, however, declared in the act to be “ the established policy
of the United States to maintain the two metals on a parity with each other upon
the present legal ratio, or such ratio as may be provided bylaw.” This declaration
so controls the action of the Secretary of the Treasury as to prevent his exercising
the discretion nominally vested in him, if by such action the parity between gold
and silver may be disturbed. Manifestly a refusal by the Secretary to pay these
Treasury notes in gold, if demanded, would necessarily result in their discredit and
depreciation as obligations payable only in silver, and would destroy the parity
between the two metals by establishing a discrimination in favor of gold.
Up to the fifteenth day of July, 1893, these notes had been issued in payment of
silver bullion purchases to the amount of more than one hundred and forty-seven
millions of dollars. While all but a very small quantity of this bullion remains
uncoined and without usefulness in the Treasury, many of the notes given in its
purchase have been paid in gold. This is illustrated by the statement that between
the first day of May, 1892, and the fifteenth day of July, 1893, the notes of this kind
issued in payment for silver bullion amounted to a little more than fifty-four millions
of dollars, and that during the same period about forty-nine millions of dollars were
paid by the Treasury in gold for the redemption of such notes.
The policy necessarily adopted of paying these notes in gold has not spared the
gold reserve of one hundred millions of dollars long ago set aside by the Government
for the redemption of other notes, for this fund has already been subjected to the
payment of new obligations amounting to about one hundred and fifty millions of
dollars on account of silver purchases, and has as a consequence, for the first time
since its creation, been encroached upon.
We have thus made the depletion of our gold easy, and have tempted other and
more appreciative nations to add it to their stock. That the opportunity we have
offered has not been neglected is shown by the large amounts of gold which have
been recently drawn from our Treasury and exported to increase the financial strength
of foreign nations. The excess of exports of gold over its imports for the year end-
ing June 30, 1893, amounted to more than eighty-seven and a half millions of dollars.
Between the first day of July, 1890, and the fifteenth day of July, 1893, the gold
coin and bullion in our Treasury decreased more than one hundred and thirty-two
millions of dollars, while during the same period the silver coin and bullion in the
Treasury increased more than "one hundred and forty-seven millions of dollars.
Unless Government bonds are to be constantly issued and sold to replenish our
exhausted gold, only to be again exhausted, it is apparent that the operation of the
silver-purchase law'now in force leads in the direction of the entire substitution of
silver for the gold in the Government Treasury, and that this must be followed by
the payment of all Government obligations in depreciated silver.
At this stage gold and silver must part company and the Government must fail in
its established policy to maintain the two metals on a parity with each other.
Given over to the exclusive use of a currency greatly depreciated according to the
standard of the commercial world, we could no longer claim a place among nations
of the first class, nor could our Government claim a performance of its obligation, so
far as such an obligation has been imposed upon it, to provide for the use of the peo-
ple the best and safest money.
If as many of its friends claim, silver ought to occupy a larger place in our cur-
rency and the currency of the world through general international cooperation and
agreement, it is obvious that the United States will not be in a position to gain a
hearing in favor of such an arrangement so long as we are willing to continue our
attempt to accomplish the result single handed.
The knowledge in business circles among our own people that our Government can
not make its fiat equivalent to intrinsic value, nor keep inferior money on a parity
269
(vith superior money by its own independent efforts, has resulted in such a lack of
Jonfidence at home, in tlie stability of currency values that capital refuses its aid to
lew enterprises while millions are actually withdrawn from the channels of trade
md commerce to become idle and unproductive in the hands of timid owners. For-
eign investors equally alert not only decline to purchase American securities but
nake haste to sacrifice those which they already have.
It does not meot the situation to say that apprehension in regard to the future of
>ur finances is groundless and that there is no reason for lack of confidence in the
mrposes or power of the Government in the premises. The very existence of this
tppreliension and lack of confidence, however caused, is a menace which ought not
or a moment to be disregarded. Possibly if the undertaking we have in hand were
he maintenance of a specific known quantity of silver at a parity with gold, our
libility to do so might be estimated and gauged, and perhaps in view of our unparal-
eled growth and resources might bo favorably passed upon. But when our avowed
mdeavor is to maintain such parity in regard to an amount of silver increasing at
he rate of fifty millions of dollars yearly, with no fixed termination to such increase,
i t can hardly be said that a problem is presented wrhose solution is free from doubt.
The people of the United States are entitled to a sound and stable currency and
0 money recognized as such on every exchange and in every market of the world,
heir Government has no right to injure them by financial experiments opposed to
he policy and practice of other civilized states, nor is it justified in permitting an
xaggerated and unreasonable reliance on our national strength and ability to
eopardize the soundness of the people’s money.
This matter rises above the plane of party politics. It vitally concerns every busi-
ess and calling and enters every household in the land. There is one important
spect of the subject which especially should never be overlooked. At times like
he present, when the evils of unsound finance threaten us, the speculator may antici-
pate a harvest gathered from the misfortune of others, the capitalist may protect h im-
elf by hoarding or may even find profit in the fluctuation of values; but the wage
arner — the first to be injured by a depreciated currency and the last to receive the
enefit of its correction — is practically defenseless. He relies for work upon the
eutures of confident and contented capital. This failing him, his condition is with-
lut alleviation, for he can neither prey on the misfortunes of others nor hoard his
fbor. One of the greatest statesmen our country has known, speaking more than
fty years ago -when a derangement of the currency had caused commercial distress,
lid : “The very man of all others who has the deepest interest in a sound currency
nd who suffers most by mischievous legislation in money matters, is the man who
irns his daily bread by his daily toil.”
These words are as pertinent now as on the day they were uttered, and ought to
npressively remind us that a failure in the discharge of our duty at this time must
specially injure those of our countrymen who labor and who, because of their num-
er and condition, are entitled to the most watchful care of their Government.
It is of the utmost importance that such relief as Congress can afford in the exist-
ig situation be afforded at once. The maxim “he gives twice who gives quickly”
directly applicable. It may be true that the embarrassments from which the
isiness of the country is suffering arise as much from evils apprehended as from
lose actually existing. We may hope, too, that calm counsels will prevail and
iat neither the capitalists nor tbe wage-earners will give way to unreasoning
mic and sacrifice their property or their interests under the influence of exagger-
:ed fears. Nevertheless, every day’s delay in removing one of the plain and prin-
pal causes of the present state of things enlarges the mischief already done and
creases the responsibility of the Government for its existence. Whatever else the
sople have a right to expect from Congress they may certainly demand that legis-
tion condemned by the ordeal of three years’ disastrous experience shall be removed
orn the statute books as soon as their representatives can legitimately deal with it.
It was my purpose to summon Congress in special session early in the coming Sep-
mber that we might enter promptly upon the work of tariff reform, which tlie true
terests of the country clearly demand, which so large a majority of the people as
own by their suffrages, desire and expect, and to the accompli slnnent of which
ery effort of the present Administration is pledged. But while tariff reform has
st nothing of its immediate and permanent importance, and must in the near future
gage the attention of Congress, it has seemed to me that the financial condition
the country should at once, and before all other subjects, be considered by your
morable body.
1 earnestly recommend the prompt repeal of the provisions of the act passed July
, 1890, authorizing the purchase of silver bullion, and that other legislative action
iy put beyond all doubt or mistake the intention and the ability of the Government
fulfill its pecuniary obligations in money universally recognized by all civilized
untries.
Executive Mansion, August 8, 1803.
Grover Cleveland.
270
[Senate Ex. Doc. No. 2, Fifty -third Congress, first session.]
Letter from the Secretary of the Treasury, in response to Senate resolution of August 16,
1S93, relative to the redemption of Treasury notes issued under the act of July 14, 1S90,
and also relative to the exchange of gold coin for silver dollars.
Treasury Department, Office of the Secretary,
Washington, I). C., August 17, 1893.
The President of the Senate :
I have the honor to acknowledge the receipt of the following resolution, adopted
by the Senate on the 16th instant, viz :
“Resolved, That the Secretary of the Treasury he, and he is hereby, directed to
report to the Senate what amount, if any, of the Treasury notes issued under the
act of July 14, 1890, commonly called the Sherman act, have been during the present
month redeemed by the Government at the request of the holders thereof in silver
dollars, and whether the holders of such notes were advised at the time of such
redemption that they could have gold instead of silver if they so desired. The Sec-
retary of the Treasury is also directed to inform the Senate whether gold coin has
been presented recently to the Treasury Department, or any subtreasury, and silver
dollars asked in exchange therefor ; and, if so, if such exchanges have been made,
and whether the Department would or could exchange silver dollars for gold coin if
requested to do so by holders of gold.”
In response thereto I have the honor to say that during the present month Treasury
notes issued under the act of J uly 14, 1890, amounting to $714,636, have been redeemed
by the Government in silver dollars. While I do not pretend to have knowledge of
the degree of information possessed by the holders of the notes so redeemed, I am of
the opinion that they were fully advised at the time of such redemption that they
could have gold instead of silver, if they so desired. I base this opinion upon the
general publicity which has been given to the terms of the act, no less than upon
the instructions of this Department to the Treasurer and assistant treasurers of the
United States, which have been to the effect that such notes were redeemable in
silver dollars at the option of the holders. # I am also supported in my belief by the
fact that in the circular of this Department issued to the public for their guidance
in their dealings with the Treasury, and containing the regulations which govern
the issue, redemption, and exchange of the paper currency and the gold, silver, and
minor coins of the United States, there is a paragraph which reads as follows:
“4. Gold coin is issued in redemption of United States notes, in sums not less than
$50, by the assistant treasurers in New York and San Francisco, and in redemption
of Treasury notes of 1890, in like sums, by the Treasurer and all the assistant treas-
urers.”
In further response to the resolution I have to say that recently gold coin has been
presented at an office of this Department and silver dollars asked in exchange there-
for, and that the exchange was not made for the reason that all the silver dollars in
the Treasury at the time were required under the xirovisions of the laws relating to
the currency to be held in the Treasury to cover outstanding silver certificates and
Treasury notes issued under the act of July 14, 1890. At present the Department
would not and could not exchange silver dollars for gold coin if requested to do so
by holders of gold for the same reason; but if the condition of the funds of the
Treasury were such as to afford a margin of silver dollars in excess of silver certifi-
cates and Treasury notes outstanding, such exchanges would be made.
Respectfully, yours,
J. G. Carlisle,
Secretary.
[Senate, Ex-Doc. No. 3, Fifty-third Congress, first session.]
Letter from the Secretary of the Treasury showing necessity for immediate appropriation
of $300,000 for continuing recoinage of fractional silver coins.
Treasury Department,
August IS, 1S98.
Sir: I have the honor to inclose herewith copy of a letter from the Treasurer of
the United States, setting forth the necessity for an immediate appropriation of
$300,000 for continuing the recoinage of fractional silver coins.
I concur in tlio recommendation of the Treasurer, and respectfully request that
an appropriation bo made in the following terms: For recoinage of the uncurrent frao-
271
liovnl silver coins in the Treasury , to he expended under the direction of the Secretary of
the Treasury, $800,000 the same to be immdiately available. The amount of fractional
silver coins now in the Treasury available for recoinage is $10,000,000.
Respectfully, yours,
J. G. Carlisle,
Secretary.
Tho President of the Senate.
Sir:
Treasury Department,
Office of tiie Treasurer,
Washington, D. C., August 9, 1898.
I have the honor to advise you that tho current appropriation for the “Recoin-
age of silver coins ” is nearly exhausted, and in order to enable this office to meet
the usual autumn demand for fractional silver coin it is respectfully, suggested that
Congress be asked to make an appropriation of at least $300,000 for that purpose at
the earliest moment, and that it be made immediately available.
Respectfully, yours,
D. N. Morgan,
Treasurer United States.
Hon. J. G. Carlisle,
Secretary of the Treasury.
[Senate Ex. Doc. No. 4, Fifty-third Congress, first session.!
Letter from the Secretary of the Treasury relative to the cost of recoining silver currency
under the proposed ratio of one to twenty.
Treasury Department,
Office of the Secretary,
Washington, D. C., August 19, 1893.
Sir: Referring to our conversation relative to the probable cost incident to ti e
change from the present coining ratio between gold and silver (1 to 16 for the stand-
ard silver dollars and 1 to 14-95 for subsidiary silver) to a ratio of 1 to 20, you are
respectfully informod that the number of silver dollars coined since 1878 aggregates
119,332,450.
Without any allowance for abrasion and loss incident to melting the same, the
coining value of these dollars at a ratio of 1 to 20, would be $333,222,162, or
$84,110,228 less than their present face value.
To recoin these dollars at a ratio of 1 to 20 would require the addition of 81,376,700
ounces of new bullion, which, at the average price paid for silver under the act of
Tnly 14, 1890 ($0.93|r), would cost $75,883,700.
In addition to this I estimate that there would be a loss from abrasion and in the
melting of these dollars of at least $3,000,000, which amount, together with the dif-
ference in the face value of the coins ($84,110,288), would have to be reimbursed to
the Treasury by an appropriation for that purpose.
From the fact that the silver dollars are distributed throughout the country it
would be necessary, as they are redeemed at the several subtreasuries, to transport
them to the mints, and the expense of transportation for $300,000,000, the amount
ratside of the stock on hand at the subtreasuries and mints at Philadelphia, San
Francisco, and New Orleans, would average at least 1| per cent, or $4,500,000.
I therefore estimate the cost of recoining the silver dollars already coined as fol-
lows:
Sew bullion to be added $75, 883, 700
Loss by abrasion and melting 3, 000, 000
Dost of coinage (labor, materials, etc.) 6, 290, 000
Hopper for alloy 68, 200
transportation of dollars to mints 4, 500, 000
Total 89, 741, 900
The stock of subsidiary silver coin in the country is estimated at $77,000,000, which
it full weight would contain 55,699,975 ounces of fine silver. This amount, at a
-atio of 1 to 20, would coin $55,843,802, or $21,156,197 less than the present face
nalue.
272
To recoin $77,000,000 of subsidiary silver into an equal amount of fractional coin
at a ratio of 1 to 20 would require the addition of 18,797,625 fine ounces, which, at
$0.93J per fine ounce, the average price paid for silver under the act of July 14, 1890,
would cost $17,528,785.
There would be a loss of about 2-J per cent by abrasion from the face value, or
about $1,925,000.
I would, therefore, estimate the cost of recoining the subsidiary silver in the
country, at a ratio of 1 to 20, as follows :
New bullion $17, 528, 785
Loss by abrasion 1, 925, 000
Cost of coinage (labor, materials, etc.) 2, 500, 000
Copper for alloy 15, 636
Cost of transportation 1,155,000
Total 23,124,421
RECAPITULATION.
Estimated cost of recoining silver dollars $89, 741, 900
Estimated cost of recoining subsidiary silver 23, 124, 421
Total
Very respectfully,
Hon. Daniel W. Voorhees,
United States Senate.
112, 866, 321
J. G. Carlisle,
Secretary.
[Mis.Doc.No.il, Fifty-third Congress, first session.]
Mr. Stewart presented the following editorial, printed in the New York Recorder,
of August 13, 1893 :
GIVE US FREE SILVER.
The Recorder believes that the time has come when the will of the people must be
enforced alike upon Congress and the President, and the mints of the United States I
be thrown open to the free coinage of silver.
The financial and business situation is admittedly bad. There is no need to exag- -J
gerate it. It might be worse. It will become worse, much worse, unless Congress 1
and President Cleveland can get together and relieve the existing commercial con-
gestion by prompt and adequate legislation.
The President admits in his recent message that the repeal of the silver purchase j
law of 1890 will not fully meet the exigencies of our situation. It is confessed on all
hands that to simply repeal the Sherman Act and stop there will not leave our cur- *
reucy upon a satisfactory basis, or provide for a safe and sufficient circulating
medium.
The business of this country can not be done upon a purely gold basis. There is
too much business to be done, and too little gold to do it with, to justify the experi- I
ment of a currency based wholly on one metal, and that one the scarcer and dearer
of the two. The total disfranchisement of silver as a money metal, which seems to
be the aim of the gold extremists at Washington, means a violent and ruinous con- ]
traction of values. The mere threat of it has already given the first sharp twist to
tho screws of contraction.
To persist in the total elimination of silver from our currency is madness. The ,
lead of the gold monometallists has been followed far enough. It is time to call a
halt and demand that silver shall be put back into the place it hold for eighty years, '
from the formation of the Government down to 1873, and be made again one of the i
two main pillars of the American system of currency and coinage.
It is evident that his party in Congress is not fully with the President, and will ,
not act upon his initiative unless he will assent to a provision by which silver shall |
be retained as a partner with gold on a just and fair ratio in the metallic basis of a
nation’s money. Congress is not ready and willing to repeal the act of 1890 until *
tho President on his side is prepared to give his assent to a new law based on bime- |
tallic principles, restoring silver as a money metal and reestablishing the double
standard.
273
This is the perilous feature of the situation at Washington. If the President and
Congress can not harmonize their views and act together without long debate and
delay, the crisis through which the trade and industry of the country are passing
must and will grow more acute. Is there any way of bringing them together? Only,
as The Recorder thinks, by putting such a pressure of public opinion upon them
both as will compel them to meet on middle ground and take decisive action.
The President is not justified in asking for the unconditional repeal of the present
silver law. To postpone the definite readjustment of our currency laws, leaving
silver demonetized and its use as a standard money metal wholly prohibited, would,
in The Recorder’s opinion, precipitate a financial and business catastrophe compared
with which all past panics would seem to have been mere bugaboos.
Absolute gold monometallism spells ruin, universal and unsparing ruin, for the
people of this country.
Congress is right iu demanding securities for the silver already coined and repre-
sented in our paper circulation, and a guarantee for the permanent retention of both
metals and the historic double standard, at a ratio to be fixed with a due regard to
the existing conditions of the currencies and coinages of the world. Congress stands
for the American people in this matter. It is their dearest interests which it is
defending in defending their constitutional currency — gold and sil ver.
The single gold standard has never been sanctioned or desired by the people of
this country. Their will has been over and over again expressed to the contrary at
; every election and in every Congress for sixteen years past. Their determination
that silver shall not be outlawed at the mints has been clearly and forcibly shown
by overwhelming majorities in both branches of Congress. It never was stronger
than it is to-day.
The clamor of the money changers, the usurers, and the stock gamblers, inspired
by the English influences that radiate from Lombard street and which represent the
organized rapacity of the world, has not shaken the faith of the American masses
one iota in the honesty, the justice, the fairness, and, above all, the vital necessity
of maintaining silver side by side with gold in their national money system.
There may have been a change in the relative measuring values of the two metals.
That has often occurred in the course of history. But that change, whatever it may
be, can be corrected by a change in the ratio of coinage from the present 16 to 1 to,
say, 19 or even 20 to 1. It does not justify the total abolition of silver as a standard
money metal. England is reported to be at this moment exchanging her gold for
Indian silver on the basis of 22 to 1, showing that even the leading gold standard
country recognizes that silver possesses an exchangeable value with gold at some
ratio that can be fixed. And we may be sure that the Bank of England, in fixing it
at 22 to 1, has been as unfair to silver and as partial to gold as it has dared to bo.
The Recorder earnestly calls for a general expression of the popular will loud and
clear and general enough to make the President and Congress understand that the
people demand immediate relief from the stifling and stagnating currency conditions
from which they are now suffering; and that, while they want the act of 1890 repealed,
they also wrant the free coinage of silver restored at such new ratio as the wisdom of
Congress may see fit to fix.
The money power has spoken for gold monometallism, and Mr. Cleveland seems to
be its executive echo. Now let the people be heard and Mr. Cleveland be clearly
informed that Congress, and not he, represents the national will on this matter ot
admitting silver as well as gold to the mints.
Gen. Grant once said, speaking from the same chair now filled by Mr. Cleveland:
“I have no policy to enforce against the will of the people.” The Recorder recom-
mends Mr. Cleveland to adopt the same attitude on this money question, for it is the
only one that is worthy of an American President. Congress is the repository of the
people’s law-making power, and it correctly represents them in resisting the single
gold standard crusade, at whose head Mr. Cleveland has apparently placed himself.
He can do the nation no better service at this grave crisis in its financial and busi-
ness history than to yield gracefully and say with Grant: “I have no policy to enforce
against the will of the people.”
It is of the very first importance that the present state of affairs should not be long
t continued. Business is benumbed in every branch, currency and coin are alike in
hiding, exchange is difficult to effect for want of money to do it with, perfectly
> sound banks are embarrassed themselves and can not give ordinary accommodations
to their depositors, trade is clogged and hampered at every turn, mills and work -
■ shops are closing in large numbers, and even the most solvent and flourishing firms
find it hard to draw on their deposited moneys in such form as to meet their weekly
pay rolls in the usual way.
This is the situation, and it is not improving but growing worse with every day’s
delay at Washington.
Bad as it is, it would become infinitely worse if Congress were to yield to the
single gold standard movement and surrender the cause of silver. Such a surrender
S. Kep. 235 18
274
would, mean disaster to all classes except the A'ultures that always flesli their beaks
deepest and gorge themselves fullest on a field that is strewn with the victims of a
vast commercial and industrial calamity. The merchant and the manufacturer, the
big business man and the small tradesman, the great mass alike of employers and
employed, the professional man, the brain-worker and the brawn-worker, and more
than all, the laborer and the wage-earner in every occupation, will all be drawn
down together in the vortex of contraction if silver is outlawed.
To make gold the sole standard and the only currency is to diminish the volume
of our money by one-half. That is contraction; and contraction means the com-
plete paralysis of all enterprise, the utter collapse of credit, the complete prostration
of trade from New York to California, and the consignment of myriads of working
people in every city and State in the Union to idleness and starvation.
The Recorder pleads with all its power that this whirlpool of contraction may not
be opened. President Cleveland and Congress must get together and prevent it.
The people must raise their voices now and demand their own salvation. If silver
be not restored quickly to free coinage, the most optimistic man can not look for-
ward six months without fear. Millions of unemployed, wageless men, with their
wives and children crying for bread that can not be earned for them, will be hard to
reason with. But they will have to be reasoned with if silver is outlawed from the
mints. And it will be idle to tell them that it was thought best to starve them in
order to place the country on the same gold standard footing as England.
Repeal the act of 1890, readmit silver to free coinage at a new and reasonable ratio,
and do it quickly. That, and nothing less than that, will put the business of the
oouutry firmly on its feet again, give new heart to capital, new hope to labor, and
restore good times throughout the land.
If this be not done and the antisilver madness prevail, the prosperity of the coun-
try can not be recalled, and its peace will soon be in serious peril.
[Senate Mis. Doc. No. 16, Nifty -third Congress, first session.]
Mr. Voorliees presented the following letter of the Secretary of the Treasury
recommending the passage of the bill (S. 294) to provide for issue of circulating
notes to national banks:
Treasury Department, Office of the Secretary,
Washington, D. C., August 11, 1893.
My Dear Sir: Your favor of the 10th instant, inclosing form of a bill “to provide
for the issue of circulating notes to national banks,” and asking the views of the
Secretary of the Treasury as to the advisability of Its passage, is received.
The enactment of such a law as proposed would enable the national banks to issue
and put in circulation at once, on bonds already deposited with the Treasurer of the
United States, about $19,000,000 in currency in addition to the amount now author-
ized, and this, in my opinion, would afford a A ery considerable measure of relief to
the country under existing circumstances. I therefore recommend the passage of
the bill.
Respectfully, yours,
J. G. Carlisle,
Secretary.
Hon. D. W. Voorhees,
Chairman Committee on Finance, U. S. Senate.
275
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276
[Seriate Mis. Doe. No. 3G, Ditty-third Congress, first session.]
Mr. Cockrell presented the following statement of the production of gold and
silver in the world, 1792-1892:
PRODUCTION of GOLD and SILVER in the WORLD, 1792-1892.
Calendar years.
Gold.
Silver (coining
value).
Total.
1792-1800
$106, 407, 000
$328, 860. 000
$435, 267, 000
1801-1810
118, 152, 000
371, 677, 000
489, 829, 000
1811-1820
70, 003, 000
224, 786, 000
300, 849, 000
1821-1830
94, 479, 000
191, 444, 000
285, 923, 000
1831-1840
134, 841. 000
247, 930, 000
382, 771, 000
1841-1848
291, 144, 000
259, 520. 000
550, 664, 000
1849
27, 100, 000
39, 000, 000
66, 100, 000
44, 450, 000
39, 000, 000
83, 450, 000
67, 600, 000
45, 000, 000
107, 600. 000
132, 750, 000
40, 600, 000
173, 350. 000
1853
155. 450, 000
40, 600, 000
196, 050, 000
1854
127, 450, 000
40, 600, 000
168. 050, 000
1855
135, 075, 000
40, 600, 000
175, 675, 000
147, 600, 000
40, 650, 000
188, 250, 000
133, 275, 000
40, 650, 000
173, 925, 000
1858
124,650,000
40, 650, 000
165, 300,000
1859
124, 850, 000
40, 750, 000
105, 300, 000
1800
119, 250, 000
40, 800, 000
100, 050, 000
1861
113, 800, 000
44, 700, 000
158, 500, 000
1802
107, 750, 000
45, 200. 000
152, 950, 000
1863
106, 950, 000
49, 200, 000
156, 150, 000
1804
113, 000, 000
51, 700, 000
164, 700, 000
120, 200, 000
51, 950, 000
172, 150, 000
121,100, 000
50, 750, 000
171,850, 000
1807
104, 025, 000
54, 225, 000
158, 250, 000
1808
109, 725, 000
50, 225, 000
159, 950, 000
1869
106, 225. 000
47, 500, 000
153,725,000
1870 :
106, 850, 000
51, 575, 000
158, 425, 000
1871
107, 000, 000
61,050, 000
168, 050, 000
1872
99, 600, 000
65, 250, 000
164, 850, 000
1873
96, 200, 000
81,800,000
178. 000, 070
1874
99, 750, 000
71,500,000
162. 250, 000
1875
97, 500, 000
80, 500, 000
178, 000, 000
1876
103, 700, 000
87, 600, 000
191,300,000
1877
114. 000, 000
81.000, 000
195, 000, 000
1878
119, 000, 000
95, 000. 000
214, 000, 000
1879
109, 000, 000
96, 000, 000
205, 000, 000
1880
108, 500, 000
96, 700, 000
203, 200, 000
1881
103, 000, 000
102, 000, 000
205. 000, 000
1882
102, 000, 000
111, 800, 000
213,800, 000
1883
95, 400, 000
115, 300, 000
210, 700, 000
1884
101,700,000
105, 500, 000
207, 200, 000
1885
108, 400, 000
118,500, 000
226, 900, 000
1886
106, 000, 000
120, 600, 000
226, 600. 000
1887
105, 775, 000
124, 281, 000
230, 056, 000
1888
110, 197, 000
140, 706, 000
250, 903, 000
1889
123, 489, 000
162, 159, 000
285, 648, 000
1890
113, 150, 000
172, 235, 000
285, 385, 000
1891
120, 519, 000
186, 733, 000
307, 252, 000
1892
130, K17, 000
196, 105, 000
327, 422, 000
Total
5, 633, 908, 000
5, 077, 961, 000
10, 711, 809, 000
Treasury Department, Bureau of the Mint,
August 10, 1$93.
[House Ex. Doc. No. 2, Fifty-third Congress, first session.]
Letter from the Secretary of the Treasury, transmitting, pursuant to House resolution of
the 16th instant, information relating to the purchase and coinage of silver under the act
of July 14, 1890.
The a su by 1 >epartmf,nt,
Office of the Secretary,
Washington, D. ('., August 19, 1S9S.
Sir: 1 have to acknowledge the receipt of the following resolution, passed by the
House of Representatives on the Kith instant:
“ Rrsolred, That the Secretary of the Treasury is hereby respectfully requested to
communicate to the House the following information relating to the purchase and
277
coinage of silver under the act of July 14, 1890, entitled ‘An act directing the pur-
chase ol‘ silver bullion and the issue of Treasury notes thereon, and for other pur-
poses.7
“First. How many ounces of silver bullion have been purchased and what has
been the highest, lowest, and average market price paid?
“Second. What amount of Treasury notes has been issued in payment of the sil-
ver bullion, what amount redeemed, and what amount reissued?
“Third. What amount of Treasury notes has been redeemed in gold coin and what
amount in silver coin?
“Fourth. How many standard silver dollars have been coined?
“Fifth. How many ounces of silver bullion are now owned by the Government?”
In reply I have the honor to state:
First. The number of ounces of silver bullion purchased under the act of July 14,
1890, from August 13, 1890, to August 16, 1893, inclusive, was 161,521,000 line ounces,
costing $150,669,459. The highest price paid was $1.20]-, August 20, 1890, and the
lowest price $0,696, July 24, 1893; average price, $0.9328+.
Second. Treasury notes to the amount of $150,115,985 have been issued to date,
August 16, 1893, in payment of the silver bullion, and that amount is still outstand-
ing", the redemptions having been replaced by issues, with the exception of $714,636,
which have been redeemed in standard silver dollars and retired from circulation
since August 3 instant.
Third. Up to August 1, 1893, $49,184,160 in Treasury notes have been redeemed
in gold, and since August 3, 1893, $714,636 in Treasury notes have been redeemed in
silver dollars, this being the first redemption of these notes in silver.
Fourth. The number of standard silver dollars coined from bullion purchased
under the act of July 14, 1890, to August 16, 1893, has been 36,087,185.
Fifth. The number of ounces of silver owned by the Government, purchased under
the act of .July 14, 1890, on August 16, 1893, was 133,161,375 iiue ounces, costing
$121,217,677.
Very respectfully,
J. G. Carlisle,
Secretary.
Hon. Charles F. Crisp,
Speaker House of Representatives.
[Senate His. Doc. No. 25, Fifty -third Congress, first session.]
Mr. Teller presented the following letter from Frederick C. Waite, relative to
cause of financial and industrial depression :
Washington, D. C., August 17, 1S93.
Dear Sir: As has been well said, the President, in his message to Congress,
“proposes to rehabilitate the crippled banks, to reopen the abandoned industries,
to rescue from idleness and want tho starving laborers,. to restore securities to their
former strength and affluence, and to set up confidence where fear and frenzy riot
now, by the simple process of repealing the Sherman act, and thereby retaining in
the Treasury the $3,000,000 or $3,500,000 which hitherto lias been put into circula-
tion each month through its operation.” If, instead of seeking an opportunity to
criticise, our desire is to fiud out the cause of this industrial depression, which has
raised armies of the unemployed in many silver as well as in every gold-using nation
on the globe, we have but to investigate the affairs of that people among whom it
has been most severe, namely, of the Argentine Republic.
According to Mulhall, the total wealth of the people in the Argentine Republic,
before the collapse, equaled but $2,545,000,000 in gold, while, according to the last
report of the Michigan bureau of labor, their debt equaled the incredible total of
$2,191,000,000 in depreciated currency, or over 50 per cent of their eutire wealth, in-
cluding the inflated land values. It was this almost unprecedented amount of debt
which caused the utter collapse. Moreover, every economist who has spent years
investigating the subject is well aware that the “unearned land values,” like
bonds and stocks, are simply evidence of wealth, being in the main mere inilation
based upon the results of the labor and the capital employed in building free roads,
bridges, canals, and harbors, and furnishing light, sewerage, water, order, protec-
tion against fire, etc. Hence it is very plain that the collapse in the Argentine was
made all the more overwhelming by the fact that, when there was a need for a basis
on which her mighty debt could rest, the land values lied, and public improvements,
order, and protection against fire wore things of the past. In other countries the
crisis has not been so disastrous, but it has in every case been in proportion to the
amount of debt.
From history we notice that, whether we turn our attention to the centuries of
prehistoric human experience which the author of the Pentateuch had in mind when
278
be penned the immortal twenty-fifth chapter of Leviticus, or to the dawn of Grecian
or Roman history, the revolutions and rebellions in our mother country, or to the
financial crises of modern times, such as those in our own country in 1818, 1837, 1857,
1873, and 1893-’94, or to famine-stricken Russia, the one great fact which in every
instance towers above every other history-creating fact is debt.
Let us note the great increase during the last twelve years in the private indebt-
edness of our own people, and contrast it with the modest increase of scarcely 60
per cent in our wealth, nearly half of which was but a fictitious rise in speculative
ground values. As for the funded debt, those of the railroads increased from
$2,392,000,000 in 1880 to $5,463,000,000 in 1892, according to Poor’s Manual, an increase
of 129 per cent, while the current debt has nearly doubled in the last seven years.
The funded debts of other companies were very small in 1880, but many of them
have since assumed magnitude, especially during the last few years ; as, for instance,
those of the telephone, telegraph, and street railway companies, and public water,
gas, and electric-lighting and power companies.
During the same time the loans and overdrafts of national banks increased from
$994,000,000 to $2,171,000,000, while those of other banks, exclusive of private banks
and of real estate mortgages, increased from $378,000,000 to $1,189,000,000. The
most astonishing increase of all, however, is in the real estate mortgage indebted-
ness, as disclosed by the investigations of the eleventh census. Let us remember
that this is largely the debt of the hardest working and the poorest paid of all our
American citizens, namely, the farmers and the laborers who are trying to obtain
a home of their own by honest toil. In the twenty-one States for which the mort-
gage indebtedness has been tabulated the aggregate amount in force at the close of
1889 was $4,547,000,000 with the great States of Ohio, Texas, and California and
whole groups of lesser States yet to be heard from. The grand aggregate will be
no less than $6,300,000,000. The aggregate in 1880 was only about $2,500,000,000.
Last year, after turning the scale at $8,000,000,000, the mortgage indebtedness con-
tinued its upward flight, not being contented with an increase of 220 per cent, or
nearly four times the increase in the true value of real estate.
In a word, the total net private indebtedness of the American people equaled, in
1880, but $6,750,000,000. Last September it amounted to 19,700,000,000, an increase
of 13,000,000,000 in the short period of twelve years.
These mute figures tell the tale. Our manufacturing and mining industries have
been stimulated under the intoxicating influence of protection, while our farm-
ers have been compelled- to borrow to meet deficits. Our land values have been
bolstered up by booms and ruthless real estate speculation all over the West and
South. Railroads have been built to forestall competitors, to raise the value of land,
and to build cities where none were needed. Bonds and watered stocks have been
ruthlessly floated for the purpose of wrecking valuable properties. In order to
indicate how universal such practices have become, I may say that my investigations
in the Census Office forced me to the conclusion that the liabilities of the railroad
companies equaled fully 85 per cent, or $5,000,000,000 more than their total assets.
With this conclusion all experts practically agree. In short, things have been
overdone, and the periodic settling day has come.
This is the giant fact that stares our country in the face to-day. The industrial
depressions of over four thousand years, under every civilization known to history,
have been, one and all, due to the innate power which debt has of piling itself up
until it reaches a volume which the existing civilization can not support. Ten
months ago our private indebtedness reached that awful climax. During seven
months we reduced that mighty load of debt by a few score millions, which, together
with the reduction of the last three months, amounts to hundreds of millions.
The unpleasant fact, which must be bravely met, is that we shall not have pros-
perity again until at least a thousand millions of this indebtedness shall have been
wiped out of existence, and probably not until property which is to-day valued at
thousands of millions shall have passed, at a great sacrifice, from the hands of the
poor and middle classes to the hands of the men who hold the money.
As yet we have but touched the outskirts of this world-wide commercial crisis.
We are now beginning to sail through it. However, we shall not be called upon to
pass through the black center as have the golden republics of Australia, because the
indebtedness of our people has not been piled up with such blind recklessness, and
because, in general, there have been some bounds to the fictitious inflation of land
values.
The total capital of all banks suspending during the three months ending July 28
aggregated for Ihe whole United States only $38,951,033, while in the six weeks end-
iiTg May 16 the liabilities of the banks of issue, which were crushed to the wall in
Melbourne, alone amounted to over $300,000,000, a sum nearly equal to the total
deposits in the sixty-four banks forming the clearing house of New York city.
Melbourne is a city about the size of slow, pay-as-you-go Baltimore, which does
not know what a bank failure is. Even before the crisis, merely as a result- of the
270
il
storm which preceded, Melbourne’s population had been reduced by more than twenty
thousand, and the land values were already disappearing beneath the assessed valu-
ations, and, in many quarters, even beneath the mortgaged indebtedness, when. the
city was suddenly overtaken by one of the most gigantic financial collapses in mod-
ern times-— a collapse which shook the very foundation of credit the whole world
around, locked up the gold of the East, and set England’s surplus afloat for the res-
cue of the doomed continent.
Europe was already deep in difficulties on account of the Panama collapse and the
unsettled condition of affairs in the Argentine. The guarantors of the Baring fail-
ure had just extended their guarantees to retide matters over. The continuation of
the tight among the great banking houses for a sufficient supply out of Europe’s
insufficient store of gold compelled England to look toward America. Aided by the
excessive trading of our overhopeful merchants, England, by curtailing her pur-
chases of our produce and by selling our securities, replenished her gold supply.
Moreover, the floating of the gold bonds of Austria had shoved large bodies of Amer-
ican securities back upon our own market and increased the outflow of gold. This
draining of our supply and the fall of prices led to hoarding money of every descrip-
tion.
One month after the crisis struck Melbourne; during the week of bank holiday,
proclaimed by the government to give the people time to cool down ; just as the
collapses which had been confined to Melbourne, opened its maw as though about
to engulf the whole continent, New Zealand and all; then, as the giant banks of
Australia were failing right and left, the great commercial centers of the United
States, were shaken. Two weeks later flashed across the wires the added news that
five banks, with liabilities amounting to over $125,000,000, had gone down in three
days. In certain of our Western cities, whose condition since 1888 has been that of
a collapse-in-suspense, the banks and business houses began to close their doors,
although their assets seemed to be large, at least, to those who have not taken in
the worldwide situation and have not given years to the study of fictitious land
values as a basis of mortgaged indebtedness.
My only apology for not accepting the general explanation of the cause of this
crisis and for not falling in with the lovely little panacea, by which all nations that
have either a Sherman act to repeal or silver to demonetize may enter into the mil-
lenium of prosperity, is that I And nothing to support such theories; whereas, I
have the facts by which I can demonstrate the accuracy of every statement made
above.
Very truly yours,
Frederick C. Waite.
Horn Henry M. Teller,
United States Senate .
[Senate Mis. Doc. No. 29, Fifty-third Congress, first session.]
Mr. Hoar presented the following letter from Ernest Seyd to Samuel Hooper on the
.■subject of coinage.
I have the bill before me, and Mr. Latham kindly sent me a copy of your remarks
respecting my book and inviting my suggestions.
I cheerfully respond to this invitation and beg to submit to you the following
remarks. (I shall pass over those sections in reference to which I have uo remarks
to make, and point to others requiring notice.)
La Princes Street Bank,
„ London, February 17, 1872.
To Samuel Hooper, Esq., M. C.:
Dear Sir: You were kind enough to forward to Mr. Alfred Latham a copy of your
coinage bill for the United States, to be sent to me, and you expressed a wish to
:receive criticisms on its provisions.
Sec. 14. The issue of a variety of gold coins, such as the $20, $10, $5, $3, $2L and
$1 pieces, is injudicious. True, the $20 piece is a magnificent coin, but for ordinary
•purposes in obtaining change it is less useful than four $5 pieces, for large transac-
tions connected with international trade the $20 pieces are the most convenient
coins for melting down, and that is the fate of the majority of them. The $1 gold
piece, on the other hand, is much too small. Its wear is excessive, and it soon be-
comes totally unfit for a standard of value. The French 5-franc gold piece has
already been condemned for this very reason.
A variety of coins must also be objected to for another reason, viz: That connected
with the handling of the pieces it prevents the use of the “ weighing scales,” On
280
pages 164, 165, of my book, “ Suggestions in reference to the metallic currency of the
United States,” I speak of this matter at length, and I think the remarks therein
made are worthy of attention.
I can quite understand that Americans, accustomed to see their splendid $20 piece
and the $1 piece, do not fully appreciate the weight of these objections; but it must
be borne in mind that the American public'have only had a short period, say from
1849 to 1861, in which they had anything like dealing in gold money, sinco which
time, through the war, they have been so much habituated to paper money, whereas
we in England, accustomed to vigorous dealings in gold, have learned experience,
.and are better able to appreciate these distinctions and their importance from prac-
tical and economical points of view. And from these points of view the question of
a variety of gold coins is not an English or an American one, but oue of cosmopolitan
importance also, for there are principles involved in it.
In England we only issue sovereigns and half-sovereigns ; but we complain, aud
with just reason, of the latter piece (see X’s letter in English, page 40, of German
pamphlet which I send herewith, wherein the issue of the one-half sovereign is
littingly called a legislative error). The German new coinage will consist princi-
pally of the 20-mark piece and only a limited number of 10-mark pieces will be
issued. The French have coined 100-franc and 40-franc pieces only as “show
pieces” and the 5-franc gold pieces will be given up.
I think that America ought to coin only $10 and $5, or $5 and $2^ pieces, certainly
not more than $10, $5, and $24, and that the $20, $3, and $1 pieces ought not to be
coined, excepting as show pieces, in limited quantities. The suggestion that $20
pieces can be coined cheaper has no foundation worth mentioning.
The question of a variety of coins has also a most important bearing on the abra-
sion of the pieces and their consequent lightness. In the bill I find nothing what-
ever making provision for this ; and I may perhaps be pardoned for charging this
omission to the account of the general want of thorough experience made in America
in reference to gold coin.
Where are the provisions for limiting the current weight of gold coins ? May they
be abrased or light to any extent and still continue legal tender? And, if not, who
is to bear the cost of their reinstatement?
In England the individual holder must bear the loss; if the sovereign is under
weight by three-quarters of a grain it is cut up and the owner loses the difference.
In France the state has hitherto withdrawn light gold, but sparingly; on the rest
the coinage is young, and the question will now be postponed because of the paper
issue.
In Germauy the new coinage bill provides for the reinstatement of worn coins by
the state; but the question is open; for, as the state has conquered the gold and
issues it at its own option, it can afford such a liability. It is, however, acknowl-
edged that the business “of making coins light” and obtaining new ones for them
may become extensive.
The English system in regard to light coins is the only true one. Attempts were
made by Mr. Lowe to levy 1 per cent mintage, so as to provide a fund from which
the recoinage loss on old pieces by the state might be recouped. The proposal, how-
ever, as it deserved, fell through as absurd. The controversy on that score has been
published by the Bank of England. The letters in English (printed in the German
pamphlet) again refer to the matter.
The allowance for light coin made here is 3£ grains, i. e., the mint weight of the
sovereign being 123. 274 grains, it ceases to be legal currency when below 122^ grains.
The public offices, and the Bank of England’s issue department, weigh out light
’pieces and cut them by a machine. The owner can receive the pieces, so cut, back
again or sell them to the bank as standard bullion, at 77. 9 per ounce. Some people
complain of this, but all who have fully studied the subject agree that it is the only
true way of settlement, and that the coinage can thus be kept in fair order.
The $20 piece ought not to be allowed to lose more than 2 grains, the $10 1J grains,
the $5 i grain, the $3 and $24 4 grain, the $1 i grain, and you will now at once per-
ceive how very necessary it is that the variety of the pieces should be as restricted
as possible, so' as to save trouble to the public departments and the Treasury.
I do not know how you intend to treat this matter, and whether this plan of keep-
ing the gold coinage in order may not excite much opposition.
The favorite idea of those opposed to this system is, that the state itself should
pay for light coins, either by a direct appropriation from the revenue, or by apply-
ing the “profits” of the Mint on the token coinage for this purpose. In this country
it has been shown that the state has no such obligation; that by so doing it would
only encourage the sweating of the coin, and as lor the profit on the minor coinage,
you will find that it can not be brought into accord with the wear and tear of the
gold coin.
We look upon all these suggestions as “hocus pocus.” I think, therefore, that
your public departments ought to check the gold received by them, taking out the
281
light pieces and defacing them hy a stamp, but that the Mint should undertake to
buy these pieces by weight, giving new ones for them.
And if the Mint does not charge the one-fifth percent brassage on such light coin,
but makes the exchange by weight gratis, it makes a sacrifice in the matter which
is already beyond its immediate functions; and this policy may be adopted as a com-
promise between the holders of light <5oin and the state.
It can not be asserted, for instance, that gold pieces of one-half or one-quarter dol-
lar could be used, hence the idea of a limit in size must be maintained, and there can
only be one true limit, so to speak. This true limit excludes the one-dollar piece at
once; indeed, the two and one-half piece is somewhat below it, and all European
mint masters agree with me that a gold piece of about three and three-quarter dol-
lars should bo the smallest. Unfortunately, almost all the monetary systems are
committed to smaller pieces. Bearing in mind, however, that the one-dollar piece
is absolutely away from this limit, it would seem to be injudicious to select it as
“ unit of value;” it would be like starting with an “ imperfect” thing.
In section 14 I find the expression “ of the one-dollar piece or unit of value.” The
term “ unit of value ” (rather vague wherever used) might best be taken as implying
a standard of value. Now, the one-dollar gold piece is not a suitable piece, as expe-
rience shows, and such experience does not rest on mere practical results, but on
principles connected with metallurgy and fixed mechanical laws, having reference
to the difference between the resisting power of the metallic structure of the piece
and the extent of surface exposed.
Indeed, I do not see why any coin of “ denominational” value should be selected
as a special valuator. The true valuator is the bullion itself by weight, irrespect-
ive of its division into pieces, and as the weight of the latter is led off from the divis-
ions of the ounce, the ounce itself is the proper starting point. This practice is
pursued by all the large states; thus, in England, 480 ounces standard gold=l,869
sovereigns (these figures are so given because they are Avithout fractions); in France
a kilogram, 900 line gold = 3,100 francs; in Germany (new law) the mint pound fine
gold (one-half kilogram) =465 thalers or 1,395 marks, and so might the United States
do, say 43 ounces of standard (900) =$800 (this gives correct proportions without
fractions.)
Hence, section 14 might commence: “That the standard weight of gold coins
shall be in the proportion of 43 ounces of standard gold to $800, viz, the weight of
the double eagle, etc.,” leaving out “ or unit of value” in line 8. And if in addition
thereto you could introduce “provided that the double eagle, the $3, and the $1
piece be manufactured and issued only by an express order from the Secretary of
the Treasury.” Thus you would not abolish these three pieces but give liberty to
try the more restricted variety.
The policy of using the ounce of bullion as the standard of value can best be appre-
ciated by those who are fully acquainted with vigorous dealings and holdings in
bullion and the necessity and economy involved in acquiring and retaining it. In
this respect America fails signally; the want of a suitable “reservoir” for holding
bullion during the phases of international changes without coining it, leads to
unnecessary mint operations and to losses, direct and indirect, in American com-
merce. In Europe we have large central banks (banks of England, France, and
Prussia') which, by their note issue, thus hold uncoined bullion, receiving and part-
ing with it. In my book (Suggestions, etc.) I have endeavored to make this clear.
It is very possible that Americans are opposed to such a central bank for a national
issue based on bullion (as I have proposed it), and that as long as the Treasury must
continue its policy of selling gold in the market against greenbacks the way is not
clearly seen.
Nevertheless, that is no reason why some such system of “reservoir” for bullion
should not be established by the Treasury through the Mint, or vice versa. I know
what your usual Mint certificates are which carry with them the time taken by the
mint in making the coin. I think that the system can be made to go further. Sup-
posing, for instance, that such a clause as this were introduced into the bill:
“Sec. — . That it shall be lawful for the Secretary of the Treasury to issue, through
the Director of the Mint, bullion certificates (payable to bearer) of gold bullion
deposited at the Mint, such certificates stating the value of the bullion so deposited,
upon the owner of such bullion paying the coinage charge thereon in United States
gold coin; and if the value of such deposit exceeds the sum of $20,000 the Director
of the Mint, at the option of the owner, shall have the right of paying the fractional
sum above the last $1,000 in coin, issuing the certificate for a round sum in thok-
sandths and deducting the coinage charge therefrom; and if the amount deposited
be below $20,000 the owner of such bullion shall pay such additional sum in United
States gold coin as will complete a round sum in thousandths : Provided, That at the
option of the Director of the Mint such certificates shall be paid on presentation,
either in bullion or coin, or in such proportions of bullion and coin as he may deem
fit: And i>rovidcd also, That if the owner of such bullion chooses to be paid in coin
282
he shall receive in exchange thereof a Mint certificate specifying the time when such
coin will be ready for delivery.”
I do not know whether I have worded this section in American bill style, but I
think I can show you its advantages :
1. It will entirely do away with the necessity of keeping a special mint fund, as
provided by section 50.
2. It relieves the State of uselessly coining the gold, for the greater portion of
American coins go to European melting pots (see Suggestions, pp. 24 and 25), and
the monthly sales of gold are absorbed that way.
3. The Government will make the profit of one-fifth per cent coinage charge with-
out having coined (a similar profit is made by the banks of England and France,
which buy gold less the supposed coining charge and sell it at mint value).
4. The owners of such bullion certificates will be paid at once, aud for shipment
to Europe bullion is more profitable to them. (See Suggestions, pp. 197 and 198.)
5. If coin is insisted upon by the holders, they can get it on the usual teims by
the ordinary coiu certificates.
6. The provisions for the “rounding off” of the certificates in thousands, I think,
are very useful and necessary in order to make these instruments convenient and
popular, and the provisions as to the right of the Mint to insist upon a balance of
coin to make up a round sum below $20,000 (or less) is, of course, expedient. For
sums above that amount the Mint might keep a small reserve of coin.
7. The United States Treasury would, of course, hold the gold instead of the Mint,
and might also hold the certificates, so as to maintain its control over the gold mar-
ket as long as requisite.
I am convinced that this system will enable the Government to effect great saving
in minting gold, lead to regular operations in supply, retain bullion in the country,
and be much more satisfactory to the exchange market and the public.
Superior to this policy I hold the establishment of a large central bank (Sugges-
tions, p. 68), but in the meantime I think that the above clause might well be
included in the mint bill.
Sec. 25. As8ayer. — It is essential in every mint law that the inspector of bullion
should know “how the assay of gold” is to be stated. Is the assay to be in 1,000
parts, or one-half of thousandth parts, or in ten-thousandth parts. The importance
of this will at once be apparent to you when I state that by the thousandth assay
an importer would obtain say $9,900 for a certain parcel of bullion, whereas if the
ten-thousandth part was stated lie might obtain $9,999, or $9 more.
lu the United States assays are stated at two-thousandths fine; in France at ten-
thousandths fine. Why should the United States assay ers not state the assay in the
same way as the French ?
I am perfectly well aware that the American assayers assert (in print and in speech)
that they can not assay so fine, and that the liability to error ranges between one
and two ten-thousandths. If the American assayers were subject to the same com-
petition as ours are here they would soon learn how to do it. I underline these words
in the hope that you will not allow yourself to be jostled out of the wish to pro-
mote accuracy.
We have made numerous experiments here in Europe and find that although diver-
gencies will occur of one-tenth per mi lie and occasionally two-tenths per mille, yet
that on the whole the assays agree, and that, at all events, the purchaser of bullion
can not lose because he has' an almost entire one ten-thousandth part as a margin.
In France the tariff' for qualities of gold is at one ten-thousandth fine, and the
assays at the Bank of France corresponded with the independent assays of the mint
for a, coiuage of 100 millions of francs (gold) within 132 francs, and that in favor of
the bank.
French assayers pretend to go to one one-hundred-thousandth fine, and I am satis-
fied that it can be fairly done; yet in America the one two-thousandth is still main-
tained. Even the British mint has always assayed to one-thirty-second grain fine,
equivalent to one twenty-five-hundredth fine, and the Bank of England, in conse-
quence of a pamphlet which I wrote (see Suggestions, p. 174) altered its assay sys-
tem to one thirty-three-hundredth line, although it is not a Government concern. All
our British and continental assayers state assays to one ten-thousandth fine; several
go to one one-hundred-thousandth parts (in half '005).
I think that the least Americans can do is the adoption of the one ten-thousandth
part; rely upon it, all opposition in this is captious. I trust that there are really
scientific men in the States able to make such accurate assays; but I maintain that
if even they are unable to vindicate the rights of scientific accuracy, and if they con-
tinue to insist upon errors between one and three ten-thousandth, the system should
nevertheless be adopted, because, as said before, the Mint or the purchaser of bullion
can not on the average go wrong, and above that he has an entire one ten- thousandth
reserved. So insertion 25, at theend of line 2, there should be the words : “ in tenths
of milliemes,” a technical term perfectly understood,
283
Sec. 26. In my book, “ Suggestions, etc.,” I recommend a coinage charge of one*
■tenth per cent, and if the organization and machinery of slate mints were perfected
■‘(see “Improvements in the process of coining,” in the Society of Arts Journal, sent
herewith) that rate would cover the actual working expenses. I am opposed to the
i so-called absolute free coinage, and I am glad to observe that you propose one-fiftli
per cent at all events as an installment, and I hope it will not be increased. The
■charges for refining, melting, etc., ought to be put at as low a figure as possible, or
(even at a sacrifice to the Mint.
Sec. 36. The “allowance” or remedy for gold of only one one-thousandth in fine-
ness is an improvement; in England and France it is two one-thousandths. This
I advance in favor of accuracy in America strengthens my demand for assaying to one
i ten-thousandth part fine, as remarked on section 25.
Sec. 39. The allowance for deviation in the weight ol‘ the half eagle is in accord-
ance with the practice here, but for the $2.50 and $1 pieces it is far too large; the
$2.50 piece ought to have but one-eightli or one-sixth the dollar, say one-tenth of a
i grain.
Sec. 16. Allows to the melter and refiner one-thousandth part of weight for gold
■ tnd one and one half- thousandth for silver waste, and to the coiner one lialf-thou-
jj saudth for gold and one-thousandth for silver waste. These are enormous allow-
tnces, which, in my opinion, are tantamount only to “legalizing pilfering” to that
( extent.
I altogether repudiate the suggestion that any material can be absolutely lost in
i; the melting or coining. I admit that during the process of melting copper may
. oxidize, but in that case the gold or silver alloy becomes finer, as the assay by one
■ ten- thousandth would show. Careful manipulation and proper heating lessens this
liability, and if, after all, the melter thoroughly knows his business, he can find out
the average oxidation, and should be allowed to make a slight surcharge of copper,
S say one-tenth per mill, to counterpoise it.
The “evaporation” of pure gold and silver only takes place when the metal is
much overheated, and particles of it, by stirring, go up the flue, where they can bo
found. This subject has been well tested here and elsewhere, and the evaporation
has been found so iufinitesimal that one one-hundred- thousandth part will cover it
over and over again, notwithstanding all the assertions and statistics of other mint
officers.
Supposing, then, that the above-mentioned surcharge of copper is so that a loss of
weight to one-tenth per mill becomes possible, and, making a liberal allowance for
. so-called “evaporation,” I maintain that a loss of one-tenth per mill ought to cover
the whole ; yet your bill allows eight times as much for gold and twelve times as
much for silver.
But it will be said, “ There are spillings in casting, traces of metal adhere to the
pot,” etc. I know all that; but they can all be got out of the “sweepings,” they
1 can not disapper, and if I allow another one-eighth per mill, i. e., one-fourth per
mill for absolute (?) loss in melting, all these contingencies are covered; the rest,
three-fourths and 1J per mill, are simply stolen.
Under melting and refining I presume that you understand the melting and bring-
ing to standard of gold, but not the process of “parting,” by acids, here called
refining, for these “parting” operation, properly speaking, are separate from the
business of the mint, and conducted by private refiners. The parting process does
not give any loss ; on the contrary, as the assay is always higher, it yields more
gold. (The spilling and dropping about of metal can be altogether avoided if the
plan of casting plates be adopted as recommended in my paper in the Journal of
the Society of Arts, p. 178, for the whole melting pot can be emptied at once into
the mold.)
You are no doubt in possession of a book on the British mint, written by Mr. G.
F. Ansell, wherein you will find this business of losses well laid open. On page 101
of that book is a condensed statement showing that the highest loss ever made by
that mint in melting is not quite four-tenths per mill (in 1868-69), whilst in the
years 1857-1866 it was as low as sixteen and one-half one-hundredths per mille (Mr.
Ansell then managing the mint), and the high loss of four-tenths per mille is clearly
owing to the fact that the work is badly done, and that frequently spillings are
“purposely” made. Yet you would give them permanent authority to lose one-
tenth per cent. I assert that a conscientious melter, one who looks well after the
men, does not require such an allowance.
In the coining department no loss whatever is possible, unless the work is done
bad purposely. Slight traces will sometimes color the rollers, or the oil may carry
with it small atoms, but any bit or strips, no matter how small, must be found in
the sweepings. The statement on page 101 of Mr. Anscll’s book shows that from
1851 to 1857 the losses in the coining department of the Bvitish mint were very high
(when several prosecutions for pilfering were instituted) ; since then, as the state-
ment shows, they have been very trifling, and during Mr. Ansell’s time there were
284
slight gains, as there should be, for the 1,000 sovereigns (previously weighed singly)
may he short only by 5 grains, to produce the average of grains stated on 1,000,000
pieces.
The lowest total loss in melting, standarding, and coining in England since 1857
is 140 per million, and the highest 330, yet your bill allows a margin of 1,500 per
million. And if you take into account that the assay at the mints in the United
States is stated at only one one-half thousandth, giving an average surplus of one-
fourth, or 250 against the British mint margin of one thirty-second grain line, one-
eighth or 125 average, the total allowed by you, would be 1,650 per million.
This is so extravagant and extraordinary that I must protest against it, notwith-
standing all the experience and statements of the mint authorities.
Compare this allowance, for instance, with the French mint law. The French
contractors receive 6.70 francs for coining 3,100 francs — 2,170 per million. They are
credited and debited with over and under weight, they take the metal at one* ten-
thousandth part of assay, and in the trials of their coins they are rigorously cred-
ited and debited with fineness over or below the one-thousandth part, i. e., if the
coin assays, say, 900.2, they are credited with the “2; ” if, say, 899.7, they are debited
by 3. They are consequently bound hand and foot, and dare not allow any waste.
If they conceded 1,650 per million out of the 2,170, they would only have one-half
per mille left.
It may be alleged that pilfering by the men can not be prevented. Let me assure
you it can. The French contractors do it and turn out their men if they find any
unusual discrepancy, and the men know that they must not rob their employers.
In the British mint there is no such guard, and if in the United States you actually
legalize the allowance of 1,500 per million, you may depend upon its being made
use of.
The best plan is to make no allowance at all, but let the published returns speak
for themselves, or, if limits be thought advisable, let them be fixed at no more than
one-third of the rates named by the bill, with the understanding if the losses exceed
these rates that an inquiry shall take place, which, if not clearing up the matter,
will lead to the discharging of the men. I maintain that if the responsible meltors
and coiners earnestly take the trouble to show the men how to melt, cast, and coin
(and no one should be so appointed unless by his own hands he can show and train
men), they may prove “how gold and silver can not be lost,” and that must stand
as a precedent for future proceedings. The discharge of men should not be feared;
a working chief melter and coiner can always train new hands, if he has a mind to
do so.”
I know very well that in enlarging upon this subject I touch upon an often-dis-
cussed chronic mint sore, but I know that I am right.
In pleading, then, forlegal enactments in favor of the one ten-thousandth part
assay, for better machinery, and the avoidance of ‘‘legalizing” waste, I request you
to recognize my wish that the United States may succeed in vindicating the princi-
ples of “accuracy” in their mints.
Sec. 50. I think that if the suggestion in reference to the bullion certificates
alluded to before be adopted the fund in question will be but a very moderate one.
Sec. 51. 1 now come to tlie most important part of the bill, that of the valuation,
which, according to section 15, omits the coinage of the silver dollar and confirms
the debased silver coinage of half dollars and below, under the tender limit of $5.
I am aware, of course, that through the amendment of 1853 the same debased coin-
age was already established; but although the actual coinage of the silver dollar
had practically ceased, still that piece was not abolished by law. As this new bill
presumably repeals all previous enactments, I suppose that the total abolition of the
silver dollar is contemplated.
In my book (Suggestions) I enter fully into the discussion of this matter and
show the gigantic consequences to international as well as national trade through
the demonetization of silver to which the United States would thus lend a helping
hand, and for a number of years this subject of the abolition of silver as tender
coin has occupied the attention of European economists. It is the question of the
ago, and takes precedence of every other matter involved in monetary science.
Unfortunately the subject requires not only a thoroughly practical knowledge of
exchange matters, the principles of valuation, for which very few people have incli-
nation, and so it happens that even the framers of mint bills do not grasp its impor-
tance, as I have found before. You yourself, in your letter to Mr. Latham, referring
to my book, make the remark : “As to the theory of the double valuation, I do not
understand it.” I infer from this that you have remained a stranger to the contro-
versy, that you have not as yet formed an opinion as to the merits of it, aud that
you have framed your bill in favor of the absolute gold valuation according to that
which has been of late the practice in the United States if not the law.
Permit mo to beg that you will first investigate the question of double versus single
valuation. Chapter hi of my book, “Suggestions,” etc., opens the question, Appen-
285
dix, Notes yiii (p. 201), the consequences ol' the gold valuation, and ix (p. 212), the
injustice of the gold valuation. Treat the matter in their international and national
aspects, and they may furnish you sufficient materials for reflection.
Other writers, such as Mr. Wolovvski, in France, and several other French, Dutch,
and German authorities, defend tho double valuation on the same grounds.
The great portion of English economists defend the gold valuation, but several
of them have lately come over to my views, and one of them, tbo most important
and a staunch defender of English institutions, to whom 1 shall presently allude,
has agreed with me as to the advisability of modifying the English gold valuation,
which is even less strict than that adopted by your bill for America. These pages
do not afford room for the whole discussion of the subject; therefore I beg you will
read the parts of tho books quotod, so as to form an opinion of it.
Apart from the theory, Why should America have given up her silver dollar? the
cause of its disappearance from circulation is duo to the original error of there being
too much silver in the piece (see p. 52 of Suggestions). That cause would have been
removed if the dollar weighed 400 grains, that being the true proportion of 1 to 154-
gold. to silver, instead of 412£ grains as by the old law.
Why should it not be reintroduced at its true full weight of 400 grains and become
again one of the active agents of commerce? The charge of weight as against the
individual piece does not hold good when two half dollars are of nearly equal weight
and same value. Railways and steam transport largo masses with great facility
■when compared with previous times.
Do you fear its undue exportation? If so exported, America will £et its equiva-
lent for it and the rich silver mines of the country can give any fresh supply of it;
therefore, the more it is exported the better it is for America.
1 think that tho United States, with both her gold and silver mines, is in the
eminently favorable position of upholding the full use of both gold and silver, and
that the double valuation (as it existed before) would be of great benefit to the
country; but you may, nevertheless, giving away to tho one-sided arguments of
English economists, incline to the gold valuation, and express the fear “that if
America adopts the silver dollar and lays itself open to the coining of these pieces
for the public to whatever quantity of silver may be sent in from coinage from
abroad, and if full legal-tender value is given to such pieces, it may be placed in
danger of losing gold and obtaining too much silver currency.”
That is the only fear to be apprehended, and certainly as long as England and
other countries are in conflict as to the systems of valuation this may be the case.
France, however, by her system of double valuation accumulated more gold bull-
ion than any nation has ever had, having within the last twenty years coined two
and one-half times as much as England, and if the universal valuation was a double
one, i. e., both metals in equal use, these fluctations would altogether cease.
Against this danger of too much silver America can guard itself without the total
abolition of the full-valued silver dollar. It is but necessary so to modify the severity
of the gold of valuation as to admit of a reasonable use of silver dollars. Supposing
that a certain amount of silver dollars of full value (400 grains) wTere issued, coined
for the owner at a charge of, say, 1 per cent mintage, and that the limit of tender for
such pieces were fixed at, say, $50 to $100, w'ould this in anyway interfei'e with the
supremacy of the gold valuation? I contend that the gold valuation would remain
supreme with either of these restrictions, viz, either a certain limited issue and giving
full-tender weights to the coin, or with unrestricted issue limiting the tender value.
Both restrictions combined will undoubtedly prevent any excess, and if under
them certain amounts were so issued and used tho issue of more might be made
dependent thereon ; so that while for the present the gold valuations tvere main-
tained in full force the door would not be shut abruptly and forever on silver; and
pending the future international settlement of a universal system of valuation the
pure double valuation might be found not only practicable but necessary. I urge
this upon you, not only on cosmopolitan grounds but also in the interest of American
silver mines, for if America, so important a part of the world, rushes blindly and
irrevocably into the gold valuation and thus contributes to the general terrible
error, the value of silver must fall greatly (see Appendix, Note vm. the consequence
of the gold valuation) and all the arrangements made, even with the debased silver-
coinage, fall to pieces.
America, then, should hesitate to enter upon this course without a full previous
investigation of the immensely important considerations appertaining thereto.
The proper issue of silver dollars might be provided for in the bill by the intro-
duction, between sections 14 and 15, of some such —
“ Sec. — . That of the silver coin the weight of the $1 piece shall be 400 grains,
which coin shall be legal tender at its denominational value to any amount not
exceeding $100 (or $50).”
And this would have to be followed, between sections 21 and 22, by — -
“ Sec. — .That the charge for converting standard silver into silver dollars, when-
286
ever the Mint is ready, according to section — , to coin such silver dollars, shall be
1 per cent.”
The object of these clauses will be apparent to you. The Secretary of the Treas-
ury may commence, for instance, by authorizing the coinage of one million of silver
dollars. The holders of the silver bullion would gladly pay the 1 per cent charge
rather than send the bars to Europe. What risk would the holders of these dollars
run? Even supposing that the public positively refused to take these coins, the
holders could sell them as silver to Europe ; but I believe that they would be wel-
comed even without the law of tender. And, if you succeed by the force of legal
tender in compelling people to take in payment coins debased by 4 to 5 per cent to
the amount of $5, why should not you succeed in placing coins of full and honest
value into healthy circulation ?
So, if the first million succeeded, the Secretary then might authorize more, encour-
aging it even, whilst at any time, by ceasing his advertisement, he could foreclose
the Mint against an excessive importation of silver from abroad.
You will also perceive that the reintroduction of the silver dollar is a necessity,
seeing that the $1 gold piece is an unsuitable coin, and that it can take place with-
out disturbing clauses 14 and 15, the latter providing for the issue of debased half
dollars, quarters, and dimes as they are now.
Indeed, I must wish also that the half dollar should be of full value, so that the
issue of those pieces should not be guided by the more or less faulty human judg-
ment of the Secretary of the Treasury, but by the pure action between supply and
demand. I put the “supply” first as the active “demand-creating” element in all
matters of commercial intercourse. But as the debased half dollar is already in use,
it may be best not to disturb it now, whilst the whole silver dollar can be intro-
duced again without any disturbance in the other coinage.
I quite recognize the necessity of giving the character of tokens to copper coins
and to lower-class silver coins. What I contend is that “enough is the evil thereof,”
and that it is wrong to extend this character of tokens to coins which, like the dollar
and half-dollar, are so important in social intercourse, and where supply should not
be restricted by unfavorable laws.
I may now mention that Mr. William Newmarch, F. R. s., who, as president of
the economical branch of the Social Science Congress, lately delivered an oration on
the advantages which he supposed Eugland had derived from the gold valuation,
nevertheless agrees with me that we in England might with advantage issue a full-
valued 4-shilliug piece without disturbing the gold valuation, and that we might
thereby militate against the evil of a constant or periodical scarcity of silver coin
in the hands of the lower classes and a correspondingly constant or periodical sole
surplus in the hands of bankers.
In a lecture delivered before the Statistical Society in February, 1871, on “Cur-
rency laws and pauperism,” I showed that excessive poverty and idleness in Eng-
land among the lower classes was due to the restricted supply of mediums of exchange
suitable to their wants as means of intercoui'se between themselves, and that the
scarcity of silver coin was the consequence of the severe laws oppressing the use and
debasing the value of this kind of money. (The substance of this lecture is contained
in Appendix, Note ix, “Injustice of the gold valuation,” in Suggestions, etc.) I
there proposed as a mitigating measure the issue of full-valued 4-shilling pieces, and
I have from many well-iuformed quarters received sufficient encouragement to anti-
cipate that in spite of the strong prejudice and want of spirit of inquiry prevailing
in England in reference to such questions it will be seriously considered. Now, the
United States gold valuation is even more severe than in England, for whilst here
the limit for silver is £2, or $10, it is but $5 with you.
I venture, therefore, to recommend to you the introduction of these clauses in
favor of the silver dollar. At all events, 1 hope you will fully investigate this sub-
ject before you commit America to this course of the one-sided gold valuation.
Men like yourself, on framing a coinage bill, undertake a gigantic responsibility,
which strongly affects, not only a whole nation’s welfare and happiness, but also_
that of the world at large. Pray do not despise this language. The deep study of
all the principles and interest connected with the organization of social life war-
rants it.
Obscure as this subject is to many people they succeed in establishing their work,
and when it once stands it is like a fate decreed, to which all must bow, because they
do not see its evils clearly and it is difficult to amend it. Nay, as an oxistiug thing
it is defended and elevated into a principle, although the original principles on which
it was founded were quite at variance with the subsequent facts.
In this respect the English legislation of 1816, which established the gold valua-
tion, furnishes a striking example. At that time nobody dreamed of California and
Australia, and, as the literature of the time showrs, a comparative scarcity of gold
wras anticipated and England urged to secure a share by its new system. But how
completely have the conditions been reversed!
So with Michael Chevalier in 1850. First fie wrrote down gold and recommended
287
its demonetization; then he turned the table upon silver. Now he is in doubt
inclining to Wolowski’s views.
From England, of cotirse, you will, for some years to come yet, hear views in favor
of gold valuation, and altogether you must expect from hero the tendency of making
tokens of all the lower classes of coin. Our esteemed mutual friend, Mr. Alfred
Latham, even goes so far as to declare that the half sovereign might be made a token.
Where aro the principles to justify such a view ? Do they lie deeper than the natural
sense of equity, or is the suggestion one arising from surface experience? I imagine
that thero can be but one truth, and that this truth can not be supplanted by mere
expedients which, in violating it, draw consequences after them of which their authors
can not give an account, because, forsooth, they mistake a certain degree of pros-
perity as brought about by these very measures, whereas that prosperity rests on
quite different grounds and would be greater if these unjustifiable violations of truth
did not irrevocably damage the interests of certain sections of the community.
The whole question of token currency, or rather that of the portion of token cur-
rency in any monetary system, is as yet in its infancy. Historical experience and
plain common sense have, however, established the fact that the levying of seignior-
age on all descriptions of coins is impossible, and that the so-called standard coins at
least must hoof full value.
Oil the other hand, experience has shown that copper coins and the lower-class sil-
ver coins can be issued with a heavy seigniorage without any apparent damage to
the interests of those Avho use them principally. Yet that this damage does never-
theless exist is plainly shown ; the conversion of the masses of copper coin into
standard coin, for instance, is very difficult.
In the brewery business here there are firms who sometimes hold £5,000 or £6,000
in copper and small coins, and can not pay them away. The loss of interest and work-
ing power on capital thus accruing must be charged on their manufacture, i. e., the
consuming poor must pay more for it, and are thus unduly taxed. Again, as the
issue of such copper coin is more according to the good and bad judgment of the authori-
ties, the large sums thus accumulating withdraw a portion of the means of exchange
supposed to be measured out for the intercourse of those who require them.
I will, however, concede that the issue of such debased copper coins can not bo
avoided, and that the evil must be borne; and here I must remark that section 33
of the bill which authorizes the U. S. mints to redeem copper coin in national
currency is a proper measure, for it will prevent the accumulation of copper coins
in private hands, and give the holders, though in a roundabout way and not without
changes of forwarding, etc., the chance of converting it. In Europe we follow a dif-
ferent policy; the mints undertake no such obligation and do not redeem copper
coin for this reason: The stamps of their copper coin can be. so well imitated that
the mint itself, especially if the coin appears to be a little worn, can not distinguish
false pieces from their own, and as the manufacture itself leaves about 60 per cent
clear profit, forgers will set to work, provided that they could freely dispose of such
pieces.
Fortunately, it is impossible here to dispose of copper coin by way of tender value
for more than a few shillings at a time; hence, the thing does not pay (nevertheless
false copper coins are known to exist). But if, as you contemplate by section 33,
the Mint is to redeem copper coins in sums above $50, i. e., giving them, so to speak,
their tender value, you may be sure that false coins will soon take advantage of this
facility. So that, although I call it a proper measure for one purpose, it will bear
its penalty in another way, and I am, on the whole, inclined to favor our European
policy, provided that the evil of seigniorage be not attached to the higher-class
coins, viz, the full-valued standard of gold pieces and large silver coins, and con-
fined only to copper and the lower-class silver coins. For in this extreme extension
of the application of seigniorage lies the whole error.
When those who favor a full-valued silver coiuage plead their cause on the ground
that the principles of justice and logic demand that a whole thing (say a standard
coin) can only be divided into parts of equal value, and that those parts ought again
to give the whole in substance or in true equivalent value, they are told, Why, then,
you must include the copper coin as a standard, and permit anybody to make pay-
ments of, say, $50,000 in copper coins, and that would not do.
We quite agree with this, but we allege on the other hand that u enough is the
evil thereof,” and that the necessity of thus limiting the tender value of copper is
no justification for also and entirely limiting the tender value of silver, for. if it be
maintained that no interest can suffer when the coin concerned is of the value of 2
or 4 shillings, we have the right to say that you might extend seigniorage to pieces
of 10 or 20 shillings in value, which, we have all agreed, can not be done.
Tho question, then, between these two views is one of degree, and the thing to be
determined is, where is the right point of value below which token currency may
be admissible and above which the medium of exchange must be of full value?
What should govern this decision?
288
The advocates of the gold valuation say “gold,” i. e., they decide the point in
question according to the usually recognized proportions of value between gold and
silver as lto 15f, and say thereby, “Wo also gain a unity of value.” Now, the basis
of prices as between commodities and the precious metals has nothing to do with
the proportionate value of gold and silver : it is so far immaterial whether a measure
of value of 4 shillings (or more or less) be made of gold or silver or any other mate-
rial, and so these proportions between gold and silver can not furnish the principle
upon which the question is to be decided.
We, on the other hand, say the decision should be governed by the idea that this
evil of token currency must be suppressed as much as possible, and that as a thing
essentially bad, contradictory, aud unjust it must be kept under even at the sacri-
fice of the supposed advantage of a unity of standard. And this includes the idea
that whereas those who are able to deal in gold complain of silver as too heavy for
the pocket they must nevertheless bear with this inconvenience for the sake of those
who deal principally in silver.
As to the idea of unity of standard, although we dispute its validity, inasmuch as
we allege that for the maintenance of the just value of gold silver is a necessary
adjunct whose value must not be suppressed, we might for a moment admit this con-
sideration: If there were gold enough in the world to furnish all the means of
exchange required for money, this unity would be possible, and so even the lower
kinds of money could be made from gold, in which case, however, the value of gold
must have fallen so very much below what it is now that the objection of weight
would rise again with greater force.
If a $2£ piece or a $1 piece were worth in commodities but 50 or 20 cents, all the
trouble for affecting the payments in large quantities would be revived.
Without this fall in the value of gold all the coins which can not (on account of
their smallness in gold) be made of that material must thus, under the single gold
valuation, be forever condemned to the position of tokens. And when all other
nations, in self-defense, following the examples of England and America, are com-
pelled to demonetize silver, the inevitable fall in the value of that material must be
added to that of gold, so that the rise in the value of gold will increase the baneful
effects of the debased silver coinage.
But, you may ask again, “ Where is the mischief? A half dollar, though debased,
passes for a half dollar, and no one seems to complain.”
The mischief is this: A token currency, as part of a system combined with full-
valued coins, must be kept within very narrow limits as to issue. Whilst the full-
valued coin can be issued freely, and finds, by its very nature, free ingress and egress,
the token currency can not be issued excepting for what appears absolute necessity;
its issue must be restricted, its export must be prevented by debasement.
Whereas, for instance, if the mintage of the whole set of coins were left free to the
action of international and national trade there might be in any country, say,
200,000,000 of coins of larger value (such as gold coins) and 60,000,000 or 100,000,000
of coins of lesser value (say silver coins), so as to suit the intercourse between all
the stages and in the mutual intercourse of each stage of society. No such propor-
tion can possibly be arrived at where such lower coins are condemned to be tokens.
It has been ascertained that we in England can not use more than 10 per cent of
tokens, and even with that limit we find a surplus in the hands of bankers, and con-
sequently so much short for the wants of the people. Hence, the proportion to the
above supposed 200,000,000 is but 20,000,000 of tokens or coins below 10 in value.
And these 20,000,000 despoiled of their metallic value and placed under severe restric-
tions in payment may be called the scanty offal of the monetary system with which
the less wealthy must be contented.
That the rich" do not complain of this state of things is explicable; it does not
directly affect them; on the coutrary it makes the lower classes more dependent.
“Then why do not the poor complain?” may be asked. Is it to be expected that
Dick, Tom, and Harry, the workmen, should study social economy, so as to be able
to propound the doctrines of truth and the practical value of their applications to
a subject so obscure as that of money is to most men? Enough that in vague terms
they complain of a scarcity of money, of idleness, and want of work, and that this
idleness and want of work are in direct relationship with the available means of
exchange for intercourse, you may admit if you lend an ear to the arguments in the
following passages :
Money is the absolutely necessary element in effecting exchanges in commodities,
i. e., for carrying on intercourse, i. e., the consumption as well as the production of
commodities ; hence the numerical presence of money to a great extent guides the
number of transactions in either direction. In this sense a supply of money encour-
ages, a diminution of money lessens, the number of transactions.
So well is this rule recognized in all schools of national economy that wo in England
pride ourselves specially upon the freedom which we give to gold for its import,
export, and free coinage. Wo know that by exhibiting a “demand” for gold, and
289
acting accordingly, we can obtain it, but we take great care not to bar its supply in
any way; we do everything in order to encourage it, recognizing that in the theory
of supply and demand the former is the really active, positive, and productive agent;
whereas the old theory contented itself by adhering to the false doctrine, “ the
demand rules the supply.”
We feel and know that this free supply does not only encourage our international
trade, but also (and what is more important) our own inland intercourse between
ourselves, as it encourages consumption and production. The universal presence of
sovereigns increases the demand for consumption.
It is evident, however, that the benefit of this enhanced consumption can, in the
first place, be enjoyed only by those who can afford to deal in sovereigns, i. e., by
those who are wealthy enongli to consume twenty times as much as others — those to
whom the sovereign is no more than a shilling to others.
For the purposes of this latter olass(those to whom the shilling is as important as
the sovereign to the wealthier) it would thus seem reasonable that the shilling
should also be supplied with the same freedom, so that the consumption pro rata
should be guided by the same rules, encouraging iu its turn production and la.bor.
A very large sectiou of our poorer community is benefited no doubt by the supply of
gold coin coming into this country, as also the industrial classes laboring for the
international trade and the inland consumption of the wealthier; but this is, so to
speak, only a partial matter, for by far more important is the consuming power of
the people themselves.
More than three-fourths of the inhabitants of this country for their dailyor weekly
transactions use silver coin — must give silver coin, because the amounts involved
can not be paid in gold. True, if an individual in that class receives a sovereign he
can get it changed (though not without trouble and even at times with the tax of a
glass of beer as an excuse) ; but that is not the point, for this question of change for
one or more sovereigns stands apart from the great question of the universal supply
of the less valuable mediums of exchange for the purpose of encouraging and devel-
oping consumption and production between this three-fourths of the nation them-
selves.
Thus, whilst from the reasons given, we supply gold coin freely, we in England
follow the directly contrary course with regard to the less valuable mediums of
exchange. We debase them, limit their tender value, close ingress and egress, and
thus confine the whole of this great national intercourse between the majority of our
people to within a narrow compass or cage, in which it becomes crippled. Hence,
the want of supply limits consumption, the want of consumption limits production;
hence, idleness, poverty, demoralization, and crime. Tom, Dick, and Harry, with
their wives and families, stand idle and become demoralized, not, forsooth, that
there is a want of food in this country, for there is enough to eat, but because there
are not mediums of exchange sufficient to set the one going to produce something for
the other — some of those many things, beyond meat and drink, which, made from
cheap and abundant raw material, assist and comfort in bearing life, keeping the
one as well as the other to God-ordained modest labor and morality, and profiting
both. And for the prevention and violation of these sacred rights I hold responsible
the men or soi-dimnt economists who have framed our monetary laws, who insist on
saying and try to prove by all the sophistry in their power that a despoiled shilling
is nevertheless not a despoiled shilling, and that they may rob Peter to pay Paul
with impunity.
Men of that class, who have made their fortunes in international trade, have no
other eye for anything else than custom-house statistics or the rules of competition
in our manufacturing districts. They overlook altogether the minor and far more
important life of the people themselves and say to them, “ Here, we want gold, you
must be content with bad silver, and we can not give you much, because it is incon-
venient to us,” and with this offal, which even in that sense is not supplied freely,
and is kept within very narrow and unnatural limits, the people must be satisfied.
A curious feature in connection with this matter is the oft repeated saying : “There
is no demand for silver.” Blowing hot and blowing cold. First praising supply of
gold, then calling for a demand of silver before it is supplied. I say thedemand for
silver has been destroyed, the strength to use it is gone, pauperism is too great to
make a demand such as would satisfy the authorities. And what kind of form must
the “demand” take in order to force a supply? How far must the agony go in order
bo burst its bounds? Sometime ago a general cry arose throughout the country on
* recount of the scarcity of silver. There were people who ascribed this to Col. Tom-
lin’s effort to agitate the subject, as if that gentleman had bought up and hidden
many millions of silver, But the demand seemed genuine, for it was impossible in
mine parts of England to find silver. The authorities took care to show that the
lemand was accidental and promised that as soon as the Mint had finished coining
^old, in a few months, it would coin silver.
Yet during this time the demand had to wait, and many hundred thousands and
S. Kep. 235 19
290
millions of modest transactions between the poorer and industrial classes, from which
they might derive comfort and sustenance, could not take place. This accidental
demand for silver was a mighty effort of the crippled intercourse, caused by offers
for mutual exchange, which exchange could not take place because the means were
absent. The sick man tried to rise and had a craving for nourishment; he fell down
again because it could not be given him when he wanted it. Since then the mint
has coined much silver, but the demand is gone again and our bankers will soon cry out
and complain of too much silver. Lessons like these are lost upon our economists.
Who can wonder that they utterly failed to recognize the silent sn tiering of our poorer
classes, less versed in social econorpy than themselves, when they refused even to
profit by such manifestations which so completely bear out all that we, the advocates
of the double valuation, have brought forward? And if you bearinmind the great
gulf that exists in Europe between the ruling classes and the people, the deep root
of prejudice against their rising, the peculiar kind of charity and charitable social
economy whose stock arguments rest on abuse of the lower classes with just so much
effort for elevating them as “caution” may admit, you might come to the conclusion
that scarcely anything short of rebellion will be found strong enough to serve the
authorities as sufficient manifestations of demand for “silver.”
To this point 1 am certain we must ultimately come. Grave political questions
may occupy the world for some years to come, but this question will be one of the
rest. Rebellions for similar objects have happened before in the present age when
international commerce and more “refined” trading reduces margins to more
mathematical precisions and thus leads to a more definite and clearer appreciation
of differences in theory and practice; and the glaring injustice perpetrated by such
proceedings as here laid bare will be recognized with unerring force. And although
England has been prosperous and though her prosperity is vaunted as a truth in
opposition to what I have here said, yet it will be recognized that this prosperity is
due to other causes and is not due to the monetary laws, but that her excessive pau-
perism can be traced to their injustice; and although I hope that England will con-
tinue prosperous, yet I anticipate that this prosperity will be enhanced by a reform
in her monetary laws, i. e., by the adoption of the double valuation. It may be
alleged, indeed, that as a universal trader England would have done much better
with the double valuation.
You may, or may not, be disposed to attach some value to these remarks respect-
ing the systems of valuation, but you may think that America, so favorably situated
as regards immigration and resources, need not regard the delicate distinction in
the matter. But if the remarks here made are true and if you bear in mind that in
many matters of social truths we look to America with great hopes and watch her
example, yon may feel disposed on cosmopolitan grounds to consider the matter.
On national grounds you may also come to the conclusion that inasmuch as many of
the most thickly populated and industrial districts of America resemble districts in
Europe and have before them an extensive future, the effects here set forth are worth
guarding against. I may call upon you to do so when I remind you that the system
of valuation proposed in your bill is more severe than the English one, because you
limit the tender value of silver to one-half of what it is here; hence the supply of
this coin must be more unnaturally restricted.
Permit me also to call your attention to another matter connected with this con-
troversy in your bill.
Section 33 authorizes the Miut to redeem copper coins. Why should not silver
coins be thus redeemed? Section 29 says : “It shall be lawful to transmit parcels,
etc., under regulations.” Why is not that as clearly stated as with copper? Both
descriptions are tokens, and the fact that silver coin contains comparatively more
value than copper coin is of little consequence, for in its character as mere token it
might indeed contain less. I have no doubt that here you are in a quandary, and
fearing that silver “privately coined,” or “artificially abraded,” might be pre-
sented in large quantities to the Mint, you guard yourself by the indefinite regula-
tions to be proposed by the Director of the Mint.
The thing is a sort of Gordian knot, a consequence of the whole unjust system of
the gold valuation, which can all be avoided if you take the course previously recom-
mended by me, viz, “that of issuing a full-valued silver dollar as the piece to stand
between your gold coin and your debased silver coinage.”
I am myself, as you will perceive from my writings, and others with me, in favor
of the full and complete adoption of the double valuation, giving full legal tender
to coins as low even as one-fourth dollar in value, believing that this is the only true
system upon which a future universal system of coinage can be based. (See Sugges-
tions, ]>. ](>7.) Nevertheless, recognizing the difficulty of carrying this point at pres-
ent., and in order to enable you to uphold the essential features of the gold valua-
tion, I limit my recommendation to the issue of this single full- valued dollar piece,
under the proposed restriction of tender value to $50 or $100, partly for enabling
you, without drawback or inconvenience whatever, to widen or to close the valua-
291 •
tion question at any time, and partly in order to relieve you of the unsuitable obli-
gations of the Mint to redeem a surplus of either the token silver or the token cop-
per coinage.
For if such a full-valued silver dollar is issued there will be no need of so many
half and quarter dollars. The sordid consideration that the Mint would thus make
less profit will not, I trust, interfere with this consideration. The matter should be
left to its natural development, and if more hal f dollars are wanted it might be found
suitable to convert the whole dollars as they are presented for the purpose to the
profit of the Mint.
I think that aucli a whole dollar would be the bridge, and that if it were issued
the Government might (like we do here) altogether drop the obligation of redeem-
ing silver tokens (whatever regulations may be contemplated) excepting such a.s
are worn light and defaced, and the equalizing tendency of the issue might even
compensate for the dangerous necessity of redeeming copper coins, which, as here,
might be left to be dealt with by the public.
I trust these lengthy remarks will not be tedious to you. The frankness with which
you asked for criticism on the bill has induced me to make them; and when a man’s
life has been passed in the study and the practical handling of a matter like this he
can not well help in bringing forward as much as he hopes may be useful ; and in the
case of the United States, where 1 have lived many years and where 1 have studied
social economy from an American point of view and am now able to extend this
view, 1 imagine that that which I have proposed to you is not contrary to American
habits and customs. The national currency has no doubt changed some of the con-
ceptions in reference to money, but the original truth that solid, full-valued cur-
rency is the best will ultimately assert its authority.
I am, dear sir, yours, very obediently,
Ernest Seyd.
P. S. — I have sent to you in parcels, by bookpost, addressed: Samuel Hooper, esq.,
M. C., Bullion and Foreign Exchanges; Suggestions on American Coinage; Demone-
tization of Silver, several pamphlets, reference to which is made in this letter.
[Senate Mis. Doc. No. 31., Fifty-third Congress, first session.)
Mr. Vest presented the following letter of the Director of the Mint, submitting a
statement relative to the cost and coining value of silver purchased under the acts
of February 28,1878, and July 14, 1890.
Treasury Department,
Bureau of the Mint,
Washington, I). C. , August 21, 1893.
Sin: I reply to your telegram of to-day as follows: The total amount of silver
purchased under the act of July 14, 1890, to August 16, was 161,521.000 ounces; cost,
$150,669,457; coining value, $208,835,232. The difference between cost and coining
value is $58, 165,783. Of this silver there was on hand August 16, 133,161,375 ounces,
costing $121,217,677. The difference between cost and coining value is $50,950,565.
The amount of silver dollars coined from silver purchased under the act of July
14, 1890, has been $36,087,185, upon which the gross seigniorage was $6,977,068.75.
The amount of Treasury notes issued to August 16, 1893, in payment for silver
bullion was $150,115,985, and that amount is still outstanding.
Up to August 1, 1893, the amount of Treasury notes redeemed in gold was
$49,184,160, and since August 3, 1893, $714,636 in Treasury notes have been redeemed
in silver dollars, this being the first redemption of these notes in silver.
The amount of silver purchased under the act of February 28, 1878, was 291.272,019
ounces of fine silver, costing $308,199,262.
The number of silver dollars coined under that act was $378,166,793, upon which
the gross seigniorage was $69,967,531.
Very respectfully,
Hon. George G. Vest,
United States Senate.
R. E. Preston,
Acting Director of the Mint,
292
[Senate Ex. Doc. No. 5, Fifty-third Congress, first session..]
Letter from the Secretary of the Treasury, in response to a resolution of the Senate August
21, 1893, relative to the purchase of silver bullion in the month of July, 1893.
Treasury Department,
Office of the Secretary,
Washington, D. C., August 23, 1893.
Sir: In accordance with Senate resolution of August 21, 1893, as follows:
“ Resolved , That the Secretary of the Treasury be, and he hereby is, directed to
furnish the Senate with a statement giving the aggregate amount of silver bullion
purchased under the act of July 14, 1890, during the month of July, 1893, together
with the cost thereof, the amount, date, and price of each purchase, and the name of
the vendor. Also the aggregate amount of silver bullion offered for sale during the
said month of July, the amount, date, and price of each offer, and the name of the
person making such offer.”
I have the honor to transmit herewith statement prepared by the Bureau of the
Mint, giving in detail the information requested.
Respectfully, yours,
The President of the United States Senate.
J. G. Carlisle,
Secretary of the Treasury.
Statement of the amount of SILVER BULLION offered to the Government during the mouth of July, 1S03, and purchased under act of July 14, 1890.
293
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[Senate Mis. Doc. No. 31, Fifty- third Congress, first session.]
Mr. Vest presented the following letter of the Director of the Mint submitting a
statement relative to the cost and coining value of silver purchased under the acts
of February 28,1878, and July 14, 1890:
Treasury Department,
Bureau of the Mint,
Washington, D. C., August 21, 1893.
Sir: I reply to your telegram of to-day as follows: The total amount of silver
purchased under the act of July 14, 1890, to August 16, was 161,521,000 ounces; cost,
$150,669,457; coining value, $208,835,232. The difference between cost and coining
value is $58,165,783. Of this silver there was on hand August 16, 133,161,375 ounces,
costing $121,217,677. The difference between cost and coining value is $50,950,565.
The amount of silver dollars coined from silver purchased under the act of July
14, 1890, has been $36,087,185, upon which the gross seigniorage was $6,977,068.75.
The amount of Treasury notes issued to August 16, 1893, in payment for silver
bullion was $150,115,985, and that amount is still outstanding.
Up to August 1,1893, the amount of Treasury notes redeemed in gold was
$49,184,160, and since August 3, 1893, $714,636 in Treasury notes have been redeemed
in silver dollars, this being the first redemption of these notes in silver.
The amount of silver purchased under the act of February 28, 1878, was 291,272,019
ounces of fine silver, costing $308,199,262.
The number of silver dollars coined under that act was $378,166,793, upon which
the gross seiguiorage was $69,967,531.
Very respectfully,
Hon. Geoege G. Vest,
United States Senate.
R. E. Preston,
Acting Director of the Mint.
[Senate Mis. Doc. No. 34, Fifty-third Congress, first session.]
Mr. Cockrell presented the following letter from R. E. Preston, Acting Director of
the Mint, transmitting statements of the production and coinages of the principal
rnun tries of the world for the years 1873-1892:
Treasury Department,
Bureau of the Mint,
Washington , D. C., August 28, 1893.
Sir: I have the honor to transmit herewith the statement requested by you.
No allowances have been made for recoinages whatever.
Very respectfully.
R. E. Preston,
Acting Director of the Mint.
Hon. Francis M. Cockrell,
United States Senate.
298
PRODUCTION and COINAGE of the principal countries of the WORLD for the
years 1873-1S92.
1873.
Countries.
Gold.
Silver.
Production.
Coinage.
Production.
Coinage, i
United States
$36, 000, 000
$57, 022, 747
63fi 738
$35, 750. 000
25,010, 808
$4, 024, 748
22, 626, 065
5. 263, 968
Mexico _
Great Britain
16. 47l! 000
11, 253, 781
154, 730
Australasia
42, 485, 884
India
19.373, 18P
29, 847, 266
8, 158. 869
France
Itaiv
3, 938, 000
Switzerland . .
Spain
9 352,781
3, 228, 375
437, 425
5, 542. 648
559, 370
5, 376, 797
201. 899
520,079
810. 620
4, 014,139
Portugal
255, 823
Netherlands
97, 700
Germany
140, 490, 041
2, 487, 073
5, 946, 404
Austria-Hungary
Norway
421,504
] . 388, 548
Sweden
Denmark
1, 553. 372
Russia
22, 184, 348
12; 107, 964
Turkey -
Japan
*4, 811, 704
15, 572, 532
21,559,025 '
7, 081, 313
11,846,470
Total
112, 503,249
257, 630, 802
94, 126, 214
131,544,464'
1874.
$33, 500, 000
$35, 254. 630
2, 081, 949
7, 112, 706
$37, 300, 000
25, 010, 808
$6, 851 , 777
17.021.4051
4, 334,1243
37, 097, 307
1G, 536. 367
75,421
11, 533, 6:;9|
11,579,23(1
11, 580. 000
4, 693, 702
1,142,448
Italy
9, 352, 781
3, 228 375
255. 823
4*2$|
97. 700
12. 859.705
11, 026. 926 J
4. 789, 55B
201.893';
520. 079
22. 264, 756
59, 465, 404
2, 075, 9 19
421. 504
1, 388, 548
1,552, 372
810, 6®
3, 840, 482
22, 184, 348
19, 722, 820
*4, 811, 704
15, 572, 532
11,758,911
2, 316. 000
7, 081, 313
11,846, 470
104, 074, 672
135, 778, 387
95, 676,214
102,931,2321
1 87. >.
$33, 553, 965
866. 619
$31, 700, 000
25, 010, 808
$10, 070. 368 •'
19, 386. 058
1, 183, 844
19, 514. 665
68. 296
2, 890. 701
Australasia •-
35, 458, 404
23, 830. 686
45,338, 016
14,475.0001
433, 177
0, 650, 00(9
9, 352, 781
3, 228. 375 1
16, 521,210
39, 608, 103
5, 946. 404
17, 871 . 2W
1.911,237
50(5, 623
6. 905. 339
•>49. l00
1,823,721
1 225. 0110 ;
783. 121
22, 184, 348
17, 142, 693
3,814,80®
1. 273, 580
1 . 330, 821
*4 «11 704
•JK3 4(i‘>
If. r»7‘> 532
3 747. 457
15, 958, 217
2! 876. 608 ’
7 081, 313
11,840.470
Total
102, 935, 709
205, 340, 209
90, 076,214
123, 143.842
*1 1 1 < • 1 tides Mexico.
299
PRODUCTION and COINAGE of Ike principal countries of the WORLD, etc.— ContVl.
1N7«.
Countries.
•
Gold.
Silver.
Production.
Coinage.
Production.
Coinage.
$39, 900, 000
$38, 178, 962
806, 417
22, 856, 238
18,186,111
$30, 800, COO
24, 977, 560
$19, 126, 502
19, 460, 562
1, 082, 086
32, 6G9, 078
12, 410, 636
10, 163,634
6, 948, 000
34, 063, 180
415, 830
6, 457, 800
37, 943, 031
2, 453, 622
526, 365
63, 889
32, 928, 509
9,151,407
290, 970
u erman y
5, 809, 215
2, 940, 028
7, 782, 205
22, 330, 500
42, 842, 525
381, 744
18, 480
7, 988, 973
1, 963, 037
181, 410
2, 084, 289
utral and South America
*4, 785, 120
14, 546, 000
10, 633, 600
12, 468, 000
Total
110,318,358
213, 119, 278 | 90, GOO, 775
126, 577, 164
1877.
$46, 897, 390
996, 898
$44, 078, 199
625, 890
4, 776,314
15, 168, 881
$39. 793, 573
27, 018, 940
V
$28, 549, 935
21, 795, 113
2, 048, 543
29, 018, 223
'ance
49, 249, 960
954, 956
3, 177, 607
3, 474, 000
I ulv
72, 375
17, 949
m vitzerland
cl ^therlands
4, 488, 341
26, 784, 401
3, 725, 861
58, 160
7,210,788
8, 036, 093
204, 697
1,196, 278
6, 135, 877
2, 119, 948
188, 052
54, 038
>rwav
, 'eden
2, 658
mm ark
is si a
27, 226, 668
467, 844
irkev
265, 840
6, 072, 346
690, 602
334, 720
22, 797, 430
706, 649
2, 459, 415
3, 895, 136
157,273
Ji lgiuni
1 other countries
1,993, 800
2, 078, 380
Total
113, 947, 173
173,675,555 81,046,665
78, 402, 648
1878.
$5l, 206, 360
999, 898
$49, 786, 052
691,998
10, 376, 571.
16, 998, 684
760, 927
35. 766, 393
$45, 281,385
27, 018, 940
$28,518. 850
22, 084, 203
2, 990, 104
^ eat Britain -
istralasia
29, 018, 223
. rlia
78, 741,556
351, 534
1, 737, 000
J ance
ilv
72, 375
1,224, 639
17,949
••itzerland
Jain
I rtugal
293, 762
199, 250
29, 742. 879
2, 600, 563
744, 352
1,317,555
10, 746
58,160
1, 562. 463
13, 900, 258
172, 381
252, 397
ti therlands
• rmaiiv
208, 019
1,222, 230
5, 227,219
2, 022, 879
166, 270
52, 708
rway
eden
6,001
i nmark
27, 997, 889
27, 564, 735
474, 876
5,974, 170
rkey
oan
295, 746
6, 072, 245
396, 087
58, 320
986, 844
728, 846
11,812, 725
4.522,118
309, 973
ii utral and South America .
Ilgiuiri
other countries
1,993, 800
2, 078, 380
Total
119,092.786 , 188,386,611
94,882,177 j 161,191,913
* Includes .Mexico.
300
PRODUCTION and COINAGE of the principal countries of the WORLD, etc. — Cont’d.
IS 70.
Conn tries.
Gold.
Silver.
Production.
Coinage.
Production.
Coinage.
United. States
$38, 899, 958
989, 161
$39, 080, 080
658, 206
170, 571
20, 210, 574
402
5, 494, 834
565, 355
$40, 812, 132
25, 167, 763
$27, 568, 235
22, 162, 987
2, 671, 971
Mexico
Great Britain
Australasia
29, 018, 223
India
28, 122, 004
France
Italy
Switzerland
72, 375
17, 949
3, 860, 000
Spain
Portugal
262, 451
2, 403, 223
11,043,120
1, 001, 592
396, 954
44, 806
Netherlands
Germany
257, 805
1, 062, 031
5, 570. 380
2, 002, 727
166, 270
62, 435
Austria- Hnn 2 ary
12, 869, 784
.Norway
Sweden
1,994
Denmark
9, 314, 143
4, 863, 725
Russia
28, 551,028
473, 519
Turkey
Japan
466, 548
6, 450, 503
509, 942
38, 318
916,400
11, 812, 725
2, 327, 847
Central and South America
Belgium
All other countries
1, 615, 835
2, 078, 380
Total
107, 385, 421
90, 752, 811
89, 080, 680
104, 888, 313
I8SO.
$36, 000, 000
989, 160
$62, 308, 279
$39, 200. 000
25, 167, 763
$27, 409, 706
'
20. 196, 228
22, 151, 334
69, 670
3. 705, 878
28, 765, 000
227, 125
40,^02, 173
Italy
72, 375
499, 997
17, 949
33,113
719, 689
259,313
6, 662, 153
2, 468, 029
3, 096, 220
268, 955
133, 920
40, 200
232, 610
1, 094, 596
7, 730, 617
1, 994, 880
184. 360
54, 527
8, 373, 503
499
223, 094
3, 323
752, 992
2S, 551, 028
4.918
466, 548
7, 448, 339
473, 519
71, 441
916, 400
17, 501, 972
460, 365
463, 322
2, 076, 955
2, 226, 392
150, 639
2, 808, 889
68, 205
106, 43C, 786
149, 725, 081
96, 704, 978
84,011,974
1881.
$34, 700, 000
858, 909
$96, 850, 890
438, 778
$43, 000, 000
27, 675, 540
$27, 939, 203
24, 139, 023
4, 852, 523
30, 690, 000
19, 699, 115
164, 983
20, 682, 625
1, 299. 654
1, 598. 346
418, 231
3, 253, 988
72, 375
17, 949
21,057.127
245, 160
3, 096, 220
3, 080, 193
232. 610
1, 240, 808
1,634,185
2, 429, 998
7,771,304
1, 303, 280
199, 987
48, 875
9,028, 671
28, 930
290, 137
665
340, 275
24, 371, 343
4.918
466, 548
7, 296, 176
332, 198
71.441
916.400
17, 501, 972
490, 585
146, 939
4,514.043
4, 990, 983
38, 055
5, 927. 800
3, 088, 726
68, 205
103, 023, 078
147, 015, 275
102. 168, 354
108, 010, 086
301
I
l
>; I
I
; »
i
I
. I
1 I
I
’V
rfi
PRODUCTION and COINAGE of the principal countries of the WORLD, etc. — Cont’d.
1SK%S.
Countries.
Gold.
Silver.
Production.
Coinage.
Production.
Coinage.
United States
$32, 500, 000
930, 223
$65, 887, 085
452, 590
$40, 800, 000
29,237,798
$27, 972, 035
25, 140,200
1,021,381
Mexico
, 31,955,017
18.701,959
170. 543
722, 200
83, 592
India
29, 380, 322
223, 853
France
594, 053
17, 949
Italy
72,375
Spain
1, 990, 310
102, 000
3, 090, 220
10,071,842
Portugal
Netherlands
008,312
0,407, 157
3, 122, 819
09, 080
17, 707
Germany
249, 890
1, 050, 008
3,107,085
2, 829, 590
8, 934, 052
1,958,224
244, 954
02, 350
Austria-Hungary
Norway
Sweden
11, 298
39, 870
23, 807, 935
0, 040
032, 520
7, 025, 942
323, 427
89,910
877, 772
19,413,225
Turkey
2, 900, 050
505, 045
25, 508
2, 010, 117
4, 307, 393
1, 771, 173
Central and South America
All other countries
3, 088. 720
08, 205
Total
101, 990, 040
99,097,170 111,802,337
110,785, 934
I8S.‘S.
$30, 000, 000
950, 000
1, 000
27, 150, 000
$29, 241,990
407, 600
6, 831, 169
19, 903, 722
67, 044
$46, 200, 000
29, 569. 000
350, 000
150, 000
$29, 245, 989
24, 083, 921
6, 201,517
Great Britain
24, 927, 400
264, 000
1, 216, 000
Italy
94, 000
785, 027
965, 000
3, 327, 235
217, 080
2, 258, 000
10. 523, 421
Portugal
81, 095
594, 564
5, 552, 191
37, 520
250, 468
304, 000
1, 088, 000
21, 002, 897
2, 154, 390
192, 708
436, 619
5, 930, 000
2, 024, 000
235, 000
06, 000
A nst.ri a- Hungary
25, 000
24), 119, 000
7, 000
193,000
8, 429, 000
12, 793, 575
1, 344, 640
544. 290
4, 583, Oil
415, 000
55, 000
538, 000
25, 796, 000
Turkey
44,000
3, 120, 892
4, 038, 148
Japan
Central and South America
Belgium
All other countries
7, 026, 000
47, 117
19. 000
605, 579
Total
95, 392, 000
104, 845, 114
115, 088, 000
109, 306, 705
IS84.
United States
$30. 800, 000
1, 183, 000
$23, 991, 756
328, 698
11, 309, 819
22, 196, 106
$48, 800, 000
27, 258, 000
335, 000
188, 000
$28, 534, 866
25, 377, 378
3, 204, 824
Mexico
Great, Britain
Australasia
28, 284, 000
India
17, 553, 631
23, 160
2, 121, 953
France
245, 000
1, 216, 000
Italy
94, 000
62, 165
Switzerland
Spain
4, 983. 004
186, 840
2, 258, 000
6, 738, 971
Portugal
Netherlands
182,910
114, 319
4, 987, 781
Germany
309, 000
1, 102, 000
13, 723, 494
2, 444, 004
6, 650, 000
2, 019, 000
265, 000
75, 000
Austria-Hu n gary
Norway
Sweden
13, 000
1, 022, 420
132, 784
Denmark
Kussia
Turkey ’
21,874,000
7, 000
197, 000
9, 765, 000
18, 615, 074
389, 000
55, 000
975, 000
19, 796, 000
1, 238, 746
Japan
569, 415
Central and South America
1, 400, 949
Belgium
All other countries
8, 006, 000
219, 000
820, 000
Total
101, 694, 000
99, 432, 795
110, 773. 000
95, 832, 081
302
PRODUCTION and COIN AG E of the principal countries of theJVORLD , etc. — Cont'd.
1885.
Countries.
Gold.
Silrer.
Production.
Coinage.
’ Production.
Coinage.
United States
$31, 800, 000
867, 000
$27, 773, 012
423, 250
14, 866. 677
21, 694. 857
106, 987
55, 854
635, 873
$51, 600, 000
32, 112. 000
816, 000
1, 048, 000
$28, 962. 176
25, 840, 727
3,510,719
Mexico
Great Britain
Australasia
27, 439, 000
135, 000
1 ndia
48, 487, 114
F ranee
2, 120, 000
1, 406, 350
Italy
129, 600
230, 831
Switzerland . .
Spain
2, 435, 108
246, 240
280, 000
1. 939, 443
2, 791, 958
2, 258, 000
3, 678, 314
Portugal
Netherlands
80, 400
577, 664
4, 147, 659
53, 600
78, 281
Germany
916, 000
1, 179. 000
1,021,000
2,192,200
299, 000
96, 000
Aii stria- Hungary
Norway
Sweden
31, 000
33, 500
Denmark
Russia
24, 500, 000
7, 000
176, 000
8, 756, 000
20, 685, 852
646. 000
55. 000
960, 000
22. 053, 600
964, 769
Turkey
J apan
1,004, 005
1, 120, 318
6, 312, 927
2, 521, 882
Central and South America
Belgium
12, 500, 000
164. 648
262, 000
1.279,511
Total
108, 435, 600
95, 757, 582
118, 445, 150
120, 764, 574
1880.
United States
Mexico
$35, 000, 000
614, 000
$28, 945, 542
367, 490
$51, 000, 000
33, 000. 000
420, 750
$32, 086, 709
26,991,804
2, 031, 194
20, 425, 000
421,600
22. 524, 595
1, 22‘2, 000
27,121,414
29, 795
4, 455, 733
227, 771
965, 000
2, 369, 765
179. 626
1, 944, 550
1, 406, 350
Italy
129, 600
1, 795i 364
501, 800
2, 140, 400
5, 057, 506
299, 765
217, 647
Germany
Austria-Hungary
708, 000
1, 179, 000
8, 500,210
2, 684, 139
539, 4S4
1, 060, 000
2, 192, 200
299, 000
1, 155, 963
4, 384, 433
45, 000
982, 188
128, 000
13, 264
1,304, 101
Russia
20, 518, 000
14, 761, 717
528, 100
Turkey
7, 000
3, 652, 000
55, 000
880, 000
Japan
327, 235
900, 165
1, 340, 000
9, 086. 077
Central and South America
7, 521, 000
2, 073, 498
23, 543, 450
4, 405. 112
921, 708
All other countries
13, 268, 442
289, 500
341,000
6, 789, 672
Total
10C, 163, 877
94, 642, 070
120, 620. 800
124, 854, 101
1887.
$33, 000, 000
824, 000
1,000
27, 327, COO
320, 000
$23,972,383 $53,357,000
398.647 37,570,000
9, 728, 498 414, 100
24. 122. 267 1 260. 900
$35, 191, 081
20, 844, 031
4, 142, 136
4, 249
44, 142,013
1,719.742
6, 255, 200
270, 200
11,389,414
960, 120
76, 380
715,343
5, 556, 395
80, 400
66, 082
4, 760, 960
2, 257, 300
1. 406, 350
129, 600
2, 440, 000
270, 000
163, 831
28, 135, 270
2, 669, 750
1, 496, 000
1, 247, 450
1, 311, 798
2, 218, 900
214,000
242, 250
55, 550
314,830
20, 092, 000
7, 000
375, 000
8,301,518
20, 109.276
562. 000
55, 000
1, 332. 650
20, 163, 000
1,551.710
897, 420
9, 198, 730
10, 279, 555
4,916.498
583. 632
8, 683, 465
12. 598, 237
246, 354
409, 640
105, 774, 955
124, 992, 465
124, 280. 978
163,411,397
303
PRODUCTION and COINAGE of the principal countries of Ike WORLD, etc.— Cont’d.
1888.
Countries.
Gold.
Silver.
Product ion.
Coinage.
Production.
Coinage.
$33, 175, 000
974. 000
146, 000
28, 560, 660
676. 503
$31, 380, 808
300,480
9, 893, 373
24, 415, 230
108, 216
106, 949
469, 750
16, 984
$59, 195, 000
41, 373, 000
376. 000
5, 000, 000
$33, 025, 606
26, 658, 964
3,681,886
Great Britain
.36, 297, 132
1, 112, 379
. 2. 053, 000
1,454
Italy
98, 000
2, 140, 000
4, 436, 804
1, 533, 600
102, 600
143. 051
34, 340, 722
2, 747, 633
1, 190, 903
1,209,572
1,332, 022
2, 106, 440
214, 000
193, 000
989, 127
5,515, 190
53, 600
16. 714
62, 483
1, 163, 126
74, 448
10, 222, 108
7, 373, 002
Austria-Hungary
50, 000
21, 302, 000
7, 000
403, 000
7, 792, 198
20, 460, 491
66, 000
074, 335
9, 045, 977
604, 000
55, 000
1, 763, 140
23, 854, 957
Turkey
Japan
Central and South America
All other countries
14, 611, 959
257, 154
385, 000
2, 705, 175
Total
111,196,915
134, 828, 853
140,706,413 j 134,922,344
188!>.
United States
$32, 800, 000
700, 000
64, 400
$21, 413, 931
319, 907
30, 502, 536
$64, 646, 000
47,514, 000
$35, 496, 683
25, 294, 726
Great Britain
395, 700
10, 827, 602
Australasia
33, 086, 700
1, 502, 600
266, 000
100, 000
29, 325, 529
8, 500, 000
110,328
37,937,814
71
France
3, 373,215
3, 364, 000
337, 000
60, 208
217, 125
4, 716, 029
680 400
386. 000
3, 378, 631
96, 120
2, 140, 400
Netherlands
823, 943
132, 660
48. 160. 245
8, 012, 500
2, 188, 000
214, 000
177,400
1 77' 079
Austria-Hungary
1,401,000
3, 294, 987
4, 528, 259
53 GOO
Sweden
48, 900
1, 080, 040
142, 323
27, 007
1, 153, 651
23, 905, 000
7, 000
518, 400
9, 165, 000
18,855, 097
133, 500
55, 000
1,791,900
22, 164, 200
Turkey
Japan
1, 775, 010
9,516, 359
4, 114, 679
Central and South America
Belgium -
All other countries
19, 803, 600
495, 600
4, 105, 792
Total
123, 489, 200
168,901,519
102, 159, 200
139, 242, 595
1890.
United States
Mexico
Great Britain
Australasia
India
France
Italy
Switzerland
Spain
Portugal
Netherlands
Germany
Austria-Hungary
Norway
Sweden
Denmark
Ilussia
Turkey
,T apan
Central and South America
$32, 845, 000
767, 000
3. 000
29, 808, 000
2, 000. 000
123, 000
100, 000
1,398,500
58, 500
25, 484, 000
7, 000
9, 887, 000
10, 238, 300
$20,467,182
284, 859
37. 375, 479
25. 702, 600
3. 976. 340
263, 329
482, 500
9, 049, 569
407, 160
23, 835, 512
2, 818, 750
833, 432 '
547,931 ..
21, 726, 239
44, 840
1,194,050 ..
86, 093
Belgium
All other countries
7, 746, 000
Total
120, 465, 300
149,095,865
$70, 465, 000
50. 356, 000
377, 200
10, 731, 300
$39, 202, 908
24, 081, 192
8, 332, 232
57, 931,323
2, 955, 600
337, 000
1, 091
279, 850
1, 479, 152
540, 000
198, 990
2, 140,400
7, 567, 500
2, 103, 500
230, 200
173, 700
3, 857,118
120, 600
253, 867
138, 200
55, 000
1, 614, 422
7, 296, 645
25,594,400 j 4,397,115
518,000 j 1, 44G* Tli 5
173,743,000 j 151,032,820
304
PRODUCTION and COINAGE of the principal countries of the WORLD, etc. — Cont’d.
IS91.
Countries.
Gold.
Silver.
Production.
Coinage.
Production.
Coinage.
United States
$29, 222, 005
280, 505
32. 720, 033
20, 389. 044
117, 411
3, 302. 450
250, 000
380, 000
$75. 410, 500
53, 000, 000
377, 200
12, 929, 300
$27, 518. 857
24, 493, 071
5, 141, 594
Mexico
1, 000, 000
07. OO'O
31, 000, 000
2, 405, 000
133, 000
100, 000
Great Britain
Australasia
India
32, 070, 498
France
2, 955, 600
337, 000
Italy ;...
Switzerland
144. 750
12, 242. 000
7, 277, 040
367, 000
1, 139, 252
3, 356, 394
134. 000
22, 000
121.750
2, 690, 902
432, 400
8, 523, 904
2, 302,441
Spain
2, 140, 400
Portugal
109, 560
Netherlands
Germany
14, 080, 800
2, 885, 561
7, 979, 500
2,186. 000
235, 400
152, 000
Austria-Hungary
Norway
1, 517, 900
Sweden
73, 100
Denmark
Russia
24, 131, 500
7, 000
508, 400
9, 006, 300
2, 110,981
3, 342, 000
1, 083, 725
120, 279
575, 500
55. 000
1, 798, 800
25,518, 000
Turkey
Japan
Central and South America
Belgium
All other countries
Total
21, 945. 600
120, 158, 800
2, 777, 000
119, 310, 014
518, 000
" 186, 174, 200
6. 930, 230
135, 508, 083
1 S92.
United States
$33, 000, 000
$34, 787, 223
$74, 989, 900
59, 000, 000
255, 650
17, 375, 677
$12, 641,078
1,147, 500
00, 600
33, 870, 800
3, 057, 900
133, 000
94, 280
Great Britain
India
2, 955, 600
1, 146, 370
Switzerland
2, 140, 400
7, 921, 330
2, 161, 951
235, 400
152, 000
1, 399, 648
73. 100
23, 546, 000
7, 000
508, 400
10, 167,821
550, 000
55, 000
1, 798, 800
25, 460, 000
23. 744, 578
407, 100
130, S10, 627
34, 787, 223
196, 605, 184
12,041,078
RECAPITULATION.
Gold.
Silver.
Calendar years.
Production.
Coinage.
Production.
Coinage.
1873
$112,563, 249
104, 674. 672
102, 935, 709
$257, 630, 802
135, 778, 387
205, 340. 209
$94, 120, 214
95, 076, 214
$131,544, 464
102, 931.232
1874
90, 076.214
123, 143. 842
1876
110! 318, 358
213. 119,278
96, 600, 775
123, 577. 164
1877
113,947,173
119, 092, 786
107. 385, 421
173, 675, 555
81,040, 665
78, 402, 648
1878
188, 386.611
90, 702, 811
149, 725, 081
147, 015, 275
99,697. 170
94,882, 177
101, 191.913
1879
89, 080, 680
104, 888, 313
1880
106, 436, 786
90, 704, 978
84.011,974
1881
103, 023. 078
102, 168, 354
108,010, 086
110, 785, 934
1882
301. 990. 040
111,802.337
1883
95, 392, 000
104,845. 114
115, 088, 000
109, 306, 705
10L 094, 000
99, 432, 795
110,773, 000
95, 832, 084
1 08, 435, 000
95, 757, 582
118,445, 150
126, 704, 574
100, 163,877
105, 774. 955
94, 042, 070
120, 620, 800
124. 854, 101
124, 992, 405
124, 280. 978
163,411,397
110, 196,915
123, 489, 200
134, 828, 853
140, 700,413
134. 922, 344
168,901,519
102, 159, 200
139,242,595
120,465, 300
120. 158. SOU
149, 095. 865
173. 743. 000
151, 032. 820
119.310,014
186, 174,200
135,508,083
130. 816. 627
*34. 787. 223
196, 605, 184
*12. 641, 078
2. 210, 961, 206
2, 7871714, 679
2, 400, 760, 533
2, 322. 603, 351
* United States only.
Bureau of the Mint, August as, ISOS.
[Senate Mis. Doc. No. .15, Fifty-third Congress, first session .]
M(JR E 1 A R Y SYSTEMS and APPROXIMATE STOCKS of MONEY in the aggregate and per capita in the principal countries of the WORLD.
[Presented by Mr. Cochrell.]
305
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Treasury Department, Bureau of the Mint,
August 16, 1803.
306
[Senate Ex. Doc. No. 10, Fifty-tliird Congress, first session.]
Letter from the Secretary of the Treasury, transmitting, in answer to a resolution of the
Senate of September 1, 1893, a statement of the amount of silver bullion purchased by
the Treasury Department tinder the act of July 14, 1890, etc.
Treasuky Department)
Office of the Secretary,
Washington, D. C., September 11, 1893.
Sir : I have the honor to acknowledge the receipt of the following resolution passed
by the Senate September 1, 1893 :
‘•Resolved, That the Secretary of the Treasury be, and he hereby is, directed to
furnish the Senate with a statement giving the aggregate amount of silver bullion
purchased under the Act of July 14, 1890, during the month of August, 1893, together
with the cost thereof, the amount, date, and price of each purchase, and the name
of the vendor. Also, the aggregate amount of silver bullion offered for sale during
the said month of August, the amount, date, and price of each offer, and the name of
the person making each offer, and how paid for.”
In reply I transmit statement prepared by the Bureau of the Mint, giving in detail
the information called for. All silver purchased under the Act of July 14, 1890, has
been paid for in Treasury notes. The delay in furnishing this information more
promptly was occasioned by the fact that returns have only been received to day of
silver delivered at San Francisco Mint on purchases made on the 28th and 30th ultimo.
Kespeetfully, yours,
J. G. Carlisle,
Secretary.
The President of the United States Senate.
Statement of the AMOUNT of SILVER BULLION PURCHASED by the Treasury Department under the act of July 14, 1890, etc.
307
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Statement of AMOUNT of SILVER BULLION P URCHASED by the Treasury Department under the act of July 14, 1890, etc. — Continued.
310
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311
[Senate Ex. Doc. No. 11, Fifty-third Congress, first session.]
Letter from the Secretary of the Treasury, in response to Senate resolution of September 5,
1S93, requesting information concerning the redemption in silver of notes issued under
the Sherman act; and other information concerning the subject of silver coinage.
Treasury Department,
September 8, 1893.
I have the honor to acknowledge the receipt of the following resolution of the
Senate, adopted on the 5t.h instant :
“ Resolved, That the Secretary of the Treasury he directed to furnish to the Senate
full information on the following subjects:
“ First. Whether the Treasury Department has, at any time, redeemed any portion
of the Treasury notes provided for by the act of July 14, 1890, commonly known as
the Sherman act, in silver coin, and, if so, when and what amount has been thus
redeemed.
“ Second. What amount in coinage value of silver bullion purchased by the Treas-
ury Department under the act of July 14, 1890, and subject to coinage, in the dis-
cretion of the Secretary of the Treasury, remains uncoined, and why said silver
bullion has not been coined and paid out, in accordance with the provisions of said
act.
“ Third. Whether any part and, if so, what part of the paper money redeemed in
gold by the Treasury Department since March 4, 1893, was canceled after redemption
or in any manner withheld from general circulation.”
In response, I have to say :
First. The sum of $1,273,267 in the Treasury notes provided for by the act of July
14, 1890, commonly known as the Sherman act, was redeemed in silver coin during
the month of August, 1893, and the further sum of $200,607 during the past seven
days of the present month, making in all $1,473,874 of such notes so redeemed.
Second. Silver bullion of the coinage value of $174,061,242, purchased by the
Treasury Department under the act of July 14, 1890, and subject to coinage, is now
held in the Treasury. Under the provisions of section 3 of the act a coinage of
$36,087,185 has been executed, and a gain or seigniorage of $6,691,109 arising there-
from has been accounted for and paid into the Treasury. The remainder of the bul-
lion purchased under the act has not been coined for the reason that no further
coinage has been necessary to provide for the redemption of the notes in silver.
Third. With the exception of gold certificates, of which the amount in circula-
tion on March 4, 1893, was $114,719,749, and at this dato is $80,323,017, no part of
the paper money redeemed in gold by the Treasury Department since March 4, 1893,
has been canceled after redemption, or in any manner withheld from general circu-
lation. The decrease of the volume of gold certificates is the net result of all the
operations of the Treasury affecting them, and has been caused chiefly by the sus-
pension of their issue, in accordance with the proviso in section 12 of the act
approved July 12, 1882, “that the Secretary of the Treasury shall suspend the issue
of such gold certificates whenever the amount of gold coin and gold bullion in the
Treasury reserved for the redemption of United States notes falls below one hundred
millions of dollars.”
Respectfully, yours,
J. G. Carlisle,
Secretary.
The President or the Senate.
[Senate Ex. Doc. No. 17, Fifty-third Congress, first session.]
Letter from the Acting Secretary of the Treasury, in response to Senate resolution of the
19th instant requesting information as to whether any part of the volume of national-
bank notes has been tviihdraivn from circulation by national banks since August 15
1893.
Treasury Department, Office of the Secretary,
Washington, D. C., » September 21, 1S93.
Sir: I have the honor to acknowledge receipt of Senate resolution dated the 19th
instant, as follows :
“ Resolved, That the Secretary of the Treasury be, and he is hereby, directed to
inform the Senate whether any part, and, if so, what part, of the volume of national-
312
bank notes has been withdrawn from circulation by national banks since the 15th
day of August, 1893, giving the names of the banks withdrawing such notes and the
amount each has withdrawn.”
In reply thereto the follo wing list is furnished from the records of the Comptroller
of the Currency, who calls attention to the fact that, with the exception of the
Fourth National Bank of New York, which retired $472,500, the banks retiring circu-
lation were either in voluntary liquidation or insolvent:
Fourth National Bank, Chattanooga, Tenn., voluntary liquidation $45, 000
Gate City National Bank, Atlanta, Ga., voluntary liquidation 45, 000
Gallatin Valley National Bank, Bozeman, Mont., voluntary liquidation 22,000
Farmers and Merchants’ National Bank, Rockwall, Tex., voluntary liquida-
tion 11, 250
First National Bank, Big Timber, Mont., voluntary liquidation 11, 250
Fourth National Bank, New York, N. Y 472, 000
First National Bank, Mankato, Kans., voluntary liquidation 13,500
Alabama National Bank, Mobile, Ala., insolvent 45, 000
Elmira National Bank, Elmira, N.Y., insolvent 45, 000
Respectfully, yours,
C. S. Hamlin,
Acting Secretary.
The President of the United States Senate.
' [Senate Ex. Doc. No. 18, Fifty-third Congress, first session.]
Letter from the Secretary of the Treasury, transmitting, in response to Senate resolution
of September 19, 1893, a statement, of the amount of Government bonds purchased since
1879, etc.
Treasury Department, Office of the Secretary,
Washington, I). C., September 26, 1893.
Sir: I have the honor to acknowledge receipt of Senate resolution, dated the 19th
instant, as follows:
“Resolved, That the Secretary of the Treasury be, and ho is hereby, directed to in-
form the Senate when and in what amounts Government bonds have been purchased
since the year 1879, and what was the rate and the aggregate amount of premium
paid on such purchases.
“Second. Whether at any time or times, and when, since the year 1879, any Gov-
ernment bonds have been purchased without the notice required by law.
“ Third. What amount of public moneys, by years, has been deposited in national
banks since the year 1879, and whether and what amount of interest was paid by
the banks for the use of such moneys.”
In reply to the first paragraph thereof a table is herewith transmitted showing the
amount of United States bonds purchased in each fiscal year since 1879, together with
the average price and the aggregate amount of premium paid for the bonds of each class.
It will be observed that no bonds were purchased in the fiscal years 1882 to 1887,
inclusive. During that period there were outstanding bonds -which had become
redeemable at the pleasure of the Government, and the surplus revenues were ap-
plied to their redemption at par. There have been no purchases since 1891.
In reply to the second paragraph I have to state that there is no law requiring the
Secretary of the Treasury to give public notice of the purchase, by the Government,
of United States bonds, but that there have been no such purchases since 1879 except
in pursuance of public notice.
The amount of the balance of public moneys held by the national-bank deposi-
taries at the close of business June 30 of each year since and including 1879 is as fol-
lows :
1879
1880
iKki
... $7,183,403.42
. . . 7, 999, 953. 86
8, 933. 550. 79
1887
1888
1889
$19,190,076.79
54.913,489.74
43.305,511.91
•
... 9,610.432.86
1890
26. 994, 464. 70
1883
. .. 10.030,698.33
1891
22. 900, 329. 65
1884
... 10,716,144.17
1892
12. 559, 446. 61
1
. .. 10,985,141.34
1893
12. 393. 071. 11
1886
... 14,036,632.18
313
No amount of interest has been paid by national-bank depositaries for the use of
lie moneys deposited therewith,
liespoc tl'i illy, yours,
J. G. Carlisle,
Secretary.
The President of the United States Senate.
Statement of United States BONDS PURCHASED each fiscal year since 1S79.
FISC A I, YEAR 1S80.
Description.
Amount.
purchased.
Average
pricer
Net premium.
Loan of February, 18G1
$2, 837, 000
202, 550
32. 004, 250
$102. 02 —
104.08 +
104.29 +
J 04 . 29 +
102.80 —
108.37 +
$74, 161.95
8, 278. 02
1, 376. 085. 04
549, 085. 18
002, 200. 97
125, 558. 20
Oregon war debt
Loan of 1883
12, 797, 150
25, 575, 450
1, 500, 000
Funded loan of 1881
Funded loan of 1907
Total
72, 970, 400
2, 795, 320. 42
FISCAL YEAR 1SS1.
Loan of February, 1801
Oregon war debt
Loan of ,T uly and August, ISO 1
Loan of 1803
Funded loan of 1881
Total
$7, 775, 000
54, 250
10, 712.450
7, 057,100
20, 023, 550
$100. 659—
102.59 +
102. 87 —
102. 88 —
101. GO —
$51 , 277. 58
1. 408. 65
488, 876. 11
199. 514. 62
320, 171.82
51, 622, 350
1, 061, 248. 78
FISCAL YEAR 1SS8.
4 per cent consols of 1907 :
$33, 671, 350
$125.92 +
$6,135,628.42
4J per cent consols of 1891
27, 702, 950
107.67 +
2, 135, 214. 04
FISCAL YEAR 1889.
4 per cent, consols of 1907
$38,100,400
$128. 66 +
$10, 926,757. 78
4£ per cent consols ot 1891
82, 568, 050
107. /(55J
6, 365,604.87
FISCAL YEAR 1800.
4 per cent consols of 1907
$73, 923, 500
$125.53 +
$18. 876,023.19
44 per cent consols of 1891
80, 623, 250
104.66 -f
1,427,300. 87
FISCAL YEAR 1891.
4 per cent consols of 1907
$42,641,250
$124. 23 —
$10, 331,138.99
4£ per cent consols of 1891
2, 533, 950
102. 77 —
70, 081. 02
314
%
[Senate Ex. Doc. No. 19, Fifty-third Congress, first session.]
Letter from the Secretary of the Treasury, transmitting, in response to Senate resolution of
September IS, 1893, statement of Comptroller of the Currency as to national banks that
have diminished and enlarged circulation, etc.
Treasury Department,
Office of the Secretary,
Washington, D. C., September 37, 1S93.
Sir: I have the honor to acknowledge the receipt of Senate resolution, dated
August 18, 1893, as follows:
f‘ Whereas it is currently reported that certain of the uational hanking associa-
tions, organized and carrying on business under and by virtue of the laws of the
United States, have heretofore withdrawn from circulation their notes and subse-
quently secured an increase of their circulation under existing laws: Therefore,
“ Resolved, That the Secretary of the Treasury he requested to report to the Senate
what national hanking associations have thus diminished and enlarged their circu-
lation and the extent thereof, and also whether any and what national hanking
associations have organized under the banking laws of the United States and have
no outstanding notes in circulation.”
in reply I inclose herewith copy ofTeport, dated 25th instant, with accompanying
list, Irorn the Comptroller of the Currency, to whom the resolution was referred,
which contains the information desired.
Respectfully, yours,
C. S. Hamlin,
The President op the Senate of the United States.
A cling Secretary.
Treasury Department,
Office of the Comptroller of the Currency,
Washington, l). C., September 3d, 1893.
Sir: I have the honor, in response to a resolution of the Senate of the United
States, under date the 18th instant, to submit the information desired, namely, the
titles of national banking associations and amounts of circulation, increased or dimin-
ished, from July 12, 1832; also the following information as to national hanking
associations which do not now issue circulating notes. It was necessary to use an
alphabetical and printed list of the national banks, the amounts of increase and
decrease being exhibited.
Further information has been evolved as the result of the examination, and it
appears that under the provisions of section 4 . act June 20, 1874, and up to July 12.
1882, $127,937,730 were retired, but between those dates the circulation of national
banks was increased to the amount of $109,173,815.
The national banks which have no outstanding circulating notes are by title as
follows: Chemical National Bank, New York, N. Y. ; Mechanics’ National Bank,
New York, N. Y. ; National Bank of Washington, Washington, D. C. ; National Bank
of Cockeysville, Cockeysville, Md. ; National City Bank, New Y^ork, N. Y. ; Chester-
town National Bank, Chestertown, Md. ; First National Bank, Houston, Tex. ; Citi-
zens’ National Bank, Englewood, N. J.
In the last four cases circulation has been issued to the banks named subsequent
to the date of Senate resolution.
Very respectfully,
James H. Eckels,
Comvtr oiler.
Hon. John G. Carlisle,
Secretary of the Treasury.
[An alphabetical list of national hanks which have decreased and increased their
circulation subsequent to July 12, 1882, will be found in the document, Senate Ex.
Doc. No. 19, Fifty-third Congress, tirst session.]
315
[Senate Mis. Doc. No. 52, Fifty -third Congress, first session.]
Mr. Teller presented tlie following statement from the Acting Director of the Mint,
showing the production of gold and silver of Arizona, California, Colorado, Idaho,
Montana, Nevada, Utah, and New Mexico:
PRODUCTION of GOLD and SILVER of Arizona, California, Colorado, Idaho ,
Montana, Nevada, Utah, and New Mexico.
Note. — Previous to 1 848 the gold product of the United States was estimated to hn^e been $14,440,000,
not distributed by States and Territories. (Ure's Dictionary of Arts, Mines, etc., Vol. 11, p. 647.)
(Raymond, 1874, p. 544.)
Years.
California.
Nevada.
Gold.
Silver.
Gold.
Silver.
a $985, 800, 000
a $63, 146, 000
b $86, 462, 000
1874
c 20’ 300j 000
cd 35, 452, 000
1875 e
c 17 j 753^ 000
f 10, 000, 000
21, 795, 000
1876 e
15, 799, 000
$1, 505, 000
215, 000
44, 99l! 000
1877 e
15, 000,000
1, 000, 000
18, 000, 000
26, 000, 000
1878 e
15, 261, 000
2, 373, 000
19, 547, 000
28, 130, 000
1879 e
17, 600, 000
2, 400, 000
9, 000, 000
12, 560, 000
Total
1, 087,513, 000
7, 278, 000
155, 360, 000
219, 938, 000
1880
17, 500, 000
1, 100, 000
4, 800, 000
10, 900, 000
1881
18, 200, 000
750, 000
2, 250, 000
7, 0t)0, 000
18S2
16, 800, 000
845. 000
2, O00. 000
6, 750, 000
1883...
14, 120. 000
1, 460, 000
2, 520, 000
5, 430, 000
1884
13, 600,000
3, 000, 000
3, 500. 000
5, 600, 000
1885
12, 700. 000
2, 500, 000
3, 100, 000
6, 000, 000
18S6
14, 725, 000
1, 400, 000
3, 090, 000
5, 000, 000
1887
13, 400, 000
1, 500, 000
2, 500, 000
4, 900, 000
1888
12, 750, 000
1,400,000
3, 525, 000
7, 000. 000
1889
13, 000, 000
1, 034. 000
3, 000, 000
6. 206. 000
1890 :
12, 500, 000
1, 164, 000
2, 800, 000
5, 754, 000
1891
12, 600, 000
970, 000
2, 050, 000
4, 551, 000
1892
12, 000, 000
465, 000
1, 571, 000
2, 901. 000
Total
183, 895, 000
17, 588, 000
36, 706, 000
78. 052. 000
1,087,513, 000
7, 278, 000
155, 360, 000
219,938, 000
Grand total
1, 271, 408, 000
24, 806, 000
192, 066. 000
297, 990, 000
a From 1848 to 1878, inclusive, the gold product of California was estimated to have been $085,000,000
and the product of other States and Territories $254,950,000, and of this amount $63,140,000 was from
the Comstock Lode, Nevada.
b The silver product from 1848 to 1873, inclusive, was estimated to have been $186,050,000, not dis-
tributed by States and Territories, and of this amount $86,462,000 was from the Comstock Lode, Nevada.
c Gold and silver. (Raymond.)
d Of this amount $8,990,900 gold and $13,480,000 silver was from the Comstock Lode, Nevada.
/ Estimate of Dr. H. R. Linderman.
316
PRODUCTION of GOLD and SILVER of Arizona, California, Colorado, Idaho,
Montana, Nevada, Utah, and New Mexico — Continued.
Colorado.
Montana.
Idaho.
Tears.
Gold.
Silver.
Gold.
Silver.
Gold.
j Silver.
1874
a $5, 189, 000
h $4 355 000
iflfil 000
n ifti ssi) non
1875 b
2, 800, 000
$3, 672, 000
3, 438, 000
682! 000
2, 000, 000
$500, 000
1876 b
3, 150, 000
3, 139, 000
3, 078, 000
1, 133, 000
1, 053, 000
307, 000
1877 b *
3, 000, 000
4, 500, 000
3, 200, 000
755, 000
1, 500, 000
250, 000
1878 b
3, 366, 000
5, 395, COO
2, 261, 000
1, 670, 000
1, 150, 000
200, 000
1879 b
3, 225, 000
11,700,000
2, 500, 000
2, 225, 000
1, 200, 000
650, 000
Total
20, 730, 000
27, 397, 000
18, 830, 000
6, 621, 000
8, 783, 000
1, 907, 000
1880
3, 200, 000
17, 000, 000
2, 400, 000
2, 500, 000
1, 980, 000
450, 000
1881
3, 300, 000
17, 160, 000
2, 330, 000
2, 630, 090
1, 700, 000
1,300,000
1882
3, 360, 000
16, 500, 000
2. 550, 000
4, 370, 000
1, 500, 000
2. 000, 000
1883
4, 100, 000
17, 370, 000
1, 800, 000
6, 000, 000
1, 400, 000
2, 100, 000
1884
4, 250. 000
16, 000, 000
2, 170, 000
7, 000, 000
1, 250, 000
2, 720, 000
1885
4, 200, 000
15,800,000
3, 300, 000
10, 060, 000
1,800, 000
3, 500, 000
1886
4, 450, 000
16, 900, 000
4, 425, 000
12, 400, 000
1, 800, boo
3, 600, 000
1887
4, 000, 000
15, 000, 000
5, 230, 000
15, 500, 000
1, 900, 000
3, 000, 000
1888
3, 758, 000
29, 000, 000
4, 200. 000
17, 000, 000
2, 400, 000
3, 000. 000
1889
3, 500, 000
20, 6S7, 000
3, 500, 000
19, 394, 000
2, 000, 000
4. 396, 000
1890
4,150, 000
24, 307, 000
3, 300, 000
30, 364, 000
1,850, 000
4, 784, 000
1S91
4, 000, 000
27, 358, 000
2, 890, 000
21, 139, 000
1, 680, 000
5, 217, 000
1892
5, 300, 000
31, 030, 000
2, 891,000
22, 432, 000*
4,721, 000
4, 091, 000
Total
52, 108, 000
253, 212, 000
40, 986, 000
160, 789, 000
22, 981, 000
40, 158, 000
20, 739, 000
27, 397, 000
18, 832, 000
6, 621, 000
8, 782, 000
1, 907, 000
Grand total
72, 898, 000
280, 609, 000
59, 818, 000
167, 410, 000
31, 764, 090
42, 065, 000
Utah.
New Mexico.
Arizona.
Gold.
Silver.
Gold.
Silver.
Gold.
Silver.
1874
a $3, 912. 000
a $500, 000
a $487, 000
18756
44.000
$6, 801,000
1, 000, 000
’ 700, 000
$300, 000
1876 6
65, 000
' 5, 820i 000
' c39, 000
c $2, 027, 000
1, 000, 000
' 500, 000
1877 6
350, 000
5, 075, 000
175, 000
500, 000
300, 000
500. 000
1878 6
392, 000
5. 208, 000
175,000
500, 000
500, 000
3, 000, 000
1879 6
575, 000
6, 250, 000
125, 000
600, 000
800, 000
3, 550, 000
Total
5, 338, 000
29, 163, 000
2, 014, 000
3, 627, 000
3, 787, 000
7, 850, 000
1880
210, 000
4, 740, 000
130, 000
425, 000
400. 000
2, 000, 000
1881
145, 000
6, 400, 000
185, 000
275, 000
1, 060, 000
7, 300, 000
1882
190, 000
6, 800, 000
150, 000
1, 800, 000
1, 065, 000
7, 500, 000
1883
140, 000
5, 620, 000
280, 000
2, 845, 000
950, 000
5, 200, 000
1884
120, 000
6, 800, 000
300, 000
3, 000, 000
930, 000
4,500, 000
1885
180,000
6, 750, 000
800, 000
3, 000, 000
‘ 880,000
3, 800, 000
1886
216, 000
6, 500, 000
400, 000
2, 300, 000
1,110, 000
3, 400, 000
1887
220, 000
7, 000, 000
. 500, 000
2, 300, 000
830, 000
3, 800, 000
1888
290, 000
7, 000, 000
602, 000
1, 200, 000
872, 000
3, 000, 000
1889
500, 000
9, 051,000
1, 000, 000
1,461,000
900, 000
1. 939. 000
1890
680, 000
10, 343, 000
850, 000
1,681,000
1, 000. 000
1, 293, 009
1891
650, 000
11,313,000
905, 000
1, 713, 000
975, 000
1,914.000
1892
660, 000
10, 473, 000
950, 000
1, 390, 000
1, 070, 000
1, 373, 000
Total
4, 201, 000
98, 790, 000
7, 052, 000
23, 390, 000
12, 042, 000
47. 019, 000
5, 338, 000
29, 163, 000
2, 014, 000
3, 627, 000
3, 787, 000
7, 850, 000
Grand total
9, 539, 000
127, 953, 000
9, 066, 000
27, 017, 000
15, 829, 000
54, 869, 000
a Gold and silver. (Raymond.) b Fiscal year. c Wells, Fargo & Co. statement.
Total gold $1,662,388,000
Total silver 1. 022, 779. 000
Bureau of the Mint,
September 6, 1S93.
II. E. Preston,
Acting Director Mint.
[Senate Mis. Doc. No. 61, Fifty -third Congress, first session.]
Mr. Cockrell presented the following letter from the Acting Director of the Mint,
giving the amount and cost and coining value in silver dollars, and amount coined,
of silver purchased under the act of July 14, 18‘JO, to September 1, 1893 :
317
Treasury Department, Bureau of the Mint,
Was kin a ton, D. C., September 8 , 1893.
Sir: I have to reply to your verbal inquiries of to-day as follows:
(1) Amount and cost and coining value in silver dollars of silver purchased under
the act of .July 14, 1890, to September 1, 1893, is as follows:
Fine ounces 163, 047, 664
Cost $151, 804, 170
Coining value $210, 809, 100
(2) Amount of such bullion coined to date is as follows:
Fine ounces
Cost
Dollars coined
Seigniorage on same
27,911, 182. 14
$29, 110, 116.25
36, 087, 185
$6, 977, 068. 75
The cost in Treasury notes of silver purchased to September 1, 1893, is given in
answer to lirst question.
The amount of Treasury notes issued to September 8, 1893, Avas $152,007,933,
redeemed in standard silver dollars and retired $1,517,574, leaving outstanding
$150,490,359. If all the bullion purchased under the act of July 14, 1890, to Septem-
ber 1, 1893, were coined; the number of silver dollars in excess of the Treasury notes
now outstanding would be 60,318,741. In this statement no allowance whatever is
made for Avast age by the operative officers of the mints manufacturing the dollars.
Respectfully, yours,
R. E. Preston,
lion. F. M. Cockrell, Acting Director of the Mint.
U. S. Senate.
[Senate Ex. Doc. No. 21, Fifty-third Congress, first session.]
Letter from the Secretary of the Treasury stating, in reply to Senate resolution of Sep-
tember 36, 1893, the amount of silver bullion exported during the months of July and
August, 1893.
Treasury Department,
Office of the Secretary,
Washington, D. C., October, 2,1893.
Sir : I have the honor to acknowledge the receipt of the folloAving resolution
adopted by the Senate September 26, 1893:
“ Resolved, That the Secretary of the Treasury be, and he hereby is, directed to
inform the Senate what amount of silver bullion Avas exported during the months of
July and August, 1893, together Avith the dates and amounts of such exports.”
In reply I have the honor to state that the exports of silver bullion Avere as
folloAvs :
Fine
ounces.
Fine
ounces.
1893.
Julv 3
645, 659
372, 009
401,447
760, 100
350, 237
493, 472
70, 800
489, 538
216, 789
107, 586
382,418
50, 517
89, 641
287, 089
323, 025
40, 893
301, 926
1893.
Auer. 1
145, 532
52, 429
308. 370
256,999
102, 462
64, 511
188, 329
63, 558
35, 157
175, 911
347, 357
116, 169
220, 980
138; 777
419, 396
86, 957
2
7
4
11
7
12
8
17
10
18.
11
19
15
20
16
21
18
24
21
25
22
26
24
27
25
28
28
29
30
31
Total New York
San Francisco (no dates)
Total
Total New York
San Francisco (no dates)
Niagara (no dates)
Total
5, 383,140
287, 261
2, 782, 894
328, 459
6, 094
5, 670, 407
3, 117, 447
Very respectfully,
The President of the Senate.
J. G. Carlisle,
t Secretary .
318
[House Ex. Doc. Ho. 11, Fifty-third Congress, first session.]
Letter from the Secretary of the Treasury transmitting, pursuant to House resolution dated
September 27, 1S93, information as to why silver bullion teas not purchased in the mouths
of July and August.
Treasury Department, Oeeice of the Secretary,
Washington, 1). C., October 4, 1S03.
Sir: I have the honor to acknowledge the receipt of the following resolution,
passed hy the House of Representatives on September 27, 1893:
“Resolved, That the Secretary of the Treasury he requested to inform the House
why silver bullion was not purchased in the months of July and August, 1893, to the
full amount provided in the act of July 14, 1890. ’’
I respectively submit the following reply:
On August 13, 1890, the date the act of July 14, 1890, went into effect, the equiva-
lent of the Loudon price for silver 1,000 line in United States money was $1.1254.
The amount of silver offered the Department on this date was 882,000 ounces, at
prices ranging from $1.13 to $1.14 per ounce line. Of this amount 310,000 ounces
were accepted at $1.13.
On the 15th of August the London price was $1,142; the New York price, $1.14f.
The amount offered the Government was 701,770 line ounces, at prices ranging from
$1.14 to $1.1525. The Government purchased 417,770 ounces, at prices ranging from
$1.14 to $1.1495.
On August 18 the New York price was $1.19 to $1.19§. The amount offered the
Department was 590,000 line ounces, at from $1.16 to $1.20 per ounce. Of this
amount 540,000 ounces were purchased at prices ranging from $1.16 to $1.19$.
On the 20th of August the price ranged in New York from $1.20$ to $1.20$, while
the London price was $1.1850. The amount offered on this date was l,364,000ounces,
of which there were accepted 516, 000 ounces at prices ranging from $1.1945 to $1.20$.
On the 22d the London rate Avas $1.1876, and the NeAv York price $1.19. The
amount offered was 1,520,000 ounces, of which 425,000 ounces were purchased at
from $1,193 to $1,195.
On August 25 the London price was $1,182, and the New York price $1.1975. The
amounts offered the Department aggregated 1,020,000 ounces, of Avliicli it purchased
450,000 ounces at from $1.1950 to $1.19$.
On August 27 the London rate was $1.1767, the Ncav York price, $1.18f to $1.19$.
The Department Avas offered 1,946,000 ounces, of Avhich it purchased 613,000 ounces
at $1.19 to $1.19$.
The London price on the 29th of August was $1,192; the Neiv York price, $1.19$ to
$1.19$. The Department was offered amounts aggregating 1,453,000 ounces, of Avhich
it purchased 358,000 ounces, at $1.1949 to $1.19$.
The prices quoted in New York on September 5, 1890, Avere OA-er a half cent less
than the London rate. The offers made the Department ranged from $1,172 to$1.19$.
Two small lots Avere purchased at from $1,172 to $1.17$.
The practice of accepting the lowest price as fixed by the bidders, and Avhich were
almost Avithout exception in excess of the prices quoted by the daily press, continued
until June 12, 1893, Avhen the system of making counter bids, in cases where the
prices asked by bidders Avere regarded as more than the market price, Avas inaugu-
rated.
The Department completed the purchase of 4,500,000 ounces for the month of June
on the 21st day of that month, and announced that no further purchases would be
made until July. After this announcement it appears that dealers in silver bullion
in Noav York commenced to sell very freely in London for future delivery.
As is Avell known, on June 26 the legislative councils of India enacted a bill closing
their mints against the free coinage of silver. Upon this action becoming known
there was great pressure to sell silver, and the market become completely disorgan-
ized, the price in London declining from 37 to 30$ pence, and in New York from 84
to 62 cents per ounce.
On the 1st of July the price commenced to advance on speculative buying on
American account, until on the 5tli the price in London Avas equivalent to 75.94
cents, Avhile certificates for silver deposited Avith the Mercantile Trust Company of
Noav York Avere quoted at 75 cents per ounce. Offers aggregating 520,000 ounces, at
prices ranging from 75.45 to 78 cents were made the Department on this day, but
owing to the unsettled condition of the market and the belief that the price had
been bid up for speculative purposes in anticipation of the resumption of purchases
by the Department, it Avas difficult to lix a price, and all offers Avere declined and
no counter bids made.
On July 7 the offers of silver aggregated 1,178,000 ounces at prices ranging from
72 to 76 cents. The equivalent of the London price was 74.48 cents. The ((notation
for bullion certificates in New York avus 72$ cents. An offer of 100,000 ounces at 72
319
cents was accepted, and the same rate tendered for the remaining 1,078,000, the offer
of the Department being accepted for 488,000 ounces.
On August 23, 1893, the London rate was equivalent to 76,35 cents per ounce line,
and the New York rate as quoted ranged from 76j- to 70^ cents. The offers this day
aggregated 636,000 ounces, at from 76 to 76f cents per ounce, all of which were
declined, and 75£ cents tendered, which rate was accepted by bidders for 416,000
ounces.
It is difficult to fix the market price of silver, especially as the prices vary con-
stantly from day to day, and, in fact, almost hourly, and when the sellers or dealers
themselves differ so widely in the rates at which they offer silver to the Government.
In view of these facts it seems eminently proper that, as the Government of the
United States is the largest purchaser of silver in the world, the Secretary of the
Treasury, after an examination of the offers and quotations of each day, should
determine what in his judgment is a fair market price, especially as the act of July
14, 1890, expressly provides for the purchase of “ 4,500,000 ounces, or so much thereof
as may be offered in each month at the market price thereof.” It is evident that
there are but two courses open to the Secretary of the Treasury under this statute.
He must purchase 4,500,000 ounces of silver each month at whatever prices may be
asked by the dealers, no matter how unreasonable or extortionate they may be, or
he must employ such means as are at his command to ascertain what the actual
market price is, and make, or offer to make, the purchase at that rate; and it is
simply because the dealers were not willing to accept what was considered a fair
market price that 4,500,000 ounces were not purchased during the months of July
and August. There is uo valid reason why the Government should pay for silver
bullion higher prices than are paid by individuals, or why one refiner or dealer
should receive a price for his silver greater than that paid to another on the same
day and in the same market.
Tlie silver bullion which the Secretary of the Treasury is directed to purchase is
not graded or divided into classes like other commodities, such as wheat, cotton,
pork, etc., but must be purchased and paid for at 1 degree of fineness, namely,
1,000 fine, or, in other words, pure silver; and, therefore, there can be no reason why
it should be offered or purchased at different prices at the same time. In purchasing
all other commodities and supplies the Government endeavors to purchase at the
market rate, and, believing that there was no reason why this rule should not govern
the Secretary of the Treasury in making purchases of silver, the practice of making
counter offers when the prices asked were regarded as in excess of the market rate
was adopted on the 12th day of June last, and lias continued ever since that date.
With two exceptions only the Department has been able to purchase more or less
silver on its counter offers every purchasing day, thus establishing the fact that the
rate fixed by the Department was a fair market rate. In order to fix a market price
to be paid for silver the governing market of the world must be consulted.
As the world’s supply of and demand for silver meet in London it is necessary to
take the prevailing price there into consideration ; and as that market obtains by
far the greater part of its silver from the United States, Mexico, and South America,
it follows that the Treasury Department should be able to purchase silver here at a
lower price than that of the London market, the cost of placing silver in that market
being between three-tenths and four-tenths of a cent per ounce.
What is the market price of a given article at the time of the negotiations between
the buyer and the seller is always a question of more or less difference of opinion
between them, and it is a question which neither of them alone can settle. It can be
adjusted only by mutual agreement, and the effort of the Government since June 12
last has been simply to ascertain the fair market price of silver bullion on each day
it was offered for sale and, when ascertained, to make its purchases at that price.
Respectfully yours,
J. G. Carlisle,
Secretary,
Hon. Charles F. Crisp,
Speaker of the House of Eejjrescntatives,
320
Senate Ex. Doc. No. 26, Fifty-third Congress, first session.
Letter from the Secretary of the Treasury, transmitting, in response to Senate resolution of
September 28, 1898, statement of the annual interest on Government bonds on which
interest has been anticipated by the Treasury Department.
Treasury Department, October 9, 1893.
The President of the Senate:
I have the honor to acknowledge the receipt of the following resolution adopted
by the Senate on the 28th ultimo, viz:
“Resolved, That the Secretary of the Treasury be, and he is hereby, directed to
inform the Senate when, in what amount, and under what circumstances the Treas-
ury Department has anticipated the payment of the annual interest on Government
bonds since the 1st of July, 1880. ”
In response thereto I have the Honor to inclose herewith a statement, giving in
detail and by fiscal years the payments of interest on the public debt before matu-
rity since June 30, 1880.
The authority for advance payments of interest is contained in the following extract
of the act of March 17, 1864 (section 3699, R. S.), viz:
‘ ‘ The Secretary of the Treasury may anticipate the payment of interest on the
public debt by a period not exceeding one year, from time to time, either with or
without a rebate of interest upon the coupons, as to him may seem expedient.”
An order issued by the Department under this act that coupons would be paid on
presentation sixty days before maturity, upon a rebate of interest, at the rate of 6
per cent per annum, is still unrevoked, but has rarely been taken advantage of since
1880, the total amount of coupons presented under the order not exceeding $1,000.
On two occasions, November 10, 1886, and August 3, 1887, the Department offered
to prepay interest with a rebate of less than 6 per cent for periods from one to five
months, and the sum realized from this source and covered into the Treasury
amounted to $9,763.44.
With these exceptions, the disbursements noted in the statement were made with-
out deduction or expense to the holders of the bonds.
In reviewing the circumstances under which interest has been prepaid, it is
assumed that the scope of the inquiry will be covered by considering only payments
in advance for periods exceeding six or seven days.
When interest was anticipated even for so short a period, it is proper to say that
the conditions of the Treasury, and of the business of the country, were such as to
make the exercise of the power advisable, if not imperative.
In furtherance of the plan matured and put into operation by the Secretary of
Treasury in the spring of 1881, to reduce the 5 and 6 per cent loans to a loan pay-
able at the option of the Government and bearing interest at 34 percent per annum,
the Department gave notice on April 11. 1881, that on 6 per cent bonds of the loans
of July and August, 1861, and of March 3, 1863, presented for continuance at the
lower rate on or before May 10, 1881, the interest to July 1, 1881, would be prepaid
at once. Under this offer there was paid during the months of April, May, and
June $5,258,613 for interest payable July 1, 1881, on $175,287,100 6 per cent bonds.
For like reasons and as an inducement to holders of the 5 per cent bonds to accept
in lieu of their payment on August 12, 1881, bonds bearing interest at 3| per cent
per annum, the Treasury offered on May 12, 1881, to prepay on receipt of the 5 per
cents surrendered for continuance on or before the 1st day of July, 1881, the interest
to August 12, 1881.
The sum so expended prior to August 12, 1881, for interest due then on $401,504,900
5 per cent bonds, amounted to $1,542,231.27, and to effect the prompt presentation
of called bonds of that class maturing October 1, 1881, holders were offered on
August 22, 1881, payment of principal with interest to October 1, 1881, resulting in
an expenditure of $366,055.94 for advance interest on $17,541,250 bonds.
With a constantly growing surplus in the Treasury over the ordinary expenses of
the Government, and with the usual demand for money in the fall, the Department,
to afford relief, on September 24, 1881, not only called in for payment on Decem-
ber 24, 1881, $20,000,000 in bonds, but on the same day announced its readiness to
redeem, weekly during October, $2,000,000 in 3| per cent bonds, called or uncalled,
with interest to date of redemption. Under like conditions holders of this class of
bonds maturing on November 1, 1883, under call of July 26, 1883, were notified on
August 15, 1883, that, commencing with August 22, $5,000,000 would be accepted
weekly for redemption, and interest allowed to date of maturity of call. The
amount prepaid during August, September, and October, 1883, for interest on the
bonds presented, was $220,969.62. .
Again, towards the close of 1886, the commercial and financial situation called for
prompt action.
321
Though prompt and boneficial employment had been found for the proceeds of sur-
plus taxation in the retirement of over $54,000,000 in 3 per cent bonds during the four
months of July, August, September, and October, 1880, the cash balance in the Treas-
ury, after payment of the current expenses and obligations of the Government, bad
been diminished only by about $8,540,000, or from $287,513,959 on July 1, 1880, to
$278,970,808 on November 1, 1880, a large portion of the proceeds of called bonds
being left in the Treasury to redeem bank-note circulation, thus in a measure frus-
trating the efforts of the Department to reduce the cash accumulations through the
medium of bond calls.
To meet the exigency and prevent serious embarassment, the Department on
November 10, 1886, gave notice that the interest falling duo December 1 and Jan-
uary 1 would be prepaid, and in this manner the sum of $8,735,743.23 was returned
to the channels of trade during November and December, 1886, with great benefit
to the country and without embarrassment to the Treasury.
The Financial Chronicle of November 13, 1886, made the following comments on
the “financial situation
“There is, however, such an inquiry from the interior for crop and other purposes
as to keep the bauk reserves from accumulating to any great extent, and until the
outflow ceases or is counterbalanced by large supplies, there can be no important
change. The payment by the Treasury without rebate of the December interest,
amounting to $2, 812, 500, and with a rebate of 3 per cent per annum on the January
interest, aggregating $9, 528, 400, will, with the other disbursements at this season
of the year, distribute considerable money among individuals and corporations, and
of course tend to relieve the pressure; but the surplus revenue is so large now (the
debt reduction last month being $13, 20’, 619) that accumulations in the Treasury
are rapid. ”
In May, 1887, the last of the bonds redeemable at the pleasure of the Government
were called; there was no way of putting out again among the people the surplus,
except by the purchase of bonds at a premium or by deposits in national-bank
depositories.
On account of the fact that there was no legislation upon the subject, except a
provision in an annual appropriation act, which was construed by some to be tem-
porary in its nature, the Secretary of the Treasury entertained doubts as to his
authority to purchase bonds not required for the sinking fund, and, therefore, as a
means of relieving the monetary stringency then existing, he gave notice on August
3, 1887, that the interest due on the public debt September 1, October 1, December
1. 1887, and January 1, 1888, would bo prepaid on and after August 15, 1887 ;
$10, 682, 706. 40 was disbursed under this offer.
The circumstances under which prepayments of interest were deemed advisable
during the fall of 1890 and extending up to September 2, 1891, are fully described by
the Compti'oller of the Currency in the Finance Report for 1891, p. 324: “ Agi'icul-
tural interests were in an unsatisfactory condition; overtrading and unhealthful
expansion were everywhere apparent.” Immense sums from the Atlantic and Mid-
dle States and from abroad had been invested in loans on city, suburban, and farm
property, and in manufacturing and industrial enterprises.
The failures of several banks in New York, simultaneously with the announce-
ment that the house of Baring Brothers in London, known throughout the world for
its conservatism and strength, had found itself inextricably entangled, brought
about a situation which demanded prompt and liberal action by the Department.
The circulars published on July 19, August 19, 21, 30, September 6 and 13, and Decem-
ber 6, 1890, offering to purchase 4 and 4| per cent bonds, and inviting the surrender
for redemption of 4-J- per cent bonds with prepayment of interest to May 31, 1891,
and August 31, 1891, had for their object the relief of the severe monetary strin-
gency.
The operations of the Treasury, rendered imperative not only by the financial aud
commercial interests of the country but by the largely increased revenues due to
pending changes in tariff legislation and to the act of July 14, 1890, which added to
the available cash balance over $54, 000, 000, resulted in the release of over $100,000,000,
of which $18,403,307.77 represented interest paid before maturity.
The prepayment from July 14 to September 1, 1891, of $260,505.51, for interest due
September 2, 1891, was offered as an inducement to holders of 4| per cent bonds to
accept, in lieu of payment, bonds at the rate of 2 per cent per annum.
During the recent monetary stringency and general depression of business it was
deemed advisable to anticipate the interest due July 1 and September 1, 1893, and
$4,981,845.90 and $21,820.25 were disbursed a few days in advance of date of maturity.
Respectfully, yours,
S. Eep. 235 21
J. G. Carlisle,
Secretary.
322
Statement of INTEREST prepaid on the PUBLIC DEBT from July 1, 1SS0, to October
1, 1S93.
When due.
Title of loan.
Amount.
When prepaid.
Apr. 1, 1881
May 1, 1881
May 21,1881
4 per cent consols of 1907. . .
5 per cent funded loan of 1881
do
$3, 039, 250. 00
24, 561. 01
28, 136. 06
From Mar. 26 to 31, 1881.
April, 1881.
From May 1 to 20, 1881.
July 1,1881
Do.
Do.
Aug. 12,1881
Do.
Do
Oct. 1, 1881
Do
Apr. 1,1883
Nov. 1,1883
Do.
Do.
Dec. 1, 1886
Jan. 1, 1887
Do
Do
July 1. 1887
‘Do
Sept. 1,1887
Oct. 1, 1887
Do
Dec. 1, 1887
Jan. 1,1888
Do
Do
Do.
Do.
Sept. 1,1890
Oct. 1,1890
Do
Do.
Do.
Do.
Do.
Do.
Do.
Total, 1881 .
Jan. 1, 1891
Do
Loans of July and August,
1861. and of March 3, 1863.
do
do
5 per cent fundedloanof 1881
do
do
5 per cent funded loan of 1881
do
Total, 1882
4 per cent consols of 1907.
Funded loan of 1881, con-
tinued at 3 £ per cent.
do
do
41 per cent funded loan of
'1891.
4 per cent consols of 1907. . . .
do
Bonds issuedin aid of Pacific
railway companies.
$235, 555. 50
3,219,963.00
1, 803, 094. 50
3, 194, 916. 17
2, 213, 334. 01
133, 981.09
3, 091, 947. 07
5, 258, 613. 00
152, 477. 39
213,578. 55
11, 166, 900. 21
77, 172. 21
107, 288. 29
36, 509. 12
Total, 1887 .
4 percent consols of 1907
Bonds issued in aid of Pacific
railway companies.
41 per cent funded loan of
1891.
4 per cent consols of 1907
do
44 per cent funded loan of
1891.
4 per cent consols of 1907
do
Bonds issuedin aid of Pacific
railway companies.
do
do
Total, 1888 .
4£ per cent funded loan of
1891.
4 per cent consols of 1907
do
Deo. 1, 1890
Mar. 1,1891
44 per cent funded loan of
1891.
do
do
do
879, 936. 50
4, 319, 324. 00
1, 604, 700. 00
3, 865, 251. 50
1, 356, 159. 60
807, 206. 50
4, 309, 268. 00
723, 786. 50
3, 308, 079. 00
53. 400. 00
76. 800. 00
928, 520. 40
2, 959, 726. 00
1,085,847.00
4 per cent consols of 1907 . . .
Bonds issued in aid of Pa-
cific railway companies.
44 per cent funded loan of
1891.
do
do
do
5, 542, 231. 27
366, 055. 94
3, 980, 726. 00
220, 969. 62
1, 931, 782. 73
6, 803, 960. 50
8, 735, 743. 23
5,221,411. 10
222, 935. 00
5, 116. 474. 50
252, 711. 00
5, 090, 585. 90
15, 904, 117. 50
141, 819. 16
5, 604. 37
373, 459. 08
64, 673. 44
31, 379. 06
4, 045, 573. 00
2, 991, 686. 00
1, 530, 050. 40
5, 604. 37
373, 459. 08
64, 673. 44
31, 397. 06
475, 133. 95
4,521,736. 40
From Apr. 27 to 30, 1881.
May, 1881.
J une, 1881.
June, 1881.
July, 1881.
From Aug. 1 to 11, 1881.
From Ang. 22 to 31, 1881.
September, 1881.
From Mar. 26 to 31, 1883.
From Aug. 15 to 31, 1883.
September, 1883.
October, 1883.
From Nov. 11 to 30, 1880.
From Dec. 1 to 31, 1886.
From Dec. 16 to 31, 1886.
From Dec. 21 to 31, 1886.
From June 25 to 30, 1887.
Do.
From Aug. 15 to 31, 1887.
From Aug. 15 to Sept. 24, 1887.
From Sept. 26 to 30, 1887.
From Aug. 15toNov. 30, 1887.
From Aug. 15toNov. 23, 1887.
From Dec. 28 to 31, 1887.
From Aug. 15 to 31, 1887.
September, 1887.
From Dec. 28 to 31, 1887.
From Ang. 25 to 31, 1890.
From Sept. 10 to 30, 1890.
From Sept. 18 to 30, 1890.
From Aug. 20 to 31, 1890.
September, 1890.
October, 1890.
November, 1890.
From Sept . 10 to Oct. 10, 1890.
Do.
From Aug. 20 to 31, 1890.
September, 1890.
October, 1890.
November, 1890.
323
Statement of INTEREST prepaid on the PUBLIC DEBT , etc.— Con tin uo<l.
When due.
Title of loan.
Amount.
When prepaid.
Mar. 1,1891
44 per cent funded loan of
1891.
do
$22, 628. 81
December, 1890.
Do
19, 009. 69
January, 1891.
February, 1891.
Do
.do
18, 556. 25
$535, 328. 70
2,989,915.00
Apr. 1,1891
J une 1, 1891
Do
From Sept. 10 to Oct. 10, 1890
From Aug. 20 to 31, 1890.
September, 1890.
October, 1890.
November, 1890.
4J per cent funded loan of
1891.
5, 604. 38
373, 459. 08
64, 673. 44
31,397.06
22, 628. 81
19, 009. 69
18, 556. 25
22, 376. 81
29, 783. 25
2, 731.50
Do
do
Do
do
Do
do
December, 1890.
January, 1891.
February, 1891.
Do..
, . do
Do
do
Do
do
March, 1891.
April, 1891.
May, 1891.
Do
.do
Do...
do
590, 220. 27
Total, 1891
13, 299, 726. 50
July 1,1891
Do
4 per cent consols of 1907 . . .
2,988,915. 00
1, 530, 050. 40
From Sept, 10 to Oct. 10, 1890
Do.
cific railway companies.
4, 518, 905.40
Sept. 1, 1891
Do
4£ per cent funded loan of
1891.
. . do
373, 459. 08
September, 1890.
October, 1890.
November, 1890.
December, 1890.
January, 1891.
February, 1891.
March, 1891.
April, 1891.
May, 1891.
64, 673. 44
31, 397. 06
22, 628. 81
19, 009. 69
18, 556. 25
Do .
Do
. . do
Do
do
. .do
Do
. .do
22,376.81
Do
. . do
29, 783. 25
Do
do
2| 731. 50
584, 615.89
Sept. 2,1891
do
93, 978. 27
166, 527. 24
From July 14 to 31, 1891.
From Aug. 1 to Sept. 1, 1891,
do
260, 505. 51
Total, 1892
5, 364, 086. 80
July 1, 1893
Do
4 per cent consols of 1907 . . .
Bonds issued in aid of Pa-
3, 358, 135. 50
1, 623, 710. 40
From June 26 to 30, 1893.
Do.
cific railway companies.
4, 981,845. 90
21, 820. 35
Sept. 1,1893
Funded loan of 1891, con-
tinued at 2 per cent.
From Aug. 24 to 31, 1893.
Total, 1894 part
5, 003, 666. 15
RECAPITULATION" BY FISCAL YEARS.
Fiscal year-
1881 $3,091,947.07
1882 11,166,900.21
1883 3, 980, 726. 00
1884 220,969.62
1887 8,735,743.23
1888 15,904,117.50
1891 13,299,726.50
1892 5,364,086.80
From July 1, 1893, to Oct. 1, 1893 5, 003, 666. 15
Aggregate 66,767,883.08
324
[Senate Ex. Doc. No. 27, Fifty-third Congress, first session.]
Lctta fiom the Secretary of the Treasury, in reply to Senate resolution of October 10,
inquiring if the Government has borrowed any money since March 5, 1885.
Treasury Department,
Office of the Secretary,
Washington, D. C., October 11, 1893.
^ hftve th® honor to acknowledge receipt of the Senate resolution, dated the
lOth instant, as follows :
“Resolved, that the Secretary of the Treasury be, and he is hereby, directed to
inform the Senate whether the Government, at any time since the 5tli day of March,
1885, to the present time, has borrowed any money; if so, the amount brorrowed, of
whom, and when borrowed, and the character of the security given theefor, and to
transmit all correspondence relating to the borrowing of such money.”
In reply thereto I have to state that no money has been borrowed by the Govern-
ment of the United States since the 5th day of March, 1885.
Respectfully yours,
The President of the United States Senate.
W. E. Curtis,
Acting Secretary.
[Senate Ex. Doc. No. 28, Fifty -third Congress, first session.]
Letter from the Secretary of the Treasury, in reply to a resolution of the Senate of Octo-
ber 3, 1893, calling for a statement giving the aggregate amount of silver bullion pur-
chased during September, 1893, together with the cost thereof, the amount , the date,
and price of each purchase, etc.
Treasury Department,
Office of the Secretary,
Washington, D. C., October 14, 1893.
Sir: I have the honor to acknowledge the receipt of the following resolution
adopted by the Senate October 2, 1893 :
“ Resolved, That the Secretary of the Treasury be, audhe hereby is, directed to fur-
nish the Senate with a statement giving the aggregate amount of silver bullion pur-
chased under the act of July 14, 1890, during the month of September, 1893, together
with the cost thereof, the amount, date, and price of each purchase, and the name
of the vendor. Also the aggregate amount of silver bullion offered for sale during
the said month, the amount, date, and price of each offer, and the name of the per-
son making such offer.”
In reply I transmit statement prepared by the Bureau of the Mint, giving in
detail the information called for.
The delay in furnishing this information more promptly was occasioned by the
fact that returns of local purchases at the mint at San Francisco were only received
to-day.
Respectfully yours,
J. G. Carlisle,
Secretary.
The President of the Senate,
Statement of the amount of SILVER BULLION offered to the Government during the month of September, 1893, and purchased under act of July 14, 1890.
325
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328
[Senate Ex. Doc. No. 29, Fifty-third Congress, first session.]
Letter from the Secretary of the Treasury, in response to Senate inquiry of the 9th instant
relative to the redemption of silver certificates in gold, etc.
Treasury Department, October 17, 1893.
The President of tiie Senate:
I have the honor to acknowledge the receipt of the following resolution, adopted
ky the Senate on the 9th instant, viz:
“Resolved, That the Secretary of the Treasury he, and he is hereby, directed to
inform the Senate whether silver dollars or silver coin certificates have been redeemed
by the Treasury Department or exchanged for gold or paper that is by law or prac-
tice of the Government redeemable in gold.”
In response thereto I have the honor to say that the law providing for the redemp-
tion or exchange of silver certificates, which requires that such certificates shall be
redeemed or exchanged in kind or for standard silver dollars, has, so far as this
Department has information, been strictly complied with by the Treasurer of the
United States and the various subtreasury offices, and no gold coin has been given
in return for such certificates or standard silver dollars. Conditions have, horvever,
existed in the New York and San Francisco subtreasuries which required that pay-,
ments, in redemption of silver certificates and standard silver dollars deposited with
those offices, be made in moneys other than those specified by law for the purpose,
but such cases have been infrequent, and the amounts paid for such redemptions or
exchanges in United States paper, wrhick by law or the practice of the Department
is exchangeable for gold coin, have been comparatively insignificant.
In the early history of the standard silver dollar and silver certificate many of
the latter were paid out at San Francisco in exchange for deposits of gold coin, but
the amount cannot be given.
Under the provisions of Department circular dated September 18, 1880, gold coin
was received at New York for which silver certificates were paid in exchange else-
where, as the depositors requested, during the fiscal years from 1880 to 1885, in the
following amounts:
1880 $13. 870, 000
1881 15, 887, 000
1882 11. 000, 000
1883 19, 132, 000
1881 20, 515, 000
1885 575, 090
Total 80,979,000
Exchanges under the circular were discontinued in January, 1885. However, the
Department made some exchanges in the transaction of daily business during the
following years to the amount named :
1880 $2, 641, 000
1887 6, 266, 022
1888 1, 564, 140
1889 986, 680
For subsequent years the data are not complete, but from the best information
obtainable it is believed the amount will not exceed $2,000,000 per annum.
Standard silver dollars coined under the act (TT 1878 have been exchanged for gold
or paper redeemable in gold from 1879 to the present time, but tho amount of the
various classes so received previous to 1887 can not bo given. From 1887 to 1889 the
amount was follows :
1887 $9> 449, 603
1888 10> 448> 833
1889 122> 854
For subsequent years tho data are not complete, but the amounts will average
about the same as that of the three years' named, which is $9,673,763 per annum.
The following summary is therefore submitted as the most complete statement
that can be furnished with respect to the amounts of gold coin and paper redeem-
able in gold received in exchange for silver certificates and standard silver dollars:
329
Fiscal year.
For silver
certificates.
For stand-
aid dollars.
Total.
IftRO _
$13, 870, 000
15, 887, 000
11,000, 000
19, 132, 000
20,515,000
575, 000
2, 041 , 000
6, 260, 022
1, 564, 140
980, 080
$13, 870,000
15, 887, 000
1 1 , 000, 000
19, 132,000
20, 515, 000
575, 000
2, 641, 000
15,715,025
12, 012,973
10, 109, 534
1
$9, 449, 003
10, 448, 833
9, 123, 854
92, 430, 842
8, 000, 000
29,021,290
38,400, 000
121,458, 132
46, 400, 000
Total
100,430, 842
07, 421, 290
167, 858, 132
Respectfully yours,
J. G. Carlisle,
Secretary.
[Senate Ex. Doc. No. 30, Fifty-third Congress, first session.]
Letter from the Secretary of the Treasury, in response to Senate resolution of September S3,
1S93, as to number of standard silver dollars coined under the act of February 28, 1S78,
and July 14, 1890, exported and imported, etc.
Treasury Department, Office of tiie Secretary,
Washington, D. C., October 17, 1898.
Sir : I have the honor to acknowledge the receipt of the following resolution,
passed by the Senate under date of September 22, 1893 :
“Resolved, That the Secretary of the Treasury is hereby directed to report to the
Senate as early as possible the following information as approximately accurate as
practicable: The number of coined standard silver dollars of our own mintage under
the laws of February 28, 1878, and July 14, 1890, exported and imported since Feb-
ruary 28, 1878, the number of such dollars recoined in our mints, and the number
consumed in the United States in industrial uses.
“And the amount of United States coined gold exported and imported since 1870,
and the amount of such coined gold recoined in our mints, and the amount of such
coined gold consumed in the United States in industrial uses.
“And whether the amount of excess, if any, of such exports over imports, and the
amount of such recoinage, and the amount of such coined gold and silver consumed
in industrial uses, have been taken into account and deducted from the total coinage
in the estimates of such coins in existence in our country.”
And respectfully reply, as follows:
(1) The number of silver dollars coined under the acts of February 28, 1878, and
July 14, 1890, exported and imported since February 28, 1878, is not known, as
returns of domestic coin exported or imported are not entered at the custom-houses
by denominations. The number of silver dollars coined under the acts of February
28, 1878, and July 14, 1890, deposited at the mints for recoinage has been 132,018.
No estimate has been made of the standard silver dollars coined under the acts
referred to used in the industrial arts in the United States, but it is believed that
the number is very small, as so much more bullion could be purchased by the dollar
than it contains. Bullion would, therefore, be purchased and used in lieu of the
coin wherever it was practicable to obtain the same.
(2) The amount of United States gold coin exported from January 1, 1870, to Octo-
ber 1, 1893, was $571,881,770. The amount of United States gold coin imported from
January 1, 1878, to October 1, 1893, was $126,943,885. Prior to January 1, 1878, the
imports of United States gold coin were not separated in the custom-house returns
from foreign gold coin.
The amount of United States gold coin consumed in the industrial arts from 1870
to 1892, inclusive, as estimated by the Bureau of the Mint, has been $82,375,000.
(3) In estimating the amount of silver dollars coined since February 28, 1878, in
the country no deductions have been made either for exports or for use in the indus-
trial arts in the United States, nor any allowance for recoinage, as it has heretofore
been believed that the number of silver dollars coined in 1873 and prior years in cir-
culation exceeded the amount of silver dollars coined since 1878, exported, recoined,
and used in the industrial arts.
330
In estimating the stock of gold coin in tlie country, tlae amount exported and
recoined, as well as the amount estimated as used in the industrial arts in the United
States, is deducted from the last estimate, while the amount imported and coined is
added.
The starting point of the estimate of the present stock of coin iu the United States
was, July 1, 1873, as estimated by Dr. Henry R. Linderman, then Director of the
Mint. At that period there was no gold coin in active circulation iu the United
States except on the Pacific coast, and the estimate comprised only the metallic
stock in the Treasury and in the national banks, with an estimate of twenty mil-
lions as the minimum of gold coin in use on the Pacific coast. Since, the estimates
have from year to year been arrived at by adding to the stock of gold coin at that
date the annual coinage and imports less the amount ot United States coin withdrawn
for recoinage, exported, and the amount estimated to have been used in the indus-
trial arts and then adding the imports and coinage.
Kespectfully yours,
The President oe the Senate.
J. G. Carlisle,
/Secretary.
[Senato Ex. Doc. No. 32, Eifty-third Congress, first session.]
Letter from the Secretary of the Treasury, transmitting a statement of the Acting Director
of the Mint in relation to an appropriation of $15,000 for freight on bullion and com
between mints and assay offices for the current fiscal year.
Treasury Department, Octobei- 28, 1S93.
Sir: I have the honor to transmit herewith, for the consideration of Congress,
copy of a communication from the Acting Director of the Mint, of this date, in rela-
tion to the necessity for an additional appropriation of $15,000, for freight on bul-
lion and coin between mints and assay offices for the current fiscal year, which it is
desired shall be provided for in the urgent deficiency bill now pending.
Respectfully, yours,
J. G. Carlisle,
Secretary.
The President of the Senate.
Treasury Department, Bureau of the Mint,
Washington, D. C., October 28, ISOS.
Sir: Owing to the necessity of transporting a large amount of gold bullion from
the assay office at New York to the mint at Philadelphia for coinage, and the trans-
portation of gold and silver bullion from the mint at Carson City to the mint at San
Francisco for coinage, as well as the increased deposits of gold bullion at the minor
assay offices, it will be necessary to obtain an appropriation to supply a deficiency
in the appropriation for “ freight on bullion and coin between mints and assay
offices” for the current fiscal year.
For several years past no gold bullion has been transferred from the New York
assay office to the Philadelphia mint, and the appropriation heretofore made by Con-
gress for “freight on bullion and coin between mints and assay offices” has been
sufficient until the past year to cover the expenses of transportation.
The appropriation for the current year is only $9,000, while there has already
been expended from this sum, up to October 1, $5,508.31, leaviug only $3,491.69 unex-
pended to meet the requirements for the balance of the fiscal year.
By the suspension of coinage operations at Carson City it will be necessary to
transport both the gold and silver bullion from that institution to the mint at San
Francisco for coinage. In this connection I would say that the expenses of trans-
porting this bullion from Carson City to San Francisco will be much less than it
would cost to coin the same at Carson City.
I estimate that the bullion now on hand and deposited at the Carson City mint
during the remainder of the year will aggregate about $900,000 in gold and the sil-
ver $000,000. To transport these sums it will require $2,250; to transport $20,000,-
000 in gold bullion from New York, which it is believed it will be necessary to do,
will require $10,000; on account of the increased deposits at tlio minor assay offices,
$2,750, making a total of $15,000.
331
In view of these facts I have, therefore, to respectfully request that you will pro-
cure from Congress an appropriation of $15,000 to supyly the deficiency in the appro-
priation for “freight on bullion and coin between mints and assay offices” during
the fiscal year ending June 30, 1894.
Respectfully, yours,
R. E. Preston,
Acting Director of the Mint.
Hon. J. G. Carlisle,
Secretary of the Treasury.
[Senate Report No. 50, Nifty- third Congress, first session.]
Mr. McPherson, from the Committee on Finance, to whom Avas referred the follow-
ing resolution submitted by Mr. Peffer August 22, 1893 :
“llesolved, That the Secretary of the Treasury be directed to inform the Senate —
“ First. Whether, and in what respect, the national banks, or any of them, in the
cities of Boston, New York, and Philadelphia are being now conducted in violation
of law.
“Second. Whether said banks are paying depositors’ checks promptly in lawful
money.
“Third. Whether said banks, or any of them, are demanding rates of interest
higher than those provided by law, for the loan of money or in discounting notes
and bills.”
reports that having submitted the matter to the Treasury Department for informa-
tion, the correspondence with that Department is herewith appended for the infor-
mation of the Senate.
Treasury Department,
. September 30, 1893.
Sir: I have the honor to acknowledge the receipt of your communication of the
12tli instant, inclosing Senate resolution, viz:
“That the Secretary of the Treasury be directed to inform the Senate —
“First. Whether, and in what respect, the national banks, or any of them, in the
cities of Boston, New York, and Philadelphia are being now conducted in violation
of law.
“Second. Whether said banks are paying depositors’ checks promptly in lawful
money.
“Third. Whether said banks, or any of them, are demanding rates of interest
higher than those provided by law for the loan of money or in discounting notes
and bills.”
In compliance with said resolution, I inclose herewith a copy of a communication
from the Comptroller of the Currency, of the 16th instant, containing the informa-
tion desired.
Respectfully, yours,
J. G. Carlisle,
Hon. J. R. McPherson,
Chairman Suh -Committee of Committee on Finance, TJ. S. Senate.
Secretary.
Treasury Department,
Office of the Comptroller of the Currency,
Washington, D. C., September 1G, 1893.
Sin: I have the honor to acknowledge the receipt from you of a copy of the fol-
lowing Senate resolution, viz:
“ llesolved, That the Secretary of the Treasury be directed to inform the Senate —
“First. AVhetker, and in what respect, the national banks, or any of them, in the
cities of Boston, New York, and Philadelphia are being now conducted in violation
of law.
“ Second. Whether said banks are paying depositors’ checks promptly in lawful
money.
“Third. Whether said banks, or any of them, are demanding rates of interest
higher than those provided by law, for the loan of money, or in discounting notes
and bills.”
332
In compliance with your request that I furnish you the information called for by
said resolution. I have the honor to reply as follows on the three several queries con-
tained in said resolution:
First. For official information in regard to the manner in which the affairs of
national banks are conducted, the Comptroller relies chiefly upon their sworn reports
of condition, which, under the requirements of law, he calls for five times a year,
and upon reports furnished him by the national hank examiners who make examina-
tions by personal visits to the banks at such times as the Comptroller directs.
The last reports of condition made to the Comptroller by the banks in Boston,
New York, and Philadelphia, for July 12, 1893, disclosed in some cases excessive
loans, or deficiency in lawful money reserve, and the same statement applies to the
reports made by examiners; the last-named reports being sent in to the Comptroller
at no fixed date, but only as examinations are made from time to time.
Second. The Comptroller has received no official information showing that
national banks in Boston, New York, and Philadelphia are not paying depositors’
checks in lawful money, and no complaint has been received by the Comptroller
from any depositor in a national bank to this effect during the recent financial
stringency.
Third. The Comptroller has received no official information showing that the
national banks in Boston, New. York, and Philadelphia are demanding rates of inter-
est higher than those provided by law for the loan of money or in discounting notes
and bills.
Respectfully, yours,
O. P. Tucker,
Deputy and Acting Comptroller.
Hon. J. G. Carlisle,
Secretary of the Treasury.
[Senate Report No. 51, Fifty- third Congress, first session.]
Mr. McPherson, from the Committee on Finance, submitted the following report
upon Mis. Doc. 33, resolution by Mr. Stewart, as follows:
[Senate Mis. Poo. No. 33, Fifty-third Congress, first session.]
Mr. Stewart submitted the following resolution :
“ Resolved , That the Secretary of the Treasury is directed to inform the Senate
whether there is danger of a deficiency in the revenues of the Government during
the current year, and if so, what is the probable amount of such deficiency and is
any legislation necessary to supply such deficiency.”
The resolution was referred to the Secretary of the Treasury, and his reply is
appended :
Treasury Department,
Office of the Secretary,
Washington, D.C., October 2, 1S93.
Sir: I am in receipt of your communication of the 12th ultimo, inclosing copies
of Senate resolutions of August 28 and 30, 1893, directing the Secretary of the Treas-
ury to inform the Senate how the revenues since the commencement of the present
fiscal year compare with the estimates of the Treasury Department and whether
such revenues exceed or are less than such estimates, and the amount of such excess
or deficiency as the case may be; and also whether there is danger of a deficiency
in the revenues of the Government during tho current year, and if so, what is the
probable amount of such deficiency, and if any legislation is necessary to supply
such deficiency.
In reply I have the honor to submit the inclosed statements relative to the esti-
mates in question, containing comparisons of receipts and expenditures for certain
periods indicated in the present and last fiscal years, which comprehend substan-
tially tho information sought to be obtained by the resolutions in question.
This answer has been delayed several days in order to be able to present, the
operations of the Treasury complete as to tho subject covered for the first quarter
of the present fiscal year.
Respectfully, yours,
J. G. Carlisle,
Secretary.
lion. J. R. McPherson,
Chairman Subcommittee, Committee on Finance, U. S. Senate.
333
Memorandum of
Estimates and Operations of the
Year 1894.
Treasury for the Fiscal
The estimated receipts of tho public revenues, as submitted by this Department to
the last Congress for the present fiscal year, less the estimated receipts of the postal
revenues, amount to the gross sum of $405,000,000: and the estimated expenditures
for the same period in round numbers, excluding the estimated expenditures for tho
postal service, amount to the sum of $373,000,000, showing an estimated excess lor
the year of receipts over expenditures, with the exception indicated, of $32,000,000.
As these estimates are made in gross for the entire year, and not by months or lor
any other particular time, it is not possible to determine their accuracy from tho
operations of the Treasury for tho present or prior months of the current liscal year.
Tho above estimates of receipts for tho current year divided by twelve would
show an average monthly receipt of $33,750,000; and the estimated expenditures
divided in the same way would show an average monthly expenditure of a sum a
little in excess of $31,000,000.
Tho actual receipts of the Treasury, however, for the months of July, August, and
September amount to the sum of $79,379,417.59 ; or a monthly average of $26,459,-
806.86, being an amount $7,290,194.14 less than the monthly average estimated
receipts for the entire year, and showing for the first quarter of the fiscal year a
deficit of $21,211,600.85 as compared with the first three months of tho last fiscal
year. Should tho actual receipts for the remainder of the fiscal year continue at the
same monthly rate they would amount at the end of the year to a sum $87,482,329.78
less than the estimated receipts for the entire year.
The actual expenditures of the Treasury for the months of July, August, and
September amount to $98,459,127.25, being an average for each of the first three
months of $32,819,709.08, or say $1,736,375.75 in excess of the average monthly esti-
mates; and if the expenditures should continue at the same rate during the balance
of the current year they would amount to the sum of $393,836,508.96, or about
$20,836,508.96 in excess of the estimated expenditures for that period, and would
show an excess of expenditures over the supposed actual receipts for the year esti-
mated of say $76,318,838.74.
As stated, the operations of the Treasury Department for tho past three months
are not indicative of the result of its operations for the remainder of the fiscal year
because of the uncertainty surrounding the financial and commercial condition of
the country.
The receipts of the Treasury for the six months preceding the commencement of the
present fiscal year were approximately at an average monthly rate of $31,479,721.97 ;
and if the same conditions had continued through the present fiscal year a deficiency
would have been averted entirely, or at most it would have been very small, since
the receipts at that rate would have increased the foregoing estimated receipts of
the Treasury for the current year, as indicated by the first quarter’s actual receipts,
by the amount of more than $60,238,000. But the financial disturbance of the country,
expending its energy for the most part, it is hoped, in the beginning of the present
fiscal year, has occasioned the falling off from the average monthly receipts of
$31,479,721.97, for the last half of the preceding fiscal year to the average of the
monthly receipts of the first quarter of the present fiscal year of $26,459,805.86 — a
decrease of an average of $5,019,916.11 per month, or about $60,238,993.32 for the year.
It will appear from a careful comparison of the receipts and expenditures for the
last six months, April to September, inclusive, with the receipts and expenditures
for the corresponding six months of 1892, that whatever deficiency may be appre-
hended is due to the falling off in the revenues of the Government, and not to any
material increase in expenditures. The expenditures for the six months, April to
September, 1893, were $190,684,269.57, and the receipts $169,440,744.87; while for
the same period 1892 the expenditures were $185,681,491.92 and the receipts were
$185,749,258.91, being an average monthly increase in the last six months in expendi-
tures of only a little over $833,000, or less than ten millions for the year.
It will also be seen by a comparison of the expenditures of the first quarter of the
present fiscal year with those of the same period of the last fiscal year that the dif-
ference is very small compared with the falling off in the revenues, being for the
first quarter of the present year $98,459,127.25, and for the corresponding period of
the last fiscal year $95,966,653.81, or an increase of only $760,445 per month ; while
the receipts for the same period were the first quarter of the present fiscal year
$79,379,417.59, and for the first quarter last fiscal year $99,591,018.44, or a falling off
of over $20,211,000 for the quarter, and over $6,737,000 per month.
So much depends upon the financial and commercial condition of the country and
the action of Congress in the meantime that no present satisfactory forecast can be
made with sufficient definiteness to be the subject of an official opinion, at this time,
as to the amount of any contemplated deficiency either in the estimates indicatedor
the actual public revenues. It is apparent, however, that should the present con-
334
ditions continue for any considerable length of time deficiencies are likely to occur,
which should be either averted or met by appropriate legislation.
A simple calculation will show that with the small working balance now in the
Treasury, and which has been decreasing in varied ratios for several years, should
there be no improvement in the receipts of the revenues for the remaining three
quarters of the present fiscal year and no legislative reduction of expenditures, there
may be contemplated a deficit at the end of the year of $50,000,000 in the revenues
and over $80,000,000 with reference to the estimates.
Comparative statements of the RECEIPTS and EXPENDITURES of the United States.
RECEIPTS.
Source.
Fiscal year ending June 30,
1894.
Fiscal year ending June 30,
1893.
Month of Sep-
tember, 1893.
Since July 1,
1893.
Month of Sep-
tember, 1892.
Since July 1,
1892.
Customs ,
$12, 569. 776. 15
11,469, 389.66
543, 590. 29
$39, 398. 371.62
36, 721, 484. 55
3, 259, 561. 42
$17, 209, 947. 88
13, 735, 887. 81
851, 792. 97
$52, 686, 769. 43
42, 665, 465. 94
4, 238, 783. 07
Total
24, 582, 756. 10
79, 379, 417. 59
31, 797, 628. 66
99, 591, 018. 44
EXPENDITURES.
Civil and miscellaneous
War
Navy -
Indians
Pensions
Interest
$6, 563, 652. 02
4, 804, 838. 86
2, GOO, 476. 10
524, 364. 54
10, 786. 864. 53
197, 814. 12
$26, 187, 010. 05
16, 010, 373.40
8, 741, 694. 26
2, 988, 189. 60
36, 810, 691.65
7, 721, 168. 29
$7, 641, 351. 04
4, 363, 770. 46
2, 586, 788. 07
698, 998. 37
12, 654, 367. 13
247, 148. 17
$26, 865, 601.32
12, 167, 905. 39
6, 995, 245. 27
1, 945, 257. 57
40, 367, 574. 84
7. 625, 072. 42
Total
25, 478, 010. 17
98, 459, 127. 25
28,192,423.24
[95, 966, 653. 81
NATIONAL BANK FUND.
Deposits during month $707, 570. 00
Redemptions during month 220, 433. 50
Treasury Department, Warrant Division, Octobor 2, 1S93.
335
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[Senate Mis. Doo. No. 89, Fifty-third Congress, first session. J
Mr. Toiler presented the following paper from the Journal of the Society of Arts:
PROCEEDINGS OF TEE SOCIETY— INDIAN SECTION.
Thursday, January 19, 1893; Sir Theodore Cracraft Hope, k. c. S. i., C. I. e., in the
chair.
Tho paper read was —
THE CURRENCY PROBLEM.
By J. Baer Bobertson.
In a period like the present of widespread depression in trade and industry, and
amongst the people generally, the question as to whether this can be traced to any
special cause or causes is one of the highest importance. Numerous controversies
have been, and are being, carried on as to these causes, and out of the conflicting
masses of argument and fact, of error and confusion, there is gradually emerging the
cardinal idea that the predominant cause is the appreciation that gold has undergone
in the last twenty years. In 1885 and 1886 a royal commission sat to inquire into
the depression of trade and industry, but it practically failed to And any adequate
cause for the troubles to which the inquiry extended. In its third report, however,
the question of the altered relations between gold and silver was prominently brought
forward; it was accepted as proved that the average prices of commodities in gold-
money countries had fallen, and that the gold price of silver had fallen, and it was
stated that as this depression extended to other countries, and was therefore not the
outcome of merely local causes or conditions, the appreciation of gold would be a
cause sufficient to account for most of tho phenomena into which they had been
inquiring. And they recommended that a specialcommission should be appointed to
inquire into the recent changes in the value of tho precious metals. But it is very
important in passing to emphasize the fact that outside of the questions of the
precious metals and the currency no adequate cause was found to account for the
depression.
Yet the depression was there to be accounted for, because the commissioners were
fully convinced of the extreme gravity of the situation.
And since that time the conviction has deepened that the chief cause of the depres-
sion is the appreciation of gold. A special royal commission to inquire into recent
changes in the relative values of the precious metals has collected a large mass of
opinions and facts on the subject, and has found that the gold prices of commodities
and of silver have undergone a very considerable fall, which is equivalent to saying
that there has been a considerable increase in the purchasing power of gold over
commodities and silver. It is, however, one thing to state this as a fact; it is a very
different thing to make it so clear to popular apprehension that its full significance
will be completely grasped and understood. It will be generally regarded as a truism
that there is a great advantage in the prices of commodities being cheap. To buy
things cheap, without any sacrifice of quality, is looked upon as one of the great
objects to be aimed at in life. And when it is seen that there has been a fall in the
prices of the leading commodities, it is often assumed that that ought to be a sign
of prosperous times. If things are very cheap, then everyone can get so much more
of them for the same money. What more, it may bethought, can be needed to bring
home the conclusion that low prices are a great advantage, and correspondingly that
high prices are a great disadvantage?
But when we come to look more closely at the subject we see that there are differ-
ent kinds of low prices. We have low prices of grain, for example, as the result of
an abundant harvest, or we have low prices of articles as the result of some economy
that has been effected in the cost of their production. The prices of grain, and of
» these other articles, will therefore be relatively cneaper than those of others in which
r there has been no abundant harvest, no excessive supply, or no economy in the cost
i of their production. On the other hand, if there is a deficient harvest, or if some
■ articles can only be produced at a greater cost than formerly, then the prices of tho
articles so affected will be higher. These changes— and they are going on and must
i go on continually — are relative changes, that is, some prices* are higher relatively to
}ja certain general level, and some are lower relatively to that level, and so prices rise
ind fall in endless diversity. These changes in regard to the prices of commodities
ire due solely to demand and supply in connection with these commodities. They
i ire natural changes and they are inevitable. They are not produced under any arti-
Jicial conditions of restraint; they are produced under the complete liberty of man-
kind to use their best judgment in selectingand following up the most advantageous
340
fields of production or of occupation that are available for the application of their
labor or their capital. Under such conditions of freedom, more will be produced of
some articles relatively to the population than of other articles as compared with
former years, and less will be produced of some articles than in former years. But
all this is done under free judgment, free production or occupation, and free competi-
tion. Under this system one man may become rich or another man may become poor,
but all have a free lield and an open chance according to their means, their capaci-
ties, and their opportunities.
In this country we do not attempt to interfere with prices, however high or low,
except in the few cases in which we impose taxation on articles for the- purposes of
revenue, and in these cases we tax the whole quantity consumed in the country. In
every other country of the world taxes are imposed for purposes of protection, and
thus many of the natural prices, as we know them, are interfered with by the arbi-
trary system of tariffs for the protection /of local trade and industry. Still, that
does not prevent, nor should it, prices of commodities from rising and falling in
obedience to demand and supply, as modified by the arbitrary effects of tariffs. So
that, for our present purpose, prices under free trade and those under protection
may be placed in the same category. The prices of individual commodities under
either system rise and fall in accordance writh distinct and ascertainable causes iu
connection with demand and supply.
But there is another class of low prices intimately mixed up with, yet originating
in causes totally distinct from, the low prices of the system of demand and supply.
The distinction between those two classes of low prices is one that is hardly suffi-
ciently considered or understood by the general public. This confusion of two dis-
tinct things in the popular mind, and the neglect almost altogether of what, in
currency considerations like the present, is by far the more important of the two
elements, have hitherto formed an insuperable difficulty in the way of a popular
apprehension of the momentous questions at issue. If we take the average prices
of a considerable number of leading commodities year by year, we may find that
these average prices have, as a whole, risen very materially over a period of years,
or that they have fallen very materially. This will be more intelligible if we explain
tne system of index numbers of the Economist newspaper. The prices of 22 leading
wholesale commodities were tabulated from the year 1845 to 1850, and the average
price for these years of each article was called 100, so that with 22 articles the total
index number was 2,200. On January 1 of each subsequent year the prices were
taken, and in each case the article was represented by a number above or below 100,
according as the price had risen or fallen, and the sum of the 22 numbers was the
total index number set down year by year. This total index number, therefore,
merged all prices high and low in a single figure, and a glance indicated, year by
year, how the general level of prices was moving, whether upward or downward.
Some articles might rise in price and others might fall, but the total index num-
ber only showed how, on the average, and as a whole, the total prices had risen or
fallen. Now, it will be evident that the prices that rose above the original 100 of
1845 to 1850 might have been balanced by those that fell below that figure; and so
we might have had in the total no very great variation year by year from the orig-
inal 2,200. So long as some prices go up and others go down, we can not say whether
the purchasing power of our money is increasing or diminishing; but when we see
the total index number going up or going down, then wo know that our money is
buying less or buying more of general commodities than it did before. The total
index number of the prices of the 22 articles, from 1845 to 1850, was 2,200, but in
1864 it reached its highest point, namely, 3,787 ; in 1870 it was 2,689; whereas in
1886 it was 2,023, the lowest point since these figures were first tabulated. The
meaning of this was that in 1845 to 1850 certain quantities of the 22 articles
could have been purchased for £2,200; in 1864 it would have taken £3,787 to pur-
chase the same quantities; in 1870, £2,689; whereas in 1886, £2,023 would have suf-
ficed. From 1850, therefore, to 1879 gold had diminished iu purchasing power,
because it took £3,787 in 1864 and £2,689 in 1870 to purchase what only required
£2,200 in 1845 to 1850. But as in 1886 it only required £2,023 to do the same, gold
lias enormously increased in purchasing power as compared with 1864 and 1870, and
had considerably increased as compared with 1845 to 1850.
At this point, therefore, attention is again drawn to the distinction between a
range of prices, some low and others high, following the conditions of supply and
demand of the 22 commodities, and continually changing relatively to each other,
but in which the total index number does not vary much from year to year, and a
range of prices continually changing relatively to each other, but in which the total
index number has, for example, fallen from 3,787 iu 1864, or 2,689 iu 1870, to 2,023 in
1886. When the total index number is comparatively stationary year by year in this
country, the purchasing power of gold over general commodities is steady ; but when
the total index number falls enormously between one period and another, then the
purchasing power of gold over commodities has increased enormously; and when
311
the total index number falls, for example, 30 per cent, that means that, in addition
to the rise and fall in prices due to the operation of supply and demand, there is a
fall of 30 per cent in all prices, both high and low, due to the increase in the pur-
chasing power of gold. Starting at a given period, like 1845 to 1850, if the same
proportion was maintained between the amount of money in circulation and the uses
of the public for money, the same general level of average prices would bo main-
tained.
But if larger quantities of money flow into circulation from abroad, as was the
case from 1850 till 1870 from the Californian and Australian gold fields, then, while
prices will rise and fall relatively to each other, the general level of prices will
also rise in correspondence witli the increased quantity of money in circulation, so
that all the individual prices, high or low, relatively, will rise higher than they
would otherwise have done. This is very strikingly exemplified by the course
ofprices during the influx of the gold from California and Australia. The 22 articles,
valued in 1845 to 1850 at £2,200, rose in price; so that for the eight years from 1858
to 1865 the yearly average was £3,038; during the ten years from 1866 to 1875 it
was £2,877; in the ten years 1876 till 1885 it was £2,419; in 1886 it was £2,023;
on July 1, 1892, it was £2,081; and on January 1, 1893, it was £2,120. So that we
see how this influx of gold raised prices, without any regard to the changes in relative
prices due to supply and demand, as affecting commodities; and at each of these
periods the purchasing power of gold changed, until now average prices have fallen
considerably below those of the exceedingly depressed times before the gold dis-
coveries in 1849 and 1850. Duriug the last eighteen years our supplies of gold have
fallen off greatly as compared with the period from 1850 to 1870, and the number of
countries using gold money has considerably increased, and consequently our
general level of prices has fallen very much, as shown by the total index number.
The purchasing power of gold has correspondingly incereased; and this will bo more
completely exhibited in the table following. The object is to compare the various
ranges of prices, from a period before Germany began to demonetize silver and to
adopt the single gold standard, up to the present time, The five years from 1865 fo
1869 have been chosen for this purpose; and the total index numbers during those
years give an annual average of 3,102 for the 22 articles. In the table, in order to
render the movements of the index number clearer, we have taken 3,102 as equal to
100, and made the other calculations accordingly, so as to deal in percentages.
The figures in column 1 show the movements of English prices in the last twenty-
i three years. In 1886 they had fallen 35 per cent, and on January 1, 1892, the total
fall was 31 per cent, on July 1, 33 per ceut, and on January 1 of this year 32 per
i ceut. Therefore it is absolutely incontestable that between the first period and the
last date in the table, gold had so much increased in purchasing power that £68
. would purchase the same quantities of the 22 staple commodities of the Economist
as would have required £100 in the period from 1865 to 1869; and a glance at the
I table will show the varying course year by year of the fall in prices.
Passing to column 2, we have here the Economist index numbers valued in par
/ silver in London at the current rates. After 1872 the quantity of silver that could
have been bought for gold increased, and so commodities were worth a higher silver
price than the gold price, as compared with the period before 1873. The gold index
number and the silver index number both started at 100, and they continued the
i same until 1873, when the effect of the adoption of the gold standard by Germany,
i and the demonetization of silver began to be felt, and after this France, and the
a other members of the Latin Union demonetized silver. In consequence of these
movements the gold valuation of prices and the silver valuation began to diverge
from each other, until on January 1, 1893, the gold valuation had fallen to 68, while
the silver valuation stood at 107. This will perhaps be made clearer if we state
that while at the end 68 ounces of gold would purchase as much of the staple com-
' modities as 100 ounces at the beginning of the period under review, in the case of
* silver 101 ounces would on July 1, 1892~ purchase as much as 100 ounces did at the
i beginning, and 107 rupees would purchase in London on January 1, 1893, as much
: as 100 rupees did in the former period.
342
Table I.
Tlie Economist index numbers of 22 leading com-
modities.
Mr. Sauerbeck’s index
numbers.
Column 1. —
Index num-
bers. Gold
prices Jan. 1.
100=3,102.
Column 2. —
Prices in col-
umn 1, as
valued in
London in
bar silver.
Column 3.—
Increase in
purchasing
power of
gold, as
shown by
prices in
column 1.
Column 4. —
Increase in
purchasing
power of
silver, as
shown by
prices in
column 2.
45 leading
commodities.
Gold prices.
Average of
year.
Gold value
of bar silver
in Loudon.
Average of
year.*
100 = 60.84d.
per ounce.
•
Per cent.
Per cent.
18G5 to 1869
100
100
Par.
Par.
100
100
1870
87
87
15
15
96
99 -6
1871
83
83
20
20
100
99-7
1872...
91
91
10
10
109
99-2
1873
95
96
5
4
111
97 *4
1874
93
95
8
5
102
95-8
1875
90
94
11
6
96
93 -3
1870
87
95
15
5
95
86-7
1877
88
93
14
8
94
90 -2
1878
81
91
23
10
87
86 -4
1879
71
87
41
15
83
84-2
1880
82
95
22
5
88
85 -9
1S81
77
91
30
10
85
95
1882
78
91
28
10
84
84 -9
1883
75
90
33
11
82
83 T
1884
72
86
39
16
76
83-3
1885
68
82
47
22
72
79 -9
1886
65 .
84
54
19
69
74-6
1887
66
87
51
15
68
73 -3
1888
72
98
39
2
70
70 -4
1889
71
101
41
*— 1
72
70 -2
1890
72
98
39
2
72
78 -4
1891
72
90
39
11
72
74 T
1892
09
95
45
5
68
65 '3
1893
68
101
47
*— 7
July 1, 1892
67
101
50
1
67 8
65 -9
Oct. 1, 1892
66
105
51
* — 5
66 -8
62 -7
^Decrease in purchasing power, that is, depreciation of 1 per cent, 5 per cent, 7 per cent.
Now, let us pause for a moment and estimate the enormous significance of this
result of the movements of gold and silver prices during the last quarter of a century.
The foreign producer in a silver-money country like India sends his merchandise to
Loudon in competition with English merchandise, and sells it side by side with the
English merchandise in the same market, and it may be out of the same warehouse.
The foreign and the English goods have been sold in London for a quarter of a
century on exactly the same conditions, and at exactly the same price for equal qual-
ities. But the English producer who began by getting £100 for a certain quantity
of his produce now gets only £68 for every £100 that he formerly received ; whereas
the Indian producer, selling at the same gold price in London as the English pro-
ducer, received on July 1, 101 rupees for every 100 rupees that he received in the
period from 1865 to 1860, and on January 1, 1803, he received 107 rupees. The con-
sequence is, that with all conditions of demand and supply of commodities affecting
equally both foreign and domestic merchandise, within a quarter of a century the
domestic producer was receiving in July 33 per cent, and in January 32 per cent
less money for his merchandise in the London market than he received at the begin-
ning of the period, whereas the Indian producer was receiving 1 per cent more of
his money in July and 7 per cent more in January than he received in London at the
beginning of the period. It must bo remembered that we are dealing with commod-
ities in this country, and not with exclusively Indian products, the object being to
contrast gold prices and silver prices in the same market.
Further, it is most important to remark that the purchasing power of silver, the
money of the Indian producer, had not depreciated in regard to commodities until
1862. A glance at column 2 will show that silver prices had fallen, that is, that the
purchasing power of silver had increased during the whole period except in 1889,
and on July 1, 1892, when it required 101 ounces of silver to purchase what formerly
required 100 ounces, and it is only since that time that a depreciation, amounting in
all to 7 per cent, has taken place. So that in London silver prices have risen to a
small extent. But gold prices which were on a par with silver prices up to 1872, are
now 32 per cent lower than they were in 1865 to 1869.
Passing now to column 3, it will be seen that, in its command over commodities,
gold had increased in purchasing power to the extent of 54 per cent in 1886, and to
343
47 per cent at the end of the period. A sum of £08 will now purchase what formerly
required £100, and in column 3 we see year by year the changes in the purchasing
power of gold. In 1872 £100 would purchase commodities which, in 1805 to 1809,
would have cost £110, in 1882 it would purchase £128 worth, and in 1880 £154 worth.
On 1st July, 1892, £100 would purchase what would have formerly cost £150, and on
1st January, 1893, what would have formerly cost £147.
While it is almost universally stated that silver has depreciated, a glance at col-
umn 4 will show that, except on three occasions, silver has during the last twenty-
three years been appreciated. In 1872, silver and gold were together, and 100 ounces
of silver would purchase as much as 110 ounces would have purchased in 1865 to 1869 ;
in 1882, the 100 ounces had also a purchasing power of 110 ounces; in 1886, of 119
ounces; and on July 1, 1892, the 100 ounces had a purchasing power of 99 ounces;
and on January 1, 1893, of 93£ ounces of the value from 1865 to 1869.
In corroboration of the fall in the gold prices of commodities, we are indebted to
Mr. A. Sauerbeck for the index numbers of forty-five leading commodities in Lon-
don which are included in the foregoing table. The final results are almost exactly
the same as those of the Economist. His figures for the period from 1865 to 1869
average 100, and his figure for 1892 is 68 against the 69 of the Economist, on January
1, 1892, and 68 on January 1, 1893. Mr. Sauerbeck’s figure for September is 66*8 ; and
this he declares to be the lowest touched during this century.
A further fact has now to be recorded: The gold price of silver fell, during the
period under notice, from 60|d. to 40fd., on July 1, 1892, and this was a fall from 100
to 66‘4, while commodities fell to 67 ; so that here we have the extraordinary result
of the Economist’s 22 commodities, Mr. Sauerbeck’s 45 commodities, and bar silver
in London, all steadily falling for a quarter of a centm-y, and in July, 1892,. all
arriving at practically the same point, namely, 67. Considering the immense field
for variations, the correspondence between the three was something which we could
hardly have regarded as possible. But it is a striking evidence of the extraordinary
stability of silver in its purchasing power over commodities as compared with gold
during such a long period, and of its steadiness as a standard of value. On the
other hand, the fall in the gold price of commodities, and of silver, to the extent of
32 per cent, is an equally striking evidence of the instability of gold during the same
period, and of its entire unreliability as a standard of value.
In considering the movements of gold prices and silver prices it has been thought
better to take the article as valued both in gold and in silver in London, and so we
have recorded the figures as if both a gold currency by itself and a silver currency
by itself were in operation in this country. It is most important to point out that
the difference betweeu the index number of gold prices and that of silver prices is
solely and exclusively a difference of currency. It is so often stated when compar-
ing gold prices and silver prices in separate countries that there are many disturb-
ing elements to be taken into account, that both gold and silver prices in London
have been expressly calculated so as to make an exact comparison of the action of
gold and silver on prices in the same market where there are no disturbing elements.
But while the limits of our spa<?e forbid the presentation of the details of the 22
commodities separately, there is one paramount article of production, both in this
country and in India, the particulars of which it Avill be highly interesting to pre-
sent in some detail. I refer to wheat. There has recently been a lengthened corre-
spondence in the Times on wheat-growing, and the profits and losses arising there-
from ; and in this controversy the leading agriculturists of the country have explained
their view, although it does not seem that they propounded any available remedy
for the extraordinary depression in the prices of grain. In fact, they have failed to
give any account of causes sufficient to produce the depression. It is believed,
nevertheless, that the principal cause of the troubles from which our agriculturists
are suffering can be shown. The following table gives ,M'e movements in the prices
of Indian and British wheat since 1873. The Indian figures are taken from the gov-
ernment of India’s publication, Prices and Wages in India, 1892, p. 125. The prices
of the two classes of wheat for January, 1873, have been taken as 100 in the official
tables, and the gold prices are calculated from the table in the Economist. It may
be explained that the index number of the latter for wheat was taken at 100 for the *
period from 1845 to 1850; that in 1865 to 1869 the average of the five years was again
100; and that in 1872 and in 1873 it was 104. In the following table, for the sake of
exact comparison with the Indian percentages, the 104 of the Economist in 1873 has
been taken to be equ&l to 100, and the other figures calculated accordingly:
344
Table II.— INDIAN and BRITISH PRICES of WHEAT.
Year.
a
Bombay prices.
London prices.
Column 1.
Ivhamlwa
Seoul,
January.
Column 2.
No. 1, soft
white,
January.
Column 3.
The
Economist
gold prices,
Jan. 1.
Column 4.
Column 3
valued in
bar silver.
i87i :
57
87
96
96
1872
87
86
100
100
1873
100
100
100
101
1874
77
75
111
114
1875
74
80
77
81
1876
76
84
81
88
1877
90
93
93
98
1878
106
119
94
106
1879
131
116
72
87
1880
137
115
85
98
1881
82
96
79
93
1882
81
97
81
94
1883
88
87
74
89
1884
66
86
70
84
1885
66
74
58
70
1886
81
80
55
70
1887
97
89
63
84
188S
100
86
56
76
103
95
55
78
1890
90
84
54
73
1891
93
87
59
73
1892
118
103
67
93
Average of 22 years, 1871 to 1892
91
92
76
88
.T uly 1, 1892
57
86
Jan. 1, 1893
47
74
The average price of Indian •wheat during the twenty-two years, with 100 as the
price for 1873, was 91£ for both classes, and in January, 1892, the two classes stood
at 118 and 103, respectively. On January 1, 1892, the London gold price, which in
1872 and 1873 was 100, had fallen to 67 ; on July 1, 1892, it had fallen to 57, and on
January 1, 1893, as low as 47. But when the silver price in London is examined it
is seen that it stood at 100 in 1872, the same as the gold price; and when the latter
stood, in January last, at 67 the silver price was at 93; and when it fell further, in
July, to 57, the silver price was at 86, though now the prices are respectively 47 and
74. On the other hand, the average silver price of the twenty years was 88, as com-
pared with the Bombay average of 91J, and this higher price in India might be partly
accounted for by the fall during the period in freight and other charges from Bom-
bay to London. But it is not expected that there should be an identical price as
between Bombay and the silver valuation in London, because the wheat is valued in
markets widely apart and with great opportunities of practical variation in price in
connection with the varying charges of transfer to London as well as in connection
with local conditions of demand and supply in India itself. But it is none the less
satisfactory to find that the silver price in London is only 34 per cent less than that in
Bombay on an average of the last twenty-two years, and it must be remembered that
any decrease in charges between Bombay and London would add to the price in
Bombay. As it might possibly be thought that this difference is in some way con-
nected with the ordinary shipping charges, it may be well to point out that the
Bombay prices and the Euglish gold and silver prices all started at 100, and thus the
Bombay price would only be affected by economies in transit charges.
In the above table, column 3 represents the gross returns to the British wheat-
grower, and column 4 represents the gross returns in silver in London to the Indian
wheat-grower. The English grower and the Indian grower both started in 1872 by
getting 100, but by 1886 the former was only getting £55 for the quantity of wheat
that in 1873 brought him £100, while the Indian grower in 1886 was getting 78 rupees
for what had formerly yielded him 100 rupees. On July 1, 1892, when the English
grower was only receiving £57 instead of £100, the Indian grower was receiving 86
rupees as against 100 in 1872. The Indian grower, who started in 1872 by getting
the same price as the English grower, received iu July, 1892, in London 51 per cent
more iu his money than the English grower received in his, and on January 1, 1893,
he received 57 percent more. If the English currency had been of silver and the
Indian currency had been of gold, then their positions would have been reversed.
The English grower would in that case now be receiving £74 where he receives but
£47, and the Indian grower would be receiving but 47 rupees where he is really
receiving 74. And it must be recollected that silver, so far from being depreciated in
345
purchasing power as against wheat, is considerably appreciated; that is, in July the
Indian grower only received 86 rupees in London for wheat which in 1873 brought
him 100 rupees, though on January 1,1892, ho received 93 rupees, so that no claim
whatever can be made that the difference is due to the depreciation of silver. In i'act,
the figures in both of the foregoing tables show beyond the possibility of being suc-
cessfully disputed that silver, as regards its purchasing power over the 22 commod-
ities and over wheat, has been greater in nearly all of the last 22 years than in 1865
to 1869, but gold is shown to have increased in purchasing power to a fur greater
degree than silver. In England and in India, therefore, we have two distinct curren-
cies which have both appreciated in purchasing power over the leading commodi-
ties; but the index number of the silver valuation in London of the 22 commodities,
though at the beginning of 1892 not up to the level at which it stood 20 years ago,
had nevertheless on July 1 just reached 1 per cent above the former level, and on
January 1 7 per cent, after remaining during nearly the whole period below it.
Now, a great deal is said of the competition of wheat from the plains of Russia and
India and from the prairies of the United States. It is so evident that very large
quantities are being poured in at every harbor that most people accept this fact as
conclusive that that is the cause of the low prices in this country.
So far as the United Kingdom is concerned, the following table will show certain
figures of very great importance in this controversy:
Table III. — PER HEAD of the FOP ULA TION. WEE A T ( United Kingdom).
Net im-
ports per
annum.
Home prod-
uce per
annum.
Total for-
eign and
home prod-
uce per
annum.
Gazette
price per
quarter.
Average of 8 years, 1872-’79
Lbs.
184 -68
Lbs.
*172 -77
Lbs.
357 -45
s. d.
51 21
1884. . “ “ !
191 -57
144 -75
336 -32
35 8
1885
237 -81
139 -33
377 -20
32 10
P3
1886
187 -79
109-93
297 -72
31 0
1887
223 -63
131 -26
354 -89
32 6
o
1888
223 -49
127 -30
350 -79
31 10
CO
1889
219-03
128 -65
347 -68
29 9
1890
226 -38
127 -79
354 -17
31 11
o
1891
244-06
124 -58
368 -64
37 0
Average of 8 years, 1884-’91
219 -23
129 -20
348 -43
32 10
CD
Jan. 1.T893 ’
25 8
r+-
* This figure 172-77 is calculated from Lawes and Gilbert’s figures in Journal of the Statistical
Society, vol. 43, 1880, p. 330, while the 184-08 is calculated from figures in the Statistical Abstract. The
net imports from 1884 to 1891 are from the Statistical Abstract, and the home produce is calculated at
63 pounds per bushel from tables given there. But there are no official figures for the home produce
of wheat before 1884, and Lawes and Gilbert’s only come down to 1879. This is the reason of the gap
from 1880 to 1882.
It will thus be seen that in the eight years 1872-79 the total quantity of wheat
consumed in this country was 357’45 pounds per head of the population, at the aver-
age price per quarter of 51s. 2d., whereas in the eight years 1884-91 the consump-
tion per head of the population was only 348-43 pounds, and yet the average price
was as low as 32s. lOd. This was a fall on the average of 36 per cent. Canit possi-
bly be that with a less consumption, that is, with less wheat sold in the markets of
the United Kingdom in the latter period than in the former — there can be any con-
tention that the smaller supply per head of the population could only bring 32s.
10d., while a larger supply in the earlier period should bring 51s. 2d., if the cause
was only one of supply and demand? These figures are conclusive that the fall in
price is not really due to excessive supply, because there was no excessive total sup-
ply. It is true that the foreign wheat has increased very considerably in the latter
period, but the total amount has not increased, and therefore, if the question were
one solely of demand and supply, why should the price have fallen at all?
If a clear indication were wanted as to excessive supplies of wheat as compared
with other commodities, reference might be made to columns 1 and 2 in Table I and
to columns 3 and 4 in Table II. It will be seen that in the former table 100 is the
average of 1865 to 1869, and, as we have already explained, the Economist index
number for wheat from 1865 to 1868 is 100, and the figure for 1872 and 1873 is 104,
which, however, was changed to 100, so as to briugthe comparison in exact line with
the Indian official figures for 1873. But taking January 1, 1892, in Table I, we have
the 22 commodities standing afc 69 for gold and 95 for silver, and if in Table II the
difference between 100 and 104 is added, so as to make comparison of 100 for wheat
from 1865 to 1869, then the special wheat figures will be 70 and 97 for gold and sil-
ver, respectively, on January 1, 1892, against 69 and 95 for the 22 commodities. This
346
clearly demonstrates that wheat at that date was rather higher in comparative price
than the average of the 22 commodities, and therefore that the wheat-grower, griev-
ous though his troubles might be, was slightly better oft' as to his relative price
than the other producers in the leading industries of the country. Since then wheat
has, however, iallen much more than the average of the 22 commodities.
When the relative positions of the Indian and English growers of wheat are com-
pared, though they both sell at the same relative price iu London, the Indian has an
immense advantage in one thing, and only one thing : he has a currency rather appre-
ciated. in the last quarter of a century, but still that yields him now, in silver, 57
per cent more of his money than the English grower is getting in gold, as compared
writh prices ruling from 1865 to 1869. He does not sell at a very low price in his own
money, as we see he was getting 97 rupees in January, 1892, against 100 rupees
twenty-five years ago. If the English grower could only have got £97 at the begin-
ning of 1892 and been on the same footing as to preseut and past returns as the
Indian, it is perfectly certain we should not have heard anything of excessive com-
petition ; but where the English grower has been so grievously injured is that, while
the prices of wheat have fallen to such a low point in twenty-five years, his rent,
wages, and other expenses have not fallen in a corresponding degree, or, rather,
they did not fall as the price of wheat fell. Lie has been taught by leading author-
ities on this question that the fall has been due to bad seasous, to excessive compe-
tition from abroad, and to other causes; and he has been led to hope that the pres-
ent state of things will, if let alone, right itself, and another era of prosperity soon
spring up. But it is a fact that the yield of wheat per acre in all the wheat-growing
countries of the world beyond these shores is gradually diminishing, and the popu-
lations of the world are nearly all increasing, and some of them very rapidly, and
thus requiring larger supplies of wheat. When, however, the English grower sees,
in the midst of his adversity and at a time when he regards wheat-growing as some-
thing almost to be despaired of, that the Indian grower is in the enjoyment of a
much higher relative price and a very high degree of prosperity from his wheat
fields, the former will perhaps begin to think that it can not be wheat-growing that
is so unprofitable, that there must be some other cause apart from occasional bad
seasons or from the demand or supply of wheat throughout the world with which
the English grower has to eontendand from which the Iudian grower is free.
THE CAUSES OF THE FALL IN GOLJ> PRICES.
The question thus naturally arises as to the cause or causes that havre led to this
fall. Judging from the operation of the laws of supply and demand, oue might
expect to find that there is less gold in circulation compared with the transactions
in which gold, or money on the gold standard, is required, than was the case twenty-
five years ago. It can be said with positive certainty that if there had been more
money in circulation in the gold standard countries during the last twenty-five
years, prices would have been higher, indeed prices would have been maintained at
the level of twenty-five years ago if there had been money enough to effect that
object. And therefore conversely, if average gold prices have fallen, it is because
the supply of gold in the gold money countries has fallen off relatively to the trans-
actions requiring the use of money. This will very probably be disputed, if one
may judge from the writings of latter-day commentators on the currency, though
hardly any proposition iu the whole field of monetary science has had such conclu-
sive practical illustration in all countries and all ages, and been so universally
accepted. There are the words inflation and contraction of the currency to describe
the phenomena referred to, and it will hardly bo doubted that abundance of his-
torical examples of both conditions can be found, and at present the Indian rupee is
at approximately the same level of purchasing power as it was tweuty-five years
ago, yet its former gold price was Is. lid., and it is now Is. 3d. But while the gold
price of the rupee has thus fallen so much, gold prices of commodities in this coun-
try have also fallen very greatly. On the other hand prices in the Argentine Repub-
lic, to take one example, are enormously inflated, and so we have before us as com-
pared with the period from 1865 to 1869, stable prices in India, low prices in England,
and high prices in the Argentine Republic, all in accordance with a stable currency,
a contracted currency, and an inflated currency. When the civil war closed in the
United States prices in greenbacks were very much higher than in gold because of
the excessive quantity of paper money in circulation, but in 1879, wThen specie pay-
ments were resumed, the difference between gold prices and greenback prices had
disappeared. The cause of this disappearance was partly the contraction of the
paper currency, and partly the increase of population and of business requiring
more money. Chile has just raised money by loan to enable it to withdraw part of
its paper money, and thus reduce the volume of its currency so as to bring it to the
level of gold, the paper currency having been overissued iu nominal amount as
347
compared with the gold standard, and thus depreciated below the level of gold — that
is, causing prices for commodities in paper money to he higher than in gold.
The Indian government are considering whether they should not raise the gold
value of the silver rupee by suspending the coinage of silver — that is, by contracting
the silver currency until the rupee rises to the fixed gold price. The quantity theory
of money is so perfectly recognised in practice, that the Indian government do not
for a moment doubt that the contraction of the rupee currency would raise the gold
value of the rupee.
But in estimating the causes in the fall in the gold prices of commodities, we are
confronted with the opinion expressed in Part II of the final report of the gold anti
silver commission by the members who favored monometallism as follows:
“ We believe the fall (in the gold prices of commodities) to be mainly due, at all
events, to circumstances independent of changes in the production of, or demand for,
the precious metals, or the altered relation of silver to gold.”
This passage is quoted in the Economist of October 29, 1892, to confute Mr. A. J.
Balfour’s contention in his speech at Manchester on October 27 last, when he said —
“And can we claim that great quality for a standard (namely, 'as a permanent
record of the debts and obligations lasting through long periods of time’) which, by
the admission even of the monometallists themselves, has appreciated in some fifteen
years no less than 30 or 35 per cent, and of whose appreciation no man living under
the existing system can projfftesy the limits?”
We find, also, the same passage doing duty in the Indian press and with the Indian
currency association in a way that brings it down from the region of mere fugitive
theory to the decisive test of a proposal to apply it to the case of 'the Indian cur-
rency. Accepting and following up the views quoted above from the monometallic
commissioners, they argue thus :
“ It is reasonable, therefore, to infer that the introduction of a gold standard will
not injuriously affect prices in India, as suggested by the currency association,
especially if the change be gradual.”
This proposal is perfectly reasonable, if the monometallic commissioners are right
in saying that the fall in gold prices is mainly due to circumstances, independent of
changes in the production of a demand for the precious metals. If the fall in gold
prices has little or nothing to do with changes in regard to gold and silver, then the
argument is unanswerable, that a contraction of the Indian currency and a rise in
the gold price of the rupee will not injuriously affect Indian prices. To carry this
argument to the concrete case proposed in India — namely, to suspend the coinage of
silver, and gradually by this means contract the currency, until the rupee shall be
worth Is. Grf. or Is. 8 d., instead of Is. 3d., as at present, the contention of the mono-
metallic commissioners being that, as the fall in the gold prices of commodities and
of silver is mainly due to circumstances, independent of changes in the precious
metals, the Indian advocates of a gold standard say, therefore, that the rise in gold
price of the rupee will be independent of changes in the precious metals, and will
not be attended by any material change in Indian prices, and thus the contraction
of the rupee from Is. 3d. to Is. 8 d. can be carried, with little change, and with perfect
safety. This would be, however, to assume that Is. 8 d. is the same as Is. 3d.; while
a glance at a table of cost of Indian commodities laid down in London would at once
show that, with a fixed gold price in London, and a change in the rupee from Is. 3d.
to Is. 6d. or Is. 8d., the price of an article in India must be correspondingly lower.
When we come to positive figures, imaginary conditions must give way.
We must, therefore, protest emphatically against this dangerous doctrine, pro-
mulgated by the conservative monometallic members of the Gold and Silver Com-
mission, because in the whole report this is th% only really dangerous doctrine which
receives any commendation. But our friends in India have alreadygiven it a serious
blow, by proposing to act upon it, because we may feel perfectly assured that no
statesman, either in India or in this country, would for a moment approve of any
attempt to take the risk of such a step being followed by little or no change. If a
gold standard or a gold currency is to be introduced into India, it will be on the
ground that every change in the volume of the currency relative to the business in
which currency may be required shall make a change in Indian prices. If the gold
price of the rupee is to bo raised by suspension of the rupee coinage, Indian prices
must fall in a corresponding degree, and it is for those interested in Indian prices to
say whether they are prepared for such a fall. The question of a gold standard for
India is not at present being discussed, and it is only touched upon here as illustrat-
ing the action on prices of changes in the volume of a country’s currency. The
present point is, therefore, to emphasize that no Indian or British statesman will
venture to recommend or adopt for Indian monetary policy which does not take into
account the quantity theory of money as the sole, or almost the sole, instrument in
producing changes in the average price of commodities.
Changes in the volume of money, or in the transactions to be carried out by money,
have as complete an effect on the prices of commodities as changes in the supply of
348
and demand for commodities. Two distinct things are being dealt with — money and
commodities — and both are widely distributed over the world. There are from time
to time changes in the quantity and in the uses of money, and there are also changes
in the supply of and in the demand for commodities; but whatever their independ-
ent fluctuations may be, there is always a relation between money and each com-
modity, and this relation is expressed in the price of the article. There is, however,
a distinction to be drawn, namely, that while each commodity is only one of an
almost innumerable variety of articles to which a price is always attached, the one
article money is always being offered against, and measured against, all existing com-
modities. So while at any one time the money of the gold standard, for example,
has only one value, or onepurchasing power, the commodities in which it is valued,
and to which it affixes a value, have as varied a price, or purchasing power as
against money, or against each other, as there are commodities in existence. Thus
money is being continually measured against all purchasable articles, aud its pur-
chasing power is thus tested and adjusted daily and hourly to thousands of articles.
But each of these articles being only one in thousands, it is impossible that each
separate commodity should as rapidly and exactly adjust the changes in its price to
the changes in demand and supply in regard to the article as is the case with money,
which is all the time measuring itself against all commodities, and thus keeping the
volume of money in circulation continually and completely adjusted to the transac-
tions to be carried out by money.
It would be strange indeed if demand and supply could regulate the prices of thou-
sands of articles, and that yet demand and supply in regard to the single article
money, in which they are all valued, should not have a corresponding influence. The
truth is, that from the necessities of the case, demand and supply are more potent
and more rapid in their action on the one universal article money than they are on
the varying prices of numerous commodities. Money is seeking for and measuring
commodities, and commodities are seeking for and measuring money, and so there
is continual competition between them. They are both subject to the conditions of
supply and demand, and to those who doubt this, we would take a homely illustra-
tion and ask, Which of the two limbs of a pair of scissors does the cirtting? There
are two limbs essential to one operation, namely, cutting, and there are two condi-
tions, the volume of money and the volume of transactions to be performed by money,
essential to the price of one or of all articles. It is true that one limb of the scissors
may be sharper than the other, and may thus contribute more to the cutting ; and
it is also true that the volume or purchasing power of money is more active in adjust-
ing itself to changes in supply and demand than a vast number of commodities can
be with their endless fluctuations, because the purchasing power of money over
commodities is the average of all these fluctuations.
In support of this undoubted fact of the greater sensitiveness of money to changes
in its volume and usds — that is, to its supply and demand — than of commodities to
changes in supply and demand, we might instance the effect produced at the Bank
of England by the arrival of £2,000,000 or £3,000,000 of gold. If the internal trade
of the country is not in a position to absorb it, the bank is forced to lower its rate
of discount until, by means of the foreign exchanges, the gold is drained away. The
effect of the arrival of the gold is clear and unmistakeable, and its departure is
equally so. And if we take gold bullion or coin as an article of international trade,
there is no other article in the rvhole held of commerce that is so mobile, whose exact
value in the markets of the world is so well known from day to day as gold, because
it is the material of the standard money of the leading nations of the world. Of all
articles of commerce gold is bought and sold by bullion dealers at the narrowest
margin of profit ; it moves from one country to another at a smaller advance in price
than any other article of commerce, and it moves with a rapidity that no other arti-
cle in practice can equal. The variations in the price of gold are minute, but it is
more sensitive to small change in price than any other article. The consequence is
that there is no article so completely adjusted in purchasing power to its supply and
its u 80S as gold. If the gold prices of commodities fall unduly in the United States,
gold will at once flow by the fastest mail routes to take advantage of the low prices ;
but if the gold prices rise unduly in the United States, commodities can only bo
moved to these markets after considerable delay, to take advantage of the high
prices. It is incontestable, therefore, that money is far more mobile than commodi-
ties, and is more easily and completely adjusted in its volume to its uses than com-
modities are to changes in demand and supply. The consequence of this is that,
other conditions remaining the same, the average prices of commodities will fall in
proportion to the contraction of the volume of the currency in which they are valued.
349
Table IV.— PRODUCTION in the WORLD of the PRECIOUS METALS.
1846
1850
1852-1856
1857-1861
1862-1866
1867-1871
1872-1876
1877-1881
1882-1886
1887-1891
1891 t . . .
Gold per an-
num.
Silver per an-
num.
Total gold
and silver per
annum.
£5, 850, 000
18, 650, 000
29, 880, 000
24, 720, 000
22, 700, 000
23, 700, 000
22,010,000
22, 060, 000
20, 540, 000
23, 409, 000
25, 060, 000
£6, 500, 000
8, 800, 000
8, 120, 000
8, 300, 000
10,060, 000
10, 520, 000
13, 460, 000
*18, 828, 000
*22, 868, 000
*31,460, 000
*37, 120, 000
£12, 350, 000
27, 450, 000
38, 000, 000
33, 020, 000
32, 760, 000
34,220,000
35, 550, 000
40, 888, 000
43, 408, 000
54, 869, 000
62, 180, 000
Silver pur-
chased by the
United States
and coined
into dollars or
held in bullion,
and thus used
as gold, per
annum.
*£4,215, 000
*5, 772, 000
*8,781,000
*14, 066, 000
* These are coining values at tho United States ratio of 10 to 1 of gold, that is about 59d. per stand-
ard ounce of silver. The commercial values of the silver production per annum are £16,647,000,
£19.135,000, £23,860,000, and £28,365,000, respectively.
t The figures for 1891 are repeated by themselves to show tho latest returns, particularly as regards
•he purchases of the United States.
Tho next question to be considered is tho production of gold and silver, and Table
IV gives an abstract of the figures from 1846 till 1891.
The above figures from 1846 to 1876 are those of Sir Hector Hay, and those from
1877 to 1891 are from the report of the Director of the United States Mint.
As this country is on the gold standard, and as we have no gold mines of our own,
the following table will show the movements of gold since 1858, when tho official
statistics of gold first began to be recorded:
Table V.— UNITED KINGDOM.— GOLD.
Periods of five years.
Total
net imports.
Total
net exports.
Average
per annum.
1858 1862
£16, 203, 057
32, 131,547
18, 159, 364
15, 513, 292
1
j £4, 100, 363
| 402, 368
5, 262, 006
1863 1867
1868 1872
1873 1877
1878 1882
£3, 864, 277
159,401
1883 1887
1888 1892
26, 310, 032
These figures are based on the details given in the Statistical Abstract, except for
1892, which is from the Board of Trade returns.
The average net import per annum in the twenty years, from 1858 to 1877, was
£4,100,363, and in the tenyears from 1878 till 1887, during which there was no balance
of gold in our favor, the net export per annum was £402,368. There was thus a total
deficiency of £45,000,000 of gold between 1878 and 1887, as compared with the average
of the twenty years from 1858 to 1877. The five years, however, from 1888 till 1892,
show a net import per annum of £5,262,006. It must be considered that, with the
increased population of the later periods, it would have required a larger amount
of gold to maintain tho same level of prices as in the period from 1858 to 1867, whereas
there lias been an enormous decrease. Even if allowance is made for the economy
in the use of money by the development of banking facilities, we should be entitled,
from the above figures, to assume with perfect certainty that there must have been
a considerable fall in the gold prices of commodities, not only in this country but
wherever the gold standard prevailed. And it must be remembered that while we
exported gold to the extent of £4,023,678, in the ten years from 1878 to 1887, the
gold used in the arts during that period, estimated at £24,000,000, had to be with-
drawn from the gold in circulation, so that we thus account for a positive with-
drawal from the stock of gold in circulation in this country, amounting to £28.000,000,
whereas we ought to have had the £28,000,000 and £17,000,000 in addition for now
coinage. The reason why it was impossible we could have obtained the same sup-
350
ply of gold was that Germany, Sweden and Norway, Holland, the United States,
and Italy all changed from silver or paper money to gold, and they made a new
demand for gold amounting to about £225,000,000, without any new or increased
supplies of the metal in the world, and, indeed, in the face of a falling off in its
annual production. Thus, the countries formerly on the gold standard could get
none of the annual supply from the mines, and had to submit to a serious contrac-
tion of their gold currencies.
Sir Robert Peel's celebrated question was, what is a pound? and to that question
he replied that it was “ a quantity of the precious metals, of certain weight and
certain fineness.” He did not say it was gold, though he afterwards recommended
gold. It is commonly assumed that a pound or a sovereign is a standard of value,
when in reality it is only apiece of coined gold of certified weight and fineness. So
far from having a permanent uniform purchasing power, what the prices of commod-
ities show is that a sovereign will purchase 50 per cent more than it did twenty-five
years ago. It is, however, in common use as a measure of value, though an exam-
ination of the prices of the last thirty years would show how fluctuating its pur-
chasing power has been, namely, in the proportion of 3787 in 1864 to 2120 in 1893,
according to the Economist’s figures. On account of these fluctuations, and the
extremely low point to which the range of average prices of commodities has now
fallen, the important question to which attention has for the last sixteen years been
directed is the instability of gold as a standard of value.
In the Monetary Question of 1892, by Mr. Ottomar Haupt, there are some very
important statistics in regard to the supply of money in the world. Mr. Haupt is
one of the highest living authorities on monetary statistics, and we gladly avail our-
selves of his labors to illustrate our subject. He has made calculations for the end
of 1885 and for the end of 1891 of the money in the following countries, namely,
Austria, Belgium, England, France, Germany, Holland, Italy, Portugal, Russia,
Scandinavia, Spain, Turkey, other European countries, United States, and Australia.
Deducting from the total amount given by him the amounts apportioned to Austria
and Russia, as neither of these had the gold standard, though they had large quan-
tities of both gold and silver, we arrive at the following figures:
Table VI .—MONEY in the GOLD STAND ADD COUNTRIES.
End of 1885.
End of 1891.
£608, 000, 000
263, 000, 000
98, 000, 000
205, 000, 000
£644, 000, 000
320, 000, 000
91, 000, 000
240, 000, 000
Total
1,174, 000, 000
1, 295, 000, 000
There are a few countries left out, regarding which it is difficult to arrive at precise
figures; hut, nevertheless, the above may be taken as a close approximation to the
amount of money in the world’s currencies that were on the gold standard at the
end of 1885 and of 1891. The answer, then, that ive make to the question, “ What
is a pound?” is that it is £1 in £1,295,000,000 all circulating the same as if they were
entirely gold, and carrying on the monetary business named above. These countries,
being on the gold standard, have all the same relative prices. But when the above
figures are examined, it is seen that at the end of 1891 the actual gold entering into
the money of the gold standard countries was less than one-lialf of the whole of
the money in these countries. To that extent, therefore, the term gold standard is
a misnomer, because it is really a standard of gold, silver, and paper money. It
might, perhaps, be thought that the £644,000,000 of gold determined the value of the
silver, the fractional currency, and the uncovered paper money, and that these fol-
lowed the value of gold without themselves affecting the value of gold. But it is
not so; the £644,000,000 of gold is the supply of gold that went to determine its pur-
chasing power as part of £1,295,000,000, all valued as gold. The annual supply of
gold from the mine, if taken at £25,000, is a mere fraction of the stock at any time,
and so it has very little effect upon the purchasing power of gold, particularly as
about one-lialf of it is absorbed in the arts, and only about £12,500 can be avail-
able for new coinage, and for keeping up the wear and tear of the coinage; so that
only this latter amount can ha ve any effect upon prices— that is, less than 1 per cent
of the gold standard of £1,295,000,000. Then it must be remembered that the popula-
i ions in thegold countries are increasing, and thus requiring more money ; while, since
t be beginning of 1892, Austria-Hungary has entered upon the gold standard ; and
it wilTrequire to accumulate about £20,000,000 of new gold— that is, nearly two
351
years of the total gold supply available for coinage, leaving no new gold for coinage
in the other gold-standard countries during that time.
The reason why the term gold standard is used in these circumstances is because
gold alone in those countries has the privilege of being coined for private holders.
The silver, the fractional currency, and the uncovered paper money exist by regu-
lation of the governments. The latter are bound to coin all the gold that may be
ottered for that purpose, and so the term gold standard is applied to the money in
these countries. It is evident, however, that if the money of these countries was
confined to gold its purchasing power would be enormously greater than at present,
and the prices of commodities which were at 100 in the period from 1865 to I860, as
in the table calculated from the Economist’s figures, and at 69 in 1892, would bo at
30, or thereabouts, and wheat, instead of being at 26s., would be at probably 12s.
per quarter. The addition, however, of £650,000,000 of money that is not gold, but
yet passes as if it were gold, to the £614,000,000 of actual gold, makes it possible
that wheat should be at 26s. instead of 12s., and the Economist index number for the
22 commodities at £68 instead of at £30. This addition reduces the purchasing power
of gold by more thau one-half — that is, causes the gold prices of commodities to stand
at more thau double what they would be if the money consisted solely of gold. But
to bring wheat back to 45s., and the prices of the Economist from £68, in 1893, to
£100, which was the average of the years from 1865 to 1869, would require an addi-
tion to the money at present in gold standard countries of about £400,000,000. It
is certain that we can not hopeto get additional supplies of gold to bring this about,
and so, if any material improvement in general prices is to take place, it can only
be by additions of silver or of uncovered notes.
Already, silver forms part of the gold standard to the value of £320,000,000 in dol-
lars, 5-franc pieces, etc., and £91,000,000 in small change; and in order to find silver
enough to add to the gold standard, softis to restore the prices of the period from
1865 to 1869, it would require more than all the silver of India, China, Japan, the
Straits, and Mexico, that is, the whole of the silver standard countries, to be added
to the money of the gold standard countries. It is an utter impossibility that the
prices of a quarter of a century ago can be restored again ; there is not metallic
money in the world to restore them ; and it can be asserted, with perfect safety, that
there never will be sufficient of the precious metals to provide for the increased, and
still increasing, populations in the gold standard countries, and to raise prices to
anything like their former level. The known facts relating to the gold and silver
mining industry lead us to expect that, for a time, the production of both metals
may be increased, but they give no encouragement whatever to the idea that their
production will be enormously or permanently increased; and, without an enormous
increase in their united production, and the more extended use of silver in the cur-
rencies of the present gold standard countries, there can be no return to former
prices. It is beyond the bounds of reasonable expectation that £400,000,000 of new
money can be added to the gold standard from the gold and silver mines, in addition
to the present supply, and, therefore, a return to the prices from 1865 to 1869, is phys-
ically impossible.
If we consider certain broad facts in relation to the demand for and the supply of
gold, it will be evident that the fall in prices is due to the deficiency of gold in the
gold-standard countries. The following countries that were, in 1885 and 1891, on
the gold standard, were, in the period from 1865 to 1869, on a silver standard or a
paper-money standard, namely, Germany, Holland, Italy, Scandinavia, and the United
States. At the end of 1885, according to Mr. Haupt’s figures, the amount of gold in
these countries, which had all adopted the gold standard since 1871, was £254,000,000 ;
and, if we deduct £44,000,000, as probably representing the amount of gold in these
countries before they changed to the gold standard, we have then £210,000,000 of
gold, which, if these countries had continued on the money systems they had pre-
vious to 1871, would have flowed into Great Britain, France, Belgium, Portugal,
Spain, Turkey, and the British Colonies. These latter countries had, at the end of
1885, about £354,000,000 of gold amongst them ; but, if they had also the £210,000,000
of new gold at that time held by the countries which changed to the gold standard
after 1871, their total holdings of gold would have been £564,000,000. At the end of
1891, Germany and the other countries which have joined the gold standard since
1871 held £250,000,000 of new gold, while the above-named countries — Great Britain
France, etc. — had £350,000,000; whereas, if the £250,000,000 had flowed into thy
latter countries, they would have had £600,000,000 of gold.
352
Tlie following table will show the distribution of the stock of gold:
Table VII.
End of 1885.
End of 1891.
Countries on the gold standard before 1871:
Stock of gold
£354, 000, 000
£350, 000, 000
Countries which adopted the gold standard sinco 1871:
Gold before joining the gold standard
44, 000, 000
210, 000, 000
44, 000, 000
250, 000, 000
Gold added since joining the gold standard
Total gold in gold standard countries
254, 000, 000
294, 000, 000
608, 000, 000
644, 000, 000
It is evident, therefore, that while the annual supply of gold had fallen off consid-
erably, though it is now increasing, the countries on the gold standard before 1871
might have maintained a range of price# not much lower than those ruling from 1865
to 1869, if the distribution of the annual supply of gold had continued the same as
before 1871. But the above table shows that out of £644,000,000 of gold in the gold
countries £250,000,000 have been appropriated by countries which, before 1871, were
not on the gold standard, and thus the countries which were on the gold standard
had, at the eud of 1891, only £350,000,000 of gold instead or £600,000,000. It is need-
less to argue that there is no very great fhlling off in the annual supply of gold,
when the countries that formerly received the most of it receive now less than three-
fifths of it.
In considering the increased demand for gold the amount in Government treasuries
and banks ought to be taken into account. Prof. Soetbeer has made an elaborate
investigation into this subject, beginning with 1877, when he found the amount to
be £144,000,000, and at his last date, in 1885, it was £252,000,000. Mr. Haupt’s cal-
culations since that time give the amount for 1886 at £227,000,000, and at the begin-
ning of 1892 at £312,000,000. We know that within the last two years there lias
been an increase of tbe gold reserve in the banks in this country. This additional
amount since 1877, that is £168,000,000, has, therefore, been withdrawn from the
active circulation, and there is so much less money acting upon the prices of com-
modities. This is equivalent to a contraction of the currency.
The statistics of our gold coins in circulation are very imperfect, but it may be of
interest to bring together a series of estimates, made at different times by various
authorities : —
Table Ylll.— ESTIMATES of stock of GOLD COINS in the UNITED KINGDOM.
Date.
Total
amount.
Per head
of pop-
ulation.
1844
£46, 000, 000
£ s. d.
1 13 5
1856
1 72, 500, 000
90, 000, 000
2 11 9
Miller*
1858
3 3 5
1868
80, 000, 000
2 12 8
1872
107, 637, 000
3 7 7
1876
122, 368, 000
3 13 11
1883
100, 000, 000
2 16 2
1884
95, 000, 000
2 12 10
1885
100, 000, 000
2 15 6
1889
73, 000, 000
1 19 3
1890
{69, 000, 000
105, 000, 000
1 16 10
1890
2 16 0
1891
105, 000, 000
2 15 1
* Officials of the Bank of England,
t £70,000,000 to £75,000,000.
+ Their calculation is that the niamiiuum amount will not exceed £75,000,000.
It must be borne in mind that the above figures do not include the bullion or
foreign coin at the Bank of England.
It will be seen that the Bank of England estimate for 1872 was £107,637,000, and
for 1870, £122,386,000. The bullion and foreign coin, not included in the above,
will vary in amount, but it will probably be from £10,000,000 to £15,000,000. Fol-
lowing the estimate of Mr. May in 1872, and of Mr. Gray in 1870, Mr. Palgrave’s esti-
mate at £100,000,000 in 1883, Mr. Childer’s at £95,000,000 in 1884, Mr Goachen’s at
£73,000,000 in 1889, and Messrs. Martin and Palgrave’s at £69,000,000 in 1890 — with
a qualification that it can not exceed £75,000,000 — all seem, looking to the move-
ments of gold, to bo approximately on the same general basis. I am strongly of
opinion that these estimates are nearer the truth than that of Sir Charles Fremantle
at £105,000,000 in 1890, and those of Mr. Haupt in 1885 and 1891 at £100,000,000
and £105,000,000 respectively, all of which I regard as too high.
Table IX. — India.
Five years ended March 31.
Average
gold value
of the
rupee
Average
net imports
of gold per
annum.
Average net imports of
silver per annum.
1800-1804
s. d.
1 11.85
1 11. 43
1 10. 80
1 8. 975
1 7. 775
1 6. 287
1 4. 566
1 6. 089
1 4. 733
Rx.
5, 889, 538
5.835,117
3, 073, 770
689, 595
4, 128, 613
3, 083, 670
4,615, 304
5, 636, 172
2, 413, 792
Rx.
10,181,781 )
9, 981, 112 > *7,920,388
3, 598, 271 )
6, 408, 692 )
6, 205, 349 \ *6, 503, 575
6, 896, 085 )
10, 937, 876 )
14.175. 136 I 111,378,399
9, 022, 184 )
1865-1809
.1870-1874
1875-1879
1880-1884
1885-1889
1890
1891
1892
* Yearly average of 15 years. t Average of 3 years only.
Coinage of silver.
Total
coinage per
annum.
Recoined
rupees per
annum.
Bullion, etc., i. e., new
coinage per annum.
1860 1864
Rx.
8, 733, 995
7, 900, 929
3, 446, 617
7, 421, 864
5, 372, 955
7, 759, 403
8, 551, 158
13,163,474
5, 553, 970
Rx.
152, 486
151,211
27, 865
51, 072
469, 890
441, 509
619, 042
305, 195
8, 581,509) ' ’
7, 749, 718 } *6, 583, 326
3,4)8, 752 )
7, 370, 792 )
4, 903, 065 > *0,530,584
7, 317, 894 )
7,932, 110 )
12, 858, 279 > t8, 781, 455
1865 1869
1870-1874
1875-1879
1880-1884
1885-1889
1890
1891
1892
* Yearly average of 15 years.
t As tho separate figures for bullion coined in 1892 are not yet obtainable, the total amount of coin-
age has been taken for this average, so the actual figures will be rather less.
As India is a typical silver-standard country, the statistics in Table IX, in regard
to silver in particular, and also to gold, will throw some light on the quantities of
silver that were imported into India, and those that were coined, and the imports
of gold and the relation of silver to its valuation in gold.
The five columns of net imports and coinage are the official figures of the India
Office.
It will be seen from the above tables that, during the five years from 1870 to 1874,
the average net imports of silver per annum were only 3,598,271 Ex., and the new
coinage from bullion was only 3,418,752 Rx., a great deal less than at any other
period of the thirty-three years under review, yet it was in September, 1873, that
the French Government began to postpone the dates for the payment of the bans de
monnaie, issued at the mint in exchange for silver tendered for coinage. Notwith-
standing this check on the flow of silver in France, and the delay in payment which
was increased until the final suspension of coinage for private individuals in 1876,
it will be seen that this abnormally low coinage in India, from 1870 to 1874, was not
followed by any abnormally high coinage during the next fifteen years, as the aver-
age per annum was only 6,530,584 Rx. It is true that the steps taken to interfere
with the previous free conditions of the coinage of silver in France, in September,
1873, warned Prince Bismarck that France was unwilling to take into its circulation
S. Kep. 235 23
354
the* silver that Germany wished to get rid of, and this caused him to retain a large
amount of silver which it was his intention to sell hut for this closing of the French
mint. As, however, India had an open mint during the whole period, and was hound
to coin all the silver offered, it must be evident that if there had been increased
quantities of silver pressing on the world’s markets, and causing that metal to
become depreciated, they must have flowed to the open mints of India. Yet we see
that nothing of the kind took place, and that, in presence of- increased populations
in India, the coinage of rupees from bullion rather declined in amount in the lifteen
years from 1875 to 1889 as compared with the lifteen years from 1860 to 1874. We
might, therefore, expect that, with increasing population and greater development
by railway and other agencies in India, it would have required an increased amount
of coinage to maintain the former level of prices, and thus, as no such increased
coinage of silver took place, we should expect silver to become somewhat appreci-
ated and silver prices to fall, and the Indian officials testify that prices did fall. We
have already shown that English prices of commodities, valued in silver, fell until
1886, when they rose to par, but they declined again, though in 1892 they rose and
are now above par. It will further be observed that the coinage from bullion in
1891 rose to 12,858,279 Ex., but then that was followed in 1892 by a total coinage of
only 5,558,970 Ex. Silver has, however, now for the lirst time become somewhat
depreciated. The years, of course, end at March 31.
To sum up the leading facts in regard to gold, there is the undisputed evidence of
statistics to demonstrate that llie gold prices of commodities have fallen from 30 to 33
per cent since the period from 1865 to 1869, that is, gold has increased in purchasing
power from 43 to 50 per cent. We have shown that the supply of gold from the
mines had fallen off as compared with the period from 1852 to 1861, though the sup-
ply is now increasing; that for the ten years, 1878 to 1887, this country did not
receive on balance any gold at all, but exported £4,023,678, and thus had a deficient
supply in that period of £45,000,000; that since 1871 a number of countries with
large populations, which before that time did not possess the gold standard, had
adopted it, and at the beginning of 1892 they had £44,000,000 of old gold, and
£250,000,000 of new gold, without any additional supplies having been obtained
from the mines; that the countries on the gold standard before 1871 have therefore
been deprived of £250,000,000 of gold since 1871, which they would have received
had the monetary systems existing before 1871 continued from 1871 till 1891; that the
populations in the countries on the gold standard before 1871 have gone on increas-
ing, and to them have been added, in the demand for gold, both the populations of
the countries which adopted the gold standard since 1871, and the increase thereto
since that time; that there has been a large increase in the use of gold in the arts in
the last twenty years ; that the amount of gold, namely, £168,000,000, which has been
added since 1877 to the gold reserves of banks and Government treasuries, has thus
proportionately diminished the amount available throughout tho world for the main-
tenance of prices; and that our own gold coinage in circulation has been consid-
erably reduced in the last sixteen years, -while the population has considerably
increased.
Against theso important figures, proving the fall in prices and the falling off in the
amount of gold in the gold-standard countries available for the maintenance of
prices, the only consideration that can be adduced as tending to counteract the fall
in prices is the greater economy in the use of gold in consequence of increased bank-
ing facilities, but this cause, though well entitled to consideration, wras neverthe-
less in operation before 1871 as wrell as since.
While it would take too much space to enter into details regarding the practical
effects of this appreciation of gold, it will suffice to give some indication of the enor-
mous injury it has inflicted, if it is stated that the transfer of wealth from the landed
and propertied classes and from the mercantile, manufacturing, and producing
classes generally in the United Kingdom, to the holders of securities, mortgages,
annuities, etc., can not be less than £2,000,000,000, due solely to tho appreciation of
gold. It is already a question how much further the holders of securities are to
receive the assistance of a continually contracting currency to enable them to goon
absorbing further and further the wealth of the producing classes. If no other relief
can be obtained it may be necessary to fix a commodity standard instead of a money
standard for long-dated payments, as has been recommended by the principal econo-
mists of the last hundred years. Such a colossal unearned increment as has accrued
to the holders of securities valued in gold during the last, twenty years in Europe
and the United States, amounting to not less than from £7,000,000,000 to
£9,000,000,000, is entirely unparalleled in tho history of the world, and all other
public questions sink into utter insignificance compared with it.
On the other hand, silver in London, after having for the last twenty years
increased in purchasing power to some extent, as compared with the period from
1865 to 1869, thus showing that it had appreciated and not depreciatad, has now
returned to a lower level of purchasing power, that is, a higher lovel of prices, than
355
twenty-five years ago. Tlie net imports of silver into India and the coinage of new
silver have continued so steady that they give no support to the theory that silver
has depreciated in regard to commodities, except to a small extent since 1892. There
is now, therefore, a divergence between the purchasing power of silver and that of
gold to the extent of more than 50 per cent as compared with the ratio between the
two metals up to 1873, that is, formerly £100 in gold would purchase a certain
amount of silver, now £100 will purchase more than 50 per cent in addition.
The amount of silver money in India, China, Japan, the Straits, and Mexico may
bo estimated to he about £390,000,000, while the silver money in the gold-standard
countries has already been stated at £320,000,000 for dollars, 5-franc pieces, and
other full legal-tender money, £91,000,000 for silver small change, making in all
£411,000,000. The amount of silver in the gold-standard countries is thus larger
than tho amount in the silver-standard countries. And yet, though the £644,000,000
of gold is assisted by £651,000,000 of silver and paper money, so as to make up the
gold standard, we find that after a fall in prices of more than 30 per cent, the
tendency is still downwards. This shows beyond a doubt that there is not enough
money in the gold-standard countries to maintain the range of prices, and the very
sorious question arises as to how much further prices will fall under tho existing
system in the gold-standard countries. As the evil has beon brought about by
deficiency in the supply of money, the steady fall in prices can only bo arrested by
some increase in the volume of money, and tho only moans of increasing the volume
of money that has been recommended is by the gold-standard countries of Europe
adding more silver to the present circulation. There is no other practical proposal
at present formulated, and this was the object that brought tho Brussels conference
together, namely, to increaso the use of silver in tho gold-standard countries, so as
to arrest the fall in gold prices and in the gold price of silver, and therefore of the
rupee ; and the conference gave an almost unanimous support to the idea of the great
importance of increasing the uso of silver in the gold countries.
But, besides tho increased use of silver circulating as gold, there is another impor-
tant point on which it can hardly be said that there is any division of opinion, and
that is the fixing of a par of exchange between the silver countries and the gold coun-
tries, so as to put an end to the fluctuations between gold and silver. This is, with-
out doubt, a very difficult question, because any ratio between the metals near the
present ratio will fix permanently on India and tho other silver countries tho present
greatly increased burden in silver of their gold obligations, by fixing a permanently
low gold price for the rupee; while a ratio that will relieve India of its unjust bur-
den by materially raising the gold price of the rupee will cause a fall in Indian
prices of commodities. Still, the danger of a further fall in the gold price of the
rupee, owing to the further appreciation of gold and tho depreciation of silver which
began, to a slight extent, in 1892, and which we may expect to continue if the United
States should suspend the purchase of silver, is so great that the position of the
Indian government is very perplexing. If the European gold countries were to pur-
chase a substantial amount of silver annually, and put it into circulation, that would
be a benefit both to Europe and India and the other silver countries. It would arrest
the fall of gold prices and of the gold value of the rupee, and give time to Europe to
see the effect of its increased use of silver. It is evident that the present difficulty
is one exclusively arising from the deficiency of gold, or money passing as gold; and
so long as the United States continue to coin silver at the present rate, there will
not be any serious difficulty in the internal trade of the silver-standard countries,
except in regard to obligations to be paid in gold. The following figures may be
taken as a rough estimate of the amount of silver money in the silver countries:
Table X.
Silver money in silver -standard countries in 1S92.
India £180,000,000
China 150, 000, 000
Japan 20, 000, 000
Straits 24, 000, 000
Mexico 16, 000, 000
Total 390, 000, 000
This is the valuation in gold, and in comparison with it the total amount of gold,
silver, and paper money in the gold-standard countries is £1,295,000,000. The cur-
rency problem, therefore, presents itself in four distinct questions, namely, (1) how
is the money in the gold-standard countries to be increased; (2) how are the silver-
standard countries to be protected against the demonetization of silver in tho United
States and in Europe, as well as from the probable increase of silver from the mines;
(3) bow is a fixed par of exchange to be established between gold and silver, that
35 6
is, between the £1,295,000,000 of money in the gold-standard countries and the
£390,000,000 of money in the silver-standard countries; and (4) what should be the
ratio between gold and silver for the fixed par of exchange. It has already been
pointed out that it would require £400,000,000 of money, that is, more than all the
money in the silver-standard countries, to be added to the £1,295,000,000 in the gold-
standard countries, if the object were to restore the range of the gold prices of com-
modities that existed in the period from 1805 to 1809. That will give a broad and
general idea, without protending to exactness, as to our position in regard to gold
prices in 1805 to 1809, and our position in regard to gold prices at the present time.
But the gold countries and the silver countries can only deal with what they
have, and so whatever par of exchange might be lixed between gold and silver it is
impossible for the gold standard countries ever again to re’ach the range of prices of
the period from 1805 to 1809. There is not gold and silver enough produced at present
to restore the former range of prices, and there is practically no hope that sufficient
gold and silver will over be produced. The population of the world on the gold
standard are increasing so rapidly that they have entirely outrun the world's supply
of gold, and even with the assistance of £411, 000, 000 of silver money, and £240,000,000
of uncovered paper money, that is of paper money in circulation against which no
specie is held, the fall in prices continues at an alarming rate. It is further to be
observed, as shown in the Table IV of the world’s production of gold and silver, that
of the £37,120,000 of silver in 1891, as estimated at the coining value in the United
States of 16 to 1 of gold, the United States are now purchasing £14,000,000, and
adding it to the £25,000,000 of gold, and thus making the supply of gold £39,000,000,
and the supply of silver only £23,000,000, and yet the range of gold prices in Sep-
tember last was, according to Mr. Sauerbeck, the lowest of the century.
If the United States were to abandon their purchases of silver, the effect would
be to withdraw £14,000,000 of money per annum from the gold standard countries
and to make a large addition to the money of the silver standard countries. This
would be an injury to the gold countries by withholding part of the present insuffi-
cient supply of money, and it would be an injury to the silver countries by throwing
upon them additional silver that they do not require, for the purpose of maintain-
ing their present range of prices. Any policy of the kind would materially widen
still further the divergence between silver and gold, and be an enormous injustice
to the small number of silver money countries. The proposal of Mr. Alfred de
Rothschild, at the Brussels conference, is therefore based upon the fact that the
monetary difficulties are exclusively in connection with the gold standard, though
silver is menaced by the possible action of the United States, and he proposes that
the direction in which a remedy should be sought is in the coinage of a considerable
amount of silver annually by the gold countries of Europe in conjunction with the
United States, which at present is the only gold standard country that is trying, by
coining a large amount of silver, to increase the total amount of money in the gold
standard countries, and thus arrest the fall in gold prices. It is evident that as the
monetary difficulty is caused by contraction of the gold currency, the remedy can
only be found in some policy that will arrest this contraction, and thus arrest the
fall of gold prices. As there has been no recommendation of increased issues of
paper monoy, the onty way in which the money of the gold standard countries can
be increased is by the addition of silver.
Now, as a matter of fact, with £1,295,000,000 of money in the gold standard coun-
tries, and £390,000,000 of silver in the silver standard countries, it would be impos-
sible to raise gold prices to any high point, under any ratio between silver and gold
that has ever been proposed. It is safe to say that, even if the French ratio of
1 : 15£ could be restored at once, gold prices of commodities would not rise more than
10 per cent, though the gold price of silver would rise from Is. 3d. to Is. lid., or there-
abouts, and Indian prices would undergo a considerable, though not a corresponding
fall. But it is very doubtful whether the ratio even of 1: 15| would, if it was
arrived at by degrees over the next ten years, do more than maintain the present level
of the prices of commodities, and it might fail to maintain even the present level.
Austria is coming on to the gold standard, Chile is following the same policy, and
Russia may do so in the near future. If the United States were to suspend the coin-
age of silver dollars and Europe were to refuse to add full legal-tender silver to the
gold standard, that is, in addition to the fractional silver currency that all gold
countries coin, it is quite certain, notwithstanding some increase in the annual sup-
ply of gold, that the present level of the gold prices of commodities could not be
maintained, at least for any length of time. Therefore, it is imperative that more
silver should be added to the gold standard in Europe so as to arrest the fall in gold
prices, and there need be no fear of adding silver, because if even the maximum
quantity wore added, the riso in prices would be very limited, though it would
impart some new life to the depressed trade and industry of the country. Mr. de
Rothschild’s proposal for the European gold standard countries to purchase, say
£5,000,000 of silver annually for live years at a price not to exceed 43d. per ounce,
357
■will, if the United States continue their present coinage of silver, arrest the fall in
the gold value of the rupee, because the purchase will affect silver, though it is
doubtful if it will have much effect on the gold prices of commodities, as the amount
added to £1,295,000,000 will be so small; but for the time it will be a benefit as well
as an experience, which is much wanted in this country. The quantity of silver to
be purchased is, however, too small, though this is at least a step in the right
direction.
The objection to it is, that it is a policy which is not based on any principle,
though in an imperfect manner it aims at the object in view, namely, of adding sil-
ver to the money of the gold countries, and of keeping back unnecessary additions
to the money of the silver countries; but it fixes an annual sum, irrespectively of
the amount of silver that may be produced, and it does not lead to any fixed par of
exchange between silver and gold. As, however, the fact that Mr. do Rothschild
put forward this proposal, coupled with a recommendation to raise our legal tender
of silver from £2 to £5, it is to be presumed that our Government, which alone in
Europe has opposed all monetary reform in the last sixteen years, is willing to take
part in the carrying out of such a policy; and if so, that is in all probability the
most that can be obtained at present. This country would raise the limit of tender
of silver to £5, without any change in our coins, but the other countries would, we
presume, add to their full legal-tender silver, and not merely to their small change.
It is hardly necessary to point out that if the United States and France were to
demonetize their dollars and 5-franc pieces, amounting to nearly $240,000,000, there
would be a further contraction of the money of the gold standard to an extent that
could not fail to bring additional disaster on Europe and the United States. Even
if they were only to recoin their silver at something near the present ratio, it would
be a serious contraction of the gold currencies, as the £210,000,000 would then be
recoined into about £160,000,000, by this act striking out of existence £80,000,000
of the present money in the gold countries. Any avoidable diminution of the quan-
tity of money in the gold countries ought, in the strongest manner, to be deprecated,
as the civilized world is interested in the full legal-tender silver coins in the gold
countries remaining as they are, and not being recoined into heavier weights and
fewer pieces, that is, a less amount of money.
It is a most difficult problem to reconcile, under any proposal, the interests of India
with those of the gold standard countries. There is no solution possible that will
favor both, and bring with it no drawbacks. The only solution that would not in
any way be a drawback to India would be the addition of about £400,000,000 of new
money in the gold-standard countries, as this would restore the purchasing power of
gold to the status quo of 1865 and 1869, and the purchasing power of the rupee is just
about the same as it was during that period. But this is impossible. To land-
owners, farmers, owners of house property, merchants, manufacturers, and producers
generally, the fall in the gold valuation is in great measure irrevocable, there can
be no possible approach to the prices of twenty years ago, and there is reason to fear
that there may be a further fall in gold prices of land and commodities. Mr. do
Rothschild’s proposal is before us; it has presumably the approval of the Govern-
ment ; it was received favorably at the monetary conference ; it is a step in the right
direction, and as there is no other proposal equally available, it would be well if it
were accepted and acted on without delay. Mr. cle Foville’s proposal of silver war-
rants stands on a very different footing, as the value of the warrants, if I understand
the proposal rightly, would fluctuate with the value of silver, and thus remain
merely a commodity with a fluctuating gold value. Mr. de Rothschild’s proposal,
on the other hand, would, as I understand it, add the silver to be purchased, to tne
existing silver money of full legal tender in the gold money countries, except in the
case of this country, which would add to its existing silver coins, and this new silver
would be coined into a definite amount of money, and would pass as gold, like the
existing full legal-tender silver coins.
If, however, our monetary policy is to be based upon a permanent and automatic
principle, bimetallism must be adopted, and it is certain that, if Mr. de Rothschild’s
proposal is accepted and acted upon, the experience that will be gained will lead to
bimetallism. It will be a matter for arrangement between the governments as to
the ratio to be adopted, but whatever ratio is decided upon will establish a fixed par
of exchange between silver and gold, between the silver countries and the gold
countries; and all the countries using the precious metals as money will thus have
the same relative prices of commodities, and the same purchasing power in their
money. The bimetallic system is getting better understood, and we can not doubt
that it Avill ultimately prevail. The adoption of it would render unnecessary in
India any gold currency or gold standard without gold. If, however, a gold stand-
ard should be decided on for India, without bimetallism, then, for reasons that I
gave twelve years ago, in the Westminster Review,* I prefer a gold standard with-
* October, 1880, article “ East Indian currency and exchange.”
358
out gold. In considering the question of the regulation of the Indian currency, and
Mr. Lindsay’s proposal to make the Bank of England responsible for it, there are
various weighty objections to any system that withdraws from the Government in
India the complete regulation of the currency. If the coinage of silver is to be
limited or suspended, so as to arrest the fall in the gold value of the rupee, or to
raise it to a higher gold value, the duty andresponsibility of carrying out this policy
ought to devolve upon the Indian government on the spot. It would, however, be
very much better for India if bimetallism were adopted rather than any limitation
or suspension of coinage that would sever it from the other silver standard countries
that lie so near it, by a divergence between the rupee and the silver money of the
Straits, China, and Japan. But if India decided to cut adrift from the other silver
countries, total suspension of coinage might be too drastic a measure, and it might
be found more prudent to purchase and coin a fixed amount, of silver per annum,
larger or smaller in proportion as the object might be to arrest the further fall of
the gold value of the rupee, or to raise its gold value — a question for the Indian
government and people.
But it may be well to point out an important distinction between the action of
bimetallism and the action of the suspension or limitation of the coinage in India.
Under bimetallism the gold value of the rupee could be raised to any figure, say, for
example, to Is. lid., but Indian prices would not fall proportionately, as Is. lid., is
to Is, 3d., or 23 to 15. The reason is that under bimetallism, while the rupee went to
Is. 1 Id., gold prices of commodities would rise and silver prices would fall until
they come to a meeting point. Gold prices would probably rise about 10 per cent,
■while silver prices would fall about 20 to 25 per cent. But if under suspension of
the coinage the rupee was put up to Is. lid., Indian silver prices would fall 30 to
35 per cent, for the simple reason that gold prices would remain entirely unaffected,
and thus silver prices would require to fall just as far as the rupee rose. If under
the suspension of coinage the rupee is raised to Is. 9d. or Is. 8 |d., Indian silver prices
would fall as far as they would do under bimetallism, with the rupee raised to Is.
lid. This is one of the extremely important advantages that India would gain by
bimetallism as compared with suspension of the coinage, and if the other advantages
of bimetallism are considered, its importance to India at whatever ratio may be
agreed upon is overwhelming.
The progress that bimetallism has made in the last ten years must be regarded as
very satisfactory. Sir Louis Mallet, one of the delegates at the Paris Monetary
Conference of 1881, at which the United States and the fourteen leading countries
of Europe were represented, has recorded his opinion “that, on the occasion of the
Monetary Conference of 1881 at Paris, it appeared probable that, if the assent of
Her Majesty’s Government could have been obtained, such an arrangement as I have
suggested (namely, bimetallism) would have been acceptable to the other powers.”
So that, at that conference, bimetallism was so thoroughly understood and accepted
that Sir Louis Mallet regarded all the other representatives except those of our own
Government as prepared to accept on behalf of their governments a proposal for
bimetallism. Then our own Gold and Silver Commission of 1886 to 1888 found unani-
mously that bimetallism had, in the two hundred years ended in 1873, preserved the
ratio between silver and gold, so that it did not vary more than 3 per cent above or
3 per cent below the fixed ratio of 1:154-. The six monometallist commissioners
favored bimetallism for every country except our own, and recommended that, to
facilitate this object, the Rank of England should hold one-fifth of its specie in sil-
ver, as permitted by t lie bank charter act of 1814. Sir John Lubbock and Mr.
Birch, however, appended a note expressing a doubt whether the ratio could be per-
manently maintained. In the late conference at Brussels bimetallism was advocated
by all the American representatives and bjr Mr. Tirrard, now French minister of
finance, and many of the European representatives. Last October Mr. A. J. Bal-
four, M. P., made a special speech at Manchester in favor of bimetallism, and Mr-
Henry Chaplin, M. P., advocated its adoption at the agricultural conference in Lon-
don i’n December, and thus we find it increasingly understood and increasingly
accepted. It is true that there are some violent opponents of the principle who
would wish us to believe that the system never was and never could be successful,
and that the leading governments and leading statesmen of the age are supporting
a foolish proposal. Indeed, during the last year a volume was published by l)r. Gif-
fen, entitled The Case Against Bimetallism, in which the crowning demonstration in
favor of his views consists in ten pages of monthly quotations, from 1820 to 1847, of
the premium on gold in Paris. The contention in the volume is that as gold was at
a premium for purposes of export the French standard was one of silver, and not of
the two metals. Dr. Giffen speaks of “the transition from one standard to tlio
ot her occurring at a Hash.” But this scheme of bimetallism being an alternating
standard, and as the change from the one to the other at a flash is purely imaginary,
and indeed is a complete misconception of the operation of bimetallism in France.
359
Table XI, p. 231, shows the annual amount of gold and silver tendered at the French
mint, from 180(5 till 1875, under the law of 1803 — that is, during practically I he mod-
ern bimetallic period.
Table XI.— GOLD and SILVER
COINED in FRANCE
francs.
CONVERTED at £ I per 25
Period of five years.
Gold average
per annum.
Silver
average per
annum.
1800 1810
£1,201,130
3, 299, 503
1, 051, 604
£1,884, 737
5. 208, 029
1811 1815
1816-1820
993, 11 1
1821-1825
' 465| 748
293. 976
3, 520, 432
1826-1830 - - .
5, 032, 004
6, 576, 120
1831-1835
826; 149
589, 857
159, 326
1 , 294, 337
12. 069, 263
1836-1840
3,048, 189
1841-1845
£ 033, 286
1846-1850
4,311,270
1851-1855
1,431. 7 55
1856-1860
21, 605i 465
7, 667, 357
9, 540, 501
2, 475, 213
' 606, 651
1861-1865
175, 088
1866-1870
3, 402, 020
2, 742, 770
Total silver.
£217, 040, 234
1871-1875
1803-1875
Total gold.
£322, 993, 410
Now, this is the entiro coinage of gold and silver from 1803 till 1875, and up till
1873, when interference with the system first began, the whole of this gold and of
this silver was tendered at the French mint on the ratio of 1 ounce of gold to 15£
ounces of silver. There was not a single year during the whole period in which sil-
ver was not tendered and coined, and gold was coined in every year except 1872 and
1883. It will be seen that on the resumption of specie payments by this country in
1821 the coinage of gold in France fell olf in a very marked degree, and on the influx
of gold from 1851 the coinage of silver fell off. So that the whole of the gold
and silver coined in France from 1803 to 1875, amounting to the enormous sum of
£322,993,410 of the former and £217,640,234 of the latter, was tendered at the French
mint without premium and without discount for either metal, and it is certainly a
complete vindication of the effectiveness of bimetallism that the French mint should
have received and coined in seventy-three years £540,633,644 of gold and silver at
the value of 15^ to 1 for equal weights. Mr. Henry Hucks Gibbs, in a late pam-
phlet * clearly shows, among other interesting points, that the money price to be
obtained for gold and silver at the French mint was as exactly fixed for both metals,
and continued so from 1803 to 1873, as the price of £3 17s. 9 d. is for the ounce of gold
at the Bank of England, and owners of silver in London sending it to the French
mint knew exactly what amount of English money they would receive for it at ax
given rate of exchange on Paris. Further, in the ordinary financial, banking, and
commercial business of France, apart from the trade in bullion, coined money of
gold or silver was never either at a premium or a discount, and this statement is not
made without complete inquiry into the facts. Dr. Gift’en imagines, when gold or
silver bullion or coin was at a premium for export, that in the banking and trading
transactions of France a profit could be made by paying in the metal that Avas not
at a premium for export. But the French people, apart from the bullion dealers,
were totally unaffected by the premium for export, and in this Avhole period never
knew anything of the alternating standard which Dr. Giff'en and others have con-
jured up out of their imagination, or of debts being paid in either more or less than
legal-tender money, gold, silver, or paper, any more than the customer of a London
bank knows when he sees in the papers that there is a premium on gold in London.
He has no knowledge of it whatever from his bank account, and neither had the
customer of any French bank in the period under consideration.
With most of the leading governments and the leading statesmen of Europe, the
United States and India perfectly convinced of the effectiveness of bimetallism
and Avilling to adopt it if all the principal countries will join in an international
arrangement; with bimetallism as the sole remedy discovered by the gold and silver
commission, after sitting for two years, in which they failed to find any defense for
monometallism as it has operated during the last nineteen years, it is not necessary
to enter into any elaborate vindication of the bimetallic system. While Mr. de Rotlis-
* The Fall in the Gold Price of Silver, and the Closing of the French Mint.
360
child’s proposal, or something akin to it, will for the present give a breathing time
in the divergence between gold and silver, it is nevertheless to bimetallism that we
must come at last if the nations of the world arc to have equally and without favor
or prejudice the benefit of all the gold and silver available for coinage with a fixed
par of exchange between silver and gold, and a single money standard and the same
relative prices in all countries using the precious metals as money. Without bimet-
allism, as we have seen during the last nineteen years, these advantages can not be
obtained, and therefore it is that we regard the final triumph of bimetallism as inevi-
table.
[Senate Mis. Doc.No. 91, Fifty -third Congress, first session.]
Mr. Sherman presented the following correspondence with the Secretary of the
Treasury relative to the disposition of the seigniorage arising from the coinage of
silver purchased under t he act of July 14, 1890.
United States Senate,
Washington, D. C., October 23, 1S93.
Dear Sir: Will you be kind enough to advise me upon the following points:
(1) What amount, if any, of the Treasury notes issued under the act of July 14,
1890, have been redeemed in gold or silver coin upon the demand of the holder, as
provided in the last clause of the second section of that act?
(2) Has the silver bullion purchased under the first clause of the third section of
that act prior to the 1st of July, 1891, been coined into standard silver dollars? If
so, how many such dollars have been coined? Did any seigniorage accrue from such
coinage, and, if so, what disposition has been made of it?
(3) Has any silver bullion purchased under the provisions of that act been coined
into silver dollars since the 1st day of July, 1891, and, if so, how many, and what
gain or seigniorage, if any, has accrued therefrom, and has it been accounted for and
paid into the Treasury?
(4) What has been the construction of the Department in respect to seigniorage
under the Bland act and also under the act of July 14, 1890? Is such seignioi-age
represented by bullion or coin in the Treasury, and, if so, has it been expended as
current revenue?
For want of time I avail myself of this mode of inquiry, rather than by resolu-
tion of the Senate. I wish the information in such form that I may use it in debate.
Very respectfully, yours,
John Sherman.
Hon. J. G. Carlisle,
Secretary of the Treasury,
Treasury Department,
Office of the Secretary,
Washington, D. C., October 24, 1S93.
Sir: I have to reply to the inquiries contained in your letter of the 23d instant as
follows :
(1) The amount of Treasury notes issued under the act of July 14, 1890, redeemed
in gold and silver coiu to date upon the demand of the holder, as provided in the
last clause of the second section of said act, has been, in gold coiu, $52,395,840; in
silver dollars, $2,224,192, and notes for the latter amount canceled.
(2) The amount of silver bullion purchased under the first clause in the act of July
14, 1890, from the date the same took effect to June 30, 1891, was 48,393,113'05 fine
ounces, costing $50,574,498.40. From August 13, 1890, to June 30, 1891, there was
consumed of this bullion in the coinage of 27,292,475 silver dollars 21,109,023.63 fine
ounces, costing $22,747,860-42, giving a seigniorage of $4,544,614.58. Of this seign-
iorage $25,466.43 was used to reimburse the bullion fund of the mint for 24,545 '69
ounces wasted by the operative officers and for silver sold in sweepings, the balance
being accounted for and paid into the Treasury as a miscellaneous receipt.
(3) 1) f the silver bullion purchased under tlieact of July 14, 1890, the amount con-
sumed in the coinage since the 1st day of July, 1891, has boeu 6,808,232-96 fine ounces,
costing $6,362,326.19. The number of silver dollars coined therefrom has been
8,794,810, giving a seigniorage of $2,432,483.81. From this there has been paid for the
wastage of the operative officers and loss on sale of sweeps $35,383.49. There was
also paid for the expenses of distribution $77,447.47, the balance being paid into the
Treasury as a miscellaneous receipt and used in the payment of current expenses.
361
(4) The act of February 28, 1878, provided that “ any gain or seigniorage arising
from this coinage shall he accounted for and paid into the Treasury as provided for
under existing laws relative to the subsidiary coinage.” (See section 3526, Revised
Statutes.)* This act provided that the gain or seigniorage on the coinage of silver
bullion for the subsidiary coinage should bo credited to a special fund, denominated
tlio “silver-profit find,” which fund should be charged with the wastage and expenses
of distribution, after which the balance remaining to the credit of the fund was to
be paid into the Treasury at least twice a year.
The construction of the Department in regard to accounting for the seigniorage
accruing on the coinage of silver dollars under the act of February 28,1878, has been
strictly in accordance with the provisions of section 3526, Revised Statutes, and the
same course was pursued in accounting for the seigniorage accruing on the coinage
of silver dollars under the act of July 14, I860, until September 8, 1893, when my
attention was called to llie fact that this act made no provision for the payment of
any expenses from the seigniorage, but provided that “any gain or seigniorage
arising from such coinage shall bo paid into the Treasury.” Instructions were,
therefore, given that no expenses whatever should be paid from such seigniorage,
either for the wastage of the operative officers at the mints or for expenses of dis-
tribution.
All seigniorage so far paid into the Treasury has been represented coin. The seign-
iorage on the coinage of silver dollars, both under the act of February 28, 1878, and
July 14, 1890, has been declared by the mints at the end of each month. There has
been no coinage of silver dollars since May, 1893, except $200, proof pieces, by the
Philadelphia Mint.
The balance of silver bullion on hand October 1, 1893, was 137,666,257 line ounces,
costing $124,561,428.24. Add to this the amount that will be purchased in October,
say 1,800,000 ounces, at an estimated cost of $1,327,500, and it will give a balance on
hand November 1, 1893, of 139,466,257 line ounces, costing $125,888,929. Tho coining
value of this amount would be $180,320,008, and the seigniorage theron $54,431,080.
•Should 4,500,000 ounces be purchased from November 1 to October 1, 1894, it would
make a total of 49.500,000 ounces, which, at the present market price of silver, say
74 cents, would cost $36,630,000. The coining value of this bullion would be
$65,000,000; the seigniorage on same, $28,370,000. This would make the total seign-
iorage on bullion to be coined of $82,801,080. Add to this the seigniorage on bullion
coined up to date, $6,977,098, will give the total seigniorage on bullion* purchased
under the act of July 14, 1890, of $89,778,178.
Respectfully, yours,
J. G. Cari.ist.k,
Secretary.
Hon. John Sherman,
United States Senate.
[Senate Mis. Doc. No. 95, Fifty-tliird Congress, first session ]
The Future of Silver, by Eduard Svcss , professor of yeoloyy at the University of Vienna,
Austria, vice-president of the Imperial Academy of Science, member of the Austrian
Parliament, etc.
[Translated by Robert Stein, TJ. S. Geological Survey. Published by permission of the author and
by direction of the Committee on Finance, Senate of the United States.]
Preface to the American Edition.
Some years after the introduction of the gold standard in Germany, which gave
rise to so important movements, 1 published, in 1877, a small work, “The Future of
Gold,”1 wherein I tried to show that from geologic indications we must expect in
the future a scarcity of gold and au abundance of silver, and that the extension of
the gold standard to all civilized states is impossible.
The work on “The Future of Silver,” which now earns the distinction of being
published in the English language through the Finance Committee of the United
States Senate, appeared in the spring of 1892, when the deliberations concerning the
introduction of the gold standard in Austria-Hungary began. In the meantime
many of the statements I had made in 1877 had been verified. The production of
gold, owing to the exhaustion of rich fields, had fallen for several years; afterward,
tDie Zukunft des Goldes. Von Eduard Suess. Wien und Liepzig, Wilhelm JJraumuller, K. u. K.
Hof- und Universitatsbuchhiindler. 1 877. Tho German edition of the present work, “ Die Zukunft
des Silbers,” is published by the same firm. (Translator’s note.)
362
indeed, owing to the discovery of the Transvaal fields, it had once more risen, hut
at the same time an extraordinary increase in the consumption of gold by industry
had occurred. Simultaneously there was noted an increase in the silver production,
despite the falling price of silver, an increase which was mainly due to improve-
ments in metallurgic processes. Argentina, Brazil, Portugal, Spain, Italy, Greece,
amid vicissitudes of a diverse nature, had lost their metallic circulation wholly or in
part; nay even, in 1890, a time came when the strength of the Bank of England was
not by itself equal to the emergency.
Under these circumstances many of my friends and myself were of opinion that
Austria-Hungary, in order to guard herself against all contingencies, ought indeed
gradually to acquire a moderate amount of gold, but ought neither to proclaim a
gold standard nor establish a definitive ratio between the silver florin and the gold
coin.
Our Government went much farther than we deemed advisable.
Meantime, in the beginning of 1892, the last great work of Ad. Soetbeer on this
subject (Litteraturnachweis fiber Gold- und Miinzwesen) had appeared, in which
(for example, pp. 285, 291) some of the arguments advanced against the exclusive
gold standard are conceded. Mr. Soetbeer also honored me with letters in which he
expressed his misgivings at the course of affairs and at the appreciation of gold.
He regarded the endeavors of the bimetallists as impracticable, because of Eng-
land’s attitude, if for no other reason; but he was convinced that some measure
must be adopted to check the fall of silver. On July 30 and 31, 1892,. I had the
pleasure of spending two memorable days at his house at Gottingen. On August 5
lie sent out a memorandum containing his propositions. In their essential features
these propositions required indeed the recognition of gold as the sole standard, but
no state was to keep in circulation gold coins of less than 20 francs, 20 marks, 1 sov-
ereign, or $10, nor any credit note below that value. The principal silver coins were
to be recoined at a higher ratio than 15^; every government was to receive its own
principal silver coins in payment to any amount, while the legal-tender quality of
these coins for private payments was to extend to three times the amount of the
gold coin (for example, to 60 francs). Fully covered certificates were to be issued
on silver, but no credit notes.
As regards the ratio at which the principal silver coins were to be recoined, Dr.
Soetbeer’s views were not settled. In his last letter to me, dated October 7, 1892, he
mentioned»22:l. Shortly after, on October 23, this excellent man, with his wealth
of experience, departed from among us, in the 78th year of his life.
How the international congress rejected all propositions; how, in the year 1893,
events developed with overwhelming rapidity, it is not now my purpose to relate.
Soetbeer admitted that the effect of his proposition would be but transient, yet he
saw no possibility of more radical measures. For a number of years, on the basis of
geologic experience, the world has been warned that its entire monetary system is
drifting toward an abyss. During the past year we have approached close to its
edge.
E. Suess.
Vienna, Austria, October 1, 1893.
Chapter I.
INTRODUCTION.
Earliest Outpours of Cold from California and Australia — Murchison — Baron Von
Hock and M. De Farieu — Hocheder — Warnings — Unity of Interests — Limits Established
by Nature.
If in New York the ounce of fine silver sells for $1.2929, then the price of the silver
in the dollar is said to be at par. At the moment I am beginning to write, the ounce
of fine silver is quoted at $0.90 and $0.91 ; that is to say, the metallic value of the
dollar is only 69.6 to 70.4 cents. As compared with gold, silver is depreciated to an
extent without precedent in modern times.
Now there are short-sighted persons who regard this circumstance as a permanent
success for those governments that are in possession of a gold currency: and the
complete defeat of silver, and the impossibility of its ever regaining the full dignity
of a medium of commerce, especially in Europe, are looked upon as demonstrated.
But this verdict is based on but a small portion of the multitude of facts bearing
on the subject. It overlooks the fact that for millenniums the two metals, gold and
silver, owing to certain properties by which one became the complement of the
other, shared between them tho solution of one of tho greatest of economic prob-
363
lems; that in recent decades, 'with the enhancement of material well-being and
commerce, this problem lias become enormously extended and absorbs constantly
increasing quantities of metal; and that the mistake by which the bond of union
between the two metals was arbitrarily severed can not become more ominously
manifest, for the world's economy and for peaceful progrees, than by the divergence
of the values of the two metals.
This divergence moreover is the trery contrary of those assumptions under which
some years ago the introduction of the gold standard was proposed and later on
defended.
All commerce proceeded without disturbance as long as gold and silver stood to
each other in a relation of value established partly by law and partly by usage.
The first impulse toward unsettling this relation was given by the largo shipments
of gold that came to Europe from California aud Australia after the year 1849. The
world was startled; gold came in such abundance that it began to fall in value;
voices were heard in Paris proposing the complete demonetization of the metal, so
unreliable in its production.
Even at that time geologists spoke to warn and to reassure. Murchison in 1854
wrote that, in view of tho facts recorded in the crust of the earth, the fear that gold
would remainpermanently depreciated in comparison with silver was entire ground-
less. The flood of gold would abate as soon as the alluvial land was exploited. In
fact, it was yet to be proved that gold extended in workable quantity to any great
depth. Veius of silver and veins of argentiferous lead, on the other hand, existed in
abundance. The superficial dissemination of the gold and the deep extension of
the silver were already iudicated in Scripture (Job 28, l).1 In fact, the inflow of
gold began to diminish. In contrast with the previous plan, the demonetization of
gold, the idea was now broached of rising the existing gold for the creation of a
single gold standard for tho entire globe, and thereby putting an end once lor all to
the oscillations of the two metals. That was a fine and grand idea, and had it been
practicable, it would most certainly have been a decided step in advance in tho
world’s commerce. This idea in fact animated many excellent men; in Austria it
inspired Baron von Hock; iu France, M. de Parieu; and it fills the monetary dis-
cussions of the year 1868.
Not long before, tho Austrian mining councilor, Hocheder, had returned from
Brazil, where for many years he had been superintendent of mining. He had seen
bow numerous gold-vein mines grew so poor at greater depth that they could no
longer be worked with profit, and he ventured publicly to question whether gold
in any case continued to any great depth. The discussion of this question, in which
Grimm in Przibram, Hans Hofer, Posepny, and others took part, showed that gold
had indeed been found in many veins down to considerable depths, but that it there
occurred iu a mineral combination which considerably increases the difficulty of pro-
duction, and which, combined with the difficulties and expense always attendant on
deep mining, very often renders the production of gold from such depths unprofita-
ble. To this was added the old experience, made thousands of years ago, that gold
appears only on the borders of civilized countries — that is to say, that the gold
deposits of civilized countries are practically exhausted.
In the mind of every calm thinker the question should even then have arisen
whether there really exists an amount of gold sufficient to establish a universal gold
standard for the whole earth.
In Germany the gold standard was introduced. At that time it was thought that
with the fall in the value of silver the production of silver from mines would
decrease, and an equilibrium would thus be established. It was replied that the
production of silver would not decrease; on the contrary, from the nature of the
ores, from refining processes, and for other reasons, an increase in the production of
silver was to be expected even with falling price. This increase, in fact, has taken
place. It was said at that time that the quantity of tokens of credit was increas-
ing from day to day at such a rate that a smaller and smaller amount of metal would
satisfy the demands of circulation. In reply it was pointed out that on the con-
trary, with the increase of fiduciary values and at the same time with the develop-
ment of general commerce, the demand for metal must rise, and to what extent this
proved true is shown by the experience of the Bank of England in 1890. The view
that the requisite quantity of gold did not exist was sneered at. The sneers were
soon hushed. One of the most gifted and influential advocates of the gold standard
prophesied as late as 1876 that we are beyond question approaching a future when
all lands would adopt the same metal as the basis of their currency. In view of the
lessons learned since that time, that prophesy will not be repeated so far as gold is
concerned; and yet, without the conviction that the single gold standard will be uni-
versal, its introduction of any limited area of the domain of commerce comprising
the whole earth can have no other than a disturbing effect.
1 R. J. Murchison, Siluria, I, ed. 1854, p. 431-458: On the original formation of gold, aud its subse-
quent distribution in d6bris over parts of the earth’s surface.
364
Tlie prospect is — it was stated at the time — that after a few centuries, gold, becom-
ing rarer and rarer, will be unable to maintain the economic position it lias thus far
occupied. The reply was: What has the practical statesman to do with future cen-
turies? But Otto Arendt, Neuwirth, and many others have shown in a striking man-
ner what fateful significance the rising value of the standard metal has for a social
organism.
The possibility of an international agreement unfortunately recedes more and
more in the face of accumulating difficulties. The conditions of production both in
agriculture and in industry in regions with falling standard depart more and more
from the conditions in regions with rising standard. The steady increase and
improvement in all the means of mental and physical intercourse has brought about
a solidarity of all advanced nations which comprises not only their modes of think-
ing but also a large share of their interests. If in consequence of withdrawal of
gold deposits the Bank of England raises its rate of discount, every great market of
the earth knows it on the same day. The constant silver purchases of the American
Treasury determine the level of hydrostatic equilibrium of the price of silver all over
the earth. They influence the price of wheat in India, of silk in China, of the sugar
that leaves Hawaii. And, as at times an epidemic sweeps over a continent and
attacks all nations without regard to political boundaries, so we have seen economic
crises spread with invisible power over whole continents, and a single state stand
helpless in the presence of the destroying force.
With the divergence of the values of the two metals the world’s commerce
approaches a great crisis.
Nature has bounded man’s life on earth by certain conditions to which even the
richest nation and the most powerful government must conform.
Modern physics has made us familiar with the peculiar limitation and restriction
of the perceptive faculty of our organs of sense. If I enter into a dark room, in
which there is a freely movable rod, and if I am able to make this rod perform any
desired number of vibrations, I shall witness the following phenomena: As soon as
the number of vibrations has reached sixteen per second — that is to say, with six-
teen impacts against my tympanum — my ear perceives a deep bass note. With the
increase in the number of vibrations the tone becomes higher and shriller, and at
40,000 vibrations my ear no longer perceives it. Everything is silent; the limit of
perception of my ear has been exceeded. I feel heat radiating from the rod, but I
hear it no longer. Only much later, when the number of vibrations has reached
450,000,000,000 per second, there begins the activity of another organ of sense, the
eye. I see the rod; it sliiues with dark red color. The number of vibrations
increasing, the luminous color runs through the series of the rainbow; at 800,000,-
000,000 it has reached the dark violet; darkness comes on once more ; the limit of
perception of my eye has been exceeded; whatever lies beyond remains unknown to
me. Thus nature has set bounds to the faculty of hearing, below and above; and
after a long interval she has opened to the eye a similarly bounded though much
more extensive range. We fancy we perceive the whole outer world, and yet it is
merely framed windows, as it were, that permit us to listen and to look forth out of
ourselves.
Similar bounds to human activity have been set by nature in many directions.
The gifts she offers are of many kinds, but they are limited in quality and quantity.
Experience gathered from the structure of the globe affords reason for the conjec-
ture that heavy metals appear at the surface of the planet more rarely than lighter
substances. On the whole, this conjecture is confirmed by the facts. Gold, platinum,
iridium, and other metals, which are nearly twenty times or more than twenty times
heavier than water, are without exception rare. It is a limited group of metals, the
lightest of which is gold (19-253), that are designated as the “ heavy ” metals. This
group is separated from the other metals by an interval, interrupted only by quick-
silver (13-596), remarkable for its low melting point. Next follow the two metals
thallium (11 '9) and palladium (11’8), which are also as yet among the rarer ones;
then in the order of their weights, and closely related also by the manner of their
occurrence, lead (11-352) and silver (10-474). The great gap, beginning with gold,
interrupted only by quicksilver, and ending with thallium, and the fact that silver
lies beyond that gap, at once indicates that these two precious metals, gold and sil-
ver, are probably available in very different quantities.
Man can choose and utilize; but he can not effect changes except within rigidly
drawn lines. Thousands of years ago man chose metals for his currency. Copper,
silver, and gold are so conveniently associated by their useful properties that three
zones of currency have been formed, more or less sharply bounded, but yet practic-
ally contiguous.' Platinum came into use temporarily; it is not available in suffi-
cient quantity. Nickel has been used by some States, but the intercalation of a
medium between copper and silver has in most countries been found unnecessary.
Now, the limits of the three principal zones are determined and prescribed by the
quality of the metals. Lot us take an example. An attempt was made to put a
365
gold coiii into circulation in place of the silver 5-frano piece. The attempt failed.
The gold 5-mark piece, too, refuses to remain in ciroulaf ion.
For it must be observed that the volume of a gold coin as compared to a silver
coin of the same value is determined not merely by the legal ratio, say ]:b>£.
Besides the absolute weight of the gold coin, of fixed relation to silver, the volume
is also determined by the much higher specific gravity of gold. The one-tenth of
copper alloy, which both, as a rule, contain, will be in the gold coin 1:15£, both ot
the weight and of the volume of the copper alloy of the corresponding silver coin.
Now, since the specific gravity of gold is f o that of silver as 19'253 : 10'474 ; that is to
sav, almost 2 : 1, the volume of the gold ingredient is about the thirtieth part of the
volume of the corresponding silver ingredient. For this reason the 5 mark and
5-franc gold pieces are so small as to become unhandy, and, therefore, up to that
level, despite all edicts of lawmakers, silver coin always remains in use.
But just as in the selection of coins to bo issued the lawmaker is tied down by
the quality of the metals, so in determining the metallic basis of his currency he is
tied down by the mode of occurrence and manner of production of the metals.
The present development of the conditions of currency in Europe is in contradic-
tion with the geologic conditions under which the metals occur. The warnings
remain unheard. Let us now attempt to trace out some features of this unnatural
development of things.
Chapter II.
RECENT EXPERIENCES IN THE EXTRACTION OF GOLD.
The Sulphides — The Gossan — The Alluvial Land — Phases of Mining — Difficulties ivith
the Sulphides — California — Australia — Russia — Transvaal.
The lodes and veins which carry gold exhibit this metal at some depth almost
always in combination with sulphur metals, and especially with pyrite. There are
lodes in which gold and silver occur together, as in Hungary and Transylvania. The
great Comstock lode in Nevada, too, belonged to this group. Even in these lodes
sulphur compounds play a prominent part, although, as will he seen later on, when
silver predominates, antimony and arsenic often assume importance as companion
metals.
This deeper zone of the lodes of noble metals is designated as the zone of the sul-
phides or sulphur metals (pyrite group).
In the higher horizons of one and the same lode there is observed, as one approaches
the surface, a different condition of the ores, or, more correctly speaking, the sul-
phur metals of the deeper portions have been decomposed and altered by external
influences from the surface down to a greater or less depth. Such a zone of decom-
position, in some cases, has been eroded and is hardly visible; in other cases it
extends some hundreds of feet down into the lode. In some cases its lower limit is
marked by the level of subterranean water, as in many Australian mines; in other
cases its lower limit is irregular and indefinite.
The condition of these higher parts of the lode is different in gold lodes from what
it is in the silver lodes.
In gold lodes the pyrite is decomposed; the quartz, which forms the principal
mass of the lode, is rusty brown in color, and in fissures and cavities is traversed
by veins and nests of various iron compounds, resulting from the decomposition of
the pyrite. Among them are seen larger and smaller quantities of free gold, now in
grains or in larger kidney-shaped or rounded bodies, the so-called nuggets, now again
as crystallized gold.
In the outcrop of these lodes that yield gold and silver free gold is found, together
with black chlorine compounds of silver; in the Comstock lode free gold was
extracted for some time before anyone recognized the value of the rich black silver
ores.
This uppermost altered zone of tho oie lodes is called by the German miners the
“ hat,” by the Englishman the “ gossan.”
The surrounding rock is weathered and carried off by water or tumbles down the
slope; the gossan crumbles off, and, with its free gold, its brown colored quartz, and
xv i tl i the harder parts of the adjoining rock, forms the auriferous alluvium. This is
the third zone of occurrence. Silver does not form rich alluvial land; only platinum
and tin share this quality with gold.
The separation of the zones of the sulphur metals, tho gossan and the alluvial
land, indicates also tho three phases that may be distinguished in the extraction of
gold. This extraction, of course, moves in the opposite direction. First the allu-
vial land is exploited quickly, without great appliances, and with largeprofit. Next
follows mining, first on the gossan. The free gold is stamped; comparatively simple
366
amalgamation permits its extraction. On the alluvial land there is as yet a chance
ior individual work, unless there is question of great hydraulic works, as in the
working of the alluvial land of California. On the gossan there is already need of
capital, of a certain amount of investment, generally supplied by a company. It
extracts the free gold; expenses are not too great; dividends are paid; everybody
is satisfied. But now the sulphides begin to increase; water begins to enter ; new
machines are required; the product of the amalgamating works becomes less. The
sulphides demand an entirely different treatment, such as chlorination, to make
them part with their gold. That is the crisis. Woe to the investor who now buys
the works on the basis of their previous average yearly product; disappointment is
then inevitable. This moment of transition from the gossan to the sulphur metals
is to the mine the time of severe trial. If the lode is rich and thick, if new capital
is found, then new works are erected, the water is brought under control, and the
work continues. Its returns have become less but steadier.
But even steadiness has its limits, and the returns depend on the power of machin-
ery. Not long ago the Kaiser Josefi tunnel in Schemnitz was opened; it drains a
large part of the works ; a century’s labor had been spent on it, and it is a good,
proud, useful work. But that is not the scale to be applied to the present works in
the rich gold and silver mines of America and Australia. There the most powerful
steam engines stand above shafts which in the shortest time have been driven to a
depth of 1,000 to 2,000 feet; in the depth of the mine, the motor, driven by com-
pressed air, forces the diamond drill into the rocks to make room for the cartridge,
filled with explosives of a power undreamed of in former days, and several of these
cartridges are discharged at the same time by the electric battery. Even from the poor
sulphur metals dividends are to be paid ; higher wages are paid ; shares are issued, and
with irresistible force the crosscuts push forward; for miles the subterranean gal-
leries extend; whole forests of timber are piled up in the cavities of the honey-
combed ore bodies. The greater the force the greater the profit — the nearer, also,
the end.
Only fifteen years ago it might be said that the output from the alluvial land was
rich but transient, while the output of the lodes was poorer, often unprofitable, but
more constant. Improvements in the chemical and metallurgic processes have since
then rendered many an ore workable which formerly did not pay. But on the other
hand the improvements in mechanical contrivances and in mining proper have
caused the subterranean work to be accelerated to such an extent that the life of
each work has been shortened. For even the richest ore deposit contains only a
limited amount of gold in accessible form..
It must be admitted that the free gold iu the gossan is of different quality from
that which occurs farther down in the lode combined with the pyrite. The gold of
the gossan contains far less silver than that of the deep portions; often it contains
hardly 1 or 1-5 per cent, while in the gold of the deep portions in the same lode
there may be 10 to 12 per cent. The gold iu the gossan also occurs in much larger
grains and nuggets; at times nuggets of considerable size have been found in the
gossan while they are never found in the sulphides. Finally, free gold occurs in
the gossan also as a coating on fissures and at times in crystals.
From this it appears that in the gossan, together with the decomposition of the
pyrite, there must also have occurred a solution and redeposition of the gold.
Although the view met with opposition some years ago it may now be regarded as
demonstrated by experience.1
Far less clear is the mode of occurence of the gold in the sulphides. In Treadwell
mine, Alaska, Dawson found the main mass of the ore-bearing lode to consist of
quartz, white feldspar, and a little ealespar; some parts assume the characteristics
of a true granite. Tho lode is mined by open cut; part of it contains free gold,
another part shows pyrite. But the microscopic examination of the rock by F.
Adams shows that the pyrite itself is a secondary infiltration into cracks of the
gangue, as, for example, into clefts between crushed crystals of feldspar. In this
pyrite lies the gold and appears in the midst of the crystals of the pyrite as inclosed
foreign bodies, which, it is true, are exceedingly small.2
1 The question was discussed from various aspects by Geuth, Amer. Jour. Science, 1859, XXVIII,
pp. 253-255; Seiwyn, Quart. Jour.Geol. Soc., 18C0, XVI, p. 146: Burckhardt, Neu. Jahrb. f. Min., 1870,
p. 162; Ross, Raymond, Rep. on Mines, 1870, p. 63; Trautscbold, Zeitehr. deutsch. geol. Ges., 1875,
XXVII, p. 705; Egleston, Trans. Amer. Inst. Min. Eng., 1880, VIII, p. 452, and The Formation of
Gold Nuggets and 1’lacer Deposits, 8vo, N«uv York, 1881; Stelzner, Neu. Jahrb. f. Min., 1883, II, p.
199; Arzruni, Zeitschr. d. geol. Ges., 1885, XXXVII, p. 890: Posepny, Genesis d. Metallseifen, (lest.
Zeitschr. Berg- u. Ilutteuwes. 1887, XXXV: E. Cohen, Entsteliung d. Seifongoldes, Mitth. natnrw.
Vor. Neuvorpomm. u. Riigon, 1887, XVIII; Helmhackor, BeitrSge z. Kenntn. d, secundiiren Goldlager-
statten, Berg- u. Hiittenm. Zeitschr., 1891, L, No. 37-40; C. Doelter, Einige Vorsuche iib. die Loxlloh-
keitd. M morale, Tscliermak’s Min. Mitth. herausg. v. Becke, 1890, N. Folge, XI, p.328; and in Many
othei
Dawson, Notos on the ore deposit of the Troadwell mine, Alaska, and Frank D. Adams, On
the microscopic character of the ore, etc., American Geologist, 1889, pp. 84-93. A notable feature is,
for example, the photographic reproductions of thin sections of Californian gold quartzes, published
by W. M. Courtis, in Trans. Am. Inst. Min. Eng., XVIII, 1890, p. 639.
367
On the other hand, it may ho assumed as probable in many cases that this gold of
the depths is combined not only with a large amount of silver but also with other
metals, such as tellurium and especially bismuth. This, according to Pearce/s obser-
vations, is true for several very remarkable occurrences in Colorado, and the gold
bars coming from Australia are said to contain in some cases perceptible quantities
of maldonite (gold bismuth).1
To extract this gold, contained in exceedingly small particles in the sulphides, is
the difficult task of the metallurgist as soon as the mine has passed through the
gossan. For this purpose various processes have come into use in recent years,
involving mostly treatment with chlorine gas or addition of sodium chloride (table
salt), and many improved variations of the older processes of Plattner and Patera.
At iirst it was thought that these processes of chlorination yielded better results
for silver than for gold,2 3 but the minute investigations of Prof. Christie, confirming
the older works of Austrian and German metallurgists, seem to have hit the essen-
tial point. These investigations show that in roasting, even at red heat, gold is not
volatilized, while silver is volatilized in considerable quantities; but that upon the
addition of chlorine, either in the form of gas or of salt, there ensues at once vola-
tilization of gold also, so that this volatility of the chlorine compounds of gold may
induce great loss.'1
In this way the robbing empiric processes of gold extraction of former days, which
confined themselves to stamping and more or less imperfect amalgamation, have in
the course of recent years been replaced, step by step, by serious scientific observa-
tion. Especially in the case of the figures of the American production there can
be no doubt that their still comparatively high amount is due not to the discovery
of new deposits nor to greater richness of the old deposits, but solely to improve-
ments in metallurgic processes. Already there are works which guarantee to the
mine owner who brings sulphides to them for treatment, 90 per cent of the gold
shown in the assay. Without these astonishing improvements the working of the
lodes, in view of the rapidity of mining would even at this clay be for the most part
unprofitable ; that is to say, after passing through the gossan and reaching the sul-
phides most of them would have been forced to stop working.
CALIFORNIA.
Since the production of Nevada declined, California once more heads all the rest
of the United States as a producer of gold, wTith $12,500,000. The three phases of
mining, alluvial land, gossan, and sulphides, present themselves! here very distinctly.
Forty years ago California showed an annual production of gold of more than
$60,000,000, and Australia nearly as much. That was the time of the great profits
from the alluvial land. There are yet living in both countries witnesses of the
unheard-of events of those days, and Dan De Quille has recently drawn a graphic
picture of the old California prospector, wTho still nowadays, the worn out blankets
on his back, the revolver in his belt, the gray hair fluttering in the wind, a veritable
wandering Jew, sniffing treasures, roams about the country, seeking the traces of the
ruined cities which at that time had sprung up as by magic in the wilderness.
"For untold ages before the foot of the first white man pressed the soil of Cali-
fornia,” says De Quille, “ Dame Naturo had been playing miner in all the mountains
of that country. Countless millions of tons of auriferous gravel and earth had been
sluiced down through every gulch, canyon, creek, and river that crossed either the
channels of the old dead rivers or veins of gold-bearing quartz veins. The first
comers found little to do but to help themselves to the gold ’which the mining proc-
esses of nature had stored up. However, in a few years these heaped hoards of
nature were exhausted, but this fact the genuine old-time prospector can not be
brought to believe even to this day. All can not be gone; lie will not hear that
said. He still believes that somewhere a great hoard of golden nuggets is reserved
for his special benefit. Having feasted from the golden fleshpots of the old days, he
can not content himself with the hermit fare of these frugal times. If there is
nowhere still a golden treasure to be unearthed, then his occupation is gone; he is
ready to lie down and die.” 4
Forty years ago was the time of intoxication and extravagance. Bottles of cham-
pagne were set up as ninepins ; mirrors were pelted with pieces of gold. But so
great finds infatuated the finders to such extent that almost without exception they
1 .Richard Pearce: The Association of Gold with other Metals in the West. Trans. Am. Inst. Min.
Eng., New York, 1890, XVIII, pp. 447-457.
2 For example, Engin. and Min. Jour., New York, April 27, 1890, p. 390.
3 Sam. B. Christy: The Losses in Roasting Gold Ores and the Volatility of Gold. Trans. Am. Inst.
Min. Eng., New York, 1889, XVII. pp. 3 — 45. The loss is greater if saltis added to the roasting ore
later than if it is added at the beginning. In a great chlorination work in California in 1882 the loss
in roasting rose to 49-58 per cent, or almost half the gold, and 28'28 per cent of the silver.
4 Dan De Quille, The old California prospector; Eng. Mip. Jour., New York, November 14, 1891,
p. 567,
368
came, unsatiated, to a wretched end. Comstock, the discoverer of the great lode
called alter him, is a well-known example. On the alluvium of California and else-
wliero it was the same thing. The discoverers of the rich Cariboo deposits in British
Columbia were a Prussian, named Dietze, and a Scotchman, named Rose, 'they
journeyed ever onward, as often as the train of gold diggers had followed them,
restless and undaunted. The Scotchman disappeared; later on, his body was found
in the wilderness ; on a branch hung his drinking cup, and engraved on it with
a knife was his name and the words: “ Dying of starvation.” Dietze returned poor
and in broken health, and afterward lived in Victoria on the charity of others.1
In Cali fornia the exploitation of the younger alluvium was followed by the hydraulic
work in the older alluvium. But the amount of loose drift and soil carried into Sac-
ramento River was so great that the farming population made objection. Hence the
figures of the production of California from recent years comprise, first, the last
remains of work on young alluvium; second, the product of the hydraulic works,
which varies with the status of the struggle between hydraulic works and agricul-
ture, and with the amount of water at hand; and, third, the product of the work in
the gossanand in the commencement of the sulphides of the lodes.
In the beginning — that is to say, after 1849 — the production of California was esti-
mated at 60 to 69 millions a year. All this came from the alluvium. In 1874, for the
last time, it was over 20 millions; in 1879 and 1880 it was 175 millions, and at that
time the excellent geologist Whitney, in his work on the auriferous gravels of Cali-
fornia, estimated the production from those gravels still at 12 to 14 millions. That
was in the main already hydraulic work, and the remainder came from the lodes.
Even at that time Whitney remarked that the nuggets of the alluvium could by no
possibility have been brought from afar, but that the strata which furnished these
nuggets must have been richer than the present lodes. The richest parts ol the gossan
have in fact been removed to form the alluvium. 2
In 1885 a well-informed and unbiased observer, Prof. E. Reyer, of Vienna, visited
all the more important ore deposits of California. The hydraulic works already at
that time worked annually 40 millions of cubic meters of auriferous gravel. About
100 millions of it lay in the valley of Feather River and in that of the Sacramento.
The farmers had already raised objections; the courts had imposed on the hydraulic
works the condition, incapable of fulfillment, of keeping back the ddbris by barring
the valleys. Reyer finds that all the lodes grow poorer going down. From 1850 to
1852 the contents of the most important gold-quartz veins had been 30 to 800 marks
per ton; 1860 to 1870, as much as 100; 1874 to 1875, 40 to 80: 1880, 24 to 90. Most of
the veins, as soon as active exploitation has been commenced, are exhausted in a
decaee. Only in exceptional cases do they last more than two decades.3
In the spring of 1889 a report by F. C. Hand stated that in southern California
nearly all the auriferous lodes had reached the zone of tho sulphides. In many
cases, owing to ignorance of this circumstance, large mills had been erected for the
extraction of free gold, but as soon as the water line had been reached and the sul-
phides appeared in greater abundance the amalgamating works yielded less and less,
until the owners were reduced to the alternative of either abandoning the works or
deciding upon the erection of new and expensive plant.4
The efforts of tho engineers are extraordinary. More than 100 miles is the length
of the Amador Canal, which carries the water along the Mother Lode to the trans-
porting and extracting works. The Big Bend Tunnel, Butte County, 4 kilometers in
length, 3 T 5 meters broad, carries off underground the water of Feather River in
order to permit the exploitation of the auriferous gravel in its dry bod, and the fall
thus obtained serves for the production of electric light, which permits work at
night.5 Yet tho figures of the production of California do not rise.
AUSTRALIA.
Among the Australian provinces Victoria has always hold the great preeminence
as a producer of gold. It was its production that led to the high figures which
placed Australia close to the United States of North America in the gold tables.
Already in 1877 the conjecture might be made that the decrease in the gold produc-
tion of Victoria was due to the actual depauperation or exhaustion of the ore sites,
and not, as imagined by tin' optimists of the country, to subordinate and transient
circumstances.1’ Experience has confirmed this conjecture.
1 Milton and Cheadle: The Northwest Passage by Land, 3cl ed., 1865, pp. 364, 371.
* ,T. d. Whitney: The Auriferous Gravels of the Sierra Nevada of California, 4to atlas, Cambridge,
Mass., 1880, i>. 851, 852, 859.
3 1C. Rover: Uebor die Goldgewinnung in Californien. Zeitsclir. f. Borg-, iliitton- u. Salinonwes.
NX XIV'.
4 I’. C. Hand : Kng. and Min. Joum., New York. March 16. 1880.
r> K. Purtscher: Oosterr. Zeitsclir. f. Berg- n. Hiittenwes., 1800, Beilage, p. 37.
*Znkunft des Goldes, p.28t). The numbers given here are almost all somewhat higher than those
given then; I follow tho more recent statements of the mining registrars.
369
In 1851 Victoria had produced 212,899 ounces; in the next year, 1852, tho figure
rose to more than tenfold, namely, to 2,28(5,535, and, rising continually, reached in
185(5 the extraordinary amount of 3,053,744 ounces. From that point commences tho
decline. Up to 1801 tho figure continued above 2,000,000, up to 1875 above 1,000,000;
then it fell steadily, being —
Ounces.
1888 (534, 620
1889 614,838
1890 588, 560
The provisional figure for 1891 shows a slight rise as compared with 1890, being
621,986 ounces.
This steady decline of the gold production was so severely felt in tho country
that the attempt was made to give state aid to the gold works. Eighty thousand
pounds sterling were annually appropriated for prospecting, but the official reports
show that the results were very scanty, and allow one to guess readily that it was
not in all cases tho public interest which profited by some of the applications of tho
“prospecting grant.”1
The secretary of mines, reporting another decline by 26,278 ounces at the end of
1890, adds: “ This decrease appears to be mainly in alluvial gold. To some extent
this must be expected as the natural result of the exhaustion of the more superficial
deposits. During thirty years past, the whole of Victoria has been more or less
searched for auriferous alluviums. These deposits, wherever occurring in consider-
able amounts and at moderate depth, have been very generally searched out and
worked. Each year during the continuance of the prospecting grant, similar pros-
pecting has been carried on, and we must, though reluctantly, conclude that unless
in more or less inaccessible localities or at more considerable depths beneath the
surface, the harvest of alluvial gold has been gathered in.” After further remarks,
in which the hope is expressed that deep-lying leads may yet be discovered, for
instance, below the basalt sheets north of Ballarat, the secretary of mining expresses
the view concerning lode mining that, thanks to the steady improvement in the
treatment, the loss of gold had been diminished, and hence the annual decline
in production was not so pronounced. “ Nevertheless,” he adds, “it must now, I
think, be fully recognized that, as a natural consequence, the aggregate quantity of
gold obtained from the mines of the colony will be less each succeeding year; but
the decrease may be minimized by the successful exertions of combined scientific
and technical knowledge.” He expresses the hope that advances will be made in
the methods of treatment.2
Queensland was later in taking rank in the list of gold-producing states; the
beginning of large works can only be reckoned from the year 1862. In 1877 the out-
put reached the figure of 428,104 ounces, of which a large part came from lodes. In
1878 the figure declined to 310,247, (hen again to 212,783 in 1883. Thenceforward it
begins to rise again; in particular, from 481,643 ounces in 1888 it makes a bound to
739,103 ounces in 1889, to decline again to 610,587 ounces in 1890. In 1891 it was
559,392 ounces.
The sudden rise in wealth in 1888 was brought about by the discovery of the rich
deposit on Mount Morgan; this sufficed to maintain the total production of Aus-
tralia for a short time at the same level, despite the decline in other provinces; but
the extraordinary decline of 99,443 ounces, which Mount Morgan showed in 1890,
and which was further swelled by 80,000 ounces in 1891, is not a favorable omen for
the future.
Mining on Mount Morgan is carried on partly in open cut and partly underground,
in a formation which bears essential characteristics of a great gossan, whose down-
ward continuation, however, is questionable. The place lies southwest of Rock-
hampton, in the central part of Queensland. I follow the description given by T.
A. Rickard.3
Mount Morgan rises about 500 feet above the village at its foot. On its summit,
in an open quarry, about 1,200 to 1,700 tons of ore are quarried every week, and
during the few years that the quarry lias been worked already a considerable part
of the mountain has been removed. At the time of the visit (1890) this open-cut
mining was practiced in five benches, each 30 feet high. From the second bench a
shaft 206 feet deep had been sunk, and this was connected with the main gallery,
Freehold Tunnel, which was 789 feet long. At right angles to Freehold Tunnel was
gallery No. 1, driven from the south side, 33 feet lower than Freehold and 155 below
the lowest open cut; it was 1,070 feet long, but with materially different result. A
still lower gallery, Sunbeam, had been begun.
1 Victoria: Ann. Rep. of the Shcretary of Mines for 1889, Melbourne, 1890, p. 14.
’Victoria: Ann. Rep. for 189), p. 7; still more decided and discouraging is the judgment of the
state geologist, Murray, in Rep. of the Mining Registrars for the quarter ending Jiine30, 1889. Ap-
pendix A, pp. 72-76.
3T. A. Rickard, The Mount Morgan Mine, Queensland; Trans. Amer. Instit. Min. Eng., 1891, XIX.
S. Kep. 235 24
370
Furthermore, at tlie height of the deepest open cut there is the shorter gallery,
No. 2.
The rich rock on the summit of the mountain is quartz, now grey-blue and hard,
now white and of vesicular, almost foamy consistency, traversed by hematite rich
in silica and by hard black iron ore in lumps and veins; there is also some brown
quartz andlimonite. The gold is found as free gold in larger and smaller, even
minute, particles both in the quartz and in the limonite. Veins of feldstone tra-
verse the whole.
The uppermost gallery, No. 2, traverses the ore-bearing rock for 356 feet toward
the north (deducting 26 feet for a lode of feldstone) and in a cross-cut for 310 feet
toward the east.
Freehold Tunnel traverses first 180 feet of decomposed rhyolite, then 40 feet of
pyrite-bearing quartzite, then 180 feet of barren doleritic rock, finally 397 feet of
the rich rock.
Gallery No. 2, which, as has been said, lies only 32 feet lower than the preceding,
Bhows a considerable predominance of the barren rocks and of the pyrite-bearing
quartzite; only 25 feet of its whole length belong to the rich rock.
The rocks rich in gold, therefore, decrease very rapidly downward. While their
extent in the outcrop far exceeds that of an ordinary ore lode, they are not seen to
be continued downward into a lode. Despite their resemblance to a gossan there is
seen below them, instead of a fissure filled with auriferous sulphides, a barren erup-
tive rock and the pyrite-bearing quartzite. Whether the deposit of Mount Morgan
was developed out of the quartzite by transformation can not be j edged by the reports
at hand ; still less can it be determined whether this quartzite would prove remuner-
ative.
In 1886 the mining had been organized on a million shares at £1 a share. In 1888,
when the great open-cut was taken in hand, their value was £17 5s.
The output of Mount Morgan was :
Ounces.
1889 340, 669
1890 226, 240
1891 146, 000
At the same time, toward the end of 1891, the value of the original capital fell
from £17,500,000 to £2,000,000.1
The decline in Mount Morgan would have been still more apparent iu the tables of
the Australian production for 1890 had there not been at the same time a rise of 8,782
ounces in the gravels of Queensland. It may be observed, by the way, that the work
on these gravels has almost entirely ceased in the course of the last few years, their
total product in 1890, including the rise, amounting to only 13,826 ounces.
New South Wales attained its maximum already in the year 1852 with 818,751
ounces, fell at once to 548,052, to 237,910, and 171,367 ounces; rose once more, in 1863,
to 610,622 ounces; stood in 1875 for the last time above 200,000 ounces, and in its
decline, with the exception of 1888, showed figures still always above 100,000. The
most recent years showed:
Ounces.
1886.
1887.
1888.
1889.
1890 2
101, 416
110. 288
87, 503
119, 759
127. 760
“ West Australia yielded, iu 1890, 22,806 ounces, South Australia 15,000 ounces, and
Tasmania 20,510 ounces; none of these countries rose in importance in the course
of years. The Yilgarn district in South Australia, which yielded the greater part
of ithe above-named amount from quartz veins, was expected to induce the building
of a railway into the desert, but it seems that thero was a lack of water in that
^The output of New Zealand attained its greatest figure in 1863 with 628,450 ounces,
declined with oscillations, remained from 1874 to 1880 almost without exception
above 300,000, till 1889 still above 200,000 ounces, and in 1890 was only 193,193 ounces.
For 1891 I have as yet merely an approximate figure embracing all Australia; it is
the balance sheet of the mints of Melbourne and Sydney. These received, in 1891,
1 592 319 ounces of gold against 1,593,350 ounces in the preceding year, and issued
in coins and bullion £5,976,047 as against £5,923,019 in the year 1890.
At the same time with my work on this subject there appeared in 1877 a most
searching and instructive description of the Australian gold occurrences by G. Wolff,
1 The Economist, November 7, 1861. and elsewhere. . . . .
J New South Wales, Ann. Rep. of the Dep.of Mines for 1890, Sydney, 1891, p.14; the mint seems to
think that the output was somewhat higher; ibid., p. 23.
371
which lias boon regarded by Deputy L. Bamberger, in Berlin, as a refutation of the
statements I had made at that time.1 Not long alter, Mr. Ulrich, the government
geologist of New Zealand, in opposition to me, predicted a favorable future for the
gold production of Australia.'2 Both Wollf and Ulrich are excellent specialists, but
only the experience of years was able to show 'whether their judgment was not
influenced by too lively a desire to see those countries develop quickly and favorably
for whose explorations they had done such excellent work. For it is an old and gen-
eral experience that the more profound a knowledge a geologist has of a country,
the more ardent will be his affection for it.
My study was based on 1874 (55,819 kilograms) and 1875 (53,353 kilograms); in
1890 Australia gave 45,707 kilograms. Nature pursues its paths inexorably.
RUSSIA.
The Russian gold production began about 1814 with low figures, rose continuously,
attained from 1877-1880 a maximum of more than 40,000 kilograms, and since then
has maintained itself at the height of about 30,000 kilograms down lo the present
time. In the most recent time it even shows a slight rise. This production consists
almost entirely of alluvial gold. The amount is stated rather variously iriVarious
writings, which is due to the circumstance that at one time only the crude gold of
the alluvium is stated, at another time only the entire crude gold, at another time
only the fine gold of the refining works, at another all the fine gold. In order to per-
ceive the difference it suffices to cast a glance at the excellent official tables of the
Russian mining production, published by Kulibin, whose publication unfortunately
has advanced only to the close of the year 1889.
The product of the works of 1889, according to these tables show's the following
amounts (in puds of 40 pounds; 1 pud — 1G'38 kilograms) :
Puds.
Pounds.
Crude gold from tho gravels
2, 102
172
13
6
Crude gold from lodes
Total of crude gold
2, 274
2, 200
19
24
Of this there was forwarded to the refining works ligature gold
From this there was produced fine gold
2,007
14
27
36
Add fine gold produced from silver ores
Total of line gold
2, 022
23
(In kilograms: 33,130.)
According to Kuli bin’s statements tho total of fine gold is calculated for the last
five years at —
Kilograms.
1885 28, 137
1886 28, 172
1887 31, 088
1888 31, 491
1889 33, 130
showing for these five years a rise of 5,000 kilograms. The output for 1890 is put by
the Russian mint at 31,841 kilograms.3
When in 1877 I attempted a review of the state of the Russian production I had
at hand reliable figures only down to 1874, and in 1871 there had still been an output
of over 39,000 kilograms. The result to w'hich I was then led was that the steady
and still very hopeful results of the washings were due to the great extent of the
region, to the gradual opening up of new areas, and to the advance of the w'orks
toward the east. 4
1 Gust. Wolff Das australischo Gold, seine Lagerstatten mid seine Associationen ; Zeitschr. dentsch.
geol. Gcs., 1877, XXIX, p. 82-183; L. Bamberger, Das Gold der Zukuuft; Deutscho Rundschau, herausg!
v. Kodenberg, IV, Berlin, October, 1877, p. 151.
2G. H. F. Ulrich, Dio Zukunft der Goldausbeute in Australian, Brief an G. v. Rath; Ken. Jahrb f
Min. 1879, S. 347-356. ’ '
3 For example, in the report of the Director of the TJ. S. Mint, Mr. Leech, for 189f)-’91, p. 251. News-
papers mention 2,405 puds 37 pounds, probably crude gold, which, converted at the same proportion
would give about 35,000 kilograms of fine gold.
4 Zukunft des Goldes, S. 203, 325.
372
New discoveries in East Siberia led to a further rise in the output, especially in
the years 1877 to 1880, in which, as has been said, the production ol the lino gold
was more than 40,000 kilograms. But even this rise did not restrain Alfred Striedter,
in 1883, from stating, at the close of a minute presentation of the state of affairs and
on the basis of figures extending to 1880, his opinion that the climax of that pro-
duction was not far off.1
In the following pages, in order to show the recent course of the production, I will
start from my review carried down to 1874, join to it Striedter’s digest extending
down to 1880, and, with the five years, 1876-1880, principally considered by Striedter,
compare the last published five years, 1885-1889, of Kulibin’s tables.
Only the regions of importance will be discussed. All figures are given in crude
gold; only in this form can they be obtained from the districts.
The Russian gold production falls into three great branches: Ural, West Siberia,
and East Siberia. Mining has always remained of small amount as compared to the
yield of the gravels, forming 7-5 per cent of the total production in 1889. But as
the product of mining belongs almost entirely to the government of Orenburg, the
figure of the Ural production thereby gains somewhat greater steadiness.
According to Striedter’s calculations, from 1814 to 1880 the Ural yielded 27*6, West
Siberia 6*4, and East Siberia 66 per cent of the total output. At the time of great-
est productivity, in the years 1876-1880, the proportion was 20:6: 74.
In the years 1885-1890 these figures once more returned close to the general aver-
age of 1814-1880; they were 28-75 :7:64-25. East Siberia always appears as by far
the most important, but also as the most variable element.
The Ural region showed somewhat greater constancy even as regards the alluvium.
Perm in 1889 yielded 345 puds and Orenburg 149 puds. True, Kulibin remarks that
in Orenburg the sands are beginning to show depauperation, and tho end of tho
works is approaching, nay, that even in Perm, despite the rising output the traces
of depauperation are already perceptible in the alluvial works. Of lode gold, Perm
yielded in that year 41 puds; Orenburg, 105 puds.
Let us turn to West Siberia.
The district of Meniusk began its output as far back as 1829 with slight contribu-
tions. From 1876-1880 it yielded annually 51-55 puds; it now produces 36— 10 puds.
The imperial washings in the Altai began their activity in 1830; they attained
their maximum in 1858 with 57 puds; in 1860 they yieded 33; in 1880, 12; and m
1889, 7 puds.
The private washings in the Altai have been at work since 1863. Their largest
output of 119 puds falls in the year 1872 ; in 1880 they gave 84 puds ; in 1889, 95 puds.
West Siberia always remained between 6 and 7 per cent of the total output, and
never was of great importance.
In East Siberia it was the rich district on the Yenisei, of Nerchinsk, on the Olekma,
and on the Amur, that decided the result.
On the Yenisei the exploitation began step by step, yielded but slight contribu-
tions in 1840, and from that year rose with extraordinary rapidity. The production
was in 1841, 128; in 1842, 365; in 1843, 660; in 1844, 706; in 1815, 759 puds; but soon
the highest output was here reached with an average of 1,050 puds for the five years,
1846-1850. Thenceforward the figures begin to fall, being —
Puds.
Puds.
1876 316, against 1885
1877 325, against 1886
1878 340, against 1887
1879 303, against 1888
1880 280, against 1889
223
208
218
217
188
In the imperial washings of Nerchinsk tho beginning was made in 1836. Only in
1872 was the maximum reached with 153 puds; the output fell just as slowly ; in
1880, it was 122 puds, and in 1889, 92 puds.
The private works in Nerchinsk yielded, in 1865, 32 puds; their greatest yield, of
227 puds, falls in tho year 1877; in the year 1880 it was 200 puds, and in 1889, 14
puds.
Recent accounts, as yet unconfirmed, state that richer finds have been made on the
river Bomm, in the region of Nerchinsk.
In the Olokminsk district but slight amounts were obtained in 1849 and 1850. The
figures gradually rose; they were already very high while Yenisei was still yielding
over 300 puds, and it was this partially contemporaneous rise that brought about
the climax in the Russian production in 1876-1880.
1 Alfr. Striedter, Russlands Gold production ; G. Rottgor's Russ. Revue, XXIII, St. Petersburg, 1883.
p. 97-134 and 208-233.
373
Tho Olckminsk district yielded —
Puds. Puds.
1876 627, against 1885 171
1877 928, against 1886 172
1878 851, against 1887 167
825, against 1888 225
939
1879
1880
against 1889 235
Finally on tlie Amur, in the extreme cast, we see figures rising even at the present
day; there the maximum has not yet been reached, and there the decline of the
other districts is for the present compensated. In 1868 there were obtained on the
Amur only 50 puds; in 1870, 136 puds. Thereafter —
1876.
1877.
1878.
1879.
1880.
Puds.
. 171,
. 172,
. 167,
. 225,
. 235,
Puds.
against 1885 302
against 1886 345
against 1887 355
against 1888 377
against 1889 458
Thus the migration is accomplished. Since Russia began to exert a decided
influence on the production of gold the center of gravity lay first in the Ural, then
on tho Yenisei, then on the Olekma; at the present day the hopes for a future rise
in the output are centered on the Amur. “ Should the center of gravity of the East
Siberian, and therefore of the total Russian gold production, which now rests on
the output of the Olckminsk washings, he transferred to the Amur region,” wrote
Striedter in 1883, “ or should the yield of gold on the tributaries of the Amur and on
the coast, which after all is not inconsiderable, not develop into one of marked
influence on the course of the total production, then, even in the most favorable
case, an increase in the total output, produced by the yield in those eastern regions,
can not be of continued duration. The sea is set as a barrier to the further migra-
tion of the production of gold. * * * 1
At the same time mention is made of the possibility of technical improvements
and of the resumption of work on poorer sands. Certain it is that the past exploita-
tion of the alluvium in Siberia, despite all efforts of technic engineers, has been
attended with great loss; but it is an old experience that technical improvements
must be introduced before the rich deposits have been exploited; that they arc
hardly ever able to resuscitate dead washings, unless it be by hydraulic apparatus,
which here in most cases is excluded from the very start. In order to form an idea
of the difficulties encountered in the colder parts of East Siberia, and of the efforts
by which some of the past outputs have been obtained, it may suffice to read Helm-
hacker’s description of the process that was employed first on the Pit, an upper
tributary of the Y'enisei, and later on the Olekma, in order to run prospecting shafts
under the frozen soil in the water-soaked ground.2 One may read in the various
descriptions how, in the severe season, the water has to be heated in order to get
samples; how the fine gold flakes, owing to their conductivity, become studded with
fine needles of ice, and, being kept afloat by these needles, are carried oft' from the
washing trough. One may read the numerous reports of the enormous consumption
of wood, the destruction of forests by wild fire, and their devastation by gold dig-
ging; and thus one will be enabled to judge how high the gold would have to rise
in value to permit the resumption of work on alluvium that has already been
despoiled of its richest contents. But this is true not merely of the gold district;
the resumption of old washings always requires specially favorable local conditions
in order to be remunerative.
In the meantime search has been made for lodes on the Amur, too, but the two
reports by Yachefski and Makerof, which I have before me, do not indicate that this
region promises results from lode mining markedly superior to those obtained else-
where. The gold appears for the most part in quartz with iron-bearing copper pyrite,
but it does not seem to have continued, at least not in the special cases mentioned. 3
In 1889 the number of mining tracts newly entered was 762, surveyed 395, grants
378. The production ot gold, widely spread, employed over 84,000 workmen. The
i limb, p. 232.
2Hclmhaeker, IJeber das in Sibirien ubliche Abteufen von Schurfsehachten im schwimmenden
Gebirge; Berg-xi. Hiittenmikm. Zeit. v. Kerl. u. Wimmer, March 6 and 20, 189). Tho rather unsatis-
factory conditions of the exploitation at the present day were graphically described by Hannuer-
sebmidt, Russ. Revue, 1888, XXVIII, S.332, etc.
3 L. A. Yacliefshi, short geologic sketch of the production of goblin the Trans-Baikal district at
the continence of tho Ingoda and Onon rivers, 8vo. St. Petersburg, 1888, 64 pages : map. J . A. Makerof.
of. Geologic description of the gold-producing localities on the Amur; Izvyestya Imper. Geo. Soc.
East Siberian Branch, 1889, XX, p. 34-66, maps (both in Russian).
groat number of small working tracts gives rise to those compensations which finally
result in a pretty steady course of the total figures. In these total figures the max-
ima. of the various areas, their rise and decline, are effaced, but whoever considers
their composition sees the future which is in store for them.
Take onto! any population 1,000 male individuals of different ages. Among them
are infants and boys, youths, men, and old men. It will be easy to obtain a numeri-
cal estimate of the working capacity of these 1,000 men, say in field labor. After
one year, some of the old men will have died, but on the other hand some of the
infants will have grown into boys, boys into youths, youths into men. The estimate
will show pretty nearly the same working capacity. The same will be the case after
the second, third, and fourth year, and for some time to come. But when all the
infants have grown into boys, all the boys into youths, and all the youths into men,
when all the men have passed into old age, and no progeny is supplied, then begins
the decline and the end may be foreseen.
Of this nature are the figures of the Russian gold production, which at present
still run with some uniformity.
TRANSVAAL.
For some time it had been known that there are gold-bearing strata of drift which,
for the most part consolidated into a hard cement, are intercalated in the stratified
deposits of former periods of the earth’s history. The gold was found not in tho
drift itself, but in the cement of the conglomerates, and these were regarded as gold-
bearing alluvium of early times. At Basseges, in southern France, it is said that at
one time there existed mines of gold-bearing conglomerate of the Carboniferous
formation. At Temora and Gulgong in New South Wales, on the Peak Downs in
Queensland, and at several points in Tasmania and New Zealand, such conglomerates
were mentioned, but they do not seem to have been successfully worked anywhere.1
More important and especially instructive are the similar occurrences in the vicin-
ity of Homestake Vein in the Black Hiils, Dakota, described by Devereux.12
Homstake Vein is a vast gold-bearing quartz vein, rising in old schist mountains.
Its outcrop, in large part overlain by a sheet of porphyry, is known for a distance
of about l-5 kilometers, with a breadth of the ore-bearing rock of 100 to 200 feet.
East of the outcrop of this vein begins the gold-bearing conglomerate, with gentle
slope. It consists of rounded masses of quartz, and, significantly enough, of fre-
quent drift of hematite, which we have just mentioned in the gossan of Mount
Morgan. The gold in it is designated as “cement gold.” Tbe richest deposits were
found always in the lowest part, close to the underlying bed rock, and especially in
small depressions and furrows of the latter, just as is wont to be the case with
alluvial gold. Nevertheless, this deposit is not the formation of a river, but, as
shown by the accompanying remains of marine animals, it is the beach of a sea of
primitive, Cambrian time. At that time already the gossan of Homestake Vein
was destroyed by the breakers.
As a rule only 5 to 6 feet above the bed rock paid for stamping. The gold, quite
as in the present alluvial land, appeared in tho form of gold dust or in slightly flat-
tened grains. The hematite drift as a rule showed adhering gold. The gold was
always arranged in strings in such manner that manifestly the specific gravity deter-
mined the arrangement. The cement gold carried less silver than the Homestake
lode. The separate grains were as a rule coated with a film of brown iron oxide.
It seems, however, that here also partial solution of the gold took place in the loug
course of time, for in the floor, consisting of schistose primitive rock, as well as on
pieces of schist in the conglomerate, there occur thin flakes of gold, which can only
have been precipitated in fissures from solution.
The extended stratum of conglomerate with cement gold has in recent time been
furrowed by water courses, in which, at the expense of the conglomerate, rich young
alluvium has been formed, notably in Dcadwood Gulch.
At this point, therefore, there were to be distinguished three sites of deposition
and a double restrati fication, namely, (1) Homestake lode, (2) its gossan, abraded by
the breakers of the Cambrian sea and now forming the cement gold, and (3) the
young alluvium, containing the washed-over cement gold.
The cement gold of the Black Hills, by the way, was already exhausted in 1882.
After mentioning these experiences gathered in other lands, let us turn to the
South African occurrences.
Journeying from the east coast toward the Transvaal, one crosses first a plain, then,
after a steep climb, a mountainous region of considerable extent, stretching from,
i]{ Daintree, notoon certain modes of occurrcncoof gold in Australia; Quart. Jour. Geol. Soe., 1878
XXXIV, p. 436.
'■'Walter Ji. Deveretix. The occurrence of gold in the Totsdam formation, Black Hills, Dakota;
Trans. Am. Inst. Min. Eng., 1882.
375
Crocodile River toward Swnsi Land, and finally tlie steep odgo of the treeless pla-
teau, G,0()0 feet high, the High Veldt. This mountainous middle zone consists of
greatly decomposed granite, in which a largo mass of old schist is wedged in. This
old schist contains bedded veins of gold-bearing quartz; these are the De Kaap gold
fields in the vicinity of the town of Barberton. In their main features they resem-
ble so greatly the widespread occurrences in quartz veins that I will not enter into
further details.1
Entirely different are tho gold-bearing deposits at the Witwatcrsrand near Johan-
nesburg.2
If, journeying westward from Barberton, one has crossed the High Veldt, he will,
on approaching Johannesburg, come upon granite, and lying against this granite lie
will find on an east-west lino, a series of sandstone and conglomerate in alternating
strata; this series is inclined southward. The dip is now very gentle, now almost
vertical, as if the whole series would fall away from the granite in a fold. This
series is gold-bearing. The gold-bearing strata of sandstone or conglomerate are
here called “reefs.” In the vicinity of Johannesburg there aro distinguished going
from the south northward, first a south reef, very rich, 6 inches to 3 feet thick; next
a loss steady middle reef, from a few inches to 2 feet in thickness ; then 20 to 150 feet
northward of the south reef, a slight but very constant deposi t called main reef
leadei-, which thus far has yielded the greatest output; still farther toward the
north, but very close, follows the large but less rich main reef, which swells into a
conglomerate bank of 40 feet; and 200 to 300 feet beyond the main reef lies the north
reef, 1-5 feet thick.3
Thus it is at Johannesburg, but the various beds and reefs, as is the rule in similar
formations, have more or less the shape of very Hat and extended lenses; that is to
say, they wedge out, other lenses take their places, and this is tho reason of the
greater or less constancy of the various reefs.
The distance over which the reefs are known on tho line of Johannesburg is prob-
ably 80 kilometers, but the limits of profitable working are not known either to
the west or to tho east. Toward the east, across Boksburg, there occur disturbances
of the stratification, but render the tracing of tho strata difficult; but yet the strike
there seems to turn southward, as if a great trough was to be inclosed. Some traces
are said to have been found even east of Heidelburg, far to the south of Vaal River.
West of Johannesburg the marks of the various strata are lost more and more; but
yet sandstones and conglomerates are said to continue far beyond Potschefstrom,
even as far as Klerksdorp, probably 150 kilometers.
The best authorities on the country have accepted the view that the wealth in
gold of the conglomerate reefs or “bankets” at the Witwatei'srand has resulted from
the destruction of gold-bearing lodes, like those that are worked at the present day
in the De Kaap field. This, in fact, would agree perfectly with the experiences
from tho Black Hills, Dakota. But there enters a circumstance which is not known
elsewhere in auriferous conglomerates, and which exerts a decisive influence on the
exploitation.
i he conglomerates, as a rule, consist of quartz drift, hardly larger than a fist, or,
as Cohen thinks, of quartz gavel, united by hard, sandy cement. The occurrence of
gold in the drift itself is not proved with certainty ; it belongs to the cement.
Where it appears as free gold it has the form of fine flakes and scales or the crystal-
line form of a cube. Thus it appears especially in the “ red banket,” which, by its
hydroxide of iron, is colored red to dark brown. Now this red banket in ali the
pits at a certain depth passes rather suddenly over into the gray-green banket,
which contains the gold in pyrite ; in other words, the conglomerate beds of the Wit-
watersrand present altogether the same change in the ore as lodes. The red banket
is the gossan, as is very properly pointed out by Sawyer; the gray-green, occasion-
1 W. H. Penning, A sketch of the gold fields of Lc/jdenlmrg and De Kaap, in tho Transvaal, S. Africa ;
Quart. Jour. Geol. Soc., 1885, XU, p. 569-590; B. Knochenhauer: Die Goldf elder in Transvaal, mit be-
soud. Beriicks. der de Kaap-Goldfelder. 8vo, Berlin, 1890; W. H. Furlonge, Notes on the geology of
the Do Kaap goldfields in tho Transvaal; Trans. Ann Inst. Min. Eng., 1890, XVIII, p. 344-348, map.
In this region lies also the oft-mentioned Sheba mine.
2 The rapid increase of gold production at Witwatersrand has called forth a flood of writings which
do not invariably betray the same degree of freedom from bias; this unfortunately is the case also
with some of those writings whose authors call themselves specialists, or wish in some way to bo rec-
ognized as such. My discussion of this region rests mainly on E. Cohen: Goklfiihronde Conglomer-
ate in Siidafrika, Mittheil. d.naturwiss. vercins f. Neuvorpommern u. Iiiigen, 1887; A. Schenck:
IJeb. das Vorkommen des Goldes in Transvaal, Zeitschr. deutscli. geol. Gesellsch., 1889, S. 573-581; A.
R. Sawyer, The W itwatcrsrand goldfield ; Transact. F. Staffordshire Inst, of Min. and M ach. Eng., N ew-
castle-under-Lyme, 1890, X; also upon some separate notices in South African Mining Journal, edited
0y E. P. Rat.hbone, in Johannesburg; for the figures, on the statements of this journal, as well as on
the reports of the Witwatersrand Chamber of Mines. General descriptions of the geologic relations
are given in Ch. J. Alford, Geol. Features of the Transvaal, 8vo, London, 1891, maps ; W. H. Penning,
A contribution to the Geology of the South Transvaal; Quart. Journ. Geol. Soc., 1891, XL VII, p.
451-463, map, and elsowhere. Social conditions are discussed in C. Weinstein, Von Siidafrika und
seinen Goldfeldern, 8vo., Berlin, 1890. Furthermore, I am indebted to Dr. A. A. Schenck, in Halle, and
to M r. A. Euler, in Johannesburg, for their kindness in furnishing information.
* Alford, loc. cit. p. 19.
376
ally blue, banket corresponds to tbe zone of the sulphides. The line of division is
sharply marked ; it often is found already at tbe surface, often only at a depth of
200 feet.
Such being tbe state of affairs, and no gold dust proper or wash gold being demon-
strable with certainty in tbe bankets, tbe question raised by Sawyer is indeed very
pertinent: Whether the gold of these conglomerates is really wash gold or whether
it did not get into tbe cement of tbe bankets independently with the pyrite as a
solution or exhalation from tbe depths. Of those conglomei-ates, -which occur occa-
sionally at De Kaap, Furlonge says distinctly that the gold made its way into those
layers only later.1 All samples from the red banket of Witwatersrand that I have
held in my own hand showed goldin fine,scales adhering to the surface of the brown
quartz drift, or interspersed in the brown cement in a way similar to that which is
wont to occur in the decomposition of the pyrite in the gossan of quartz veins.
If the assumption is to he maintained that it is alluvial gold, then it would follow
that it had subsequently been inclosed in pyrite, which does not correspond with
experience elsewhere.
Whether this question be solved in one way or in another this much is certain,
that this method of mining, as it goes downward, encounters the same difficulties as
mining in lodes. Here, too, we find the refractory sulphides which hamper opera-
tions and necessitate extensive working apparatus. In this respect, despite extrinsic
difficulties, arising from lack of a railroad, from unwise taxation, etc., in Johannes-
burg very creditable results seem to have been achieved. Chlorination and cyanide
works after the best models are already in existence, and professional papers even
maintain that in the way of chlorination as much as 97 per cent of the gold contained
in the sulphides is obtained. The sulphides, however, are much purer in gold than
the gossan, and the result is that annually the whole output indeed rises, hut in propor-
tion as the drifts pass through the gossan, the fertility of the ore, that is to say, the yield
per ton extracted, declines.
The output was:2
Total gold.
Per ton.
1887 (eight months) .
1888
1889
1890
1891
Oz. Dwts.
23, 155 8
208, 121 14
369, 557 5
494, 817 A
729, 238 6 j
Diets.
22-65
19 -60
13-64
11 -23
The data of the richness of the ore for 1888 relate to the last four months of the
year; at present it is about one-half of what it was then. Hence it is manifest that
the statement that at Witwatersrand the richness increases with the depth, is in
contradiction with the facts. From this it does not follow that the mining will
speedily cease, for many poor works in the sulphides are in operation. It follows,
however, that every technical improvement will have to be carefully employed, anil
that the profit will diminish. It is thought that here, with a content of 7 to 8 dwts.,
the expense will be covered, because the Kaffers furnish cheap labor. In the East
Indies, where labor is also cheap, 10 dwts. are allowed for cost.3
The value of gold of £3 10s. per ounce gives for 1891 at Witwatersrand the respect-
able figure of £2,552,333.
The efforts that have been made in the course of the past year to run the railroad
not only to Johannesburg but also far north and to open up the north, have naturally
awakened hopes of gold finds in the north. The most exhaustive report in existence
concerning these regions relates to the Tati Mining Concession, situated at the south-
west end of a series of gold-bearing formations, which are said to extend irregularly
through Matabele Land, Mashona Land, and Manica. This report, which, as the
South African Mining Journal justly observes, is more stimulating than convincing,
tells that there is question of gold-bearing lodes occurring in old schist at the con-
tact with eruptive outbreaks of greenstone. This reminds one much more of Queens-
land or certain New Zealand occurrences, and is entirely different from Witwaters-
rand. It is a very striking fact that in those remote regions the gold-bearing lodes
that have thus far been found have all been worked in former time, either by natives
or by white men, to a depth of 80 feet and even more. The natives are to some
extent familiar with mining, and extract and work copper ores at this day. This
fact dampens hope somewhat, for it shows that the gossan has been partly or entirely
1 Furlonge, loc. cit., p. 345.
* The South African Alining Journal, January 16, 1892, p. 273.
* The Economist,' J uuo 20, 1891.
377
removed; the sulphides will be found, and one can hardly count upon finding rich
alluvial land in such regions.1
For the j est, further developments must be awaited in this region.
Chapter III.
RECENT EXPERIENCES CONCERNING THE EXTRACTION OF SILVER.
Sulphides and Gossan — Victory of the Furnace over the Amalgamating Mill — White Lead
Ores of Leadville — Mexico — Fotosi — Broken Hill.
Gold, as we have seen, preseuts three modes of occurrence, the sulphides in the
depths, the gossan, and the alluvium; to these are added the conglomerates of earlier
time. Silver permits merely the distinction of the zone of sulphides and the zone
of the gossan. Rich alluvium is not afforded by silver, and hence the production of
silver is free from those sudden and transient expansions exhibited by the figures of
the gold production in the earlier times of the exploitation of the Californian and
Australian alluvium.
Only in the gossan, and in inconsiderable quantities, does silver occur native; its
mineral combinations are of very many kinds, and from this circumstance, as we
shall presently see, there result altogether unexpected phenomena in metallurgic
methods.
In the deeper parts silver occurs at times as silver sulphide (argentite), more fre-
quently in combination with sulphur and arsenic or with sulphur and antimony, and
thus forms the light and dark arsenic sulphide of silver, polybasite, stefanite, freiesle-
benite and other noble ores. At times thero is also found argentiferous copper sul-
pnide (argentiferous copper pyrite). But the most important silver ore is argentifer-
ous lead sulphide (galena), which is wont to accompany, in greater or less quantity,
the above-named sulphur, antimony, and arsenic compounds, but forms also consid-
erable and rich beds by itself. A frequent companion of silver ores is gold, a less
welcome one zinc blende, and some instances are known in which great lodes of sil-
ver ores, at greater depth, with gradual increase of zinc blende, were transformed
into zinc lodes.
The gangue accompanying silver ores is very often ealespar or baryta, at times
quartz, while gold appears always accompanied by quartz.
The silver lodes are often connected with older or younger volcanic rock species;
especially are such ores frequently found at the contact of volcanic rocks with lime-
stone, and this contact may have been brought about either by rising dikes or by
laterally entering stratiform veins, in which latter case the ore assumes more the
form of an extensive stratum than of a vein, although it also lies at the contact
with an intrusion. True, among the galena occurrences there are some that seem
to have been deposited from solutions in former cavities of the rock.
Quite different from the zone of the depths is the condition of the gossan of silver
ores. It consists for the most part of very rich black or black-gray compounds of silver
with chlorine, bromine, or iodine, and small quantities of native silver; at the out-
crop of galena beds there appears at times in considerable quantities white-lead ore
(cerussite, carbonate of the American miners). The Spaniards call the projecting
black crests of the silver lodes crestones. The richest silver vein worked at this day,
Broken Hill, in the Barrier ranges of South Australia, has received its name from
the fact that it rises in the form of such a dark, jagged creston, like a broken hill,
from the desert.
The ores of the crestones — that is to say, of the gossan — like the gossan of the gold
lodes, submit much more readily to refining processes than the sulphides of the depth.
Often they may be directly subjected to amalgamation, while the ores of the dentils
need first roasting with chlorine. For this reason, on the silver lodes, too, the first
results are the greatest. In Chile the ores of the gossan are called metales calidos
(hot metals), those of the depth metales frios (cold metals),2 and the working of the
latter presents greater difficulty.
These latter, the ores of the zone of the sulphides, the metales frios, rothgiltigerz,
polybasite, silver glance, and others, are the ones which in North America have
received the name “ dry ores.” In Germany they have for a long time been called
Diirrerze (dry ores). In former years in the United States they Avere merely roasted
and amalgamated, with the addition of salt, copper Aritriol, and in various other
Avays. In the course of time, however, the great advantages of the furnaces, which
1 S. Afr. Min. Jour., March 19, 1892, pp. 446 and 454; for earlier attempts in Tati, see Zukunft des
Goldes, p. 315.
2 W. Moricke, Einige Beobachtungen liber cliilenische Erzlagerstiitten und ihro Bezieliungen zu
Eruptivgesteinen ; Tscherinak, Min. u. petrogr. Mittkeil., Wien, 1891, S. 186-198 ; examples in Zukunft
des Goldes, p. 107.
378
had long boon in use in Europe, were recognized, as contrasted with the amalgamat-
ing mills, and especially in the State of Colorado there was developed in the course
of the past lew years a great furnace industry, depending on the smelting of dry ores
with the addition of plumbiferous silver ores.
The consequence was a thorough transformation and a considerable rise in the
American silver production. On the one hand, the furnace industry was rendered
independent ot the decreasing quicksilver production of California, and on the other
hand there ensued an extraordinary increase in the value of those argentiferous lead
ores that were serviceable as fluxes, especially the white-lead ore in the gossan of
the mining district ol Leadville, Colo. Soon it appeared that the profit arising from
the smelting of the dry ores with white-lead ore as compared with the old amalga-
mating process was as great as or greater than the loss through the decline of the
price of silver, and on this fact depends in no small degree the recent boom in the
silver production of the United States. To this was added the rise in the exploita-
tion of the argentiferous copper pyrites of Montana caused by the Paris copper ring
and many other circumstances, so that desiflte the decline in the silver production
of the great Comstock lode in Nevada the annual output of silver of the United
States shows steadily rising figures.
Put in order to be able to follow the course of affairs I must say a few words
about the deposit of Leadville.
The town of Leadville, in the State of Colorado, is built in the valley of the Arkan-
sas River, on the west side of the Mosquito Range, a spur of the Rocky Mountains,
on a moraine more than 10,000 feet above sea level, and has shown a growth extraor-
dinary even for American conditions. Toward the end of 1877 it numbered about
200 inhabitants ; in two years their number reached 15,000. In 1880 the town pos-
sessed already gas works and water works, 13 schools with 1,100 children, 5 churches,
3 hospitals, and 14 smelting works with 37 steam chimneys.
We possess a model monograph of the ore deposit of Leadville by Emmons, and a
very detailed presentation of that important part of the deposit which is called Iron
Hill, by Blow.1 The last mining disclosures used by Blow showed the following
mode of appearance of the ores:
A stratum, about 200 feet thick, of stratified limestone is covered by a still far
heavier mass of white porphyry. Under the limestone, in part following the sur-
faces of the strata, a vast bedded vein of an eruptive rock has entered later on,
which is called the gray porphyry, and which sends upward in many directions
intrusive veins into the limestone. The ores, according to Blow, are manifestly
connected with these intrusive veins, and in various parts of the limestone appear
in chimneys or so-called “ chutes” ; besides this, however, the ores are found at the
upper boundary of the limestone toward the overlying white porphyry in the shape
of flat, extended bodies, which in shape resemble entirely the fillings of shallow
basins.
The entire thickness of the limestone, and especially its uppermost part, there-
fore, are ore-bearing. At the same time, however, all parts of the mountain, the
limestone, the porphyries, as well as the older substratum, are cut through by six
great faults, running from north to south, and along which the whole rock system
has dropped down irregularly in steps toward the west. This irregular downthrow
causes the ore-bearing parts of the limestone to appear at the heads of the different
steps at different points and at different heights.
At the foot of the most westerly step-fault lies the town of Leadville. Beyond
this fault the downthrow of the rock is so considerable that it remains entirely
buried beneath the alluvium of a lake of the glacial period.
The ores are changed from the surface downward, and so far as the change — that
is to say, the gossan — extends they consist, besides decomposed iron pyrites and
manganese, of white-lead oro, accompanied by larger or smaller bodies of chloride,
bromide, and iodide of silver. In the depth, at Iron Hill quite suddenly, at a dis-
tance of a few feet, this decomposition comes to an end and the zone of the sulphides
is reached, consisting of galena, accompanied by iron pyrites and zinc blende.
Quite similar are also the occurrences of Aspen Mountain, situated about 80 kilo-
meters from Leadville, beyond the Sawatcli Mountains.®
Now, it was the white-lead ores of the gossan of Leadville and Aspen that, on
account of their applicability as flux, gave the main impulse to the transformation
of the furnace process for the extraction of silver from the dry ores. The signifi-
cance of this revolution is most distinctly set forth in the presidential address by
1 S. I''. Emmons, Geol, and Min. Industry of Leadville, Colo.; U. S. Geol. Survey, Monogr. XII. 1880
4to, Atlas; A. A. Blow, The Geol. and Oro Deposits of Iron Hill, Leadvillo, Colo.; Trans. Am. Inst.
Min. Eng., 1890, XVIII, p. 145-181, map. The limestone belongs to the carboniferous formation.
■i c. lienrieh, Notes on the geol. and some of the mines of Aspen Mountain, l’itkin County, Colo.;
Trans. Am. Inst. Min. Eng., 1881), XVII, pp. 156-206. Here, too, tlio ores are found in the lower carbon
iferoii8 limestone in proximity to intrusive porphyry.
379
Richard Pearce before the Society of American Mining Engineers in Juno, 1889.* A
table presented on that occasion shows that in Colorado in 1871 the metallurgist
returned to the minor out of 100 ounces of silver contained in a silver ore of average
quality 65 per cent, so that 35 per cent were reckoned as loss and as cost of extrac-
tion. The former number fell in 1874 from 65 to 536 per cent; from that time, with
continual improvements in metallurgy, it rose steadily, until in 1889 already 84 per
cent could be returned. Thus the loss to the miner bad fallen since 1871 from 35 per
cent to 16 per cent; in other words, his profit had risen 19 per cent, or, as compared
with 1871, even 30 4 per cent, and in this way, as well as through improvement in
freighting, machinery, and in other ways, the loss due to the fall in the price of sil-
ver was entirely balanced.
Very justly Pearce might add: “It will be seen from these figures that if it were
not for the great efforts which have been made from time to time to cheapen the cost
of smelting, silver mining here would have received its deathblow long ere this.
The decline in the price of silver has brought the net value of the ore to the miner
down to about the same as it was thirteen years ago, but the cost of mining has been
largely reduced by improved facilities for transportation, by cheaper labor, and by
cheaper materials, enabling him to sell at a protit ores that formerly were worthless.
These same elements have, of course, helped the smelter to a still higher degree, and
there is yet room for further improvement.”
Thus it was in 1889; but during this boom and during the great increase in value
of the lead carbonate ore a greater and greater number of mines in Leadville passed
from the gossan into the sulphides and load carbonate ore became rarer. Even in
1888 tkore had bean brought from Mexico, across El Paso alone, 70,922 tons of argen-
tiferous lead ore as (lux, which gave 20,973 tons of lead. The owners of lead ores —
that is to say, of lluxes — in Colorado and Idaho objected to this importation of flux
ores from Mexico and appealed to the tariff, according to which silver ores, indeed,
were free, but lead ores were subjected to a duty of l| cents for the pound of lead.
That would have been a prohibition for the fluxes. To the silver mines that pro-
duced dry ores, as well as for the groat furnace works, the continuance of the introduc-
tion of lead fluxes from Mexico had become a vital question. Thus a lively struggle
broke out among the silver producers. The Government adhered to the wording of
the tariff'. By adding argentiferous ores an attempt was made to raise the silver
content of the Mexican importations artificially in order to get them in free of duty
as silver ores. In July, 1889, the Government issued instructions to the customs offi-
cers, according to which it was to be decided whether silver ores or lead ores were
on hand; but this merely led to new contests. In August the Mexican importation
of flux ores had already sunk one-lialf, and the furnace works ordered a considera-
ble advance in the cost of smelting the dry ores. In the meantime the lead ores with-
in the United States constantly rose in value, and for Leadville alone the value of
the production for 1889 was estimated at $18,000,000.
In the midst of this strife arose the agitation for the free coinage of silver in the
United States, which, by the way, bore from the very beginning in no slight degree
agrarian characters. An appeal invited attendance at a conference in St. Louis on
the 26th of November, “ because St. Louis lies in the heart of the agricultural
States.” I must add that the leading “ New York Engineering and Mining Jour-
nal,” from which many of these data are taken, opposed at the same time in most
intelligent manner, in a series of excellent articles, both the prohibition of the Mex-
ican ores and the free coinage of silver.
The conference in St. Louis had little success; the discord among the silver pro-
ducers increased. The advantages were thought of which the erection of smelting
furnaces in Mexico ought to offer, that country being very rich in silver ores of the
most diverse kinds. In fact, already in May, 1890, the Mexican Government con-
cluded a contract aiming at the erection of five smelting furnaces in different parts
of the country. While in Washington the McKinley bill was being discussed, Mex-
ico built a railway to the lead mines of the Sierra Mojada, and soon the first furnace
began operations, in Monterey.
The McKinley bill maintained the high tariff against Mexico, but it enabled the
furnaces at least to transform themselves into “ bonded warehouses,” that is to say,
to work up foreign lead ores free of duty for exportation. By the end of 1890 the
production of lead from home ores in the United States had diminished by 3,300
tons, in part on account of the progressive exhaustion of the gossan of lead carbon-
ate ore in Leadville.1 2
1 Richard Pearce, Progress of Metallurgical Science in the West, Presidential Address; Trans. Am.
Inst. Min. Eng., 1890, X VIII, pp. 55-72; for the details of tho operations sec D. E. Peters, Dor Flain-
mofen-Betrieb zu Argo in Colorado; Berg-und Hiittenmann. Zeit. v. Kerl und Wimmer, 30 January.
1891, S.4G.
2 Within this time fall the warnings that passed from America into European professional papers
against buying certain mines in Leadville that had been famous, butwe.ro probably exploited down
to the vicinity of tho sulphides (Maid of Erin Silver Mines Company, Limited, Economist, June 30
1891, p. 793, and elsewhere.)
380
All tlic smeltiug furnaces raised their charges. Whereas, as was stated before, in
188!) as much as 84 per cent of the silver contents of medium ores had been obtained
by the furnace, this figure, owing to the competition of the furnaces, had in some
eases been raised oven to 95 per cent. Now came a setback. Certain dry ores were
altogether rejected. The coinage legislation had raised the price of silver artifi-
cially; the mining of argentiferous dry ores had thus received additional stimulus;
and now it was found impossible to refine these ores with profit.
Finally production rose again ; some furnaces began to work under “bond,” others
resolved to smelt the dry ores with smaller charges of lead, that is to say, with
greater loss of silver in the slag. Some of the most famous old mines of Leadville
were transformed into stock companies, as a rule a sign of the end of the gossan.
Late in the summer of 1891, however, in Leadville, west of the westernmost mine and
of the town, below the new lake deposits and the white porphyry, in the lowest
downthrow part of the rock system, at a depth of 570 feet, the drill struck uew beds
of lead carbonate.
That is the state of things at this moment. I thought it necessary to mention all
these details, because they not only illustrate the great revolution in the silver pro-
duction and its peculiarities, but also give an example of the injurious effect of
unreflecting interference on the part of the legislator with the natural conditions of
industrial work.
The reciprocal effects on Mexico have already been indicated. That land possesses
both very rich lodes of lead flux ores and very rich dry ores. Mexico has contributed
more than any country to the silver stock of the world, but its mines, according to
the quality of their ores, have been influenced in entirely different ways by the leg-
islation of the United States. Furthermore, in recent time, owing to the Baring
crisis, there has been, in many cases, a lack of money.
In Sonora, Sinaloa, and a part of Jalisco, say the more recent reports, the ores are
too rich to be affected by the McKinley bill. These go in large quantities to Germany.
In Chihuahua and Durango a decline was expected, owing to the relations to the
United States and to local causes. In Coahuila the completion of the railway has
rendered it possible, despite the tariff, to freight considerable quantities of lead ores
from the Sierra Mojada to the United States, Avhile in the district of Mula the ores,
with this tariff, no longer pay for shipment, and these go to the newly erected fur-
naces in Monterey. Nuevo Leon and Tamaulipas yield poor ores, and may also send
to Monterey. Zacatecas is declining, owing, it would seem, to insufficient plant in
the famous old works. The rich district of Catorce produces dry ores, which are not
affected by the McKinley bill. In San Luis Potosi a new smeltiug furnace is in course
of erection for these ores. Matehuala furnishes a good basic flux to Monterey.
Guanajuato is declining. Pachuca, at present the best district of Mexico, is well
equipped, and thus is not exposed to the vicissitudes of other old mines, and steadily
furnishes large quantities of rich ores.1
Thus Mexico appears as an inexhaustible source of silver, as it has been for centu-
ries, and the variety of its ores promotes the erection of other smeltiug works in the
land in place of the present exportation into foreign countries, which for the pres-
ent is still on the increase.
All the conditions of silver production have been transformed by the victory of the
furnace method and by the greater facility in shipment of crude ores. As examples
for the mode of occurrence of the ores I select two other points — Potosi, in South
America, and Broken Hill, in Australia.
Poiosi. — The old, famous silver lodes of Bolivia, especially the districts of Huan-
chaca, Colquechaca, Oruro, and Potosi, all lie 14,000 to 15,000 feet or more above the
sea. They axe all intimately connected with young volcanic rocks. Their great
elevation renders work difficult; owing to that circumstance they all suffer from
lack of fuel. Up to the present day the process here is everywhere that of amalga-
mation, with the addition of salt, and, it would seem, everywhere in cast-copper
vats. A peculiarity of the Bolivian silver ores consists in the frequent presence of
tin, and in recent time the separate extraction of tin has been taken in hand.
Among these rich districts I will mention merely that of Potosi. The geological
survey of it by A. F. Wendt has given us a more exact picture of thoactual conditions,
and this, in the main, I will follow.2
The Cerro Rico do Potosi is a conical mountain of rhyolite (novadite). It rises
16,000 feet above the sea, and the old mines extend all the way to its summit. It
belongs to the east side of the volcanic line of the Andes, and its waters flow into
the La Plata River. Volcanic rhyolite traverses a schist rock and rests on it in the
shape of a cone. At the foot of the coue there are Tertiary strata containing leaves.
1 Report in Eng. and Min. Jour., Now York, January 9, 1892, p. 87.
2 Arthur F. Wendt, The Potosi, Bolivia, silver district: Trans. Aw. Inst. Min. Eng., 1891. XIX, pp.
74-107. Map. Consul Ochsenius, in Marburg, in a recent letter expressed to me doubts whether the
silver lodes really enter into the Tertiary strata which contain plant leaves, and hence I have not
touched this question. But the lodes are younger than the rhyolite of the cerro, and sinco the latter
rests upon t he plant, leaf bearing strata I infer from this the recent age of the lodes, which in this
respect, too, seem to be comparable to those of the Carpathians.
381
Tho lodes all belong to the mass of the rhyolite and to the next adjoining parts of
the schist rock, but the richest all lie in the rhyolite. In a general way they form
together a chain of lodes running approximately north-northeast to south-southwest.
The several main lodes seem to be somewhat alternating, and have a tendency to
branch out upward, like those of Kremnitz, with which Wendt compares them, with
perfect propriety, so far as I can see. My view is that such lodes are to be regarded
as fillings of fissures, not of dislocation but of contraction, produced immediately
upon the cooling of the eruptive stock and its surroundings, and which in the last
phase of the volcanic phenomenon received tho metals as an emanation from the
depths, mostly in the form ot sulphides. Tho origin by contraction is evinced both
by the alternation and by the branching. Gmehling’s description of the Pulacayo
mine, in Huanchaca, indicates that the same conjecture applies to that mine.1
This branching upward creates at the Cerro Rico do Potosi a tangled network of
ore lodes in tho gossan. The gossan, as usual, consisted of silver chloride and native
silver. These ores were called pacos. The filling of the lodes farther down is of
dark color and very hard. These are the negrillos. They consist of dense iron sul-
phide, with some copper sulphide, at times zinc blende and very little galena. The
silver, according to Wendt, occurs in them iu the shape of fahl ore. Helms enumer-
ated a greater variety of silver ores.
Tho gossan of these lodes was broached toward the close of the first half of tho
sixteenth century, and the output, of which the fifth part was delivered to the Span-
ish court, was an extraordinary one. Humboldt stated it to have been for 1554-1556,
every year, 7,500,000 thalers: 1556-1578, 445,000 thalers, and 1579-1736, 4,100,000
thalers. The statements of the Spanish officials are much higher. Juan Diaz do
Lupidana, charged with the auditing of tho royal accounts, found for 1541-1591 an
annual yield of 39,600,000, and iu this space of time 360,000,000 thalers are said to
have flowed into the royal treasury. Pedro do Lodano, who, in 1603, under royal
command, audited the accounts of the treasury, states the annual yield for 1545-1603
at 51,000,000, the tax obtained only at 59,600,000 thalers. Humboldt, whose figures
are so markedly lower, obtains for 1545-1789 the total yield of 812,375,000 thalers.
Even these small figures indicate that from the gossan of Potosi alone the Spanish
court received toward the end of the reign of Emperor Charles Y and in the first
years of that of Philip II an annual income of 1,500,000 thalers; and no one can
doubt that, with the scarcity of money at that. time, these chlorides exercised no
slight influence on the course of affairs in Europe. "
But even in former centuries the miners knew how to treat the sulphides. The
old works have been driven to a depth of 1,700 feet below the surface, and in order
to drain them no other means was found than the bags which were carried to the
surface on the backs of slaves. Finally, however, the deeper portions were flooded.
Toward 1759, when a survey had been carried out, tho construction of a draining
tunnel was undertaken.
Nordenflyelit, who was manager of the work in 1790, abandoned this work, and at
another point followed up the “ Real Socavon” or royal tunnel, which penetrates
into the mountain from the north and lies 2,250 feet below tho summit. Helms,
whose report I have mentioned elsewhere,2 found the mines under water; Wendt
recently cleared tho real socavon, laid down rails in it, introduced drilling machines
driven by compressed ah’, broached in it the famous old lode Cotamitos, and drained
the works belonging to it.
According to these statements a new and vigorous revival of Potosi may well be
looked for as soon as better communication shall have been established" with the
lowland, white labor, at least in part, introduced in place of the cheap but very
inferior labor of the native Indians, and the construction of the base tunnel pushed
vigorously with the improved means. But then it is possible that the working up
of the crude ore will no longer be accomplished in Potosi itself.
Broken Hill, iu Australia, is at present the most productive silver mine on the
earth. In the fiscal year closing May 31, 1891, this mine yielded 242,577 tons of ore,
and these gave 8,790,640 ounces of silver and 38,653 tons of lead, with a total value
of £2,111,000.
This minelies in the Barrier Ranges in New South Wales, but ismost easily reached
from Adelaide, in South Australia. The country is a dreary, treeless desert. " Accord-
ing to Rickard’s description, it consists for the most part of mica schist, with some
gneiss-like rocks and quartzite. Garnet-bearing sandstone is also mentioned. The
strike is N. 20-30° E., and the dip is westward. The lode follows the strike, but
seems to form an acute angle with the dip; it branches out toward the north and
south in a manner quite similar to that of the Comstock lode.*
1 Andr. Gmeliling, Metallurg. Beitrage aus Bolivia; Oest. Zeitsehr. f. Berg- and Hiittenwes., 14
June, 1890, etc.
Zukimlt des Guides, p. 206. *
*T. A. Itickard, The Broken Hill Mines, New South Wales; Eng. Min. Jour., New York, November
7, 1891, p. 530. According to the last reports there were produced in the calendar year 1891 9,599,932
ounces of silver from 253,684 tons of ore, against 7,785,000 ounces in 1890. Zinc blende increases ; the
gossan has been pierced.
382
The second level, 215 feet below the surface, is 3,960 feet long, and extends through-
out the length of the main body; the third level runs at depths between 260 and 380
leet. The second level belongs in the main still to the gossan. A peculiar phenom-
enon are stretches or layers of kaolin, which are rich in chloride of silver but poor
in lead. Cerussite indeed makes its appearance, but not in such quantities as at
Leadville. The lower boundary of the decomposed ores is very irregular and ill-
defined, and in the second level ilso there are already found quantities of galena,
which are poor in silver and rich in blende. In the third level the ore is essentially
changed; kaolin ores are still present at a few places, it is true, but the greater part
of the ores consists of rather poor, refractory-sulphides. Thus Rickard mentions
that toward the south (McGregor’s shaft) they contain for the most part only 16 to
18 ounces of silver, 25 to 30 per cent of lead, with much blende and occasionally
pyrite. At this lower horizon there exist also considerable inclusions of barren rock.
“The day of sulphide ores,” says the same authority, “is rapidly comiug upon
Broken Hill; the magnificent output of the past year has been at the expense of the
bodies of oxidized ore already uncovered, and ere long it will have to undergo the
experience of Leadville.”
The kaolin ores, which are to be regarded as essentially dry ores, xvere thus fax-
utilized by skillful combination with the cerussite and the decomposed lead ores,
but the poorer sulphides render a complete transformation of the furnace methods
necessary.
In April, 1891, 5 tons of crude ore from the Australian Broken Hill Consols Com-
pany are said to have arrived in London, which contained 8,000 ounces per ton, and
on account of this extraordinary richness attracted attention. They were probably
washed kaolin ox-es from the gossan.1
In a general way I can not affirm that the reports from Broken Hill at my disposal
inspire me with as gi'eat confidence of great outputs in the remote future as is the
case with the old famous lodes of Mexico or Bolivia. The scantiness of galena in the
third level, the barren wedges, and the zinc blende are not favorable indications,
although the poorer ores may remain remunerative for a long time to come.-
After all it seems to become more and more apparent that the center of gravity of
the future silver production will lie in those lodes of dry ore that occur in connection
with volcanic rocks, as in Mexico, Bolivia, Peru, and Chilo.
Chapter IY.
TIIE COMSTOCK LODE.
Eliot Lord’s Monograph — First Attempts — Henry Comstock — Bob-Mining — IF. Sutro’s
Drainage Tunnel — IF. Sharon and the Bank of California — Wage Troubles — Completion
of the Base Tunnel — Big Bonanza — The Heat — Balance of 1SS0 — The End.
The dead figures of statistical tables do not speak of the vicissitudes under which
the exploitation of great treasures is often accomplished, and*yet every estimate is
one-sided if it does not take these vicissitudes into account. As an example we will
select the Comstock lode in Nevada. This lode was the greatest accumulation of
precious metal that man ever laid hand on. Gold and silver were found united.
Plundx-eds of millions of dollars, not quite half of it in gold, were poured hence into
human commerce, and here one may learn how through the great richness of the
ores, and the consequent inflaming of the passions, a great lode mine may become as
short-lived as the treasures of the alluvial land.
The history of this mine, its noonday, and the beginning of its decline down to
1883, has been furnished in detail and in graphic manner by Eliot Lord.2 Later
articles, especially the American professional papers, enable one to trace the gradual
decline down to the present day. All contrasts of our time, hunger in the gaunt
wilderness and the most extravagant luxury, extreme lawlessness and the most
intense industry, serious scientific investigation, loyalty unto death, and beside it
rascality, theft, murder, the most unexpected incidents of all kinds are here crowded
within the space of thirty years.
In January, 1844, a white man for the first time traverses the cheerless, dreary
landscape of Washoe ; it is the great pathfinder, Fremont. Treeless, scantily over-
grown with scrub, a high, craggy mountain range rises from plains covered with
white alkaline patches. A few bauds of Indians, of the tribe of the Shoshones, eke
out a most precarious existence here and there in the land of hunger. In 1848 the
■The Economist, April 18, 1891, p. 496.
2 Eliot Lord, Comstock Mining and Miners, IT. S. Geol. Survey, Monograph IV, 4to, Washington, 1883;
also J. D. Whitney, The United States, 8vo, Boston, 1889, p. 319, etc.- The situation is discussed in a
general way in Zukunft des Goldes, pp. 129-139, after the works of Richthofen, A. King, Hague and
Raymond, then in existence.
383
country becomes enlivened ; caravans of white men travel from the far East hither
in order to cross the snow-clad crest of the Sierra Nevada and reach the newly dis-
covered gold fields of California. Whole trains of these emigrants succumb to hard-
ship in the desert. Corpses of men and of beasts of burden mark the path. At the
same time bands of quiet Mormons advance, seeking for oases in the wilderness
where they may settle. These find a little gold dust in the vicinity of the spot which
had so remarkable a future in store for it. Here, at the golden canyon, tins washers
settle, then leave the place on account of starvation, but return again. Toward the
year 1857 the washings have been exploited; two intelligent young men, the brothers
Grosh, search for the lode that yielded the washings ; they find it, and the cattle
dealer Brown wishes to offer them the means to begin the exploitation. Brown is
murdered, Hosea Grosh injures himself with a pick and dies; Allen Grosh crosses the
Sierra and succumbs beneath the hardships of the journey. Thus ends the first dis-
covery of the lode.
On February 22, 1858, a miner, J. Finney, from Virginia, reaches the lode ; he
recognizes its value, writes his name on a strip of paper and hides it in the loose
rocks; this is that part of the lode which afterwards as the “Virginia Consoli-
dated ” claim yielded so great treasures. At another point, on June 8, 1859, Patrick
McLaughlin and Peter O’Kiloy reach the lode. A high-handed and extravagant man,
Henry Comstock, now appears upon the scene ; ho manages to oust the two work-
men from the greater part of their share. Much freo gold is found in the gossan;
the heavy black silver ore is not recognized and is thrown aside. Comstock is now
supreme on the lode. “ His purse,” says a recent writer, “was open to all, though
in order to fill that purse he was ready to wade in blood.”1 The rock becomes
harder, the fine gold rarer. Comstock is seized by a new fit of restlessness. He sells
his share, roams afar once more, and dies by his own hand in misery, but his name
remains affixed to the lode.
At about the same time the first specimens of the black silver ores came into
expert hands. Some reports mention the metallurgist Moshammer, of San Fran-
cisco; others, Melville Atwood, of Grass Valley, as the one that was the first to rec-
ognize the value of the samples submitted. The first silver bars were carried
through the streets of San Francisco, and a banking house placed them on exhibi-
tion in the windows. With this begins the great “boom.” Thousands flock from
California across the snow mountains into the new “Silverado.”
The Indians thus far, desjnte many an affront, had behaved peaceably toward the
people at the mines. Their fish preserves had been despoiled, their pastures crop-
ped, but they had endured it. But when two of their girls had been abused they
fell upon the house of the evil-doers, killed them, and burned down their house.
The miners marched forth for a regular battle with the Indians ; but they were com-
pletely defeated by them in an open fight at Pyramid Lake, and many miners were
killed. General terror seized upon the people; for some time all mining was at a
standstill. Finally rogular troops marched in, the Indians were beaten and fled.
On August 11, 1860, the first furnace was put in operation, aud on that day the
shrill blast of the steam whistle resounded for the first time in the Washoe desert.
Totally inexperienced in things of this sort, the miners now attempted to give
unto themselves a mining law. The right to work was granted for the various
stretches of the outcrop, as it appeared at the surface, following the dip of the lode,
down to indefinite depth. The book of grants was kept by the blacksmith of the
new settlement; it always lay open to the public in the beer hall kept by him, which
led to innumerable insertions and falsifications. But even aside from this, the
granting of tracts according to the outcrop and following the dip of the lode must
become disastrous. For it must be noted that the main lode presents itself at the sur-
face as a very wide cleft, occasionally reaching 1,000 feet, into which groat rock masses
have descended from above, dividing the ore-bearing filling in the form of barren
wedges. Hence the ore appeared at the surface in repeated zones, and independent
grants wore not rarely made east and west of such a barren wedge. Further down,
however, tho ore-bearing bulks unite, and strife was inevitable. It was waged in
most bitter earnest. At some shafts intrenchments were thrown up, and warfare
was carried on above and under ground. But daily the almost immeasurable wealth
of the deposit became more aud more evident.
The consequence was reckless rob-miniug. Everyone tried to get into the depth
quickly. One-third of the ores is said to have been lost at that time in the stamp-
ing works. Of the remaining gross output of the years 1860-1865, one-fifth, or nine
millions, is said to have been spent in litigation.
In the meantime the great civil war in the East had come to an end, and on the
Comstock lode, too, after the exploitation of the rich upper bonanzas and a transient
tumble of the shares, a little more tranquillity had descended Adolph Sutro came
■Dan De Quille, Comstock as a Mine Superinkndent; Eng. and Min. Jour., New York, December
19, 1891, p. 700.
384
forward with the plan of running from the valley of Carson Kivcr a drainage tunnel
under the shafts, which were all suffering from a strong pressure of water. The
tunnel was to he 20,489 feet long, and was to run under the nearest shaft at a depth
of 1,663 feet. Through this tunnel Sutro intended not only to drain the mines but
also to forward the ore directly to Carson River, which moved the stamping mills.
The mine owners pledged themselves to pay Sutro $2 per ton. At his instigation
the works were visited for the first time by a specialist, to whom later on a brilliant
part was reserved in the scientific world — Ferdinand von Richthofen. In 1866 all
circumstances appeared favorable to the realization of Sutro’s designs, when a mighty
antagonist arose in the Bank of California.
In order to trace the further fortunes of the great mine it is now necessary to cast
a glance at the development of the ‘'mills ; ” that is to say, those dressing and amal-
gamating works whose relations to the mines became so fatal later on.
In I860, as we have said, the first mill had been put in operation. Almarin Paul
had at that time erected a largo stamping mill with amalgamating works. He
worked with success, and in the following year there were already sixty-seven simi-
lar works with 1,153 stamps. Under the name of Freiberg process, roasting with
chlorine and amalgamation in barrels was attempted; it did not turn out as well as
the so-called Washoe process — that is to say, stamping and amalgamating with addi-
tion of copper, vitriol, and ordinary salt. Henry Jauin was at that time the scien-
tific authority in this region. Into the midst of this development of metallurgic
activity came, in the year 1864, William Sharon, the agent of the Bank of Califor-
nia. The mills, quickly put up in lively competition, were to no small degree in
pecuniary straits. They were in the habit of paying 3'5 per cent a month in inter-
est; Sharon offered money at 2 per cent a month. Soon many of these works were
united with him or indebted to him. A part of the dressing works was firmly allied
with mines; a much larger part worked the ores of different mines after free agree-
ment with them. Sharon gained influence over such mines and withdrew the ores
from the mills that worked free. Out of seArenteen of such works he formed, in
1867, the Union Mill and Mining Company. At the same time, however, owing to
the competition of the works, the price for the working up of a ton of ore sank from
$25 to $22 to $10. Finally, in the summer of 1869, Sharon built a railway from Vir-
ginia City, as the new mining town was called, at an elevation of 6,205 feet, with a
fall of 1,575 feet, down to the mills on Carson River. In 1870 he was practically
master on the Comstock lode.
The instructive description given by Hodges of the development of the amalga-
mating process on the Comstock easily shows how from this point onward, step by
stop, the conditions became more favorable for the mills.1 Thus far only the coarser
slick had been forwarded to the amalgamating mills; the finer sandy and muddy
parts had been left. In 1867, Janin had perfected his method so much that he was
able successfully to enter upon the exploitation of the finer slick. The other works
followed suit, and the profit from the finer slicks remained a premium for the mills,
Finally, the practice was in mauy cases adopted of making the assayer who received
the crude ore for the mill responsible for the correctness of the mean content in noble
metal. Of this ascertained content, the mill guaranteed to deliver to the mine
owner a certain portion, say 65 to 70 percent, as profit. Under this arrangement the
assayer was always inclined to make his figures too small, in order not to suffer loss
through his responsibility, and the consequence was rich profit for the mills. All
these circumstances at the same time led to an increase in the product of noble
metal and a diminution of the profit of the mine owners. Their profits, however,
in the fortunate sections were still so incredibly great, and familiarity with metal-
lurgical processes was so slight, that such secondary circumstances were overlooked.
Under Sharon's vigorous interference in favor of his bank, the spirit of enterprise
rose generally, and the mine laborers profited by that favorable moment, recurring
to a former practice, to demand a uniform wage of $4 for each eight-hour shift for
every workman in the mine without exception. On August 4, 1867, they extorted
this wage and maintained it from that time forward.
But the yield of the mines began to decline somewhat. The quotations of the
shares began to fall. The finding of a small ore body in Crown Point mine had
merely a transient effect; in May, 1872, the Comstock values fell within two weeks, at
the exchange of San Francisco, by $50,000,000. The struggle with inflowing water
became more and more difficult with increasing depth ; Ophir mine, in January, 1872,
had to raise daily 146,000 gallons of water from a depth of 1,255 feet.
Ad. Sutro had never given up his plan. In 1869, with little money, he had daunt-
lessly broken ground for his great drainage base tunnel. In America, he met every-
where with difficulties. Toward the end of 1871 at last a larger amount came to him
1 A. D. Hodges, jr.. Amalgamation at tho Comstock lode, Nevada: An historical sketch of milling
operations at Washoe and an account of tho trcatmenl of tailings at the Lyon mill. Layton; Trans.
Am. Inst. Min. Eng. 1 891 , XIX, p. 195-231. Also, J. 15. Gignoux. t he manufacture of Milestone at the
Lyon mill, Dayton, Nevada, in A. 'Williams, Min. Resources of tho U.S.; U. S. Geol. Survey, 1883, p.
297-305.
385
from Europe, but tlie technical difficulties were extraordinary. The water in the
auxiliary shafts could not be brought under control; he was confined to one point of
attack. The machines were so improved that they pushed forward 300 to 400 feet a
month in tho volcanic rock. The temperature rose. Finally, after nine years’ work,
on July 8, 1878, tho undaunted man, half naked, trembling with excitement, was
enabled, tho first, to crawl over into tho shaft of Savage mine, and to shake hands
with the miners of the Comstock lode. Thus approximately 1,600 feet of tho lode
were drained.
In the meantime important events had taken place on the lode itself. Two
experienced workmen, John Mackey and J. G. Fair, and two shrewd business men,
James Flood and William O’Brien, had purchased the Virginia Consolidated claim
of the discouraged owners, and, after spending $200,000 in trial works, had disclosed
the richest ore body in the Comstock lode, the “Big Bonanza.” The boldest dreams
were surpassed. The friable rock, the fear of fire, which uow and then visited the
vast timber structures of the Comstock lode, finally the greed of the owners, led to
rob-mining. From day to day the yield of this great ore body increased. In 1876
it yielded through the shafts of the Virginia Consolidated and the neighboring Cali-
fornia mine $30,000,000 in gold aud silver; in 1877, $32,600,000, in 1878, only $18,500,000,
the whole far over $100,000,000.
This ore body consisted of crumbly, crushed, sugar-like quartz, whose richness
was only about $80 per ton, but which yielded so great values in so short time on
account of the ease of working. The quartz was moderately sprinkled with argen-
tite (silver sulphide) and gold, and traversed by feeble veins of a black ore, consist-
ing mainly of stephanite (silver, sulphur, and antimony).1
These great riches were wholly obtained before the completion of Sutro’s tunnel.
The shafts went down deeper and deeper, and ever greater became the difficulties
arising from the increasing heat and the inflow of boiling hot water. Church and
Lord have given fascinating descriptions of the achievements of the corps of miners.
Four dollars for the day’s work remained the motto. Rich mines paid these wages
easily; poorer ones had to be abandoned. Less rich ores were passed by. Thus the
wages promoted rob-mining. But a vigorous, healthy set of workmen grew up, who
felt identified with the work, who invested their savings regularly in share certifi-
cates of the Comstock mines, and, with the sanguine temperament of the working
class, as a rule, lost these savings. It was this working class that pushed forwai’d
into the hot depths, and there still higher wages were willingly paid. In the hottest
parts of the above-named Virginia Consolidated and California mines there were
reckoned, in 1878, per man and per day’s work, 95 pounds of ice. In July, 1877, in
the shaft of the Savage Mine, a spring of 69'4° C. was struck ; the mine became filled
with almost scalding vapor; the tools could only be held by means of gloves, and
rags soaked in ice water were wrapped around the iron drills. “ * * * Here the
men employed could not leave their work as often as the miners that guided the
drills, but were forced to breathe the suffocating vapor till they often staggered
forth from the station, half blinded and bent by agonizing cramps. When the pain
became so great that the men began to rave or to talk incoherently, their companions
would quickly take them up and carry them to the coolest place of the level, where
they were subjected to a vigorous rubbing on all parts of the body, but particularly
on the pit of the stomach. When the so-called stomach-knots ’disappeared under
the friendly hands, the checked perspiration again began to flow, and the men
regained their senses. * * *”2 In the Crown Point mine, at a depth of 2,000
feet, the temperature of the water reached 65-5° C.
Many lost their lives, many their reason. The ascent from this heat in winter,
which in the great shafts took three minutes, often deprived the workman of con-
sciousness, and many a man dropped out of the hoist into the depths. “ Death alone
has the power to say to miners: ‘Thus far shall ye go and no farther,’ for no endur-
able suffering will bar their progress ; nor will the loss of life even make them pause,
unless the scourge of heat shall strike them down like a pestilence.” 3
This limit had been reached. In the depths no more great bonanzas were found.
The amalgamating process made further progress; at the Lyon mill was learned the
method of removing from the gold and silver bullion the copper which had got into
it through the copper vitriol, and a material saving was thereby effectedi but the
former wealth of ores was wanting.
When in 1880 the two model monographs on the Comstock lode, by Becker and
Lord, published by the Geological Survey, were concluded, there was presented a
complete picture of the lode, as well as of the work accomplished. It is now known
that the floor of the great lode dips regularly downward; it is probably a great
1 J. A. Church, The Comstock Lode, its formation and history; Trans. Am. Inst. Min. Eng., 1879,
and G. F. Becker, Gcol. of the Comstock lode and the Washoe district; Monogr. U. S. Geol. Survey,
III. 1882, 4 to, and atlas, especially p. 270,
2 Lord loc cit p. 394,
8 Lord, t bid, p. 396.
S, Rep. 235 25
386
surface of dislocation. The roof, on the other hand, is irregular; the great barren
wedges have been tom from the roof, and the cavities in which the bonanzas lay
were probably produced by movements of the roof. Similarly, the crushing of the
quartz is a consequence of later movement. The ore consisted of gold and little
iron sulphide, but much silver sulphide; also, compounds of silver with sulphur
and antimony, or sulphur and arsenic. The content in gold was not uniform, but
it seems to have remained pretty much between one-third and one-half of the total
value of gold and silver. Toward greater depths the contents decreased.
At this time the total length of the galleries and shafts on the Comstock lode,
which had been driven in the space of twenty years, was 290 to 300 kilometers.
At some points the depth far exceeded 3,000 feet. The temperature of the rock rose
on an average 3° F. for every 100 feet, or 1° C. for 18'33 meters.
The mills delivered 80 per cent of the contents. The total output since the begin
ning of the works amounted in 1880 to $174,000,000 in silver and $132,000,000 in gold,
corresponding to the proportion 57:43. The highest yield was obtained in 1876
with $38,000,000; in 1877 it was $37,000,000; in 1878 $20,400,000; 1879 only $7,400,000.
The balance of June 30, 1880, showed that on Comstock lode one hundred and
three mining enterprises had been started. Of these only six had worked with
profit. These six enterprises had paid in $18,300,000 and had obtained, over and
above this payment, $97,600,000 in interest and profit. On the other hand, ninety-
seven enterprises had worked at a loss; their lost payments amounted to $43,400,000.
The world’s commerce, as has been said, had received up to that time $305,000,000 in
precious metals.
The third decade is a time of decline and death struggle. In 1880 the total yield
was only $5,100,000; in 1881 $1,000,000; in 1882 $1,700,000; it rose again slowly and
in 1887 reached $4,500,009. Toward the end of 1886 all deep miuing below the hori-
zon of Sutro’s tunnel was abandoned, and the great waterworks were stopped. The
dumps were picked over and worked. In the upper horizons an aftermath of poorer
oars was gleaned. A great school of mining and of amalgamating processes had
grown up; its disciples, rich in experience, are scattering into Mexico, South Amer-
ica, Australia, and everyone of them calls himself, proudly, a “Comstock miner.”
In the meantime the profits for the shares decreased; all kinds of ugly rumors crop
out; at one time it is said that barren rock is brought to the mill on purpose, iu the
interest of the dressing works, at another time, that a bonanza is kept under water,
and that the small stockholders are first to be “frozen out,” that the profits may not
have to be divided.
The ores became poorer — at least the number of tons extracted rose while the pro-
duction fell; in 1890 the latter was $4,000,000. Many works published deficits. The
tax on the use of the Sutro tunnel was lowered to enable the poorer ores to be extracted.
Respectable professional journals spoke openly of theft. Suddenly, in March, 1891,
the quotations of the shares began to rise again. “Let no one be deceived. The
leopard has not changed its spots, and the ‘mill ring’ * * * is still the same
* * #,” wrote the Engineering and Mining Journal.1 Finally it was stated pub-
licly that on one of the larger works the slimes were not allowed enough time in the
mill to be completely amalgamated, and that the still rich slimes passing from the
mill were ladled oft' from the sand tank into a small side mill, in which they were
amalgamated to tne profit of the mill-owners, and that in this way they were stolen
from the mine-owners.2 On December 26, 1891, the Engineering and Mining Journal
gave the instantaneous photograph of a workman, scoop in hand, about to ladle the
slimes off into the side mill, and at present the affair is pending before the criminal
court in San Francisco.
Thus ends the richest mine on earth.
Chapter V.
THE SUPPLY OF THE PRECIOUS METALS.
Results of Gold Production — Results of Silver Production — Consumption of Gold — The
Stock of Gold.
I. — GOLD PRODUCTION.
The production of gold has been the subject ofdotailed and most welcome studies
by Mr. A. Soetbeer and the American Mint. To the figures I wish to add the fol-
lowing remarks:
(1) United States. — No important new deposits wero discovered; washings main-
tain themselves chiefly in California, where the continuance of hydraulic work is
checked by legislative enactment. Lode mining has been aided by metallurgic
1 March 21, 1801, p. 340 ; also April 25, p. 491; May 23, p. 601.
2 The samo, May 23, 1891, pp. 601, 603.
387
progress. Total of production according to Leech for 1890, 49,421 kilograms; pro-
visional figure for 1891, 50,380 kilograms.
(2) Australia. — Decline of production, partly balanced by the yield of Mount
Morgan, whose deposits, however, are being exhausted with remarkable rapidity.
Output in 1890, 45,767 kilograms; for 1891 almost exactly the same.
(3) Russia. — The yield, almost exclusively from alluvial gold, maintains itself at
the same height by displacement of working sites, and has reached the Amur. In
recent time finds are said to have been made on Bomm River (Nerchinsk). The
figures are diminished somewhat by the conversion of crude gold into fine gold.
Total for 1889, according to Kulibin, 33,130 kilograms; for 1890, provisionally,
31,811 kilograms, according to newspaper reports somewhat higher; for 1891 not
yet known.
(4) South Africa. — The conglomerate beds of Witwatersraud yield constantly
increasing outputs. De Kaap also is rising. For 1890, 14,877 kilograms are to be set
down. The figure for 1891 may rise much higher, possibly to 23,600 kilograms.
(5) China. — Under this heading there appear in the tables of the American mint
considerable figures since 1883, based, first, on estimates of the gold production on
the Chinese Amur by Ivan Michels, and since 1886 on an estimate of the net exporta-
tion to India and England, as was expi’essly stated in the tables in a note. The lat-
ter estimate, as late as 1887, amounted to $9,500,000=14,294 kilograms; for 1888 and
1889, $9,000,000 = 13,542 kilograms, and for 1890, $5,330,000 = 8,020 kilograms.
These amounts were originally regarded as Chinese production, but the reports of
Ellis Clark and other travelers contain no data for assuming such a production.1 It
was thought that these amounts represented the reexportation of alluvial gold that
had been brought home by Chinese from Australia and California. To these figures
cling all the doubts which under similar circumstances affect the figures of net
exportation, and their reliability was seriously called in question.2 Mr. Soetbeer,
too, in his last article, declares this estimate of the Chinese production by the expor-
tation as hazardous and unsafe.3
But there exist even statements to the contrary. The statistical secretary of the
imperial Chinese custom-houses, Mr. E. McKean, has raised the question of the
equalization of the deficit of China in payments, and remarks at the same time that
in the last three years a gold exportation of £1,318.100 has taken place, with a sim-
ultaneous importation of silver of only £139,500. Further on Mr. McKean says:
“Chinese send from abroad gold and silver coins in considerable amounts, which
are carried by travelers, and in this way do not find their way into the lists of
importations. In the years 1887, 1888, and 1889, the known importation of gold into
Hongkong was $3,822,700, and the known exportation of it — almost exclusively to
London — was $10,593,980, that is to say, a difference of $6,771,280 in three years, a
surplus whose existence in Hongkong is explicable only on the supposition that it
was brought by Chinese travelers from America and Australia.”4
According to this the figures hitherto current concerning recent gold production
have to undergo a diminution in this item.
According to English papers the declared importation from China, including
Hongkong, was in London, $1,300,000 in 1890, and $5,500,000 in 1891 ; the exportation
of gold thither was quite small. What may have been the net exportation to India,
I do not know.
If for 1890 we assume the third part of McKean’s figures, or $2,260,000, then we
have to set down for China 3,400 kilograms. But even this figure is subject to rea-
sonable doubt.
(6) Colombia, South America. — T. H. Wheeler reports to the foreign office in London
that the trade of Colombia indeed is rising, but that the attainment of reliable
figures relating to exportation is beset with insurmountable difficulties. Wheeler
says that the figures kept by him are undoubtedly too small, “ since no account is
taken of the fact that a part of the gold and silver exported was manifested in gold
currency and not in Colombian paper money.” The decline in the production of
gold and silver explains the smallness of the rise of exportation to England. The
mining industry, says the report, is almost entirely paralyzed by a law against the
pollution of rivers. Abundance of alluvial gold is said to be still present in the
central Cordillera.5
The total exportation of Colombia in coffee, tobacco, rubber, and other products
of the country, including the precious metals, into Great Britain, France, Germany,
and the United States was according to the same report in 1889 £1,170,000 and in
in 1890 £1,350,000. Under these circumstances I must regard as too high those fig-
1 Ellis Clark : Notes on the progress of Mining in China ; Trans. Am. Inst. Min. Eng., 1891, XIX pp
571-595. Maps.
JE. Suess: Gold in SiidafrikaundAustralien; “ Jiie Nation,” Wochenschrift, lierausg. v. Th. Barth
Berlin, 8 August, 1891, S. 690.
3 Ad. Soetbeer: Litteraturnachweis, S. 284.
4 The foreign trade of China: Economist, June 13, 1891, p. 6.
•Economist, January 9, 1892, Supplement, p. 9.
388
•
ures which for those two years put the production of gold at $3,430,000 and $3,695,000,
and those of silver at $612,000 and $735,000. The very detailed remarks of the
United States Mint relating to these figures, however, seem to me to justify these
doubts still further. Gold has long since ceased to be coined in Colombia. In 1863
the gold circulation stopped. In 1875 silver too began to leave the country; in 1884
difficulties arose in the circulation ; since then the currency consists of paper. Mr.
Vincente Restrepo indeed attempted to obtain more definite figures from the records
of the custom-houses, and thinks himself able to estimate the exportation in 1890
at $3,600,000 in gold and $830,000 in silver, but adds that only by a veritable “ tour
de force” might it be possible to obtain correct data; that in statistical data the
country was very backward.1
A report of the German consulate, mentioned by Soetbeer, states for 1889 an expor-
tation of 3,761,420 pesos, but, as compared with Restrepo’s statements, it would
seem probable that 454,300 pesos of ores, herein included, have to be added to the
silver; elsewhere too, an item of “ gold and silver bars ” at 483,032 pesos is included.
The former mining commissioner for Tolima, John C. F. Randolph, says:
“ A very large annual gold product has always been claimed for the Republic of
Colombia, without any authentic figures beiuggiven to sustain the claim. It is not
impossible that as much as $2,000,000 annually may be produced, mainly coming
from the very small enterprises in ground-sluicing thin patches of gravel of slight
area. Much territory in Colombia still remains to bo explored, undoubtedly, and
valuable mines may be actually discovered.”3
■ According to this I set down the output of Colombia at $2,000,000 = 3,009 kilo-
grams.
(7) East Indies. — Only a few lode mines are in operation. Those that aroused the
highest hopes did not pay, but on the other hand Mysore yields sufficient amounts.
The figure for 1890 is 2,970 kilograms, slightly differing from Mr. Leech’s estimate.
If to these figures there be added, as has been done by Mr. Leech, 16,061 kilo-
grams for the smaller producers, there results a total output of the earth iu gold in
1890 of 167,346 kilograms, very close to the average figure, often stated by Mr.
Soetbeer for previous years, of about 160,000 kilograms. Mr. Leech estimates some-
what more for 1890, namely, 174,556 kilograms ; that figure seems to me too high for
1890, but may have been surpassed in 1891. So far as it is practicable at this day
to survey the output of 1891, it may possibly reach 177,000 kilograms. That is to
say, in the year of comparison (1875) the gold production was 169,540 kilograms, and
in 1890 it was 167,346 kilograms; in 1891 there may possibly have been arise of about
5.75 per cent.
These figures show the changes that have occurred in the gold production since
fifteen years. Of the output for 1890, 167,346 kilograms, or in round numbers, 168,000
kilograms, only about 74,000 kilograms belong to the younger alluvium. More than
13,000 kilograms come from the conglomerates of southern Africa; but as they lie
in the depths, in the srrlphides, and are worked by mining, they can not be num-
bered with the alluvium. Accordingly, for 1890, of the total amount, 44 -2 per cent
belong to the alluvium and 58'8 per cent to lode mining, though of the latter, 8 per
cent are represented by old conglomerates.
Thus, in comparison with older estimates, we obtain :
Lode mining
Alluvium ...
1848-1875.
1876.
1890.
Per cent.
Per cen t.
Per cen t.
12*02
34-76
55 -8
87-78
65-28
44-2
Or, if the conglomerates are mentioned separately, for 1890:
Per cent.
Lode mining 47 ‘8
Conglomerates 8
Alluvium 44 *2
Of the increase for 1891 more than 8,000 kilograms belong to the conglomerates.
In 1875 the production was 169,540 kilograms, as has been said, being little higher
than that of 1890, but at that time the washings entered with 65'28 per cent, while
in 1890 only 44.2 per cent came from the alluvium. This circumstance is all the more
remarkable because the Comstock lode lias since become almost extinct. A largo
J Report of the Mint, 1890, p. 274.
* j oiin C. F. Randolph : Rotes on the Republic ot Colombia, South America j Tran*. Am. Inst. Min.
Bug., 1899, XVIII, pp. 205-213.
389
port of the alluvium of 1875 lias become exploited. The discoveries made since,
Witwatersrand (conglomerate) and the district of Barberton (Kaap), also Mount
Morgan, in Australia, appear among lode mines; in Siberia new washings were dis-
covered, it is true, but they merely took the place of extinct washings.
This 44'2 per cent forms the less reliable element in the output of the present day,
but mining, too, has changed. Metallurgic processes, for instance, the better unlock-
ing of the sulphides, act on the long run in a manner different from that of techni-
cal progress in mining, such as new drilling apparatus and explosives. The former
increase the output, render poorer ores remunerative, and are of lasting advantage.
The latter, so far as they cheapen labor, act similarly, but at the same time they
hasten exploitation, and the higher annual ligure of output is purchased by a short-
ening of the life of the works.
To this is added in many mines the hunger after dividends, which impels toward
rob-mining. The so-called Washoe method, that is to say, amalgamation by the aid
of common salt and copper vitriol, prevailed on the Comstock lode, despite the loss
it involved, because it worked quickest. In many cases great enterprises were car-
ried out with small capital. The participation of the workmen in the Comstock
mines has already been mentioned. In Australia work is often carried on with
shares of £1 each. This is true not only of gold mines; the silver mine of Broken
Hill was entered upon with a capital of £384,000, based on shares of 8s. each.
Through the small face value of the shares it is easier to obtain the capital in the
country; the work is in a manner democratized and the risk is distributed. A haz-
ardous undertaking is more readily begun ; then there is a demand for profit ; but the
owner is also inclined, if things go badly, to undertake trial work. So far as the
figure of production is concerned, lode mining has this advantage overwork in allu-
vium that many mines are worked at a loss in the expectation of better finds, while
an unfertile alluvium is quickly abandoned. Numerous specialists affirm that lode
mining for gold, taken as a whole, is at this day working at a loss.1 Topley says:
“If a steady and undiminished production of gold is essential for the well-being
of the world, perhaps what we have most to dread is a sudden influx of common
sense and prudeiffce in the investing public, for this would at once close a great num-
ber of mines and might considerably diminish the world’s production. But probably
this contingency is sufficiently remote to be safely left out of consideration.”2
This complete change in the character of the gold production, however, does not
change the fact that the production from the alluvial land alone determines the
economic function of gold. The slowly flowing stream from the lodes, as will be
shown, is almost consumed even at this day, by the no less uninterrupted but rising
demand of industry. The great quantities of gold in antiquity were derived from
the alluvial land. The annual product of the present day is far below that of forty
years ago, when the alluvium in California and Australia was entered upon, and
without that alluvial gold all the recent troubles about the standard would probably
not have arisen. In California the sudden and transitory character of the production
from the alluvium would appear still more distinctly did not administrative con-
ditions influence the production.
The figures of the production of the present day do not correspond to the demand,
for a great and extraordinary enrichment of humanity, as after 1849, there is at pres-
ent little prospect. The districts of Matabele and Mashona land have evidently
been already picked over superficially. Mr. Bogdanovich kindly tells me that on the
northern slopes of tlieKuen-liin there exists gold-bearing sand in considerable quan-
tities, and he has described the washings of Sourgak and Kopa on the southern bor-
der of the desert of Gobi, but the exploitation of these sites will in its time proceed
probably just as slowly as that of the Siberian alluvium.3
Some hope for a rise in the gold production in the near future may exist in the
case of California. According to rather general reports, there is in preparation an
agreement between the government of the State and the hydraulic works, accord-
ing to which the State proposes to erect a catchment for the washed-off masses on a
gigantic scale and to tax the hydraulic works for its erection. This would lead to a
sudden rise, because the rest of the equipment of the works is in existence. In this
way the present figure of the production of California might be raised for a number
of years. As, moreover, the exploitation of the South African conglomerates pro-
ceeds more rapidly than the decline in Australia, it is possible that we may now wit-
ness a higher yield for some years to come.
The means of exploitation, too, have been improved; but all these circumstances
are not decisive for the future. To-day, as thousands of years ago, the legions of
gold extraction lie at the boundaries of civilization. In Europe hardly a few rem-
]Reyer, California, p. 26;The Economist April 11, 1891, even asserts the same concerning silver mining.
2W. Topley, Gold and silver, tbeir geological distribution and their probable future production.
Rep. Brit. Assoc, for the Advancement of Science. 1877, p. 535.
:iPewtzow, Tibetanische Expedition, II, St. Petersburg, 1892, p. 118, etc., map D and profiles on Plato
III; the site may be recognized on the map in Petermann, Georgr. Mitth. 1892, Taf. V, at the south
margin of the desert, east and west of 84° east longitude Greenwich.
390
Hants of the former wealth have been preserved here and there. Only where virgin
areas are entered is gold found in greater quantities. The more quickly greed drives
man forward into the wilderness the more rabidly are the treasures exhausted, but
we are approaching nearer and nearer to the end, and the transient rise in the annual
output changes nothing at all in the final outcome. After a further experience of
fifteen years, I think myself perfectly justified in repeating, with even greater posi-
tiveness than in 1877, that, presumably, in a few centuries, the production of gold
will diminish permanently and in extraordinary degree. But to-day, even more dis-
tinctly than at that time, events are telling that this metal, with constantly increas-
ing rarity, will no longer be able to maintain its past economic position.
II. — SILVER PRODUCTION.
The production of silver is in an extraordinary position. It is influenced by the
introduction of the furnace method in America, by the frequent shipment and mix-
ture of ores, by the continued purchases of the United States Government. The
figure given by Mr. Leech of 4,000,000 kilograms, of a value of $166,700,000, for 1890,
shows its importance. The consumption of silver in industry vanishes in the face
of the rising figure of production.
In 1877 I distinguished three groups of silver ores: those which yield silver in
combination with lead, or with gold, or silver alone. The second group, comprising
auriferous dry ores, has lost its importance by the decline of the Comstock lode.
Its most notable representatives are certain lodes in Hungary and Transylvania. In
America, owing to the decrease of the gold content, they pass over into the great
multitude of dry ores which form the third group. The introduction of the furnace
method, based on the combined smelting of lead ores and dry silver ores, prevents
the establishing of the figure of production for the several groups.
In the gold and silver commission of 1887 the question was raised .whether it be
not possible to ascertain a minimum cost of silver production, which would repre-
sent the limit of production, and, therefore, also the limit of decline in market value.
Prof. Roberts Austen at that time set forth the difficulties of this firoblem. He dis-
tinguished four sources of silver, to wit :
Ounces.
1. From ci’ude gold 508, 000
2. From lead ores 30, 726, 000
3. From copper compounds 7, 200, 000
4. From silver ores 49, 920, 733
Total 88,354,733
Group 4 comprises all dry ores that were subjected to amalgamation, including
those of Comstock lode; a smaller part of the product from American furnaces is
already comprised under 2. According to an approximate estimate, Mr. Austen at
that time conjectured that the cost of production for 1 ounce from lead ores was 2s.,
by desilvering of copper Is. lid., and that in the case of dry ores it varies within
wide limits, but might amount on an average to Is. 8 d. At that time the value of
an ounce was 4s. Of course in such estimates the works which are running in
expectation remain out of consideration.1
This much is certain, that even with the present silver prices, capital is still invested
in silver mining. The American Engineering and Mining Journal shows, according to
the results of 1891, that some less productive mines with low contents, as at Butte,
Mont., had been closed. But Granite Mountain, Montana, yielded 2,900,000 ounces
at 51 cents, and the rich mines of Aspen and the San Juan district, Colorado, as well
as Park City, Utah, work under 50 cents. Tlib Mollie Gibson mine, Colorado, is-
said to have produced up to the end of 1891 over 2,000,000 ounces, at 48 cents per
ounce.2 For Broken Hill 52.6 cents an ounce is estimated, including a sinking fund,
but without profit from lead; but those works are now reaching the sulphides, and
may decline somewhat.
The price of silver in the dollar has fallen in New York to 87-87.10 cents per ounce
of fine silver. So long as the price is quoted at 87-87.10 cents and the cost of produc-
tion in the ruling works is nearly 50 cents, the profit of the works may easily be
measured. But the variety of the cost of production in detail, in the gossan or in
the sulphides, in cerussito or galena, or in dry ores, appears from what has been
said above.
The gradual extinction of the gold production on the alluvium and the building
up of a vast silver production in America might be foreseen fifteen years ago. In
1 Prof. Roberts Austen, Memorandum on tlieoostof production of silver, gold, and silver commission,
first report, append., VI, pp. 325-329, qu. 1198, etc.
*Bng. and Min. Journ., April 2, 1892, p. 369.
391
that phase we are still at the present day. Undoubtedly the silver lodes at greater
depth will meet with the difficulties of high temperature; some dry ores may become
depauperated in the lower portions, owing to increase of zinc blonde. That has
occurred for the present only in isolated cases. New lodes are found every year in
New Mexico, Arizona, Mexico, and in other regions, and what Helms predicted in
1798 in Peru, and St. Clair-Duport in 1843 in Mexico is now beginning to be realized.
“The time will come, a century sooner or a century later,” wrote the latter, “when
the production of silver will have no other limits than those imposed on it by the
constantly decreasing decline in its value.” 1
This limit, however, is as yet far from being attained, despite the considerable
fall in price. Even at the present day, on the Andes of South America, dry ores are
worked with proht, tinder the most unfavorable external circumstances. Even at
the present day in Peru small smelting furnaces are in profitable operation, for
which at these great altitudes there is no other fuel than the droppings of the
llamas. In those regions there is yet ample room for lightening the labor.
It must be said openly that all hope of improvement in monetary relations through
decline of silver production presupposes as yet a very material fall in the price of
silver.
A rise in the price of silver would increase the profit, but would not greatly
enlarge the production.
III. — CONSUMPTION OF GOLD AND SILVER.
The amount of gold annually consumed in the manufact ure of ornaments, watches,
gilding of various kinds, gold wire, and various brauclics of industry is very large,
but can not at the present time be ascertained with accuracy. In order to ascertain
the actual consumption, we should have to exclude the remelted old material, con-
sisting of ornaments, etc., while melted coins from the active circulation are to be
regarded as new consumption.
Nevertheless, we possess some figures which invite conjecture regarding the total
sum of consumption.
(1) The most accurate records are possessed by the United States, thanks to the
efforts of its mint, continued for several years.
In 1890, according to the reports of Mr. Leech, the mints of the United States and
the private refining works furnished to industry gold bars of the value of $14,605,901 ;
this figure comprises $10,717,472 of domestic bullion, also $449,941 of domestic coin,
and $362,062 of foreign bullion and foreign coin, but besides also $3,076,426 of old
material. Deducting the latter figure, we obtain $11,529,475=17,348 kilograms.
But aside from this, the goldsmiths are in the habit of melting down a quantity, not
accurately known, of gold coins. Formerly, according to the information gathered
in four different years, this amount was estimated at $3,500,000. “If no decrease has
occurred in this employment of coin,” says Mr. Leech, “then the value of the gold
consumed in industry in the United States in the calendar year 1890 has been
$18,105,901, of which $10,717,472 were new bullion. But since we here have to
include coin also in the net consumption, we obtain $15,029,475=22,614 kilograms,
as the loss suffered by the monetary uses partly through the consumption of new
production, partly by the absorption of coin.2 For 1889 that figure would be 20,922
kilograms.
(2) Birmingham. — In 1877 I was enabled, through the kindness of the secretary’s
office of the Chamber of Commerce of Birmingham, to state the consumption of gold
in that city at 250,000 to 300,000 ounces. This did not include gilding and gold
leaf. 3
This consumption came under discussion also in the gold and silver commission of
the British Parliament in 1887 and was by several authorities estimated, from approxi-
mate data, at £10,000 a week. 4 * 6
Upon recent inquiry I received on May 8, 1890, through the kindness of tho same
chamber of commerce, the information that a specialist consulted by them, Mr. J.
William Tonks, figures “ the gold bullion, including the sovereigns and the American
gold dollars, melted down in Birmingham daily for industrial purposes at not less
than 400,000 ounces per annum,” with the remark that this statement is rather below
than above the truth.
This gives lor the consumption in Birmingham 12,440 kilograms. 3
*A Zach. Helms, Tagebuch einer Reise durch Peru, 8vo, Dresden, 1798, p. 158; St. Clair-Duport, De
la production des m6taux pr6cieux au Mexique, 8vo, Paris, 1843, p. 426: Zukunft des Goldes, p. 344.
2 Rep. Mint 1891, pp. 52,53.
3 Zukunft des Goldes, p. 351.
4 Gold and silver commission, first report; Sir Hector Hay, qu. 420; Mr. J. W. Birch, qu. 1371, and
eDewhere.
6 For this communication I am indebted to Secretary Haydon. Recently Mr. Ottomar Haupt
(Economist, January 16, 1892) estimated this demand for 'England for 1857-1870 at £1,500.000 and for
1871-1890 at £2,000,000; that is to say, atabout 11,000 and 14,600 kilograms. The former figure was also
mentioned in the gold and silver commission. In reference to this it might, perhaps, be of importance
to know how much is to be deducted from Birmingham for exportation.
392
(3) Genera. — The manager of the refining works in Geneva, Mr. Ch. Lacroix, had
the kindness to send me in 1890 and on March 22, 1892, information concerning the
demand of the watch industry. The )ast letter says:
“ Relying on our sales and on the figures of the federal control, I estimate the
demand of Switzerland in 1890 at 11,000 to 15,000 kilograms of alloyed gold ; that is
to say, about 9,800 kilograms of fine gold. Of this I estimate that seven-ninths went
to the watch industry and two-ninths into jewelry. For silver on the same basis in
the same year the demand would have been 60,000 kilograms of fine silver, which
was entirely taken up by the watch industry. For 1891 I estimate the demand for
alloyed gold in Switzerland at 9,000 kilograms; that is to say, about 5,900 kilograms
of fine gold, 7,000 kilograms being for watches and 2,000 kilograms lor ornaments.
Silver would amount to 52,000-55,000 kilograms, entirely for the watch industry.”1
From these figures a quota is to be deducted for old gold.
(4) Germany's demand was in 1883 estimated by Soetbeer at 15,000 kilograms, of
which 20 per cent was old material. In recent time an estimate gave 15,500 kilo-
grams. If from this, too, 20 percent is deducted, the remainder of 12,400 kilograms
seems in comparison with the United States almost too small, and it is possible that
many a gold piece finds its way from circulation direct into the workshop.
The demand for gold undoubtedly increases in Germany also; only the Chamber of
Commerce of Hanau kindly answered upon inquiry that Hanau indeed consumed,
in 1890, 3,000 kilograms of gold and 8,000 to 10,000 kilograms of silver, but that the
consumption of gold had somewhat decreased, while the demand for silverware had
increased considerably. The annual report ascribes the decline of the gold industry
to the impeded exportation to America in general and to the Argentine troubles.'2
(5) To these figures let us add the extraordinary demand of the East Indies for
ornament and for hoarding, of which mention will again be made farther on. The
net importation of gold, which for years has been flowing to that country, not only
from England but also from the East, was in 1889, 20,600 kilograms; in 1890, 34,986
kilograms, and in 1891 not less than 41,259 kilograms, or 5,636 thousands of rupees.
But to this is to be added the entire domestic production of gold, with 2,261, 2,970,
and about 3,000 kilograms for 1881-1891, so that the actual receipts of India in those
three years were 22,861,37,956, and about 44,259 kilograms; that is to say, on an
average 35,000 kilograms.
These five scattered items, United States. Birmingham, Switzerland, Germany, and
India, by themselves, even with the notable deduction of old gold for Switzerland,
lead us to a net demand for about 90,000 kilograms per year. Some time ago I esti-
mated the total demand of the earth for art, industry, and hoarding at 100,000 to
120,000 kilograms. Dr. Soetbeer, in the article preceding his last, deducts the
higher figure from the total production.3 But even this figure is manifestly too
small, for 30,000 kilograms can not suffice for all the rest of the earth. France alone
has been estimated at 15,000 to 16,000 kilograms, and then there are still unmen-
tioned such consumers as Austria-Hungary, Italy, Spain, Russia, Belgium, Holland,
and so many other regions outside of Europe, and not even the whole of Great Brit-
ain is included.
But if this figure is compared with the figure of the total production of 168,000
kilograms in round numbers for 1890 or 177 kilograms for 1891, it seems to me very
probable that the demand for ornament, for industry, and for hoarding is close to
the figure of production or has already reached it.
“The assumption,” says Dr. Soetbeer, “that in the years recently past, together
with the outflow to the East and the still prevalent practice of hoarding, industrial
employment has materially checked the increase of the monetary gold stock and
may presumably have nearly absorbed the yearly new production of gold, can not,
it is true, be numerically demonstrated, but on the other hand just as little will it
be possible to demonstrate its incorrectness.” 4
This view I share entirely, and it corresponds to the present condition of affairs.
But the industrial demand increases from year to year with the increase of well-
1 The first communication kindly sent by Mr. Lacroix, dated October 14, 1890, read as follows: “We
take pleasure in informing you that our works furnished, in 1880. 0,800 kilograms of alloyed gold for
the various demands of jewelry and for watch cases. Of these 6,800 kilograms, 4,700 were delivered
in Switzerland. In order to alloy these 6,800 kilograms we used up—
Kilograms.
Bars of old gold from remnants of workshops, old ornaments, etc 3, 700
Fine gold from refining works, etc 1,400
Various coins 1,200
“ It is not possible for us to tell you accurately how much has been furnished during the same period
by establishments of similar nature, but there will probably be no great error in assuming that that
amount is one-half the product of our works. A number of banking houses sell fine gold or coins
directly to the manufacturers, who alloy and melt it themselves. The estimate of this factor escapes
ns entirely.”
2 Jaliresber. d. Handelskammer in Hanau fiir 1890, is. 6.
3 Soetbeer, Edelmetallewinnung, S. 542.
« Soetbeer, Litteraturnaclnveis. S. 285.
393
l>eing. We have eit.lior already reached the day, or approached very close to it,
when mining will yield less than industry consumes. From that day Ibrward the
whole new production no longer counts lor monetary needs, and from that day for-
ward industry will withdraw from the stock of money an amount ol gold increasing
annually with the increase of wellbeing.
IV.— THE STOCK OF GOLD.
In a paper directed against the bimetallic movement in England, Mr. Rob. Giffen,
in 1889, pronounced the opinion that the annual production of gold is almost entirely
absorbed by industry and by India; that without India the fourth or fifth part of
silver finds similar employment; and that in general the amount of gold and silver
which serves for other than monetary purposes is wont to be underestimated. In
this nonmonetary condition gold and silver are said to be certainly nothing else
than merchandise, and to be as little able to replace each other as wood and iron
are; but the case is said to be not different with coined money, and consequently
bimetallism an illusion.1
My remarks concern not these theoretical deductions of Mr. Giffen, but the facts
which he presupposes. Gold and silver exist in three forms: as currency, as bank
reserve, and finally, more or less immobilized, for instance as ornament. But these
three divisions are not sharply separated. The bank reserve, covering a note, serves
the purposes of actual circulation often even beyond its own value, and on the other
hand there are reserves with the most diverse degrees of immobility, as shown by
war funds, the Indian treasures, etc. Even our ornaments may in days of great dis-
tress find their way to the mint.
A great mistake is committed when money is considered merely as a medium of
international payment and when the incalculable services are underestimated which
it has to perform in domestic retail commerce. Here, it is true, the first glance
shows that there are many states which in domestic commerce lack gold, but not one
that does not use silver and copper. But even in the gold countries the gold is far
too immobile to be able to enter into the finer arteries of commerce.
The lower boundary of the gold zone of commerce is the 10-mark or 10-franc
piece, the half-sovereign. The reason for this, as has already been said, lies in the high
value and at the same time in the high specific gravity of gold, which causes the
volume to diminish. The zone of gold itself has but slight variety, and in commerce
is wont to comprise merely this smallest piece capable of circulation and its double.
Below the lower limit of gold lies the broad and varied zone of silver, often
widened out below by coinage below the standard. In this broad zone fall the daily
purchases of the housewife, in the most advanced states the daily wage, and if the
weekly wage actually brings a gold piece it has to be changed at once, because,
being gold, it is not adapted to defraying the daily wants. It may well be said that
to the zone of silver in all these states falls the greatest work; that is to say, with
silver the greatest number of purchases and obligations are discharged.2
Copper is the companion of silver for supplying the fractional parts, and for the
smallest commerce, and as a medium of circulation for the masses of the people is
enormously more important than gold.
It is readily understood, too, that with the rise of the lower classes, with the
increase of wages and of well being, the demand for silver and copper for this
reason must everywhere increase, even in gold lands. The report of the British
mint states that in recent years far more silver coin had to be put into circulation, the
new issue being, after deducting the compensation for recoinage, in 1889, about
£1,579,125, and in 1890 about £,1070,475. But the demand for bronze coin was so
great that in 1890 not less than 105 tons of disks for bronze coinage had to be pro-
cured through the mint company in Birmingham.
The German mint administration has the merit of having always devoted special
attention to these needs. In fact, it must be firmly kept in mind tha t the smallest pur -
chase or sale is of the same legal value as the largest. The smallest obligation to
pay demands its discharge with the same right as the largest. From this stand-
point we must consider not only the value of the coins put into circulation by the
state, but also the number of pieces.
The financial administration of the German Empire coined up to December 31,
1891: In gold, 2,587,100,000 marks in 158.800,000 pieces; in silver, nickel, and cop-
per, 516,000,000 marks in 1,948,000,000 pieces; that is to say, the value of the gold
coined was about five times that of the other metals, but the number of pieces
coined of other metals was thirteen times as large as the number of gold coins.
But the actual condition of the metallic circulation must show far more unfavor,
able relations for gold, for a good deal of gold emigrated or was melted down,
Dtob Giffen. A problem in money, XIX Century, 1889, b, pp. 863-881.
2 A table of weekly wages in comparison with the limit of the silver zone is given by W. Herbajre,
Economist, July 4, 1891.
394
and besides tbe coining of silver there are yet some hundreds of millions of marks
in old thalers to be taken into account.
This greater immobility of gold is also expressed by the fact that in England the
half-sovereign travels farther toward the periphery of the kingdom than the sover-
eign, and that gold in general remaius more in the vicinity of the centers of com-
merce. Mr. Will. Herbage states that the public at the depositories in London pre-
fer the larger coin, and that the proportion of the sovereigns and half-sovereigns paid
out is as 81 : 19. Outside of London the proportion in England and Wales sinks to
75-6:24-4, and in the remote parts of Scotland and Ireland it is completely reversed.
Thus in Ireland it becomes, in Armagh, 10:90; in Cork, 9:91; and in Scotland, in
Dunfermline, 10:90, and in Wick, 3:97.‘
Thus the heavier gold coin remains near the center; the lighter one is preferred
at the periphery.
The most instructive data forjudging of the actual conditions of the metallic cir-
culation are offered by Erance.* 2 3 On the evening of April 22, 1891, at some 20,000
public depositories in France aud Algeria and in numerous banks and money’
institutes, the cash receipts in notes and in gold, 20 and 10 franc pieces, and in silver
5-franc pieces were counted; in 1868, 1878, and 1885 similar counts had been carried
out. The count of 1891 comprised 120,000,000 francs, or, inasmuch as the reports of
some banks were not quite complete in regard to the year of coinage, about
100,000,000.
Eighty per cent were received in notes and 20 per cent in metal; this relation in
1885 had been 68:32; the circulation of notes therefore has increased.
The proportion of gold to silver was 70:30; in 1885 it was also 70: 30; thus there
exists equilibrium between the two metals.
Tbe notes behave in a manner quite similar to that of gold; they appear toward
the centers, where the payments are made in larger amounts, and they dwindle
toward the periphery and toward the regions of less commerce. At the Bank of
France only 4-51 per cent were paid in metallic money; at the Bank of Algeria only
3 64 per cent; on the other hand, in the Dep. Ain, 45-65; Doubs, 43-59; Morbihan,
48-33; Corsica, 50-890; Haute Savoie, 59 '47. In similar manner, though not in exact
local agreement, it is seen that toward the less wealthy districts the payments in
gold decrease and those in silver increase, and a map accompanying the official report
shows how, from Paris outward, on the one hand toward the northwest in Morbi-
han, Einistere, and Manche, and on the other hand toward the south, up the Loire
and toward Haute Savoie, the payments in gold sink, step by step, below 50 per
cent.
In a general way the more active circulation of gold in the vicinity of the point of
gravity of commerce agrees entirely with the information obtained in England, and
as in France the note circulation is considerable, it takes the place of gold in large
measure in these payments.
Incidentally the French count is remarkable, also, by the showing of the remark-
able quantity of foreign coins. Not only the gold pieces of the Latin Union, but
also those of Austria-Hungary, Russia, and Spain are here in legal circulation, and
the count of 1891 showed 1,871,860 francs of foreign gold; that is to say, ll-44 per
cent of the total circulation. The foreign gold trickles in and remains. Austro-
Hungarian gold pieces were used on that day in payment as far as Algiers, Constan-
tine, and Oran.
Mr. deFoville profited by this count in order, from the nature of the payments,
to draw conclusions in an ingenious way concerning the total amount of the mone-
tary possesions of France in precious metals. According to him, these possessions at
that time were 3,000,000,000 in 20-franc pieces, and 700,000,000 francs in 10-franc
pieces, and specifically in 20-franc pieces 2,550,000,000 of French, 240,000,000 of Bel-
gian, and 150,000,000 of Italian coinage. This would comprise only 50 per cent of
the pieces coined in France since 1803, 50 per cent of Belgian, and 37 per cent of the
the new Italian coinage.”
If do Foville’s presuppositions are applied to the Austro-Hungarian fraction of the
gold circulation there current, it would result that about one-third of the 20-franc
pieces coined by Austria-Hungary are at this time in France. The proportion of
the 20-franc pieces coined in Austria-Hungary to the 10-franc pieces was as 18-44 : 1.
The figures found in France were 8-8:1. According to this the smaller coin would
remain in active circulation twice as long.
* W. Herbage, ibid.
2 La composition de la circulation Mon6taire do la France; Bull, de Statist, et. do L6gislat. comp.,
XV, Paris, 1891, pp. 121-150.
3A. de Foville, I/Economiste frarujais, 5 e,t 19 Sept., 1891; tbe numbers following contain a discus-
sion between do Foville and Ott. Haupt, -which relates to the amount of silver circulation in France.
France, by the way, has also taken up a very large part of the debased fractional silver currency of
Italy.' Some years ago a part of this was sent back to Italy, but flowed again into France. Italy,
therefore, is at present striving after an independent fractional silver currency whose fineness is to be
still less than the present (0-835) ; but this is at variance with the regulation of the Latin Union.
395
The examples mentioned show how the gold coin starts from the center of com-
merce, how its high value prevents it from penetrating into the liner arteries of
retail commerce, and how in the peripheric portions of the state also it does not
roach the same degree of infiltration into circulation as in the center. They also
show how in France the gold, precipitated as it were by the notes from the current
circulation, sinks to the bottom anil gathers in the great reservoir.
The accumulation of gold in the Bank of France and in the German Imperial
Bank has been looked upon as a sign of an abundance of metal. This is an error,
as is expressly recognized by Mr. Soetbeer in his last book. The substitutes of the
banks, checks, notes, also the gold certificates issued by the United States, are
probably the main reason for the accumulation of gold.* 1
At the same time Soetbeer gives the following figures:
Monetary gold status of the banks in 1890, 6,000,000,000 marks (2T5 million kilo-
grams); 1891, 6,700,000,000 marks (1F4 million kilograms).
Gold production 1851-1890, 20,000,000,000 marks (7-2 million kilograms).
In the pockets of the public, after an estimate which is rather much too high,
7,300,000,000 marks.
Loss in four decades (industry, East Asia, etc.) pi’obablv much over 6,000,000,000
marks.
Assuming now that these figures are correct (and we have to regard them as a
conscientious attempt at approximation, undertaken by a master), the question
arises: Where is the great stock of gold which humanity is said to have accumu-
lated from generation to generation through millenniums?
If the sum total of the bank reserves and of the active circulation in gold is not
even equal to the production of the last forty years, but falls almost one-third bSow
it, where then are the remnants of the former riches?
First, there is the loss by use itself.
Pfaundler has met the theorem of the indestructibility of matter by the question
whether matter really admits of unlimited repetition of use, or whether it is not
finally brought to a terminal condition in which, though it exists, it has yet lost all
value for our purposes.'2
This certainly is true in high degree of gold. The English gold pieces coined
before the accession of Queen Victoria showed so marked wear that they had to be
withdrawn a short time ago. In the sovereign the loss proved to be 2-236 grains;
in the half-sovereign, which may have circulated more, 3'046 grains. But it is not
only the “ Previctorians” that show such losses. In June, 1891, Mr. Goschen called
for £400,000 for the purpose of recoining Victorians that were no longer of full
weight. True, the English gold coin is not ,9n, but fine, and therefore a little less
capable of resistance than most European gold coins. But that which took place in
this short period in England has taken place since the existence of gold coins among
all nations, and the losses are very considerable. History, in fact, tells that several
times a great scarcity of gold occurred in Europe, doubtless produced not merely by
war and hoarding of the treasures, but also by wear and by lack of supply.
In the second place there is the b ss through industry, ornament, and hoarding.
The great demand of the present day has already been mentioned. The sum of
the quantities of gold immobilized in civilized countries, for examples in watches,
gilt frames, etc., is certainly Arery large. One part of it could only be made current
on a large scalo by tremendous crises, another part never. The amount that has
been accumulated in Asia we do not know. Even if Gififen’s statement is correct,
that the immobile amount of gold is greater than the mobile, yet that mass remains
actually dead for the purposes of the world’s commerce.
The existing monetary stock in gold is overestimated, especially in comparison
with the tasks incumbent on it.
And now if the precipitation of the circulating gold by fiduciary papers continues
at the same rate as hitherto, if no supply is furnished from the production, then
there must occur scarcity in the visible circulation of gold. And if simultaneously
in the internal commerce of the nations the demand for means of commerce in sil-
ver and copper rises from year to year, then the best-ordered states are advancing
toward a condition in which the ostracized silver and copper will actually circulate
and work, while the gold, no longer visible in circulation, owing to insufficient
quantity, will form the foundation, growing more inadequate from year to year,
for the huge towering structure of credit papers.
The present needs of human society, the incessantly expanding commerce of the
natious, the increasing population and the growing prosperity, the activity of
internal transportation, the creation of great new commonwealths through coloniza-
tion, the transformation of natural economy into financial economy, which is con-
1 Soetbeer, Litteraturnachweis, p. 291.
1 Pfaundler, Dio Entwertliung der Materie; feriol. Sitzung d. k. Akademie in Wien, 30 Mai 1888, S.
232.
396
stantly progressing even in Europe and down to the present day, ean onlv he satis-
fied a value-measuring metal, which also is produced iu annually increasing
quantities.
Chapter VI.
COPPER.
Emir Abdull&hi — The Copper Ring in Paris — Limits of the Quantities offered by Nature.
In the course of the past few years copper once chanced upon the honor of possess-
ing forced circulation. When, in May, 1886, the Egyptian troops had evacuated
Harar and had left a considerable quantity of Remington copper cartridge shells, the
new ruler, Emir Abdull&hi, had these shells coined into money, and he ordered the
brokers to exchange the silver thaler for 21 pieces of such copper coins. The edict
began with vehement declarations against usury, and thereupon every one who did
not obey the order to accept the forced money was threatened with flogging or im-
prisonment.
Paulitschke, who soon after visited the town, tells us that the consequence of this
forcible introduction of a wretched coin was a tumble in the value of all property;
that the Gallas of the neighboring districts kept away from the market, and that
hence arose distrust and embarrassment.1
But how far does the action of Emir Abdull&hi, who knew how to usher in his
arbitrary stroke with pious words, fall short of what was concocted at the same time
in Paris for the purpose of raising the price of copper?
In the same year, 1886, a number of persons had combined iu Paris for the purpose
of artificially raising the price of tin, and more especially afterward that of copper.
They concluded numerous contracts relating to tin, and they succeeded in fact, in
1887, in forcing it to the unheard of height of £170 in the London market. But in
the spring of 1888, as a consequence of this price, a diminution of the consumption
became apparent, which continued even at £166. The undertaking broke down, and
on May 10, 1888, the price of tin in London was £79 12s. 6d.
Undiscouraged by this failure, Paris speculators turned with still far greater
resources to the project of forcing up the price of copper, and for this purpose a net-
work of purchases and mutual obligations, embracing the whole earth, was woven.
The most comprehensive historical account, besides the report of the Comptoir
d’Escompte in Paris, was given by the chief of the bureau of mining statistics of the
United States, David T. Day.2
The proceeding, in a general way, was as follows: The Socidt6 des Mdtaux in
Paris and the producer agreed for the next few years on a maximum of production.
For that amount the socidte guarantied a price which in England varied between
£60 and £65, and in North America amounted to 12 and 18 ceuts. Any profit above
this price was to be shared by the two contracting parties. On this basis agree-
ments were made with the largest Spanish producers, with two companies at the
Capo of Good Hope, then for the product of Venezuela, the Canadian mines, the
most important Australian works, the largest work in Japan, then with ranulcillo
in Chile, and almost all the larger companies on Lake Superior, in Montana and
Arizona. The total production of the earth at that time was estimated at 275,000
tons (long tons), and the extent of this combination at 175,000 tons.
Along with this there existed, under the name of the French Syndicate, but con-
nected with the Soci6td des Mdtaux, a second group of contractors, which had got
40,000 tons under its control, so that the whole influence extended to 215,000 tons —
that is to say, to about 78 per cent of the total annual copper production of the
earth.
This undertaking, as has been said, had already been begun in 1887, when the tin
ring was still in existence. In North America resistance was made to the artificial
raising of the price. This resistance was broken by an accident — a great fire in one
of the most important mines on Lake Superior — and the price of copper began to rise.
To Dr. Day belongs the credit of haviugpointcd out already at that time, along with
various other calm thinkers, that the cost of production of copper on a general aver-
age is £52 to £55 in England and 11 to 12 cents in America, and that the attempt to
keep the price permanently higher would not succeed. But such words were not
listened to. The president of the Rio Tinto Company, which works Spanish ores in
England, was able already at the annual meeting of 1887 to announce that for 1888,
1889, and 1890, for the entire copper production of the company in excess of current
i I'li. Pii ii I i I sell Up, 1 1 ara r. 8 vo. Leipzig, I 888. K. ,'!S9 ; also Roll. SOC. GSOgr. Ifcal., XXIII, 1886, p. 398.
* David T. Day, Mineral Resources ol' The United States: calendar year 1888. p. 48, etc.; a review of
the copper production at that time is given by J. 11. L. Vogt, Om Verldeus Quid-, Sblv-og Robber-
Production in Zetterstedt, Nord. Zoitachr., 1889.
397
obligations, an agreement had been entered into which would make it possible to
obtain for the expocted annual production of 20,000 tons, instead of the prevailing
price of £48 per ton, a price some £20 higher.
The South Africa Cape Copper Mining Company, with headquarters at London, at
its annual meeting continued an agreement with the Socibte des Metaux for the three
years mentioned, in which the annual protits of the Cape Copper Mining Company
was estimated at £220,000 to £230,000.
The Nam aqua Copper Company, also of South Africa, entered into a similar agree-
ment, and its president estimated the gain which was to arise thence to that company
for 1888 at 30 per cent, for 1889 at 38 per cent, and for 1890 at 46 per cent of the com-
pany’s total capital of £200,000.
The South American Quebrada Railway Land and Copper Company, Venezuela,
figured its gain from a similar agreement with the Socidte des Metaux for 1889 at
£61,531, and for 1890 at £53,994.
It is useless to multiply examples. We see the nature of the several meshes of the
great network in its spread. Soon it was to be drawn together. The sale on the
various markets began to slacken because supply became scarcer. Prices rose; but
as they rose the following facts were observed: First, the demand shrunk; next, old
material was sought out, copper roofs and kitchen utensils were bought up, much
invisible store came to light, and those smaller works that did not lie within the
circle of agreement, especially those that obtained copper as a by-product, raised
their production with great advantage. Thus, for example, the extraction of silver-
bearing copper pyrites in Montana received a powerful impulse, and in Montana the
product both of copper and of silver has since then been materially higher.
The advances which the Comptoir d’Escompte had to make to the Socidtc des
Mdtaux became multiplied, and already toward the end of June, 1888, that comptoir
was obliged to pawn in the Bank of France part of the copper warrents received as
security. In September the ’comptoir, it is stated, demanded a settlement of
account with the socidte and the syndicate. In December an unsuccessful attempt
was made to transfer the whole enterprise to an English company. Many attempts
and incidents followed and failed. On March 5 the manager of the Comptoir d’Es-
compte killed himself. On the very same day the mine owners in New York met,
refused further delivery, and proposed a contraction of their output by 20 per cent.
Thus was the collapse accomplished. The assignees on March 31 submitted an
account in which the liabilities of the Socidtfi des Metaux were figured at 293,325,330
francs.
During this time the prices of copper had to undergo the most extraordinary vari-
ations; the whole consumption of the electric companies, for example, was thereby
materially influenced. Toward the middle of September the price of the warrants
of the Chile bars had risen to £115, and then, in consequence of the straits
of the society, declined to £78. When the crash came, the producers had to deem
themselves fortunate because a large part of the stock of copper was held as se-
curity by the Bank of France, which sold out forbearingly and slowly, so that it
was possible to keep the price between £40 and £50, and to save numerous indus-
trial enterprises from wreck.
An extraordinary increase of the demand, for example, for electric apparatus and
for vine culture, inasmuch as the sprinkling of the vines with copper vitriol has
quickly acquired wide prevalence — not to speak of the war in Chile — came to the
assistance of the works, and at the present day the total production of the earth is
at least 300,000 tons. Of this the United States alone produced, in 1891, 130,634
tons and consumed 94,116 tons, and the demand there which was in 1870, 06 pounds
per head of the population was, in 1891, 3 pounds.
But now we are led to the following reflection : The production of the greatest
copper works of the earth was, in 1890, 270,485 tons, at £54 Is. This gives a total
of about 365,500,000 francs; and with a total production of 300,000 tons this value
would be 405,000,000 francs. The total value of the gold production in the same
year was about 570,000,000 francs. It was possible for reckless men in Paris to get
78 per cent of the copper production into their hands, and in so doing incur liabili-
ties amounting to almost 300,000,000 francs. The figure of the mine product is given ;
the figure of the amounts which are available for unbridled play is elastic and ex-
pands in a manner undreamed of.
In an attack upon the gold it is not necessary to turn to the mines and to make agree-
ments with them concerning the limits of production. The copper ring hurts because
invisible store Avas transformed into visible and old copper came upon the market, a
proof of how strong were the fetters imposed. Gold, too, in proportion as the figure
of consumption approaches that of production, is all the more exposed to dangers
unknown to former periods, and which deserve the attention of statesmen.
At the same timo this ring gives a new instance of the limits Avhick nature has set
to the wealth of its gifts. Man’s control of his planet has reached a point Avhei'Q
these limits must never he lost from view.
398
Chapter VII.
THE BRITISH EMPIRE.
Canada — South Africa — Australia — India — The Mother Country.
Tlie United States Secretary of Agriculture, Mr. Rusk, said last year: “In Europe
science labors for the development of war; with us for the development of agricul-
ture.”
The Austrian representative, Dr. Peez, Avrote not long ago concerning the possi-
bility of a “walling in of Europe.”1
In fact Europe is iu an extraordinary, nay, an unheard-of, position. She passed
through the most frightful Avars in former times, and never were they folloAved by a
state of affairs like the present. The United States waged a bloody civil war; then
came peace. To-day in Europe it is different. Along with friendly esteem between
individuals there lowers profound mutual distrust between the governments. A
considerable part of the economic force has for tAvo full decades been consumed in
armaments ; hundreds of thousands of men remain withdrawn from productive
work; gold is stored up, just as powder is stored up, for the purpose of waging
Avar, being withdrawn from commerce. Not a single nation can escape this ban,
and the question remains whether future historians Avill regard this condition of
affairs as a masterpiece of enlightened statesmanship or rather as a proof how diffi-
cult it is to secure recognition to the community of interests, eAren where it is pal-
pable.
For in the meantime the rest of the world prospers. The figure of its population,
its capabilities, its railways, its harvests, its well-being, are increasing. The exporta-
tions and the capabilities of Europe, too, are rising, but not at the same rate. Mr.
Goschen, chancellor of the exchequer, but now, on April 11, in submitting the
English budget, recognized the depression of economic life.
Before me lies the map of the British Empire recently published by Lord Thring.3
It is a civic structure that has not its like and never had. It is spread in eArery
quarter of the globe. One continent, Australia, it embraces entirely. There lies
the mother land, and around it are ranked the daughter colonies aud the mixed
colonies, the dependencies, protectorates, spheres of influence, and the scattered
military and economic outposts. In the midst of the archipelago of the Pacific lies
the coaling station of Viti Levu; in the midst of the Indian Ocean that of Diego
Garcia ; the lines of British steamers traverse all the seas.
This Empire possesses in the Bank of England the center of the gold circulation of
the globe and its only free main artery. It comprises two of the most important
gold-producing lands, to Avit, Australia and South Africa — inasmuch as the South
African Republic is seen to be practically included in this whole in an economic
respect. Furthermore, it possesses India, Avhich has the silver standard. The
antagonism of interests arising from the different valuation of the precious metals
finds distinct expression Avithin this sphere.
The political connection of these various areas with the mother country is diverse.
First, there are three great colonies having parliamentary representation, to Avit:
Canada, South Africa, and the Australian states. They administer their internal
affairs independently under a governor appointed by the mother country, Avho, how-
ever, is more or less responsible to the colonial parliament. With the exception of
a few ships recently acquired in Australia they have no army or navy, and are
restricted in regard to external politics. All these colonies haATe surrounded them-
selves against the interests of the mother country Avith protective tariffs, and from
these tariffs derive a considerable part of their revenue. New South Wales, the last
to cling to free trade, has now gone in the same direction.3
For some time back the sentiment has been awakening in England that this rela-
tion to the mother country is hardly tenable. “A Briton,” wrote Sir Charles Dilke,
in 18(18, “does not understand why our artisans and merchants should be taxed in
aid of populations far more wealthy than our own, who have uot, as we have, mil-
lionsof paupers to support. * * * “ Canada is, in all ways, the most flagrant case.
She draws from ns some £3,000,000 annually for her defense; she makes no contribu-
tion to that cost; she relies mainly on us to defend a frontier of 4,000 miles, aud she
excludes our goods by prohibitive duties at her ports.4
Z
■Al.Peez, Europa aim der Vogelperspektive, 8 a-o, Miinehen, 1889, S. 69 (from the Munch. Allg.
oitung, No. 129, etc.).
■2 Ror<l Thring: The consolidation of the British Empire; Scottish Geogr. Magaz., Till, 1892, pp.
61-72. Map.
“For details I refer to the book by Alfred Caldecott, English Colonization and Empire, Avhich
appeared in the series of University Extension Manuals, 8vo, London, 1891.
< Kir Charles \V . Dilke, Greater Britain, a record of travel iu English-speaking countries; 8th ed.,
London, 1890, p. 38D, etc.
399
It was on tho ground of thoughts like these that in recent years in England and
the “ Imperial Confederation League/’ and later on the “United Empire Trade
League,” came into life. Men cast about for means to consolidate the Empire. The
movement succeeded in inducing the Government in 1887 to assemble prominent
statesmen from the colonies in London. Attention was mainly given to questions
relating to right of trade, postal connections, and the like, but yet the South African
Hofineyer found opportunity, amid general sympathy, to develop a plan based on
differential duties in favor of commerce with the mother country. This proposal
met vvitli decided resistance in all free-trade circles. It disappeared for some time,
and a kind of defensive and offensive alliance seemed now to he the aim ; the Austro-
Hungarian delegation was also drawn in for comparison. In recent time the
commercial union has once more come to the foreground. The most* *- favored -nation
clauses of the commercial treaties with Belgium and the German customs union of
1862 and 1865 were opposed to these endeavors. In June, 1891, Lord Salisbury
declared before a deputation that he would profit by the first suitable opportunity
to remove these clauses. On September 1, the united chambers of commerce of the
Kingdom unanimously adopted a resolution demanding closer commercial rela-
tions with the colonies. But the articles of import from the colonies are raw
produce and food stuffs, and it is very much to be questioned whether the English
Parliament would be willing, in deference to these political aims, to risk an inevit-
able rise in the price of wheat, for example. For many other articles the differen-
tial duty is of no value, because England is already drawing its supplies from the
colonies, especially the wool of Australia and South Africa.
For the present no actual changes have occurred; it will be in order to watch
attentively any steps on the part of tho English Government against the most-
favored-nation clauses spoken of; but in the meantime events in the colonies seem
here and there to be tending rather in opposite direction.
The present Canada, whose oldest nucleus is formed by the French colony of
Quebec, acquired by England in 1763, has resulted from the progressive union of
smaller aggregates of states, which continue as seven provinces. In 1867 the pres-
ent constitution was called into being. Newfoundland remained outside the union.
The further development of things is influenced by the fact that Canada is in imme-
diate contact along its frontier with a great political body identical in language
and origin.
The center of gravity of the foreign trade of Canada lies not in England, but in
the United States. Economic interests point southward. The figure of the popu-
lation at the last census did not show the expected rate of increase, and the surmise
exists that many immigrants subsequently turned to the United States. The
increased tariff of the United States has rendered the situation more acute. The
recently deceased governor, Sir John McDonald, had, for political reasons, antag-
onized the economic gravitation toward the neighbor at the south; he himself, in
1879, in order to meet the then hostile policy of the United States, and to increase
the revenues of the Government, had introduced the high duties which are now
characterized even by the partisans of the Canadian government, such as Howland,
as a lever for illegitimate influence of the administration, a source of abuse, and a
badge of degradation of a free people.1 In September, 1891, the Canadian parlia-
ment resolved unanimously to petition the Queen for the repeal of the most-favored-
nation clauses of the German and Belgian treaties. The motives underlying this
unanimity, however, were diverse. The leader of the opposition, Sir Richard Cart-
wright, in February, 1892, published in English papers a letter in which, indeed,
the damnable character of the prevailing systems of high protective tariffs is branded
in the strongest words, but yet their complete abolition is by no means pointed out
as the aim of his party. Free trade with the whole world is said to be theoretically
preferable, but free trade with the United States is said to be far more valuable for
Canada than free trade with all other peoples without the United States. Hence it
is said the aim should be to open the frontier in this direction, and to maintain the
tariff against all other nations.2
We stand in the presence of one of the political consequences of the recent eco-
nomic measures of the United States, of which we shall soon meet several others.
From a speech of the treasurer, Mr. Forster, February 22, 1892, it appears that
Canada has now solicited the restoration of the reciprocity treaty of 1854 with the
United States, and it is probable that Mr. Blaine has replied with proposals similar
to those of Sir Richard Cartwright.
In Cape Colony the state of affairs is entirely different from that in Canatia. In
Cape Colony proper there live, besides 376,000 whites, 1,149,000 Bantu negroes, Hot-
tentots, and other colored persons.3 Toward the north all political life is in the first
1 0. A. Howland, The New Empire; Reflections upon its origin and constitution and its relation to
the Great Republic, 8vo, London and Toronto, 1891, p. 473, etc.
'-‘The literal wording in Tho Economist. February 13, 1892.
* H. Wagner und Sup an ; Petermann’s Geogr. Mitth., Erganzungshelt No. 101, 1891.
400
stage of formation, and the boundaries of states are frequently displaced. Diamond
pits and gold mining at some points, especially at Johannesburg in the South Afri-
can Republic, caused large settlements to grow up quickly, which, however, up
to the present day lack the necessary communications; but far beyond them, in
Mashona land, the colonizing work of the first settlers is already beginning. All
these circumstances give to Cape Town a strong transit commerce, beside which
only the trade of Natal and Delagoa Bay is of some importance.
In political respect the Europeans of Cape Colony, by their geographic position,
are entirely thrown upon their own resources, and their only external support is the
distant mother country. From there the colony has already received loans to the
total amount of over £20,000,000 for investments. It is a good sign for the increas-
ing well-being Of the colony itself that it is said to have recently floated withint he
country £900,000 at 3| per cent for public purposes.
The lists of export and import indeed show many surprises. Thus, for example,
it is stated that from 1865 to the end of 1890 considerably more gold was brought to
Cape Town than was exported thence. The importation of gold coin within that
period is set down as £8,118,301, the exportation at £2,372,811 in coin and only
£1,803,527 in gold dust, although for the latter figure the possibility of shortage in
manifest is pointed out. At any rate these figures, and especially the importation of
£1,330,000 and £2,390,000 of gold coin in 1888 and 1889, show that the increasing
commerce has absorbed considerable quantities of coined gold.1 If tilings turn out
favorably, it may happen here as it did in California. After the end of the gold pro-
duction there will remain in South Africa a well-invested and colonized gokl-cou-
suming land, with all the advantages and all the needs of such a land; but since
the virgin area is here much larger than in California the process may be repeated
on a still larger scale. Imports into Cape Colony in 1890 were £12,500,000 and
exports £11,300,000, but among the articles of import there are found, for example,
agricultural implements for £422,000. and along with them considerable amounts for
corn, flour, butter and cheese, a contradiction which shows to how great an extent
everything is in its genesis. The most important part of the export is diamonds.
The negotiations with “King” Lobengula, the recent travels of Lord Randolph
Churchill with Mr. Cecil Rhodes, the formation of an armed force for Mashona, and
the vigorous advance of the railway into the far north are as many signs of confi-
dence and of the prevalent aspirations. The very indefinite condition of the north-
ern boundaries may be an obstacle to the speedy internal consolidation of the incipi-
ent South African state.
Australia began its connection with Europe as a penal colony. As such, New South
Wales, in 1788, received an independent administration. New Zealand was formally
occupied by England only in 1840, in a race with France, which latter was out-
stripped by three days. Victoria was formed in 1851 in consequence of the gold
fiuds, Queensland only in 1859. But in these regions events mature quickly, and
already in April, 1891, in Sidney, an assembly of prominent men from all the states
of the continent, as well as from New Zealand and Tasmania, under the leadership
of the premier of New South Wales, Sir Henry Parkes, adopted a constitution which
is destined in time to unite all these colonies into a single political body.2
Wars have entirely spared these happy lands. Even the fights with the natives,
owing to the defenseless condition of the opponents, except in New Zealand, remained
short and without influence on the course of events. No social barriers checked the
rise of the ablest. Sir Henry Parkes himself, who has just been mentioned, is a
workman who came over from Birmingham. Free Europeans here freely gave laws
to themselves, and the development of the Australian colonies gives many an instruc-
tive insight into the deeper-lying peculiarities of %the present European.
First it may be remarked that the growth was very rapid. In 1821 there were
numbered in all the Australian colonies 36,263 inhabitants (without the natives); in
1841, 213,176; in 1861, after the great gold finds, 1,250,212; 1881, 2,712,500, and 1891,
3,816,418. Queensland increased in the last decade 87-3 per cent, New South Wales
53'5 per cent, Victoria 67-7 per cent.
In 1851, while the California fever was still rampant, the first beds of alluvial
gold had been found in Victoria. Hundreds of thousands of men flocked thither.
The towns grew by the building up of numerous auxiliary trades. Soon the popu-
lation divided into the industrial urban spheres, in which the wage worker was
spokesman, and into the rural spheres of the squatters, Avhicli produced meat and
wool. Already in 1856 the builders in Melbourne gained the eight-hour day, and
step by step that practice extended to all the other colonies and to most trades. At
the same time, at first mainly at the instigation of the gold-diggers, there came the
bills against the Chinese; then a bill against the colored laborers in the sugar plan-
> Witwaterarand Chamber of Mines, Ann. Rep. for the year ending 31 December, 1891, 4to, Cape
1 '■'Sir Henry Parkes himself sketched the outlines of the situation in The Union of the Australia
Conteiup. Review, July, 1801, 1-8.
401
tatlons of Queensland, although white men can not stand the climate there; then
homestead laws, insurance laws, laws against government aid to immigration in gen-
eral, against the immigration of paupers, for restriction of the work of women and
youthful persons, numerous laws for the protection of workmen, extraordinary
powers for the trade inspectors; in a word, a system of laws aiming at the raising of
wages and the shortening of the hours of labor, as well as the diminution of com-
petition among workmen. In Queensland especially the doctrines of state socialism
were realized as nowhere on earth. The results were high wages and many desirable
philanthropic measures, such as protection to health, decrease of alcoholism, good
schools, a highly developed system of insurance, especially in New Zealand, and
many other things. But the dark side of this class legislation, influenced by the
trades unions, is not wanting. The workmen apply their principles to their own
private lives, and the censuses show in their circles a remarkable increase of Mal-
thusianism. Along with the high wages there exist high prices for the means of
living. The workingmen’s party demands public works. “A vigorous public-works
policy” has become a watchword, and while railways are necessary to open up the
land, yet their over-hasty construction produces heavy indebtedness toward England.
This indebtedness demands in most of the colonies an increase of revenue from the
customs, and this reacts on the prices of the means of living.1
Thus, despite this legislation, corresponding altogether to the class-bred wishes of
the workingmen, friction ensued. In 1885 the “new unionism” was founded, which
impugns the freedom of labor contract, in order to be able, in case of a strike, to con-
trol all the working force; and in 1890— ’91 a widespread strike did in fact take nlace
owingto this organization, which, however, ended in great loss and in the total defeat
of the workingmen. -
Under these circumstances the public debt of Australia up to 1891 has risen to the
extraordinary sum of £184,000,000, and Victoria alone, with 1,140,000 inhabitants,
had to pay almost £3,000,000 in interest and sinking fund. Already, about the mid-
dle of 1891, there came signs of an approaching storm. It wasnoticed that the bank
deposits of the government in Victoria had fallen in three years from £3,600,000 to
£700,000, and that the indebtedness of the banks had increased. At the same time
it was noticed that, in the first half of 1890, of the coinage of the mints at Melbourne
and Sydney to the amount of £2,830,000 there remained yet £1,600,000 for internal
circulation as compared to the gold export, whereas in the first half of 1891 almost
all the gold had to go to England, because the coinage of £3,000,000 was only £116,000
higher than the manifested exportation of gold. In New Zealand an income tax on
the government debt was proposed. New Australian loans met with a churlish
reception in England, while in Australia lively speeches were held against capital-
ism. The Bank of England, on account of the expressions used by the treasurer of
Queensland, broke off all relations with the administration of that colony.
Toward the close of the year Sir Henry Parkes resigned his office. The protective-
tariff party now became victorious in New South . Wales also. Several Australian
states, being unable to borrow money in England, began to issue treasury bonds,
New South Wales, Victoria, and Tasmsnia being among the number, and the rate of
interest for the intended issues ivas raised from 3£ to 4 and 4rJ- per cent.
While other parts of Australia showed a surplus of exj)orts, in Victoria, from 1886
to 1890, a deficit of export of almost £46,000,000 had run up, and on November 30,
1891, in the capital, Melbourne, the crisis broke out in the financial circles, while
the workingmen’s circles were suffering from the consequences of the unsuccessful
strike. Numerous undertakings broke down. The Parliament passed a sort of gen-
eral letters of respite.
The stream of loans which had for years flowed from the mother country into Aus-
tralia Avas checked, and the consequences would have stood out still more sharply
had not the balance of trade improved, owing to an increase in the exportation of
agricultural products.
The balance of trade for 1890 had shoAvn a total exportation of £64,600,000 and a
total importation of £67,900,000, although all the colonies with the exception of
Victoria shoAved a surplus of exports. In 1891 the exportation from Victoria
increased by not less than £2,400,000, and all the other export figures Avere higher. The
exportation of sheep’s wool rose from 308,000 to 413,000 bales. The greatest stride was
1 A very instructive description is given by Stepli. Bauer, Arbeiterfragen mid Lohnpolitik in Aus-
tralasian; Jalirb. f. Nationalokonomie und Statistik v. Conrad und Elster, 3 Folge, II Bd., 1891, S. 641-
706. I will refer also to letters in the Tunes, for example, February 2. 1892, and to the many reports
in English professional papers, and, for the consequences of one-sided government by the working-
men’s party, to Ch. Fairfield, State socialism in tho Antipodes (in: A plea for Liberty, by var. authors,
ed. by Thom. Mackay, London, 1891), and J. AV. Fortescue, The seamy side of Australia, XIXth Cen-
tury, 1891, I, pp. 523-537; H. Willoughby, ibid., pp. 292-302, and Fortescue, Guileless Australia, ibid.,
pp. 430-443. In 1890-91 New South Wales had 3,500 and Victoria 1,660 kilometers of railways; the
latter especially had run far ahead of the demand.
2Two participators have described these events from different standpoints: II. H. Champion, The
crushing defeat of trade unionism iu Australia; XIXth Century, 1891, I, pp. 225-237, and J.D. Fitz-
gerald, Mr. H. H. Champion on the Australian strike, ibid., pp. 445-453.
S. Rep. 235 26
402
made by New Zealand. For the administrative year closing with September 30,
1891, the exportation rose to £10,000,000, with an importation of £6,380,000. The
exported frozen meat, if the cattle be converted into sheep, attained the extraordi-
nary amount of more than 2,000,000 sheep, at 60 pounds apiece, and the exportation
of sheep’s wool from that island alone rose in four years from 89,000,000 to 108,000,000
pounds.1
Tims Australia, aside from its first phase, shows a typical sequence of those scenes
which develop, as it were, out of themselves: Gold, inrush of men, social experi-
ments, headlong investments, debt-, and protective tariff; demand for confederation
of the smaller states, financial crises, decline of the gold production, beginning of
success of investment through increased exportation of raw products. That is,
at the same time, the beginning of improvement. The debt is then no longer paid
with high customs receipts, but with the products of the land. Soon thereupon
approaches the next phase, in which Australia will begin to work up an ever-increas-
ing quantity of wool in the country itself, and to transform Australian iron ores into
rails on its own coal measures. But that is economic independence, besides Avhicli
political independence is merely a question of time.2
The three units just described, Canada, South Africa, and Australia, are, with the
exceptiou of the United States, in which special conditions prevail, the only large
areas outside of Europe in which the gold standard is in use. The course of devel-
opment that has just been described for Australia remains pretty much the same.
Canada possessed the least gold, and has progressed farthest; it already possesses
in Toronto a great industrial town. Australia is in a middle phase; the gold is
decreasing and the exportation of the other products of nature is increasing. South
Africa is as yet in the period of rising gold production, but the great lines of the
future may be foreseen.
In the United States the view prevails that the connection of the colonies with
the mother country rests mainly on the filial remembrance of the immigrants, which
is absent in the second generation. One is told, therefore, “that in the colonies
every five minutes an Imperialist dies and a Republican is born.”
But the question of the political severance of these units from the mother country,
as far-sighted English statesmen recognized long ago, is uot the essential point in
the course of things. On the contrary, the essential point lies in this, that in the
course of time they will attain complete economic independence, will become entirely
free through increased exportation, and will even themselves replace the mother
country in the more remote markets.
With the empire of India the three groups of colonies just discussed can not be
compared either in number of population or in history or in respect of present con-
ditions. There we find virgin soil, with far more gold, a feeble, retreating native
population, parliamentary institutions, and gold coin, as in England; here we find
a vast land of old, high culture, densely settled by a native population of diverse
good endowments, a small number of Englishmen as the rulers of the vast realm,
no parliamentary institutions, and silver coin.
This empire comprises 3,600,000 square kilometers. In 1881 there lived on thisarea
253,900,000 souls. But according to the census of 1891 that population has increased
by 28,000,000, and, with the new acquisitions, the British Empire in India at this day
comprises 288,000,000 souls.3 This is, perhaps, not less than the fifth part of the whole
human race.
These millions belong to diverse races and religions and speak diverse languages.
The schools of the English have given to the Indians a common means of communi-
cation, exactly as some decades ago, at the beginning of the Slavic movements of
the present time, the German language served as the medium of communication.
Besides, the schools the English have also given to the Indians complete freedom of
the press and of assembly and a vast network of railways. About the middle of
1891 more than 27,000 kilometers of railways were in operation. In 1890, 114.000,000
passengers and 22,000,000 tons of freight were moved (7,600,000,000 kilometers for
travelers and 5,600,000,000 ton-kilometers). Thus, as in Europe, the most remote
branches of these populations enter into personal and intellectual intercourse with
each other. Native newspapers in large editions are carried through the land by
the mail; a native merchant class has existed for thousands of years; a native great
industry on European models is rapidly developing.
A measure for the resources and greatness of the empire is given by the circum-
stance that the imperial commissioner, Mr. O’Couor, in 1891, upon the question
1 The Economist, January 9, 1892, p. 39.
a Ch. Dilke, Greater Britain, 81 h ed.. p. 358: “ If the Australian confederation leads to independence,
we shall have to say to the Australians what Houma ta AVliiti, in his great speech, said to the ances-
tors of the Maoris, 1 Depart and dwell in peace; let there bo no quarreling among you, but build up a
great people.' ”
3 These last figures
I take from a correspondence in the Economiste Erampus of February 13, 1892,
p. 204.
403
whether a threatening native famine would not ho notably aggravated by exporta-
tion of wheat into Europe, was able to reply: In India 93,000,000 acres are planted
in cereals, of these only 18,000,000 acres in wheat; these latter produce 7,000,000 tons
of wheat. If 1,000,000 tons of wheat are shipped to Europe, that is only 2 per cent
of the home demand for cereals.
Concerning the manner in which this empire ought be administered by the small
number of Englishmen, opinions differ widely. A group of statesman, in whom the
memory of the heroic deeds of Lucknow and Cawnpore is still alive, who reestab-
lished the dominion of England during the last rebellion, emphasize the standpoint
of authority and maintain the barriers that exist at present toward the natives.
Another group, whose most prominent representative was Lord Ripon, recommend
the more frequent admission of natives to public offices, nay, even to some share in
th^ legislation for the whole empire. H. J. S. Cotton, an experienced official under
Lord Ripon’s administration, has admirably described the influence of advancing
European culture on the Indians. “The danger, he says “lies in this, that by
tardy recognition of these changes we compel the educated classes to extort their
opportunity, before the county is ripe for such an event. ” 1
Rot the drift of reflections, but the movements of commerce under the influence of
the divergence in the values of gold and silver, will I try to follow.
In so doing, all figures, so far as they do not relate to the movement of metallic
gold, will be stated at the Indian face value — that is to say, in Rxs or silver 10-rupee
pieces, concerning which it is proper to note that 1 Ex* differs from £1 by the ex-
change value of silver at the time, whereas 1 Rx« is equal to £1. The following
sums run in thousands of Rxs.
In the following years, closing with March 31, the commerce (not including the
precious metals) was as follows :
1890— ’91.
18S9-’90.
1888-’89.
64, 720
89, 892
3, 974
62, 400
92, 907
4, 027
62, 407
86, 862
4, 065
Exportation :
93,866
96, 934
90, 927
The year 1889 was the most favorable within the memory of man for the exportation
of cotton, and, therefore, is hardly suitable, in its sums, for comparison.2
If the results of the calendar year 1890 are decomposed into groups, we obtain:
Group.
Country.
Importa-
tion.
Exporta-
tion.
Surplus.
1
54, 658
3, 904
2, 441
3, 109
62, 942
8, 284
2, 360
2 376
2
Ottoman Empire, Persia, Arabia, Aden, Zanibar, Mozambique,
6, 264
4, 808
17,471
3, 768
1,072
3
Snnda. Islands (mostly transit conmierofi)
4
14, 362
2, 039
681
5
li 729
6
'391
Total
66, 232
96, 325
30, 093
These figures show that India trades in both directions, with gold and silver lands,
with a surplus of exports. But they also show that in that year (1890) the total
commerce with Europe, 117,600 thousands of Rxs. showed a surplus of only 8,284,
while the total commerce with the other States, only 49,947, showed the surplus of
21,809 thousands of Ex3. The center of gravity of the commerce, therefore, lies in
Europe, but the center of gravity of the surplus of exports into other countries, or of
the commercial gain of the land, lies in the other trade relations, especially toward
Group 4 (Ceylon, Japan, China.) The surplus of exports, therefore, does not corre-
spond to the direction where lie the obligations arising from loans. This becomes
still more striking when Groups 1 and 4 are further decomposed.
1 H. J. S. Cotton, New India, or India in Transition, 2d ed., London, 1886.
2 The last reports show for nine months (March 31 to December 31, 1891) imports, 37,201 ; exports,
55.770; reexported, 2,333; total, 95,304. Large exportation of wheat; Germany monopolizes the entire
salt trade. The importation of silver dropped to nearly half of the importation of the respective
nine months in the preceding year.
404
GROUP 1.
Country.
Importa-
tion.
Exporta-
tion.
Surplus.
Great Britain
50, 291
4,367
39. 129
23, 813
—11,162
+19, 446
The rest of Europe, without Ottoman Empire
Total
54, 658
62, 942
+8, 284
According to these figures, the trade with England is even passive; that is the
only passive item in the whole list. On the other hand we obtain :
GROUP 4.
Country.
Importa-
tion.
Exporta-
tion.
Surplus.
Ceylon
632
28
2, 449
2,314
1,221
13, 936
4-1, 682
+1, 193
411, 487
Total
3, 109
17, 471
4-14, 362
China alone in 1890 furnished more than one-third of the surplus of Indian expor-
tation.
These figures are influenced by a number of changes in favor of India that have
occurred in the course of the past few years. While the most important active
items of the Australian and South African trades in natural products belong to the
animal kingdom (frozen meat, sheep’s wool, hides) and to the mineral kingdom (dia-
monds, gold, silver), the center of gravity of the Indian exportation lies in the vege-
tal kingdom.
The tea culture of India and Ceylon competes successfully with that of China.
From 1887-88 to 1890-’91 the English importation of tea from India rose from
85,000,000 pounds (at 453 grams each) steadily to 100,000,000 pounds; that from
Ceylon as steadily from 12,000,000 to 40,000,000 pounds, and at the same time the
importation from China dropped from 86,000,000 to 57,000,000 pounds. At the same
time India has gained the larger part of the Australian market for tea, and it is
only the fall in the price of tea that prevents this revolution from appearing in the
balances to the disadvantage of China. The exportation of tea from India in the
past three years rose continuously; they were 97,000,000, 103,000,000, and 107.000,000
pounds; the value of this exportation has fallen; it was 4,937, 4,947, and 4,892 thou-
sand Rxa.
Tea is one of those numerous liner articles of luxury for which the gold lands are
tributary to the silver lands, while the silver lands are competing with each other.
It is different with those raw products from the vegetal kingdom that have thus far
been shipped to Europe, and thence returned as manufactures.
For more than a decade India has turned with increasing success to the task of
working the native cotton in the country itself, and to conquer for the coarser
fabrics not only the domestic, but the entire East Asian trade.
From the last report of the spinners of Bombay that has come to my knowledge,
there were in operation in India from July 1, 1890, to the end of June, 1891, 125 spin-
ning mills, and 9 were in course of construction. The number of spindles was
3,351,694 and that of the looms 24,531. These factories employed 110,000 operatives
and worked up 40 per cent of the cotton production of India, which is estimated at
about 3,000,000 bales. In ten years the number of operatives has trebled, while the
amount worked up has nearly quadrupled. 1
In the three years 1888-89 to 1889-90 alone, the exportation of Indian cotton yarn
to China rose from 101,000,000 to 150,000,000 pounds and in value from 3,829 to 5,406
thousand RxB. Despite this rapid development of the cotton industry, however, the
importation of yarns from England to India had not undergone any notable change,
because this concerns for the most part the liner grades. The loss for England con-
sisted in the loss of the market in China.
A similar process is being worked out in jute, a vegetal product furnished only by
India. It seems that the use of jute has been known for a long time, and that the
inhabitants in former time used garments of jute, which have now been replaced by
1 Economists l'rauoais, October 24, 1801.
405
oilier tisanes. In consequence of tlie invasion of tliese Letter fabrics tlie band
looms that worked in jute were abandoned or used for the preparation of coarse
sackcloth; later on samples came to Europe, and in Dundee this vegetal product
was lirst used for many purposes instead of hemp. In 1832-'33 the exportation of
raw jute from India was 11,800 English cwt.; when in 1854-55, in consequence of
the Crimean war, the demand for such material rose, much more jute came to Europe,
and, with continuous rise, the exportation in 1890-’91 reached about 12,000,000 cwt.
But just as India has begun to work up her home-grown cotton herself, so both
English and Indian contractors have since 1854 introduced machines to replace the
hand looms which produced sacks. With varying success this industry has been
developed, the difficulties were finally conquered, and at the close of 1890 there were
in operation 160,275 spindles and 7,964 looms; 70,000 operatives were employed ; 500
new looms were to be set up in 1891. In 1890-,91 3,400,000 bales of raw jute were
exported and about 1,200,000 bales worked up in the country. In 1891-92 it is
expected that 1,500,000 bales will bo worked up into sacks and sackcloth in the
domestic factories.
The cotton industry has its main seat in Bombay; the jute industry in the vicinity
of Calcutta. The cotton yarns are exchanged in China in silver for silver, and tlie
variations of the rates are absent. The jute sacks have to enter into gold lands.
From August, 1889, to August, 1890, silver had risen 30 per cent; a good jute crop
had supervened, and the price was 33 per cent less. Amid such oscillations the
Indian jute industry has gradually conquered the markets in all the Pacific area,
crowding out the European articles, as in Australia, New Zealand, San Francisco,
and along the whole west coast of South America, and the same thing has taken
place at the Cape, in Egypt, and the Levant. The Indian sacks are even pushing
their way already as far as Liverpool. 1 *
I have notspace to discuss the significance of the opium trade, the increase of the
exportation of cereals, especially the erectiou of steam mills for wheat in Bombay,
and the extraordinary expansion in the exportation of rice. Tea, cotton, and jute
show what an awakening people, guided by enterprising merchants, are able to do.
The surplus of the merchandise balance is in large measure equalized in India by
inflowing precious metal. It is true that with the increase of well-being the require-
ments of a country also rise, and in this case that increase is expressed, for 'example,
by the increasing importation of sugar from Germany; but yet the balance to be
paid by foreign countries to India is exceedingly great.
The net importation of precious metals was, since 1875, in the years ending with
March 31 :
Tear.
Gold
Exe.
Silver
Ex’.
Tear.
Gold
Exe.
Silver
Ex’.
1875
1,873
1.545
207
408
—897
1,750
3, 655
4, 843
4, 930
4, 642
1, 555
7,198
14, 676
3. 970
7. 869
3.890
5,379
7, 480
1884
5, 462
4, 071
2, 702
2,172
2, 989
2, 814
4, 615
5, 036
6, 405
7,245
11, 606
7, 155
9,218
9, 247
11, 202
14,212
1870
1885
1877
1886
1878
1887
1879
1888
] 880
1889
1881
1890
18S2
1891
1883
It will be noted that these figures, high as they are, are yet far below the surplus
of the merchandise balance, which, in the last three years, was little less or more
than 30,000,000 Rxs. This is a matter of course, since the liquidation of the “coun-
cil bills,” that is to say, of the payment obligations of the Indian Government in
London, amounting to 10,000,000 — 16,000,000 ltx3, and many other obligations, as well
as other forms of equalization, are taken into accouut. Yet these figures reflect
many an event. The greatest importation of silver does not appear in them. It fell
in the year 1865-’66, and was a consequence of the cotton famine in Europe due to
the American civil war. The Indian famine of 1877-1879 is expressed by the decline
in the importation of gold, which even becomes passive for one year, while the loans
required to meet the distress are denoted by the greatsilver importations of the year
1878. The rise of the silver importation in the last two years is connected not only
with the favorable merchandise balance but also with the silver speculation in
America, which had its effect on England, and found a welcome drainage channel in
the remittances to India.
But the stream of gold and silver flows on uninterruptedly. In 1890, says the report
of the treasury, another 461 lakhs of rupees (1 lakh =10,000 rupees) in gold came
1 Some notes on the trade in jute; tlie Economist, August 15, 1891; Trade Suppl., p. 7; also October
3 and 10, and November 14, 1891.
406
into the country, and of these only 2 lakhs came into the mint; all the rest disap-
peared in the multitude of the people. In the first half year there arrived in new
sovereigns alone £2,000,000; they have disappeared. The demands of the rapidly
increasing population, ornaments, and hoarding of property absorb the gold.
But there are reports on hand which seem to indicate that the last importation
of silver really was too sudden, all the more because the government toward the
middle of May simultaneously put 1,000,000 Exs of new money in circulation. All
deposits rose ; the rate of interest fell to 2 per cent ; tlie reserves mounted up to 60 to
70 per cent of their obligations. Great disturbances ensued, and finally, as stated
in the official report of Mr. O’Conor, there followed “a general dislocation of
legitimate commerce.”1
From this the conclusion might well be drawn that in future India will endeavor
still more to introduce gold, but the hoards of the country and the interior of Asia
will in the end again absorb everything. The gold and silver commission appointed
by the English Parliament has brought to light much information concerning the
relations to India, and especially concerning the hoarding of treasures. Long inis-
government seems to be the cause of this practice. It prevails as far down as those
lower classes which are able merely to keep ornaments of metal of inferior value.
Of the treasure of the Maharajah of Burdwan, of his walled-up rooms, of the rooms
that are opened upon special occasions (such as marriages in the family), and of the
outer chambers that harbor the current receipts, a description has been submitted to
the commission by Mr. Barbour.2 These larger and smaller hoards in India are esti-
mated at not less than £300,000,000 sterling, approximately in equal parts of gold
and silver. Vain has been the effort to mobilize them by a network of postal savings
banks; no greater success has been obtained by the railway and government loans,
paying a higher rate of interest. In general, it is regarded as a point of honor not
to touch the treasure inherited from one’s ancestors. War and disturbance increase
this propensity toward dead storage, and only tlie famine of 1877 and 1878 drove a
somewhat larger amount of native ornament into the mint.
Now, one might think that these rising figures of the rich trade balance, though
accompanied by the embarrassments transiently resulting from too great wealth in
silver, would satisfy everybody. But this is by no means the case. The land is
enriching itself, but grave anxiety to the government grows out of present conditions.
The country, simultaneously with the falling value of silver, is conquering wider
and wider markets for its products, but the administration is suffering many and
great losses. As the taxes are paid in silver the council bills have to be redeemed in
London with great loss. Every requirement of the government, for instance, for the
Indian army, has to be paid in England in gold. The numerous highly deserving
pensioners iiving in England receive their pensions in silver and have to defray their
living expenses in gold.
The main item is the discounting of the council bills. Under existing political
and social conditions the government is not able to increase the taxes materially.
Nevertheless, it has to make good the losses arising from the rate of silver, and it
has already been obliged to trench upon reserves that had been laid by for the case
of a famine. This example shows how little one is justified in estimating the balance
of payment of a nation to regard the surplus of exports of merchandise and the sub-
tractions through the contraction of debt as directly balancing each other. The hand
of the producer which receives is not the same as that of the state which has to
liquidate foreign debts.
In a dispatch of September 4, 1886, the Indian government writes: “In no other
way than that of international agreement can a lasting and satisfactory order be
brought about, and we trust that Your Majesty’s Government will give up its position
of absolute isolation — a position which, we venture to believe, is indefensible in
theory and in practice is fraught with danger both for England and for India.”
And in conclusion, “We do not hesitate, therefore, to repeat emphatically that, from
the standpoint of Indian finances, the situation has become intolerable.”3
All manner of propositions have come forward. Mr. Lesley Ch. Probyn has even
sought help for India in those expedients for which in Austria the expressions
“ stabilization of standard ” and “ gold reckoning ” have been invented.4 This propo-
sition has been, in the East India Association, in 1888, the subject of a discussion in
which prominent members of the Parliamentary commission of inquiry, such as llerm.
Schmidt and Naoroji, took part.
None of these propositions have thus far been realized, but in the estimate for the
Indian budget for 1861 the treasurer, Sir 1). Barbour, declared that India would make
1 Tlie Economist, August 29, 1891, according h> the report of Mr. J. E. O'Conor.
2 Blue, book of tin1 gold and silver commission, first report, 1887. Append. V, p. 322. Letter on
the subject of the hoard of the Maharajah of Burdwan. , ,
:< Blue Book, 1887; ibid., Append. XII, correspondence between the treasury, the Indian office, and
the government of India, pp. 856 and 359. ,
4 xj. dh. Probyn, esq.: A proposed Gold Standard for India; Journ.of t.ho East India Association.
Yol. XX, July, 1888, pp. 119-159.
407
its course of action depend on America. If America introduces the free coinage of
silver then a greater steadiness will result for India also; if America gives up silver,
tjien India must pass over to gold. “ The adoption of the gold standard would prob-
ably be accompanied with very serious consequences for western nations, but if in
this matter these keep in view only that which they regard as boing to their own
interests, then they can not reasonably blame India if she follows the same route.”
Let us now turn to the mother country, the greatest market of the world, and at
the same time the center from which the greatest movements of capital radiate. All
the oscillations of the world’s commerce make themselves felt here, and here it must
become evident whether the present financial economy, so far as it has to be based
on metal, is in a phase of healthy development or whether this is not the case. In
the first survey I rely on the figures supplied by the professional periodical, The
Economist, with recognized accuracy.
So far as may be gathered from these figures, the year 1891, in all those directions
that are influenced by a somewhat longer series of preceding years, can not be called
an unfavorable one. Pauperism in this year, too, diminished; the state of the sav-
ings banks and the consumption of certain significant articles of luxury, such as
tobacco, liquors, is satisfactory; and so, at least in the first half year, is the move-
ment on the domestic railways.
The figure of the exported amount of merchandise is influenced by the over-
hastening of the exportation in 1890, when the protective tariff for the United
States was in prospect, and for that very reason shows decline. The prices for
exports have fallen by 0 -93 per cent — that is to say, it was necessary to sell cheaper.
The prices of imports on the other hand rose 0-5 per cent, but the increase concerned
only breadstuff’s, the higher prices of which in 1891 cost Great Britain £9,500,000.
Wool, cotton, and other raw products of manufacture fell. The Economist remarks
thereupon that a low price of raw products must in the end benefit the manufac-
turer, but that the period of decline is injurious, because the buyer estimates the
merchandise by the price of the raw product at the time of completion. It may
well be added that there is a probability of the longer duration of such a period if
the fall of prices is more or less influenced by the divergence in the value of the
precious metals. The average price of twenty-two of the most important ai’ticles
of consumption, however, was at the end of the year 4 per cent less than at the
beginning.
The total value of exports and imports is stated as follows :
1889.
1890.
1891.
£427, 600, 000
248, 900, 000
£420, 900,000
263,500,000
£435, 700, 000
247, 300, 000
It is self-evident that these figures do not signify an equal amount of loss by
passive balance. The reexportation has not been sufficiently eliminated. No
account is taken of the great gain from the carrying on of the marine commerce
under the British flag, which during the last decade rose from 37,000,000 to 61,000,000
tons, and comprises one-half of the commerce of the United States and of Russia.
England, moreover, is the creditor of the other nations.
In this last direction, in which the conditions of money matters become still more
directly manifest, the year 1891 was not a favorable one. The crises of the year 1890
were not yet forgotten; Argentina and Brazil, Portugal, Spain, and Greece had
shaken confidence. Confidence in Australia was impaired. As in the merchandise
balance, so here, too, the high figure of 1889 forms a turning point. The total emis-
sions were, beginning with 1885: £77,900,000, £101,900,000, £111,200,000, £160,-
300,000, £207,300,000, £142,600,000, and £104,600,000— that is to say, in 1891 about
one-half of 1889. The actual payments, however, were £77,900.000, £87,500,000,
£93,600,000, £137,300,000, £167,800,000, £141.000,000, and £76,000,000. Only £22,-
000,000 of the emissions of £104,600,000 represent foreign loans, and in these £22,-
000,000 is included the Russian loan of £19,800,000, of which practically nothing
was taken in England. All the leading loans of the colonies and of foreign countries
closed the year with lower quotations, with the exception of Turkish and Egyptian
values and the railway papers of the United States and Canada.
The position of England as creditor of the other nations has not been strengthened
in 1891.
“A struggle for gold,” says The Economist, “lasted from January to December, as
the bank was obliged again and again to make a strong effort to induce deposits,
but found it impossible to keep them, for no sooner had it built up its reserves than
the market prices fell, and a new outflow began.” One might have thought that
408
the expected silver coinage of America might have produced some degree of quiet
here, but the gold flowing out of America sought other ways, and in England there
was still alive the remembrance of the insufficiency of the bank reserves that had
come to light in 1890.
Toward the end of January, 1891, this remembrance found expression in a mem-
orable speech delivered by Mr. Gosclien at Leeds. “We were on the brink of a
crisis, ” said the chancellor of the exchequer, “through which it might have been
difficult for the soundest to pass unscathed, for the wealthiest to have escaped. It
was a time when none who had liabilities or engagements to pay could say how they
would pay them, if a condition of things were to continue under which produce
could not be sold, under which bills could not be discounted, under which there
appeared an absence of cash sufficient to discharge the liabilities of the general pub-
lic. That was the position at home and I will tell you what was at stake. You
risked the deposition of London as the banking center of the universe; you risked
the supremacy of English credit; you risked the transfer of the business of this
country to other centers, if such a catastrophe had occurred as you were esi the eve
of witnessing. I can not exaggerate the danger, the immediate danger, to which
this country was exposed at that time.’; 1
Years ago Bagehot had pointed out how by the rising magnitude of the various
amounts deposited the intensity of the obligations of the Bank of England had been
enhanced, and the previous proportion of the reserve had become sufficient.2 It now
had become manifest that neither the available reserves of the joint stock banks
nor those of the Bank of England were able to satisfy the claims. Mr. Gosclien
had comprehended the whole difficulty of the situation, and, after the storm had
passed, was active in two directions. He iuduced the joint stock banks to publish
far more frequently clear reports of the state of their liabilities, their assets, and
their reserves, and urged the strengthening of the latter. At the same time he
sought for a means whereby in the case of future stringency he might have larger
amounts of gold on hand.
The publication of the reports of the joint stock banks was soon obtained. The
strengthening of therir cash reserves on the other hand has up to the close of the
year made hardly perceptible progress, and it was evident that these banks intended
to work with as little dead reserve as possible, and in case of need to leave the
responsibility to the Bank of England. At the close of 1890 there were in these
banks, against £125,300,000 in liabilities, only £16,000,000 in cash, and at the end
of 1891 these figures were £120,600,000 and £16,600,000. The proportion, therefore,
despite all waruings, had merely risen from 12-9 to 13* *7 per cent. Not improperly
has this condition been called the “inbreeding of credit.” It is significant that this
condition existed in the gold land England, while at the same time iix the silver
land India the depositories were overfilled, and the rate of interest, owing to excess
of money, had fallen in an unheard-of manner.
The second task of the chancellor of the exchequer, the strengthening of the Bank
of England, turned out to be very difficult. Only on December 2, 1891, did the chan-
cellor, in a speech in Merchant Tailors’ Hall, make his intentions known more
explicitly. One-pound notes are to be issued, and in exchange for these part of the
cash gold currency is to return to the vaults of the bank. The notes of the bank up
to the present circulation of £38,000,000 are to be covered as heretofore b v £ 16,500,000
in securities and £21,500,000 in gold. All emissions above £38.000,000 and up to
£88,000,000 are to be backed by one-fifth in securities and fourth-fifths in gold.
Above £88,000,000 there is to be full gold backing. Moreover, the bank is to be
authorized in time of- need to issue interest-bearing notes without regard to the
backing just described. For such issue it will demand securities. This issue is not
to take place before the gold stock has reached £30,000,000, and the profits of such
extraordinary emission are to accrue not to the bank but to the state.
Mr. GoBchen, therefore, wishes to return a large part of the circulating gold into
the vaults of the bank. In lieu of it he gives paper heavily secured, all the more
heavily the more the return of the gold progresses. He preserves the gold from
wear, and lie obtains some control over any outflow through exportation, through
industry, purchase of the arbitrageurs, and the like. He facilitates postal rciuit-
tances. He remarks in passing that the concentration of so large an amount of gold
would also enable the nation more easily to put forth all its strength in case of a
great war.
That is the precipitation of gold by paper.
It is by no means certain that these propositions will obtain the force of law. It
is objected that the quota of gold which is to be replaced by securities will go
abroad, and that the inflowing geld must remain as covering in the issue depart-
ment. and therefore can perform no service to the banking department.
Into this question 1 am not called upon to enter. It was merely intended here to
1 Mr. Gosclien, Leeds, January 28. 1891.
* Walter llafieiiot, Lombard street, 6th ed., 1875, p. 302.
409
sliow how tlie far-seeing and conscientious chancellor of the exchequer, Mr. Ooschen,
conceives the situation of the world and the position of England, and how ear-
nestly he is endeavoring to secure her circulation and to create for the Bank of Eng-
land a strong and independent defensive position against future storms.
But the significant fact of the situation lies in this, that <jold in its metropolis
assumes the defensive.
Chapter VIII.
THE UNITED STATES.
ran- Americanism — The reciprocity danse of the McKinley hill — Balance of (fold — Arti-
ficial diversion of gold to Europe.
While the branches of the wide British Empire show in more or less pronounced
manner the striving after independent development, while, despite all improve-
ments in the means of communication, distance is exerting its irresistible influence,
and England, to repeat words used in England itself, “ is preparing to become the
proud mother of liberated daughters,” in the United States, on the contrary, under
the leadership of a severed branch of the same Anglo-Saxon race, there appears
more distinctly from year to year a mighty striving to extend the boundaries of the
great Republic. But here it is areas locally united that are to be embraced by a
common political bond. Since President Monroe, in 1824, discountenanced all Euro-
pean influence for the whole extent of America, down to the present day, that aim
has been steadily pursued by the statesmen of the Republic.
In Europe there were smiles when in 1890 a “ Pan-American Congress” met in Wash-
ington. It created a “ Bureau of the American Republics,” to the expenses of which
every independent state of North and South America is to furnish a small contribu-
tion, and whose sole task is to promote commerce and means of communication
within this wide area. At present the Bureau is preparing an industrial exhibit in
Quito, Ecuador. The plan of a railway line was drawn up which is to connect the
United States through Mexico and Central America with the South, and some of the
republics are already at work on their respective lines. A central bank for Pan-
America is to be created, the metric system is to be generally introduced. Large
subsdies for the establishment of direct fast steamship connection have been voted
by Congress.
The series of measures in the field of tariff legislation which are designated as the
McKinley bill was at first judged in Europe by the injurious effects which it has
exercised on cei'tain branches of European production, and the free-trade tendency
of the English press has contributed to make us see only one side of those enact-
ments. The tariff contains many liigh-protection features; but it lowers the duty
on important categories of iron and steel, and from a great number of raw products
it takes off the duty entirely. In section 25, for all material imported for the pur-
pose of industrial elaboration, there is established, in case the product is exported,
the right to a drawback of the duty (less 1 per cent) — that is to say, it extends the
refining process to all home industries. Of the greatest significance, however, is
the reciprocity clause in section 3. This clause authorizes the President to refuse
free entry to sugar, molasses, coffee, tea, and hides.from all states that impose upon
the products of the United States such duties as seem unfair and unreasonable to
the President.
This places at the disposal of the Government in particular the duty on sugar,
which amounted to many millions. We will now see how this clause works.
First, Brazil applied, in the midst of a political crisis, to secure for itself the mar-
ket for coffee and sugar. The trade of the United States with Brazil had thus far
been passive. Already on April 1, 1891, a treaty was prepared by which the United
States were allowed free entry for coal, machines, and railway apparatus, also a 25
per cent reduction on cotton and iron goods, leather and rubber goods. This, on
the scale of the year 1889, affects £4,750,000 worth of English imports. During the
nine months from April 1 to December 31, 1891, in comparison with the same period
in 1890, the exports from Brazil to the United States rose from $52,800,000 to
$79,200,000, and the imports from the United States from $10,000,000 to $11,600,000.
Cuba had to follow. That rich island produces sugar, coffee, and tobacco, but no
flour. Thus far it had been cut off from the world by high protective tariffs and
was connected with the mother country, Spain, by a tariff faToring that country.
A recognized French professional journal tells that hitherto a barrel of flour was
bought in New York and sent to Spain; there it was unloaded at Santander and
reexported to Cuba. After paying all duties the barrel sold for $8.70 in Cuba; had
it been sent from New Yrork to Cuba direct it would, on account of the duty, have
cost $11.46. 1
■Jos. Cliailley, La Situation 6ron. do, Cuba; L’Economiste. francais, 11 avril, 1891, p.455; also Andrew
Carnegie, The McKinley bill, XIX Century, 1891, I, p. 1030.
410
In the face of the treaty with Brazil, the matter had become for Cuba a vital ques-
tion; Spain was obliged to abandon the system she had thus far maintained. On
July l and September 1, 1891, treaties with Cuba and Puerto Rico went into effect,
and hereafter American flour goes into Cuba free.
During the last four months of 1891, as compared to 1890, the exports from Cuba
to the United States rose from $11,800,000 to $15,000,000, and the imports into Cuba
from $4,800,000 to $7,000,000.
On September 1, 1891, the Republic of San Domingo followed suit.
Jamaica, too, could not remain behind. The British West Indies might have
shared the advantages of the treaty between Cuba and the United States, in
virtue ol a most-favored-nation treaty between the West Indies and Cuba, but that
clause became extinct on July 1, 1892. In the last days of January, 1892, the new
agreement with the United States was concluded.
Against Haiti, Venezuela, and Colombia, which did not come to an agreement,
retaliatory measures went into effect after March 15, 1892.
Mr. Blaine recently said in a speech, in reference to Canada, “ You can not stand
inside and outside of the union at the same time.” These words are perhaps des-
tined to be heard often in the next few years.
As Spain and England had to negotiate in the interest of the coffee and cane sugar
of their colonies, so are other European states obliged to do for beet sugar. The
fortunes of sugar might well supply an instructive theme to some future historian.
He might show how cane sugar promoted the slave trade, how the discovery of beet
sugar was caused by Napoleon’s cloture, how artificial tariff legislation carried the
center of gravity of the production to Europe until sugar became one of the tools
by means of which American statesmen push forward to the partition of the earth.
He who wishes to become acquainted writh the significance of the United States
as a source of gold for Europe will have to take into consideration, first of all, the
following simpler elements:
(a) The gold production. — If we confine ourselves to the last four decades, the only
ones for which more accurate data are at hand, we find at the beginning of this
period, up to 1854, an annual production of more than $60,000,000; up to 1859 that
figure stays above $50,000,000; up to 1864, almost without exception, above $40,-
000,000; rises again during three years up to 1867 to over $50,000,000; remains up to
1871 above $40, r00,000; till 1881, with oscillations (in 1878. once more $51,000,000),
mostly above $35,000,000; and thenceforward above $30,000,000. We may say that
in forty years it dropped down to one-half.
( h )■ The silver production. — This, at first quite inconsiderable, reaches in 1862, for
the first time, $2,000,000; in 1865, $11,000,000; rises incessantly, and in 1872 reaches
$23,000,000; 1874, $35,000,000; 1878, $45,000,000; 1885, $51,000,000; 1889, $64,000,000,
and 1890, over $70,000,000. While the line of gold sinks, that of silver rises with
extraordinary rapidity to large figures.
(c) The increase of population, and. its demand for means of exchange, forms the
third element. Forty years ago the United States contained 23,200,000 souls, and,
at the close of each of the decades under consideration, 31,400,000, 38,600,000, 50,-
100,000, and, finally, in 1890, 62,600,000. Thus, while the gold production lias fallen
off one-half, the population has not entirely but nearly trebled. It is a curve rising
rapidly and constantly, like that of the silver production.
\d) The consumption of precious metals in industry. — Though earlier reports on this
subject can not be utilized, yet it may be assumed with tolerable certainty that the
consumption, especially as regards gold, must have steadily risen with the number
and well-being of the population. The uet consumption of gold, without old gold,
was approximately in 1889 $13,900,000 and in 1890 $15,000,000, with a simultaneous
production of $49,300,000 and $49,400,000.
Theoretically, the demand for metallic coin should have risen approximately in
parallel line with the increase in population and of commerce; but the actual stock
of coin was influenced by many incidents.
The following statements make no claim to numerical accuracy; they form a kind
of balance of accounts in which many important secondary items are left out, and
they are merely meant to indicate the general course of things.
The first decade, 1851-’60, shows the high figure of production of $551,000,000,
and along with it the manifested gold exportation of $432,000,000, so that only
$129,000,000 seemed to have remained in the country. In 1848 the first finds had
been made in California ; for 1849 and 1850 there exists only estimates of the product
of the washings, which certainly was very high, and it is possible that all figures
for that early time, both for product and for exportation, lie below the reality.
In the following decade falls the profound disturbance of the economic develop-
ment by the civil war. As yet the West of the. great Republic is not connected with
the East by any line of rails. There, beyond the wastes of the Great Basin, the
Comstock lode is tapped, and there the gold circulation maintains itself, while in
the East the bloody struggle of the North with the South is going on, gold leaves
411
for Europe to procure the means of warfare and of living, and scarcity of gold ensues.
In March, 18(53, large issues of paper money begin to be made, and the mean rate of
gold (100=par) is 146. In July, 1864, it reaches 285 ; about that time the Government
debt has already risen to $1,740,000,000, aside from all emissions of the South. In
April, 1865, at last the decisive victories of the North take place, while the debt has
risen to $2,700,000,000; very slowly the rate of gold sinks, and in 1870 it is still 115.
But this very high rate of gold becomes a- premium on the exportation of wheat,
which begins already during the war under peculiar circumstances. Navigation on
the Mississippi is closed, and the farmer reaches the sea only at heavy expense.
And yet he competes with the East. “The exported wheat,” writes Ronua, “is
paid in gold; if the dollar stood at par, and the bushel of wheat was quoted in
London at $1.25, and transportation to London cost $1, then the farmer in Iowa
would receive only 25 cents If, on the contrary, as in 1864, the dollar in gold is
equal to $2.50 in legal paper money, then the farmer in Iowa, with the same market
price in London, receives $2.12; that is to say, the premium on gold has raised the
price of wheat for the farmer of that part of the country eight-fold. Likewise, the
farmer in the State of New York, who pays only 25 cents for freight to London,
received $1 with gold at par, and, with the gold value of the paper dollar at $2.50,
he receives $2.87. In this way the farmer in Iowa, solely through the premium on
gold, has received lor the wheat exported abroad a proportionately more elevated
price than the farmer of the East.”1
Already, in 1863-’64, the exportation of wheat and flour was $59,000,000, and by
the end of the decade it had reached $71,000,000. From 1868 onward there is
observed, along with the outflowing stream of gold, an incipient movement of gold
toward the United States. The rich land recovers from the war; large investments
are made; the boom is coming.
The gold production in that decade was $474,000,000, the manifested importation
of the last years $33,700,000, and the exportation $516,000,000; according to this the
gold balance would close with a deficit of $8,300,000. But these figures are to be
regarded merely as the crude expression of the general fact that during the war all
the gold of the East went to Europe, and after the war recuperation took place.
Everywhere now prevails the peaceable work of opening up the land. In the
decade 1871-’80 the Government debt shrinks steadily; capital pours in from Europe;
the network of railways is completed. In 1869 the first railway is opened that con-
nects the East with San Francisco. At the close of 1872 97,000 kilometers of rail-
ways are in operation. The importation of gold increases, the exportation diminishes ;
from 1877 onward the balance of gold exchange is active; from that time onward
the United States are no longer a source of gold for Europe, but Europe surrenders
gold to them, although the highest productivity of the Comstock lode falls precisely
within that time, namely, in the years 1876 and 1877.
The gold production of 1871-’80 was $395,300,000, the manifested exportation
$314,700,000 and the manifested importation $190,800,000, so that, assuming these
figures to be correct, the gold stock had risen by $271,400,000.
In 1880 the extraordinary wheat exportation of $220,000,000 had occurred. Accord-
ingly, the decade 1881- 90 begins with the greatest known importation of gold; it
was more than $100,000,000. In that year, therefore, the country had at its disposal,
not merely its own production of $34,700,000, but also this large importation (net
$98,200,000).
But in order to obtain a correct view of the very complicated and instructive rela-
tions which, in the course of that decade, influenced the outflow and inflow of gold,
we must, first of all. go back a little and cast a deeper glance into the development
of the economic conditions of the country.
At the time of war, and of the great issues of paper money, high prices for the
products of agriculture prevailed; at that time the farmer extended his enterprises
and contracted mortgage debts at a rate of interest of 10 per cent and much more.
When the value of the dollar rose the producer’s premium disappeared. But at the
same time the heavy mortgage debt remained. The great Government debt has
dwindled; the mortgage debt has risen by this time to $3,000,000,000. All these
circumstances acted all the more oppressively because India, America’s competitor
in the market of the world, being a silver country, retained its premium. A system
of protective tariffs, one-sided in favor of industry, also burdened the farmer’s pro-
duction, and complaints arose on all sides.
“In 1866,” writes Count KTratry, “one could buy, for one dollar, 53 pounds of
maize, 33 pounds of wheat, or2| pounds of cotton In 1878 one might readily buy
for the same price 93 pounds of maize, 50 pounds of wheat, or 9 pounds of cotton.
* * * In justice it must be said that taxes have been lowered since the victories
of the North over the South. In 1866 every individual paid on an average $50, which
has since fallen to $25. But in order to raise these $25 the farmer at the present
day must produce 300 pounds of cotton, or 33 bushels of wheat, or 75 bushels of
1 A. Konna, Le B16 aux fStats-Unis de l’Am6rique; 8vo, Paris, 18S0, p. 233.
412
maize, while formerly these same products were more than sufficient to pay the tax
of $50.”* 1
But let us listen to Mr. Rusk, Secretary of Agriculture. Iu his report for 1890 he
writes : 2
“The recent legislation looking to the restoration of the bimetallic standard of
our currency and the consequent enhancement of the value of silver has unquestion-
ably had much to do with the recent advance in the price of cereals. The same
cause has advanced the price of wheat in Russia and India, and in the same degree
reduced their power of competition. English gold was formerly exchanged for
cheap silver, and wheat purchased with the cheaper metal was sold" in Great Britain
for gold.” * * *
This view that the price and the exportability of the products of agriculture are
in high degree dependent on the value of silver prevails in all the interested circles
in North America. The statement spread through European newspapers that the
movements in favor of raising the price of silver proceed from the so-called silver
kings of the West alone is erroneous, aud is grounded on an exaggerated opinion of
the influence of these persons. The causes of the silver movement lie far deeper.
The fall of prices in the rivalry with India and Russia, the burden of mortgages,
the struggle with the carriers and the middlemen called into life an association of
the farmers for self-help, which met for the first time on July 28, 1879, at Pollville,
Tex., adopted the name “Farmers’ Alliance,” and soon assumed undreamed-of
dimensions. In 1886 it numbered already 200,000 members, and was able on its own
account to take in hand the wholesale cotton business. In the following year it
numbered half a million members iu hundreds of sections. The Farmers’ Alliance
now entered into closer relations with the Knights of Labor in the industrial
regions, and developed more and more into a machine acting in favor of labor and
against capital. Its influence increased. Mr. Rusk sided with it in many important
questions.
It is this vastly developed group that regards the further depreciation of silver as
a disadvantage. As is well known, the Treasury at present purchases 54,000,000
ounces of silver per year, which were regarded as approximately corresponding to
the home production, with the avowed intention by these continued purchases to
keep up the price of silver. If these purchases were discontinued, the price of sil-
ver would fall, not only in America but all over the earth. If, however, the coinage
of silver was made free, then any mine owner might bring a bar of silver of the
metallic value of, say, $75 to the mint and receive back 100 coined dollars. It is
true, therefore, that this free coinage would put an extraordinary profit into the
hands of these persons, but. it is an error to suppose that the great agrarian move-
ment of the United States aims at nothing more than the enrichment of the mine
owners.
The late Secretary Windom was undoubtedly right when he said in reference to
the free coinage of silver, that before the swiftest ocean greyhound could land a new
silver freight in New York, the last attainable gold dollar would probably be
securely hidden away in private boxes and deposits. Hundreds of millions of dol-
lars would disappear from circulation, and a general panic would ensue. Similarly
A. Carnegie was right when saying that whoever conjures up mischief in this
domain, in order to draw his profit therefrom, is a twin brother to the criminal that
causes the express train to be derailed in order to rob it.
Nevertheless, Senator Stewart, of Nevada, was right, too, when he said that gold
is not sufficient for the human race; that legal enactments have their share in the
fall of the price of silver, and that the silver standard is an advantage for the wheat
culture of India against America.
“ Some sort of money,” continues Stewart, “ the people will have; if there is not
gold enough, they take silver.” To this easel will return later on. In the mean-
time the struggle for gold has in this decade assumed, precisely in the United States,
the most unexpected forms.
Despite all vicissitudes commerce has increased iu an extraordinary degree. The
exports of 1850 were valued at $134,900,000, those of 1890 at $845,300,000, those of
1891 at $970,500,000; the figures of the imports were $173,500,000, then $789,300,000,
and $828,300,000. Year after year trade showed an enormous surplus. In 1891 the
balance of trade closed with a surplus of exports of $142,200,000. Up to 1883 there
was also a surplus in the exportation of gold; in 1884 $12,000,000 worth of gold was
exported. From 1885-87 gold once more flowed into the country; but, beginning
with 1888, much gold was seen leaving for foreign countries.
The manifested values were the following:
1 Cte IS. de Kferatry I.a Crise a jjrieolo aux Btats-Unis ; Revue des Deux Mondos, 1890, t. C, pp. 80, 88.
1 Report of the Secretary of Agriculture, 1890, p. 4.
413
[In thousands of dollars.]
GOLD.
1888.
1889.
1890.
1891.
Importation
11, 031
34, 615
14, 774
50, 947
20, 222
20, 654
44, 970
78, 088
Production
—23, 584
33, 167
—36, 173
32, 967
—432
32, 845
—34, 118
33, 481
Remainder
+9, 583
—3, 206
+31,413
—637
SILVER.
1888.
1889.
1890.
1891.
Importation
29, 591
29, 894
25, 940
40, 729
22, 425
17, 094
18, 192
27, 197
Exportation
Production
—303
59, 206
-14, 789
64, 768
+5, 331
70, 485
-9, 004
75,415
Remainder
60, 903
49, 979
75, 816
6G, 411
Thus, in the same year, 1889, there were also exported considerable amounts of sil-
ver; the purchase of the higher amount of 54,000,000 ounces per year, that is to say
about $70,000,000, by the Treasury, had begun only in autumn of 1.890, whereas form-
erly the amount had been only 24,000,000 ounces per year. The drainage of gold,
however, increased, and the Director of the Mint, Mr. Leech, has published accurate
records concerning the outflow from New York, for the period from February 13 to
July 24, 1891, during which this outflow amounted to seventy millions.
“An examination of the above table,” says Mr. Leech, “ discloses the very singular
fact that of this large amount all but $9,300,000 was shipped when the rate of ster-
ling exchange was below the point (about $4,886) at which gold shipments can bo
made without loss. The movement, therefore, must have been artificially stimu-
lated by banks and bankers in Europe paying a premium ou gold or making dis-
counts to bill-drawers for cash remittances. This was the result of a condition of
affairs very unusual in the mercantile world.”1
Further ou it is said that as a rule the great banking houses in New York draw on
their correspondents in Europe, at sight or on time, amounts corresponding to the
volume of goods handled. The heavy losses of Europe in South America produced
a stringency of credit, and called forth the effort to strengthen the gold reserves in
England, France, and Germany, and the United States remained the only country
from which gold was to be got. At the same time European banks pledged to the
shippers interest from the day of shipment from New York. The Bank of England
paid a premium on American gold, and when the crisis became more threatening it
raised this premium from time to time. Large amounts of American securities
were sent back in exchange for gold, wherein some owners, no doubt, were influenced
by the fear of an approaching silver standard. The exportation of silver, too, was
diminished by the Government purchases, and gold took the place of silver. Nowhere
did any disturbance take place in consequence of the exportation; gold always
flowed iu from other parts of the country. It is evident that the central banks were
not called upon, but that the withdrawal, the drainage, as it were, was distributed
over different localities. In May, 1891, the Economist received news from New York
that within the last few days $18,000,000 in gold had been shipped without any
material diminution of the bank reserves. It was said that the fact had generally
become clear in the end that the orders for gold were merely purchases of gold, in
recent times with increasing loss for the purchasers.2 When, finally, the current
year showed a surplus of exportation of goods, amounting from July 1, 1891, to
February 1, 1892, to over $180,000,000, and when gold still continued to flow out, it
became evident that this outflow meant a calling-in of capital, which is stated, by
the reports of experts, to have been induced, in the case of France, England, anil
Austria, under payment of premium on the part of the purchasers. 3
1 Report of the Director of the Mint, 1891, p. 37.
2 The Economist, May 30, 1891, p. 700.
•L’Economiste fran^ius, 19 Mars, 1892, p. 358; The Economist, Mar. 5, 1892, p. 320, and elsewhere.
414
From this an important lesson is to be learned. The reflux of its own certifi-
cates of indebtedness may, under given circumstances, entirely change the balance
of payments of a state which is internationally indebted. Here we see a state
showing a very high surplus of exports, and favored by nature in the highest degree,
but which at the same time, in the midst of peace, loses material parts of its gold
circulation by foreign countries bringing securities on the market and assuming the
costs of the loss in rate. True, a purchaser must always be found. But from this
it results, furthermore, that with the capacity of a country to take up its returning
obligations the danger to its metallic circulation rises simultaneously.
This capacity of taking up obligations may be produced in the natural way by
increasing well-being and government credit, or by the prostration of the spirit of
enterprise which facilitates the classing of rent, or by new forms of investment,
such as postal savings banks; or it may be more or less forced by premium accorded
by the foreign seller. The result is the same. Italy and Spain have had the same
experience under different forms. Even at the present day American securities
return home, and even after the first quarter of 1892, gold flowed to Europe in con-
siderable quantities. The United States parted with a portion of their gold circu-
lation, but by so much their indebtedness to Europe is less, and a few more threads
of the web are broken which up to this day links the two continents.
In the case under consideration the outflow of gold may, furthermore, have been
promoted by the uncertain monetary situation of the United States. Much silver
is poured into the active circulation, and thereby evidently not only the drainage
of gold coin is facilitated, but the payments into public depositories are made in
large measure in silver instead of gold. Thus many circumstances urge toward a
decision on the part of the United States.
In comparison with earlier statements it may be mentioned that the gold produc-
tion of 1881-1890 was $326,801', 000.
From all the figures here given of the monetary status of the United States the
industrial demand is to be deducted. In this respect, too, it is to be remarked that
it is always the manifested exportation only that is taken into account; many cir-
cumstances indicate that the true exportation of gold may be larger than the mani-
fested exportation. No data whatever exist concerning gain of gold by immigra-
tion and loss of gold by voyages to Europe.
Chapter IX.
THE RECIPROCAL VALUE OF GOLD AND SILVER.
Weight Relation of the Amounts Produced — Value Relation — Permanent Divergence of
Values — English Parliamentary Debates of 1S90 — Unaltered Purchasing Power of Sil-
ver in Silver Countries — Mexico — Situation of the United States — Its Significance for
Europe.
For a number of years the values of gold and silver, measuring one metal by the
other, have been diverging more and more. Some circumstances tend to bring
these values nearer each other, others act in the opposite direction, and the latter
predominate.
Let us consider first the production. That of gold stagnates; its increase for
1891, which the estimates thus far made justify one in expecting, and which will per-
haps be regarded by some readers as an extraordinary fact, is limited to 21,000,000
or 25,000,000 marks. The production of silver, on the other hand, rises incessantly;
tlit) loss due to the fall in price as compared with gold has been overcome in the
ruling districts through the introduction of the furnace method and the fall in price
would have to be yet far more considerable in order to exert a marked influence on
the production.
But the figures of the product alone would up to this day hardly explain the
divergence of values, for in 1850 and the years immediately following the figures of
production were most unfavorable to gold as regards its price relation to silver,
and yet no material changes occurred in the monetary valuation. As late as 1860
the weight relations of "the output, gold being always=l, were 1:5.47; in 1870,
1:5.8; in 1880, somewhat over 1:14. During more than thirty years it stood below
1: 15J. and if despite this fact the value of silver did not rise, but fell, that is to
say diverged from the value of gold, that shows that other circumstances besides
those given by nature decided matters at that time. Now, the output of 1890 cor-
respomis to 1:23.8, and that of 1891 may possibly fall to 1:24. But these figures are
not more above the proportion of 1:15| than those of 1850-1870 were below it. It
is only because the legal relation of the Latin monetary union is not in force at this
day that the figures of the lylation of production contribute so directly to the diver-
gence of the reciprocal value.
415
Tho increased demand for industry acts in the same direction. This increase pays
no heed either to monetary needs or to production. The data at hand, however
imperfect, seems to show that the demand for gold rises more quickly with increase
in well-being than the demand for silver. But even assuming that the demand for
the two metals increased in the same proportion, yet g o Id would constantly become
dearer in relation to silver, for where there is excess of production there the appor-
tionment for industrial purposes is easily accomplished.
In the same direction acts the rising demand for metallic coin in those countries
which have based their currency, legally or in fact, on gold; and this rising demand
relates not only to means of circulation, but also to cash reserve, which is becoming
so marked, for example, in England at this moment.
In tho same direction the prices of the two precious metals are influenced by the
continual armaments in Europe, by which gold in large amounts is withdrawn from
monetary uses and is rendered immobile either in form of war funds or in other ways.
An extraordinary influence in the same direction has also been exerted by the moral
depreciation which silver has undergone by a series of legislative measures, and
especially by repeated sales of silver. This is to be regarded as one of the main
reasons why at this day a large part of hoarding in India is done in gold.
On the other hand, there are circumstances which, being favorable to the price of
silver, tend to bring the two values nearer to each other.
The first of these is keeping open of the Indian mint to silver coinage. But the
experiences of 1890 have shown that the inflow can not come too fast without bring-
ing danger; that Asia’s capacity to absorb silver is indeed very great, but that the
diameters of the feeding channels are limited, and that a glut ensues as soon as these
channels are taxed beyond the capacity of their diameters.
The second circumstance is the continued monthly purchase of 4,500,000 ounces of
silver by tho United States Government. This practice must be compared with
what has been said from page 30 onward concerning the influence of the furnace
method and concerning the tariff on fluxing ores, in order to perceive the contradic-
tions it involves. It was intended by this purchase to take up the entire product
of the United States. That product has for many years been rising, and, during
the continuance of these conditions, has risen from 54,516,300 ounces in 1890 to
58,330,000 ounces in 1891.
The third circumstance is the rising demand for silver fractional currency in gold
standard lands, which is connected with the higher standard of living of the less
wealthy classes. This circumstance is permanent, but has not thus far much weight.
The fourth circumstance finally is the slight rise of the gold production for 1891,
and perhaps for some of the subsequent years. But an increase of this production
by about 9.000 kilograms is of no great moment at a time when the silver land India
has obsorhed an average of 35,000 kilograms in each of the last three years.
We may disregard transient influences, such as the relief of the gold market by
the reflux of South American and Portuguese circulation.
If now the influence of the separating elements is balanced with that of the unit-
ing elements experience shows the preponderance of the former. This is expressed
numerically by the departure of the relation of prices from the ratio 1:15J. The
mean ratio in 1866 was for the last time below the one just mentioned, being 15.43.
In 1874 it reached 16.17; in 1876 already 17.88; in 1889, i8.40 ; in 1885, 19.41; ml886,
20.81; in 1887, 21.15; in 1888, 22.01, and in 1889, 22.10. In consequence of the silver
speculation preceding the deliberations in the United States theprice of silverrose,
the average for 1890 being 19-75. Under the influence of the present situation the
ratio in 1891 was once more from 20 to 21.
For more than twenty years the values of the two metals have been diverging.
This diverging movement was only interrupted in 1890, and then artificially. The
figure for 1891, which is influenced by the American purchases, shows that the influ-
ence of these purchases has been overestimated, for it must be noted that that
influence is distributed all over the earth, benefiting the silver mines in Australia,
in Bohemia, or in Chile asmucli as it does those of the United States. By its expan-
sion it loses its intensity. But the permanent causes of divergence have remained,
and if the legislation of the United States left the present condition of affairs
unchanged the ratio would rise from the figure 21 in 1891 as rapidly as it did after
1866. The whole effect would be expressed by a depression of the figure by little
more than a unit, or not even so much, since the constant quantity of 54,000,000
ounces would be taken from an annually rising total of production.
Recapitulating what has thus far been said concerning production and relation of
prices, we find:
(1) When from 1867 onward the ratio began to rise above 154 that fall in value was
not justified by the production, whose relative figure till after 1880 was below 154
(2) The weight relations of the production, that of gold being stagnant, have
shown a constantly rising silver output, so that at present the figures for the pro-
duction are nearly 1 :24.
416
(3) The legal bond between silver and gold having been severed, the figure of the
value of relation, too, continued to rise. In 1889 it was 22.10. In 1890 it was
depressed artifically, and is now rising again.
(4) Both the weight relation of the output and the value relation of the two
metals show that the metals diverge more and more, and at the present day they are
following similar lines.
So long as present conditions continue the difference of the reciprocal value of
the two metals will increase from year to year. In other words, nature offers too
little gold for present demands, while she offers silver in abundance. Thus the pres-
ent legislative institutions are at variance with the conditions established by nature.
Let us continue the supposition of an unchanged state of legislation. The figures
show how quickly, especially since 1885, the value relation has changed and how
slight the influence of the American purchases has been. Even now agriculture and
in part industry in Europe are sorely at disadvantage against silver countries, such
as India and Mexico. The most striking proof of this is the development of the
Indian cotton spinning mills at the expense of Lancashire. The advantage of this
situation accrues in England to the holders of interest- bearing notes, the productive
value of which increases with the growing scarcity of gold.
Under these circumstances it is not surprising that already in April, 1890, the par-
liamentary debates on this subject assumed temporarily the embittered character
of a struggle of labor against capital, in which employers and workingmen alike
demanded the restoration of the value of silver.
The former president of the chamber of commerce of Liverpool. S. Smith, sub-
mitted 140 petitions, with 00,000 signatures, asking for the reestablishment of the
bimetallic system. He described the losses which labor was suffering by the one-
sided enhancement of the purchasing power of gold. That, he said, was a tax which
the drones of society levied on the working bees. It could not promote the welfare
of society if the income of the idle, nonproducing class was raised at the expense
of the toiling masses. One-half of this new burden was derived from tl** demone-
tization of silver. He called the attempt to depreciate silver a huge fraud ou civili-
zation. The contraction of the currency was merely in the interest of the rich,
and was opposed to the interest of the whole nation. Sir Houldsworth, a cotton-
spinner from Manchester, declared that it was incorrect that the wage worker found
indemnification in the fall of the prices of the means of living for the loss in work
or wages. That equalization either did not take place at all or at most very late,
and ior that reason the wage workers were so heartily in favor of this petition,
since they regarded these couclitions as the root of the long years of losses. Mr. T.
H. Sidebottom, a cotton-spinner from Cheshire, lamented the pitiable condition of
all debtors in the country, who had assumed burdens under entirely different condi-
tions. The producers were at this day the victims of a monetary vivisection. It
was said that England is a land of creditors. But who had made her such if not
the inventive talent and the industry of her inhabitants?
To this Sir Lyon Playfair replies that the participation in a bimetallic congress
means that England, the great creditor of the world, is to invite the debtor nations
to deliberate whether the debts contracted in gold since 1816 might hereafter 1 e
liquidated in depreciated silver. The new Latin Union would last just so long ns
England was willing to remain in tho union, in order to be shorn like a gentle sheep
by the debtor nations.
The secretary of state for Ireland, however, Mr. A. J. Balfour, separating loose
from the government which held back, declared expressly that he too subscribed to
the bimetallic heresy. It was wrong to imagine that all the inconveniences that
had arisen since 1874 had sprung from the divergence of the values of the two
coinage metals, but that divergence had a share in them. The first evil was a pre-
mium ou Indian goods, due to the fall of silver; the second, the uncertainty of the
rate of exchange; the third and greatest evil, however, was at present the lack of
a stable currency for the whole world. Money was not only the measure of value
for transactions from day to day, but also the measure for deferred payments, and if
it was not stable it must harm either the debtor or tho creditor. It was said that
silver brought inflation. Inflation is bad. But if avc are to suffer from one of tlie
two we will rather suffer from inflation than from contraction. If to-morrow America
was to decide that it will use no more silver, but place itself on a gold basis, Avhere
■would the prices be? The history of the world’s commerce teaches that in almost
every question tho practical men after all eventually give in to the theorists. An
international agreement was possible and most desirable, but it could not be carried
out against the prevailing opinion in the mercantile circles.
These words may serve as an example of the public temper in 1890. But the figure
of the relation of weight of the output rises continually, and the figure of the value
relation pursues the same course. Let us look at the rapid divergence in the years
from 1885 onto the interruption by the American purchases and its present course. As
Soon us tho figure 23.75 shall have been reached all gold obligations vv ill have
417
increased in value one-half, as compared with silver, and we are now very close to
that figure. Then, in order to buy 1 kilogram of gold there will lie needed, instead
of 15£ kilograms of silver, one-half more, or 23.75 kilograms. But nothing at this
day prevents that figure from rising to 31; that is to say, nothing prevents silver
from falling to half its value in comparison to gold. VVe will leave unnoticed the
pitiable debtors, be they individuals or States, and devote our attention merely to
productive labor.
If this depreciation of silver, or appreciation of gold, were to occur all over the
surface of the earth it might bo, some think, that sooner or later, amid crises, equi-
librium would be established. But this is not at all the case. In Asia silver would
retain its purchasing power. This phenomenon is already visible to-day. Mr.
Goschen once said, replying to a deputation of bimetallists, that one of the extra-
ordinary circumstances in this matter was that the rupee in India had not behaved
in the way it should have behaved according to the laws of national economy. Its
value had remained stationary, whereas it should have followed the price of silver
in other lands, and that it was this perverseness of the Indian rupee that caused
so many difficulties. 1
In Europe it is customary to say that silver is depreciated. This the Indian will
not admit. He says that gold in Europe has risen. The reason of the unimpaired
purchasing power lies in this, that the great multitude of payments which are out-
side of the immediate influence of the world’s prices and the small extent of external
commerce in comparison to the internal commerce and to the mass of internal circu-
lation form an element of inertia which checks the movement of prices and secures
the purchasing power of the home metal for the internal commerce; that is to say,
for the needs of the producer, for a long time or forever.
Having repeatedly mentioned the advantage which has in this way accrued to
India, we may now look at a second silver land, Mexico.
The Mexican silver ores, which for centuries have been furnishing the larger part
of the silver stock of humanity, are, as has already been said, very diverse. Most of
them, however, are poor dry ores, which make up for their low contents by their vast
dimensions. Furnaces have begun to operate only in the last two years. Even at
this day the largest amount of silver is obtained by amalgamation. But other
hindrances had already been removed before the incipient transformation of refining
methods. Since 1853 foreigners have been allowed to acquire real estate; the coun-
try has gradually become more accessible, and peace and personal safety have been
introduced.3
This country7, according to a kind communication from Mr. Gus. Struck, exported —
1888-’S9.
1889-’90.
$22, 680, 337
6, 029, 202
7, 023. 589
798, 556
349, 507
233, 247
$23,084,489
7, 259. 958
6, 394, 002
803, 058
387, 010
386, 871
Silver ore
Sulphurous silver
Auriferous silver
At the same time the exportation of the other products of the country has increased
in an extraordinary degree. “The reason,” says Struck, “undoubtedly lies for the
most part in the lower value of silver abroad and the purchasing power of this
metal, which has here remained almost undiminished, for human labor in the field,
and the stationary value for payment of ground rent. * * * The uneducated
Mexican, who understands as good as nothing of silver depreciation, expresses this
naively by saying that a peso is still worth 8 reales.”
Aided by this premium on exportation, exports are rising from year to year, wealth
flows into the country, and the textile industry begins to improve. “ Silver, demon-
etized by Europe,” says Struck, “will retaliate in so far as the groat industrial
countries of Europe, owing to the depreciated value of the white metal, caused by
the action of these very7 countries, will never again supply cotton goods of extensive
consumption to the Mexican and probably to other markets.” 3
Still more vividly, however, is the shifting of the situation to the disadvantage
of Europe expressed by the circumstance that Mexico has utilized this prosperous
time for great and permanent investments, which guarantee its productive power
for the future and have assured President Porfirio Diaz an undisputed position in
1 The Perverse Rupee, in Rob. Barclay, The Silver Question, and the Gold Question, 3d ed., Man-
chester, 1890, pp. 99—124.
* W. Brockmann: Ueber die Betheiligung des Auslandes und speciell Deutschlands bei dem Berg-
werksbetrieb in Mexico ; Mitth. d. Deutsch. wissensch. Vereins in Mexico, I, 1890, S. 38—48.
3 G. Struck : Mexico und die Silberenwerthung irn Auslande; same journal, pp. 1-13.
S. Eep. 235 27
418
this land, formerly so disturbed. Iu bis address to Congress iu April, 1891, he was
able to point out that there are now in operation over 10,000 kilometers of railways
and 31,700 kilometers of telegraph liues; that since the preceding August (1890)
some 606 new mine concessions had been applied for; that the furnaces of Monterey
and San Luis de Potosi had been completed, and others were in course of construc-
tion ; that a public school law was beiug elaborated. In a second address, Septem-
ber 16, 1891, the President annouuced the progress of vine culture and silk culture.
Since 1883 the number of pieces sent by mail had risen from 5,000,000 to 125,000,000.
Six new steamship lines had been conceded. The customs receipts in four years had
risen 9,000,000 pesos.
It might be expected that the great exportation of precious metal would check
the development of other kinds of exportation, but this is iu no wise the case.
While the average exportation of other products of the country in the preceding
live years was 49,700,000 pesos, it rose in the last two years to 62,500,000 and 63,100,-
000 pesos.
The loss which Mexico suffers by the payment of interest on gold debt now
amounts to about 2,000,000 pesos a year.
In this way Mexico repeats the same phenomena which were exhibited by the
other silver land, India, to wit, unchanged purchasing power of silver in the
country itself, hence premium to the advantage of the producer against gold lands,
general economic advance, permanent opening of the country, but ou the other
hand difficulties of the financial administration due to foreign debt in gold.
All remarks concerning the present reciprocal valuation of the two metals depend
on the supposition that the present state of legislation is to be maintained; but the
present annual purchase of 54,000,000 ounces of silver by the United States Govern-
ment is an entirely unnatural measure, which, like all similar contrivances, must
in the long run lead to disagreeable consequences. That amount exceeds the
demands of circulation; hence, as has been said, it facilitates the outflow of gold
and causes more and more silver to flow into the Government depositories instead
of gold.- It Avas intended to correspond to the annual home production, but that
production is already higher, and rises constantly.
President Harrison has announced that another invitation to the European powers
for a monetary conference is contemplated, but would not for the present be issued.
If a renewed attempt at an agreement failed he would, nevertheless, endeavor to
secure employment for silver so far as practicable.
This is probably to be understood to mean that do material change is to be made
before the approaching election of the new President. In the coming winter Europe
will perhaps be once more brought face to face with the possibility of unification,
and, if so, it will probably be for the last time.
The old arguments ought not to be rehashed. You say the legal establishment of
the reciprocal value of two metals is in itself a monstrosity; but you forget that in
every State having the gold standard there exists together with it also silver money,
which obtains its value by law. You say such a regulation can not be international,
but you overlook how long the ratio of 1:15J was upheld and worked beneficently.
We wish, say the London bankers, to receive our interest in gold and not in depre-
ciated silver. But silver would no longer be depreciated the moment an agreement
went into effect. Why, you ask, shall wc cast such profit into the hands of the own-
ers of silver mines, between whom and us there exists no sympathy? Remember
that you are now casting the same profit into the hands of the owners pf gold mines
and washings. No man would lose by rehabilitation, and the whole' world would
be richer.
All these arguments fail to touch the true difficulty. That difficulty lies iu the
undoubted tendency of the two metals to diverge more and more. That divergence
lies in the nature of the metals themselves, and no statesman and no law can alter
the natural conditions that give birth to this tendency.
When, in 1849, gold poured into Europe in ever-growing quantities lawmakers
had the courage to keep up the bridge over the great chasm, although the sentiment
toward the gold miners at that time was similar to that now prevailing towards the
owners of silver mines. As late as 1863 Stanley Jevons characterized gold digging
as an outrage on the human race.1 Distinguished geologists who knew the manner
of those occurrences and their transitory nature predicted that the chasm would
close again, and it did close to open soon again in the opposite direction.
At present the situation is changed. The causes of such a gold stream are tran-
sient, but the conditions under which gold at this day is becoming rarer and those
under which silver is becoming more common are permanent. This phenomenon,
too, has been predicted.
And, let us ask further, if nature sots up difficulties so inexorably, is there no
help in human affairs? Iu my opinion, that help lies solely in the progressive open-
ing up of Asia.
Ought, then, a congress of European statesmen to decide to accord to silver an
419
increased value at variance with the conditions of its production, by general agree-
ment, until the absorptive capacity of Asia has increased by, say, one-half, over that
of the present day ? 1 believe that this would be an exceedingly wise step in the
interest of Europe ; but from previous experience there is reason to doubt whether
it will be adopted.
But in declining to do so, Europe must lceep in mind that she places America face to
face with a choice which, howsoever it may turn out, must in any case be fateful to Europe.
Lot us take the case, in itself improbable, that America decides in favor of gold.
President Harrison pointed out in a speech last year that the best method to force
Europe to come to an agreement was to deprive it of gold. Wo learned (p. 7G) that
in that case the Indian Government intends to follow America, without regard to
the difficulties that may thence arise for Europe. What an enhancement of gold !
Where would then be our prices? Mr. Balfour very pertinently aslced already in
1890.
People in Europe too easily forget that the gold standard exists there merely
under the supposition that it shall not find many imitators. The great surpluses of
balances of payment, and especially of goods, at this day lie not in Europe; they lie
in India and America. But the immediate moral effect of the adoption of the gold
standard, even by only one of the two governments, would shake to their founda-
tions all the economic conditions in European gold lands long before the actual
withdrawal of gold took place.
This case, however, will not be further pursued because, in view of Harrison’s last
utterance, as well as in view of the temper of the agrarian and labor circles, as has
been said, that case by itself is very improbable. Let us suppose, therefore, that
the United States decide upon the free coinage of silver. Silver rises in value.
Perhaps European governments, despite Windom’s prediction, may succeed ou that
occasion to get hold of some fraction of the greatly overestimated gold circulation
of America, even though it be at the increased price of silver, and thus to offer some
transient relief to the gold market in Europe. The prices of the two metals con-
verge. Silver is relieved of a part of the loss which it thus far suffered through lack
of esteem, but it does not rise to 15^. This result is indicated by the ratio of pro-
duction, the consumption of gold, and the experience of the slight effect of previous
silver purchases on the price of the metal. A premium remains for silver countries,
all the more because the causes continue which promote the scarcity of gold.
A pan-American standard may be established ou the basis of silver alone. Not
without reason does the silver party adhere to Mr. Blaine.
Bui the outcome of such a movement must be the partition of the earth.
Chapter X.
THE FUTURE OF SILVER.
General advance of Commerce and Production — Premium and Indebtedness — Increase of
Tension — Bimetallism becomes a Transition Measure — Grouping of Stales — Japan —
Silver in China — Partition of the Earth — Silver the Standard of the Future — Uncertain
Position at the Present Day — Austria-Hungary — Buckle — Conclusion.
The second half of the nineteenth century marks a profound transformation in the
life of nations. The planet has become smaller under the influence of improved
means of communication. Not only the exchange of commodities has become
facilitated and increased in an undreamt-of degree; the exchange of thought and
the personal contact among the nations weaves a daily tightening network of
common views and sentiments. Fractions of the white race, equipped with the
experiences of their advanced mother race, have founded in distant continents, on
virgin soil, colonies which now are blooming forth into rich and powerful states.
In this they were often aided by great and unexpected finds of gold. Into old
India European culture is breathing new life, and Japan heralds the entrance of the
yellow race into the currents of the world’s commerce.
Europe has been conscious of the leadership; that is a proud memory, but to-day
Europe is obliged more and more to allow other continents to enter into equilibrium.
They are honestly struggling onward to be the peers of Europe, and their claims
must be recognized.
Europe, headed by Great Britain, has caused this blossoming of the world. Great
Britain has been so liberal to her colonies, on the domain of politics as well as of
economics, that Thorold Itogers compared his native land with King Lear. But it
is to the interest of Europe that this advance of other continents shall take place
by way of natural progress, and not without the possibility of tranquil readjust-
ment to new conditions. Instead of this Europe paralyzes and weakens herself by
1 W. Stanley-J evons : A serious fall in the value of gold ascertained, 8vo, London, 1863, p. 67,
420
permanent armaments, and on the other hand has acce]erated the course of things
by granting a premium, arising out of difference in the quality of money, "which
gives an advantage to transoceanic production, and by the over-ready granting of
transoceanic loans.
By the premium England herself has suffered most. Through the fall of prices
English agriculture has received the last and heaviest blow; I am indeed inclined,
in this very case of the Indian wheat, to adopt the views ofNasse and his partisans,
ascribing the cause of the increased and cheapened exportation, besides the premium
and even before it, to the opening up of the land ; moreover, natural farming as yet
prevails in many parts of India. But more striking and manifest is the rise of large-
scale cotton spinning in India and the expulsion of Lancashire from the Chinese
markets.
In fact, a silver land finds it very difficult to buy of a gold land, and will always
prefer to seek its necessaries in a land having the same standard.
In Bolton, near Manchester, the cotton manufacturers have just decided to work
only four days in the week and to lie idle for three days. And while in Europe
there is thus taking place a displacement of the conditions of production, for which
comfort is vainly sought in the cheapening of a few of the means of living, a cheap-
ening which, for the most part, vanishes in the retail trade, the chamber of com-
merce of Bengal at the same time passed a resolution which likewise complains
bitterly of the present state of things. The confidence in the silver rupee is said to
have sunk in business circles. No European capital is said to go any longer to
India; the relations between the East and West are said to be stagnant. The
Indian government would either have to make a move toward international agree-
ment, or, if that be unattainable, it would have to introduce the gold standard into
India at once.
Thus the tension is increased, and both parties suffer.
The utterances of the Bengal Chamber of Commerce leads us from the commercial
to the fiuancial relations. Indebtedness in gold, especially when it rests on a silver
land, manifestly rises from year to year with the divergence of values. While any
economic gain due to the premium in the silver land is distributed among thousands
of hands, in the figure of the interest which is due in gold, the burden finds con-
centrated expression, and it increases with every fraction hy which the ratio rises.
Many a statesman of an honestly toiling, upward striving laud watches with
anxiety this figure which withdraws from his country undeservedly and inexorably
a part of the fruits of its industry, and conveys to the bondholder unearned and
unexpected gain. The crises of recent times have furnished abundant examples in
which the paying capacity of a debtor country was exceeded, and a good part of
the capital was lost along with the interest.
Here I would like to return to a word of Balfour's already cited (p. 90). Money
is said to be also the measure of value of deferred payments. The longer the period
of deferment the graver must be, under present circumstances, the consequences of
the progressive divergence of the values of gold and silver. The silver land is loath
to buy in the gold land, but it must be yet far more careful not to incur long-time
gold debt. The almost complete cessation of the emission of foreign loans in London
in 1891 is a consequence of the experiences in South America, which, however, have
become as instructive to all other debtors as they are to the creditors who have to
bear the loss. That, and not the success of the gold regime, is at this day the reason
of the cheapness of loan money.
Thus with the divergence of the values of the two metals all commercial relations
are subjected to tension. But that does not trouble the goldsmith who melts down
sovereigns, nor the metallurgist who runs the furnace with lead flux, nor does the
nature of gold change for that. All assumption that with increasing price of gold
the demand for gold ornaments or gold watches will diminish, or that with the fall
of silver its production will decrease, suppose a difference in value which lies far
beyond those figures which commerce is at all able to bear. On the contrary, all
experience indicates that the group of the heavy metals, beginning with gold
(19.253) is too rare to serve as the coinage metal for tho increased demand, and that
such a metal will bo unable in the long run to draw the plow of human economy in
equal team with a metal of a weight of only 10.471 (silver). It seems that the broad
gap which nature has laid down between the heavy and the light metals can no
longer be permanently bridged.
Henco any international agreement, though urgently to be recommended, will at
this day much more than in former years, after the bond, unfortunately, has been
prematurely severed, bear the marks of a transition measure. The object of this
measure would bo to prevent the partition of the earth till the moment, perhaps
distant, perhaps near at hand, when Asia shall bo more opened up, or when the
world shall he ready to dispense entirely with the monetary services of gold.
Europe, I fear, is laboring under a grave delusion. The economy of the world
can not be arbitrarily carried on in the mere hope that, somewhere a new California
421
and at the same time a new Australia may bo found, as in 1849-1852, whose alluvial
land may again give relief for a decade. The present small undulations in the figure
of production however are without any further significance for the grand process.
Under these circumstances it might indeed happen that the results foreseen by
Lexis would ensue, to wit, that even with a very high ratio within a bimetallic
union a premium on gold would grow up in the course of years, called forth not by
the demand for gold for exportation but by the demand for gold Avithin the area of
the league itself.1
But any condition is better than the present one, in which we are drifting on
toward tiie partition of the earth into two trade areas. In order to survey such a
condition Avh Avill arrange some of the most important states into groups.
The first group is formed by the gold lands, England Avith Canada, Africa and
Australia, Germany, Scandinavia, and, by the actual condition of affairs, also the
countries of the Latin Union. In this group are the creditors. No internationally
indebted land has thus far maintained a free gold currency. Italy, Avithin this
group, has lost her gold currency.
The second group comprises states in which the standard relations are not defined.
In each one of them different conditions prevail. The United States, by ordering
the silver purchases, have assumed a mediating position, which, however, can
hardly last long, or, should it continue, will finally lead to the loss of an ever in-
creasing part of their gold. Several states of South America have just passed through
grave crises. The same is true of Portugal. Spain, too, is not Avithout her difficul-
ties. In Austria-Hungary a peculiar situation is produced by the fact that since
the cessation of silver coinage the bank note based on silver did follow the fall of
its own basis, and that even the Government note circulating Avithout cover is
rated higher than the same amount in silver coin. Russia, too, possesses at this day
merely a paper currency.
The third group finally is formed by the silver countries. I will mention Mexico,
India, Japan, China. Not one of these countries is a creditor; some of them are
debtors. All are in process of being opened up ; some of them already present great
surpluses of exports. They comprise the majority of the human race.
The economic blossoming of the silver states is Arery remarkable. India and Mex-
ico haAre already been mentioned. Japan is climbing upward quito as vigorously.
There, too, cotton spinning mills have sprung up. About the middle of 1891 there
were already at work 377,970 spindles in 36 factories; since three years the number
of factories have doubled, and that of the spindles had risen to more than fourfold.
Over 17,000 people were employed in this industry. The Government has granted
2,250,000 yen (1 yen silver = 4.185 marks Avhen silver is at par) in order to begin in
1892 the building of the first iron works. Trade is more and more passing from the
hands of foreigners into those of native merchants. In 1890 Japan had a failure of
the rice crop, and thereupon, and in part in consequence of that failure, passed
through a financial crisis. But this does not prevent the exceedingly rapid intro-
duction of all technical improvements, and, with the exception of that disturbance
in 1890, trade, too, made great and regular progress. From 1885 to 1889 exports rose
from 34,800,000 to 68,400,000, and imports from 27,000,000 to 64,000,000 yen. A suc-
cessful colonizing movement is spreading from Japan over the islands of the Pacific.
Especially is the sugar manufacture of Hawaii developing through Japanese labor.
Two bills Avere recently laid before Parliament; one decrees the nationalization of
all railways not yet in the possession of the state, and the other asks for an appro
priation of 50,000,000 yen for the building of new railways.2 3
China is developing so fast; she takes up constantly growing amounts of imports,
but as yet the products of the vast empire are not sufficiently mobilized for large
exportation. But the demand for foreign products is rising in China also. Fore-
most is illuminating oil, of which, in 1891, 40,000,000 gallons were imported from
America and 10,000,000 gallons from Russia. For 1890 we have the report of Mr.
McKean. In that year alone the importation of illuminating oil had risen 50 per
cent, window glass 58 per cent, matches 23 per cent, needles 20 per cent. The expor-
tation of tea had fallen in consequence of Indian competition, that of silk was kept
back on account of the higher rate of silver, and, moreover, exportation had suffered
by floods in Chihli. The figures for 1889 and 1890 were for imports £26,200,000 and
£32,900,000, for exports £22,900,000 and £22,600,000. The tonnage of the arriving
vessels rose in six years from 18,000,000 to 24, 800, 000.
Tho fact that in the background of the silver lands there lies this oceau of human
beings, must never he lost sight of. The money circulation in China is at present
effected by silver, which is cast in bars either about 0.998 or 0.980 fine. The finer
1 TV. Lexis, Die Wiihrungsfrage irad die englische Untersuchuugs-Commi.ssion ; Conrad, Jahrb. f.
Nationalokonomie, 1888, Neue Eolge, XVI, p. 351.
2 The critical report, which is worth reading, is reprinted in the Economiste franoais, 26 mars 1892
p. 395.
3 An extract may be found in the Economist, supplement to the number of June 13, 1891.
422
silver is cast into so-called “ shoes” of 50 taels (67 ounces troy nearly) and the stamp
of the producer is impressed on it; there is no other guarantee of fineness. Smaller
ingots and hemispherical halls too are in circulation; they weigh about 6 ounces,
and are deeply furrowed with a cold chisel in order to show the interior.1
In the ports foreign thaler pieces circulate, but the Chinese entertain the deepest
suspicion against the fineness of the foreign coinage, and hence the coining of impe-
rial Chinese silver pieces would certainly be of the greatest moment for the intro-
duction of a more abundant circulation. The beginning of this has in fact recently
been made. Since 1891 a silver piece of the value of a dollar is coined. One side
shows the dragon, the other the inscription: “Current coin of Kwang-lisu.”
“ Stamped in Canton.” No one may refuse this coin or regard it as a foreign coin.
This dragon dollar may perhaps in time acquire the same importance which the
Mexican dollar acquired years ago for the commerce of the human race.
But let us return.
We assume the case that the United States, despite all warnings, establish the
free coinage of silver. At one blow the Pan-American standard is established. All
Asia joins in. The gold standard is limited to Europe and the English colonies, but
without India. That, we said, is the partition of the earth. This idea of a parti-
tion of the earth into a silver sphere and a gold sphere has already come forward
repeatedly. In the monetary conference of 1878 Mr. Goschen, as representative of
Great Britain, stated that that country indeed clung to the gold standard, but that it
suffered continual loss in India in order there to keep open a drainage channel for
silver. Might it not be feared that with the extension of the gold standard there
would ensue a fall of silver, a rise of gold, and a corresponding fall in the price of com-
modities? The general double standard seemed to him a very Utopia, but the adop-
tion of the exclusive gold standard was another, and to his eyes, an entirely wrong
one.
It must be admitted that the representative of Switzerland, Mr. Feer-Herzog,
merely drew the logical consequence of these words when he proposed the partition
of the earth. Gold was to serve the advanced, silver the backward nations.
To-day, when the values of the two metals have gone so far apart, and when, with
the continuance of present conditions, there is a prospect of further divergence, one
may survey with greater distinctness the possible consequences of these ideas of
1878. Last year Prof. Milewski discussed this subject and showed that in part the
partition has already taken place, how at the dividing line between the two areas
the rate of exchange is constantly oscillating, and how this condition of affairs rep-
resents precisely a state of ceaseless unrest and uncertainty, as contrasted with the
time of tranquility which existed through a long period during the prevalence of
the double standard.2
These are already the consequences of the first steps toward separation ; as yet
the great second group stands between the monometallic countries, the gold group
on the one hand and the silver group on the other. A sharp dividing line is seen
between England and India; here advantage to the bondholder, damage to labor;
there advantage to production, loss for the government. Is there in this really a
permanent advantage to the gold land?
But let us essay a few steps on the slippery path of conjecture.
The consequences, so far as they may be in a manner inferred, would first consist
in a general improvement of conditions, so far as this can be effected by an approach
of values of the two metals. This approach would be caused on the one hand by a
rise of the value of silver, which, however, would not be too great, because the
present purchases of the United States are already effecting an artificial rise; and
on the other hand perhaps for the gold area by a greater outflow of gold into
Europe (p. 94).
The more remote consequences, however, would be disastrous to the gold lands.
In the great silvor area, which comprises many states in need of money, there would
occur perhaps at first inflation and irregularity; true, it must be confessed that
even nowadays there are states with free silver coinage and yet without too great
inflation. In order to bind the metal, more and more fully covered certificates
would perhaps be issued instead of the partly covered notes. In any case the pro-
duction of goods would make a great, perhaps too great, advance. In the gold
area, too, there would at first be improvement, but soon there must ensue more and
more contraction, fall of prices, injury to labor.
All obstacles now thrown in the way of commerce by tariffs would dwindle into
insignificance compared to the barrier that would be erected by the partition of the
earth into two solid areas of different Money standards.
As the silver area comprises all zones, all natural products, and, in the United
States, also all industries, a great independent economic unit would be constituted
by the silver area. Exportation from the gold area would be rendered difficult, and
1 II. F. Dawes. Silver Mining in Mongolia; Trans. Am. Inst. Min. Eng., 1891.
2.T. Milewski, Das Worth verhaltniss zwischeu Gold und Silver; Auzeig. Akad. Wisscnscli. Krakau,
Januar, 1891.
423
yet, the gold area would be dependent on the other for many products, as is proved
by the balance of goods, already passive in a high degree even to-day, of Great Britain,
Germany, and France. Silver capital would grow up in the silver area, and silver
lands would borrow only silver capital. At the same time, however, in the whole
silver area industry would continue as hitherto, consuming gold. That is the “ wall-
ing-in of Europe.”
’Whether the United States will make this or some other choice is not mow known,
bnt, in any case some deductions arise from the present situation.
First of all, it is certain that Europe, in case of refusal to enter into an interna-
tional agreement, leaves America’s hand free to enact measures which must exert the
most profound influences on all commerce and on the money affairs of Europe her-
self.
Furthermore, it is certain that gold alone can never become the standard of the
whole earth, but that, on the contrary, a time will come when it will have been
entirely absorbed by industry. Let us not forget Scetbeer’s results, according to
which the entire monetary stock of the earth is smaller by almost one-tliird than
the production of the last forty years.
From this it follows, furthermore, that, assuming that the system of metallic coinage
continues to exist (and I see as yet no practicable substitute), silver will become the
standard metal of the earth.
The process is developing in this direction, but evidently more raj' idly than I
thought probable in 1877, for it ajipears that events of this kind which in other ages
would belong to a more remote future are able, with the sensitiveness of the present
commercial life and the perfection of present means of communication, to produce,
as soon as they become recognizable, a potential downward grade which hastens
their own advent.
Finally, it must be admitted that under the present conditions of jiroduction a
bimetallistic agreement would bear the marks of a transition measure, though a
beneficent one.
At such a time, when the final outcome may indeed be foreseen but the nearest
course of affairs is altogether obscure and not without danger, a difficult task is
incumbent on those governments which, not belonging to either of the two mono-
motallistic groups, wish to protect their country against the uncertainty of the situa-
tion. At the present day they should not without necessity allow themselves to bo
drawn into this struggle. First of all, they should advocate an international agree-
ment. If this is not reached, and if the United States decide in favor of gold, then
there will ensue a struggle for that metal, in which those European states will be
the first to lose their gold circulation which have debt certificates abroad or which
are otherwise economically weaker. If the decision is made in favor of silver, then
a short interval may ensue in which the acquisition of gold would be cheaper than
it is to-day. Even from the standpoint of those who, despite all the lessons of jmst
years, still believe that some large political body ought to join the gold group, it
would thus be necessary to warn against taking such a steji before North America
has spoken. Especially should this warning apply to Austria-Hungary, where,
through the favor of external relations, through pacific policy, through the industry
of the jiopulation and heavy taxation, the economic and financial conditions have
been improved. The fruits of this improvement should not be abandoned to the
arbitrament of a foreign government; the nation should quietly continue to
strengthen itself.
When Buckle wrote that famous chapter of his history of civilization in England
which treats of the influence exerted by the laws of nature on the institutions of
human society, he could not yet have foreseen that it would be possible from the
data given by nature to establish a prognosis for perfectly definite economic ques-
tions. He took into consideration the distribution of climates and the variety of
the external conditions of life. But the comparisons change as soon as man empioys
a definite substance whose occurrence is subject to definite laws, and as soon as one
is able to take into account the limits of occurrence of this substance, the parallax
of quantity as it were, albeit within ever so wide confines. Gold is not the rarest
metal, but it is too rare for tho task which some would like to imjiose on it.
Already in his official preliminary works for the monetary congress of the United
States for 1876, whose most important theses unfortunately seem to have attained
publicity only much later, Del Mar, the chief of the Bureau of Statistics of the
United States, put forth the view “that the jirobable exhaustion of all the great
gold-bearing alluviums of the world and the number and tho possible wealth of the
silver mines, through the effect of quantity and aside from other circumstances,
would tend to widen the relation of value between the two metals, and in this way
to render gold dearer and dearer, and silver cheajier and cheaper.”1
The same result was reached at the same time through studies in Europe. Experi-
ence since then has confirmed them. The governments to whom belongs the leader-
1 Alex. Del Mar: A History of tiro Precious Metals, 8vo, Loudon, 1880, preface, p. vu.
424
ship in these things may now ask themselves whether they have the strength and
the will to draw the logical conclusions, or whether they will continue to judge a
subject which concerns the whole earth merely from the standpoint of the immedi-
ate interest of their states; whether, in particular, in England the interest of the
Government creditors is to remain the ruling interest.
China was able through thousands of years to draw upon itself for its require-
ments and to continue in isolation. Europe will not bear isolation from the other
continents. The question is no longer whether silver will again become a full-value coin-
age me/a! over the whole earth, but what are to be the trials through which Europe is to
reach that goal.
[Senate Ex. Doc. No. 6, Fifty-third Congress, second session.]
Letter from the Secretary of the Treasury, transmitting a statement of the aggregate
amount of silver bullion purchased in October, 1S93.
Treasury Department,
Office of the Secretary,
Washington, 1). C., December S, 1S93,
Sir: Acknowledging the receipt of the resolution passed by the Senate November
1, 1893, as follows:
“ Ilesolvcd, That the Secretary of the Treasury be, and he hereby is, directed to
furnish the Senate with a statement giving the aggregate amount of silver bullion
purchased under the act of July 14, 1890, during the month of October, 1893, together
with the cost thereof, the amount, date, and price of each purchase, and the name
of the vender. Also the aggregate amount of silver bullion offered for sale during
said month, the amount, date, and price of each offer, and the name of the person
making such offer, and how paid for.”
I have the honor to transmit herewith a statement giving the information requested.
The purchases of silver bullion during the month of October were paid for vutli
Treasury notes as required by the act of July 14, 1890.
Very respectfully,
J. G. Carlisle,
Secretary.
The President of the Senate
Statement of the amount of SILVER B l LLION offered to the Government during the month of October, 1S93, and purchased under act of July 14, 1S90.
425
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EXTRACTS FROM
CONGRESSIONAL DEBATES
FIFTY-THIRD CONGRESS.
429
431
[From speech of Mr. Vest, August 14, 189.'!.]
AVERAGE GOT.D PRICES OF COMMODITIES AND OF SILVER,
Calculated by Augustus Sauerbeck, esq., of 3 Moorgate Street Buildings, E. C. Lon-
don, in his long and elaborate paper on Prices of Commodities and the Precious
Metals (Journal of Statistical Society, September, 1886), and continuation of it
(Journal of Statistical Society, March, 1892). The commodities are the forty-live
leading articles of commerce, or thereabouts, valued separately, but classilied under
six general heads: “Vegetable food,” “Animal food,” “Coffee, sugar, and tea,”
“Minerals” (chiefly metals and coals), “Textiles,” and “Sundry materials” (such
as cotton, flax, hemp, jute, wool, silk, oil seeds, petroleum, chemicals, indigo, tim-
ber). The lists and valuations show the greatest care, and are accepted generally
as absolutely reliable. Mr. Sauerbeck decidedly recognizes the appreciation of gold.
His evidence and statistics in the Report of Gold and Silver Commission and its ap-
pendix are valuable.
How these prices are calculated is explained above.
Average gold prices of commodities and of silver by index numbers.
Year.
Vege-
table
food
(corn,
etc.).
Animal
food
(meat,
etc.).
Sugar,
coffee,
aud tea.
Total
food.
Min-
erals.
Tex-
tiles.
Sundry
mate-
rials.
Total
mate-
rials.
Grand
total.
Silver.
1840
106
81
98
95
92
77
86
85
89
97.5
1847
129
88
87
105
94
78
86
80
95
98.1
1848
92
83
69
84
78
6-1
77
73
78
97. 8
1849
79
71
77
76
77
67
75
73
74
98. 2
1850
74
67
87
75
77
78
80
78
77
98.7
1851
73
68
84
74
75
75
79
76
75
99. 9
1852
80
69
75
75
80
78
84
81
78
99.9
1853
100
82
87
91
105
87
101
97
95
101.2
1854
120
S7
85
101
115
88
109
104
102
101.1
1855
120
87
89
101
109
84
109
101
101
100.7
1856
109
88
97
99
110
89
109
102
101
101.0
1857
105
89
119
102
108
92
119
107
105
101.5
1858
87
83
97
88
96
84
102
94
91
101.0
1859
83
85
102
89
98
88
107
98
94
102. 0
1860
99
91
107
98
97
90
111
100
99
101.4
1861
102
91
96
97
91
92
109
99
98
99.9
1862
98
86
98
94
91
123
106
107
101
100.9
1863
87
85
99
89
93
149
101
115
103
101. 1
1864
79
89
106
88
96
162
98
119
105
100.9
1865
84
97
97
91
91
134
97
108
101
100. 3
1866
95
96
94
95
91
130
99
107
102
100.5
1867
115
89
94
101
87
110
100
100
100
99.7
1868
113
8S
96
100
85
106
102
99
99
99. 6
1869
91
96
98
94
89
109
100
100
98
99.0
1870
88
98
95
93
89
106
99
99
90
96.6
1871
94
100
100
98
93
103
105
101
100
99.7
1872
101
101
104
102
127
114
108
115
109
99.2
1873
106
109
106
107
141
103
106
114
111
97.4
1874
105
103
105
104
116
92
90
100
102
95.8
1875
- 93
108
100
100
101
88
92
93
96
93.3
1876
92
108
98
99
90
85
95
91
95
80.7
1877
100
101
103
101
84
85
94
89
94
90.2
1878
95
101
90
96
74
78
88
81
87
86. 4
1S79
87
94
87
90
73
74
85
78
83
84.2
1S80
89
101
88
94
79
81
89
84
88
85. 9
1881
84
101
84
91
77
77
86
80
85
85.0
1882
84
104
70
89
79
73
85
80
84
84. 9
1883
82
104
77
89
76
70
84
77
82
83. 1
1884
71
97
63
79
68
68
81
73
76
S3. 3
1885
68
88
63
74
60
65
76
70
72
79. 9
1886
65
87
60
72
67
63
69
07
69
74.6
1887
64
79
67
70
69
65
67
67
68
73.3
1888
67
82
65
72
78
64
67
69
70
70.4
1889
65
86
75
75
75
70
68
70
72
70.2
1890
05
82
70
73
80
66
69
71
72
78.4
1891
75
81
71
77
76
59
69
68
72
74.1
1892 (10 months)..
07
84
68
73i
72
56
66
61 h
03. V
65.4
Average, 1882-1891
71
89
69
77
73
66
74
71
74
77.2
Average, 1878-1887
79
95
70
84
73
71
81
70
79
82. 1
432
[From speech of Mr. Hudson, of Kansas, August 19, 1893.]
The following table sets forth, by means of Mr. Sauerbeck’s index numbers, the
striking contrast between the relative value of gold and silver in the years preced-
ing and in the years following 1873:
Tears from 1873 back to 1854.
Yearly
index
numbers
of silver.
Tear on from 1873 on to 1892.
Yearly
index
numbers
of silver.
1873
97. 4
1873...
97 4
1872
99. 2
1874...
95. 8
1871
99. 7
1875...
93 3
1870
99. 6
1870...
86. 7
18G9
99. 6
1877
90 2
1868
99. 6
1878
86.4
1867
99. 7
1879...
84. 2
1866
100. 5
1880
85.9
1865
100. 3
1881 . .
85 0
1864
100. 9
1882
84. 9
1863
101. 1
1883...
83. 1
1862
100. 9
1884
83. 3
1861
99. 9
1S85
79.9
1860
101. 4
1886
74. 6
1859
102.0
1887
73.3
1858
101. 0
1888
70.4
1857
101.5
1889
70. 2
1856
101.0
1890
78.4
1855
100. 7
1891
74. 1
1854
101. 1
1892
This table gives in parallel columns, for the years 1874-1892, the index numbers for
the 45 commodities comprised in Mr. Sauerbeck's computation and the index num-
bers of silver for the same years :
Tears.
Mr. Sauerbeck’s
index numbers.
Tears.
Mr. Sauerbeck's
index numbers.
Index
number
of 45
principal
commod-
ities.
Index
number
of silver.
Index
number
of 45
principal
commod-
ities.
Index
number
of silver.
1874
102
95. 8
1884
7G
83. 3
1875 .
9G
93. 3
1885
72
79. 9
1876
95
86. 7
1886
69
74.0
1877
94
90. 2
1887
68
73.3
1878
87
86. A
1888
70
70.4
1879 .
83
84. 2
1889
72
70.2
1880
88
85. 9
1890
72
78.4
1881
85.0
1891
72
74. 1
1882
84
84.9
1892
68
65.4
1883
82
83.1
[From speech of Mr. Clark, of Missouri, Angust 19, 1893.]
Table showing decline in price of wheat, cotton, and silver.
Tear.
Wheat.
(Bush.)
Cotton.
(Found.)
Silver.
(Oz.)
Tear.
Wheat.
(Bush.)
Cotton.
(Pound.)
Silver.
(Oz.)
Dollars.
Gents.
Dollars.
Dollars
Gents.
Dollars.
1 872
1.47
19.3
1. 32
1883
1. 13
10. 8
1. 11
1 872
1.31
18. 8
1.29
1884
1.07
10. 5
1.01
1 874
1.43
15. 4
1.27
1885
.86
10.6
1.06
1875
1. 12
15.0
1. 24
1886
.87
9.9
. 99
1 876
1.24
12.9
1. 15
1887
.89
9.5
.97
)877
1. 17
11.8
1.20
1888
.85
9.8
.93
1 878
1.34
11. 1
1. 15
1889
.90
9.9
.93
1879
1.07
9.9
1. 12
1890
.83
10. 1
1.04
1886
1.25
11.5
1. 14
1891
. 85
10.0
.90
]881
1. 11
11.4
1. 13
1892
.80
8.7
.86
Ig82
1. 19
11. 4
1. 13
1893
.50
7.2
.75
433
[From speech of Senator Polph, August 8, 1893.]
The following table shows the amount, expressed in dollars, of silver annually
minted during the period of sixteen years, and shows the consumption of silver in
India for coin :
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
$23, 830, 686
12, 410, 636
30, 518, 415
78, 741, 556
28, 122, 004
40, 002, 173
20, 682, 625
29, 386, 322
24, 927, 400
17, 353, 531
1885 $48,487,114
1886 27,121,414
1887 44,142,013
1888 36,297.132
1889 37,927,814
1890 57,931,323
1891 32,670,498
Total 17 years 590, 562, 659
Annual average 34,150,744
[From speech of Mr. Wheolor, of Alabama, House of Representatives, August It and 12, 1893.]
Monetary systems, population, and approximate wealth and stocks of money in circula-
tion and per capita in the principal countries of the world.
Countries.
Ratio be-
tween
gold and
full legal-
tender
silver.
Ratio be-
tween
gold and
limited-
tender sil-
ver.
Gold and silver coun-
tries.
1 to 15. 98
1 to 15J
1 to 154
1 to 15|
1 to 154
1 to 15 *
1 to 154
1 to 15*
1 to 14. 95
1 to 14. 38
1 to 14. 38
1 to 14. 38
1 to 14. 38
1 to 14. 38
1 to 14. 38
1 to 15
1 to 15.1
TYance
Italy
Spain
Netherlands
Turkey
1 to 0. 18
Gold countries.
United Kingdom
1 to 14. 28
1 to 13. 957
1 to 14. 08
1 to 13. 69
1 to 14. 88
l to 14. 28
1 to 14. 95
1 to 15. 68
Germany
Portugal
A nstria-Hungary ....
Scandinavian Union. .
Canada
Kervnt
Cuba, Haiti, ete,.
1 to 15
1 to 15J
1 to 164
1 to 154
1 to 15*
1 to 15
Silver countries.
Russia
l to 15
Mexico
Central America
India
China
Population.
67, 000, 000
39, 000, 000
6, 100, 000
31, 000, 000
3, 000, 000
2, 200, 000
18, 000, 000
4, 500, 000
33, 000, 000
40, 000, 000
38, 000, 000
49, 500, 000
5, 000, 000
40, 000, 000
8, 600, 000
4, 000, 000
4, 500, 000
7, 000, 000
2, 000, 000
113. 000, 000
11,600,000
3, 000, 000
35, 000, 000
255, 000, 000
400, 000, 000
Circu-
lation
per cap-
ita.
Wealth.
Money— gold,
silver, and
paper.
Per
cent of
money
to
wealth.
$24. 34
$69, 000, 000, 000
$1,665, 390,000
2.4
40. 56
42, 990, 000, 000
1,681,402, 000
4.0
25. 53
5, 035, 000, 000
174, 000, 000
3.2
9. 91
13, 815. 000, 000
307, 276, 000
3. 1
14.67
2, 470. 000, 000
44, 000, 000
1.7
9. 09
1, 500, 000, 000
20, 000, 000
1.3
16. 56
12, 580, 000, 000
298, 000, 000
2.2
28. 88
4, 900, 000, 000
130, 000, 000
2.6
2.88
2, 965, 000, 000
95, 000, 000
3.2
4. 90
18.42
47, 000. 000, 000
700, 000, 000
1.4
18. 54
32,185,000, 000
918, 000, 000
2.8
19. 00
2, 010. 000, 000
95, 000, 000
4.6
9. 75
19, 275, 000, 000
390, 000, 000
2.0
8. 02
6, 420, 000, 000
69, 000, 000
1.2
26. 75
6, 865, 000, 000
107, 000, 000
1.5
13. 56
4, 900. 000, 000
61, 000, 000
1.2
16. 43
115, 000, 000
31. 00
7. 16
25, 445, 000, 000
810, 000, 000
3.1
4. 91
57, 000 000
.81
2. 500 non
19. 24
670, 000, 000
3. 64
928, 000 000
1.75|
700, 000, 000
S. liep. 235 28
434
Production of gold and silver in the United States, and prices of silvei’ measured by gold,
annually from 1845 to I860.
[Table prepared from records of the Mint of the United States.]
Year.
Estimated product.
Price of pure silver, per ounce,
in London.
Average
price of
pure sil-
ver, per
ounce, in
gold.
Value of
standard
silver dol-
lar, 4124
grains, in
gold.
Relative
value of
gold to
silver.
Gold.
Silver.
Lowest.
Highest.
Average.
1S45
$1, 008, 327
$50, 000
58J
59 J
59$
129.8
100. 46
1 to 15. 92
1846
1,139, 357
50, 000
59
60
59 A
130.0
100. 56
ltol5. 90
1847
889, 085
50, 000
58J
60 1
59}$
130.8
101. 20
ltol5. 80
1848
10, 000, 000
50, 000
584
60
594
130.4
100. 88
1 to 15.85
1849
40, 000, 000
50, 000
59
60
59$
130.9
101.30
lto 15. 78
1850
50, 000, 000
50, 000
59J
614
60 a
131.6
101.83
ltol5. 70
1851
55, 000, 000
50, 000
60
61 1
61
133.4
103.42
lto 15.46
1852
GO, 000, 000
50, 000
595
60J
60.4
132.6
102.57
lto 15. 59
1853
05, 000, 000
50, 000
60|
62
61J
134.1
104. 26
lto 15. 33
1854
60, 000, 000
50, 000
61§
615
614
134.8
104. 26
1 to 15. 33
1855
55, 000, 000
50, 000
61
61J
61 A
134.4
103. 95
1 to 15. 38
1856
55, 000, 000
50, 000
604
62*
61 A
134.4
103.95
lto 15.38
1857
55, 000. 000
50, 000
61
625
61 1
135.3
104. 69
lto 15. 27
1858
50, 000, 000
500. 000
60$
615
61 A
134.4
103. 95
lto 15. 38
1859
50, 000, 000
100, 000
61$
62J
6244
136.0
105. 22
lto 15. 19
1800
46, 000. 000
150, 000
611
625
6115
135. 2
104. 58
lto 15.29
Total
654, 036, 769
1, 500, 000
I now present a table showing the production of gold and silver in the United
States, and the relative value of the two metals from 1860 to 1873. It will be seen
by this table that the depreciation of values did not commence until after that date.
Production of gold and silver in the United States, and prices of silver measured by gold
annually , from I860 to 1873.
[Tables prepared from records at the Mint of the United States.]
Years.
Estimated product.
Price of pure silver per ounce
in London.
Average
price of
pure sil-
ver, per
ounce, in
gold.
Value of
standard
silver dol-
lar, 4124
grains, in
gold.
Relative
value of
gold to
silver.
Gold.
Silver.
Lowest.
Highest.
Average.
I860
$46, 000, 000
$150, 000
61$
625
61«
60 }i]
135.2
104. 58
1 to 15. 29
Is6i
'4:1 000, 000
2,' 000' 000
604
CIS
133.3
103. 10
lto 15. 26
1862
39, 200, 000
4, 500, 000
61
624
61 A
134.6
104.16
lto 15. 35
1863
40, 000, 000
8, 500, 000
61
61$
61 S
134.5
104.06
1 to 15. 37
1864
46, 100, 000
11,000,000
cog
624
61$
134.5
104. 06
1 to 15. 37
1865
53, 225, 000
11, 250, 000
604
618
61 A
133.8
103. 52
1 to 15. 44
1866
53, 500, 000
10, 000, 000
604
621
61 4
133. 9
103. 63
1 to 15. 43
1867
41,725,000
13, 500, 000
60S
611
60 A
132.8
102. 67
lto 15. 57
1868
48, 000, 000
12, 000, 000
604
61 4
601
132.6
102. 57
1 to 15. 59
1869
49, 500, 000
12, 000, 000
60
61
60 A
132.5
102.47
lto 15. 60
1870
50, 000, 000
10, 000, 000
604
61$
60 A
132.8
102. 67
1 to 15. 57
1871
43, 500, 000
23, 000, 000
60 A
61
604
132.6
102. 57
1 to 15. 57
1872
36, 000, 000
28, 750, 000
594
614
60 A
132.2
102. 25
1 to 15. 65
1873
36, 000, 000
35, 750, 000
574
59‘g
59$
129.8
100.46
1 to 15. 92
435
Table showing changes in the comparative value of the gold and silver coins of England
from the reign of Edward 111 to 18 Id.
Date.
Reign.
Compara-
tive value of
fine gold
aud silver.
1344
Edward 11
lto 12. 584
lto 11. 571
lto 11. 158
lto 10. 331
lto 10. 331
lto 11. 158
lto 11. 158
lto 11. 158
lto 11. 158
lto 11. 268
lto 10. 434
1349
. .do
1356
do
1421
Henry V
1464
Edward IV
1465
. . . .do
1470
Henry VI
1482
Edward IV
1509
Henry VIII....
do
1527
1543
do
Date.
Reign.
Compara-
tive value
of lino gold
and silver.
1551
Edward VII
lto 11. 000
1552
do
1 to 11. 050
1553
Mary
1 toll. 057
1560
Elizabeth
lto 11. 100
1600
do
1 to 10. 904
1004
James 1
lto 12. 109
1626
Charles I
lto 13.356
1666
Charles TI
1 to 14. 485
1717
George I
1 to 15, 209
1816
George III
lto 14. 287
As corroborative evidence I now read an official paper prepared by Lord Liver-
pool and presented to the King of England, and which I believe has been regarded
as authoritative. It shows the ratio of gold and silver prior to the time of Herod-
otus,who was born 484 years B. C.; bringing it down to the year 1717.
Value of gold to silver as stated by Lord Liverpool in his letter to the King of England.
In Persia, according to Herodotus lto Ilf
In Greece at same period lto 13
In Greece in the time of Plato 1 to 12
In Greece it is stated by Xenophen at 1 to 10
After the plunder of gold from the temple of Apollo, according to Menan-
der, it was 1 to 10
In the reign of Alexander the Great, it was 1 to 10
In Rome, according to Pliny the Elder 1 to 10^f
In Rome after the tribute from the Etolians 1 to 10
The plunder of gold from the Gauls by Julius Caesar reduced the pro-
portions to 1 to 7f
In the reign of Claudius, Tacitus states it at 1 to 12f
Until the reign of Alexander Servius it contained 1 to 12f
In the reign of Constantine the Great 1 to Olf
The disorders in the Roman Empire under Arcadus and Honorius raised
it to 1 to 14f
From which it appears that gold, unless when depressed by sudden and
unusual occurrences, or enhanced by a dread of public insecurity,
may be stated to have been for upwards of 900 years in the propor-
tion of 1 to 10 or 12
In England, in the reign of Henry III, 1216 to 1272 1 to 9f
In England, in the reign of Edward III, 1330 to 1377 1 to 124
In England, in the reign of Henry IV, 1400 to 1412 1 to lOf
In England, in the reign pf Edward IV, 1461 to 1477 1 to Ilf
In England, in the reign of Henry VIII, 1510 to 1547 1 to 11. 10
In England, in the reign of Queen Elizabeth, 1560 1 to 11
In England, in the reign of King James I, 1604 1 to 12f
In England, in the reign of King James I, 1611 1 to 13f
In England, in the reign of Charles II, 1665 1 to 14f
In England, in the reign of George I, 1717 1 to 15 f
Relative proportions in China, according to Humboldt 1 to 12f
Relative proportions in Japan, according to Humboldt 1 to 84
Relative proportions in Bengal, according to bullion report 1 to 14” 86
Relative proportions in Madras, according to bullion report 1 to 13f
Relative proportions in Bombay, according to bullion report 1 to 15
In the China Diaries it is stated at 16 taels of silver for 1 tael of gold of
100 touch of pure gold. If it is meant to be pure silver also, the pro-
portion would be 1 to 16; but it is believed to be the average Oneness
of silver in dollars, which would be 1 to 14. 296
The value of this table is due to the high position of its author, Lord Liverpool.
He had great power and access to all possible means of information.
I will now read a very important paper showing the amount of gold aud silver
extracted from the mines of America from 1492 until 1825.
436
Summary of the amount of gold and silver which has been extracted from the mines of
America from 1492 until 1825.
Years.
Period.
Gold.
Silver.
.Total
amount.
Mean year.
Gold.
Silver.
Gold to
Silver.
Castile
Castile
Tears.
Dollars.
Dollars.
Dollars.
Dollars.
marks.
marks.
1492-1545. .
53
90, 000, 000
30, 000, 000
120, 000, 000
2, 250, 000
12, 500
66, COO
1 to 5
154C-1555a
10
30, 000, 000
170, 000, 000
200, 000, 0001
1556-1570..
15
40, 000, 000
110, 000, 000
150, 000, 000
1571-1580..
10
20, 000. 000
70, 000, 000
90,000, 000
14, 200, 000
20, 000
1, 347, 600
1 to 67
1581-15906.
10
30, 000, 000
140, 000, 000
170, 000, 000
1591-1600..
10
30, 000, 000
140, 000, 000
170, 000, 000
1601-1610..
10
25, 000, 000
115, 000, 000
140, 000, 000
1611-1620..
10
25, 000, 000
115, 000, 000
140, 000, 000
1621-1630..
10
28, 000, 000
122, 000. 000
150, 000, 000
15, 000, 000
20. 300
1, 440, 000
h to 70
1631-1640..
10
30, 000, 000
130, 000, 000
130, 000, 000
160, 000, 000
1641-1650..
10
30, 000, 000
160, 000, 000
1651-1660..
10
28, 000, 000
122, 000, 000
150, 000, 0001
1661-1670..
1671-1680..
10
10
28, 000, 000
28, 000, 000
122, 000, 000
122. 000, 000
150, 000, 000
150, 000, 000 f
15, 000, 000
20, COO
1, 435, 300
1 to 69
1681-1690..
10
28, 000, 000
122, 000, 000
150, 000, 000]
1691-1700C.
10
75, 000, 000
115,000, 000
190, 000, 0001
1701-1710..
1711-1720..
10
10
120, 000, 000
120, 000, 000
100, 000, 000
110, 000, 000
220,000, 000 [
230, 000, 000 f
22, 000, 000
80, 000
1,308, 800
1 to 16
1721-1730..
10
120, 000,000
120, 000, 000
240, 000, 000)
1731-1740..
10
120, 000, 000
130, 000, 000
250, 000, 0001
1741-1750..
1751-1760d.
10
10
120, 000, 000
110,000, 000
160, 000, 000
190, 000, 000
280, 000, 000 1
300, 000, 000 f
28, 000, 000
82, 700
1, 970, COO
1 to 24
1761-1770..
10
100, 000, 000
190, 000, 000
290, 000, 000 J
350, 000, 0001
1771-1 780«.
10
100, 000, 000
250, 000, 000
1781-1790..
1791-1800..
10
10
100, 000, 000
100, 000, 000
280, 000, 000
320, 000, 000
380.000. 0001
420.000, 000 f
39, 500, 000
73, 500
3, 470, 600
1 to 47
1801-1810..
10
115, 000, 000
330, 000, 000
430. 000, OOOJ
370. 000. 000
1811-1825..
15
115, 000, 000
255, 000, 000
24, 700, 000
56, 400
2, 000, 000
1 to 35
Total...
333
1,890, 000, 000
4, 310, 000, 000
6, 200, 000, 000
Authorities: Count Humboldt, Abbe Raynal, Mr. Ward, Bullion Report.
a Discovery of the mine Patois. h Amalgamation adopted in Peru. c Brazil mines 'were
worked. d Discovery of Biscaina and Sombrerete, Mexico. e Exploration of the mine of
Valenciana, Mexico.
[Prom speech of Senator Hoar, August 15, 1893. ]
The following shows the operation of the Bland hill and the Sherman law com-
pared :
Minimum.
Maximum.
Absolutely.
Monthly purchases of silver under Bland bill, at 83 cents
(estimated average) an ounce, coined into dollars, would
have produced, since Sherman law was enacted :
$3, 108, 433
111, 903, 588
$6, 216, 866
223, 807, 176
Pour million five hundred thousand ounces silver, at 83
cents, cost:
$3, 735, 000
134, 460, 000
A monthly" purchase of silver under Bland bill, at present
price of'silver (70 cents), coined into dollars would pro-
duce:
3, 685, 714
7, 371,428
Pour million five hundred thousand ounces silver, at pres-
3, 150, 000
Monthly indebtedness under Sherman law less than it
would bo under Bland bill, at present price of silver
Average monthly excess of the amount of silver certifi-
cates over market value of tho silver (or silver dollars
they represented) when coined, which would have been
issued under Bland bill since Sherman law was enacted
(silver at 83 cents an ounce) :
535, 714
1,108, 433
39, 903, 588
1. 685, 714
4. 221.428
2, 216, 866
79, 807, 170
3. 371. 428
Monthly excess at present price of silver
Note, — d) Under Sherman law the coined dollars (and certificates) represent the
market value of the silver, when coined, and no more.
(2) Under the Sherman law the entire credit of the Government is pledged to keep
silver at a parity with gold. Under the Bland law there was no such obligation.
437
Or to restate the comparison a little more compactly:
One
mouth.
Three
years.
Under Slier yuan law .
$134,400,000
Under Bland bill .
$2, 000, 000 worth of silver a month, at 83 cents
2, 000, 000
1, 108,433
72, 000, 000
39, 903, 588
Excess represented by certificates (ami tho coined dollars)
3, 108, 433
026, 567
2, 000, 000
1, 685, 714
111, 903, 588
22, 55G, 412
3,685 714
3, 150, 000
$2^000, (#)0 worth of silver, at 70 cents (approximately rate of last purchase) .
Excess when coined
4, 500, 000 ounces of silver, at 70 cents
In favor of Sherman law at present time
535, 714
[From speech of Hon. Mr. Bland, House of Representatives, August 15, 1893.]
Mr. Bland. Mr. Speaker, I would like to have printed in the Record a communi-
cation from the Director of the Mint showing the amount of standard silver that a
dollar would contain at the different ratios proposed in these amendments.
There was no objection.
The communication is as follows :
House of Representatives United States,
Washington, I). C., August 14, 1893.
To the Hon. Director of the Mint:
Please give me the number of grains of standard silver in the dollar at tho ratios
of 17, 18, 19, and 20 to 1, respectively, and oblige,
Yours, etc., R. P. Bland.
Bureau of the Mint, August 14, 1893.
Ratio 1 to 17: Standard grains in a silver dollar, 438.60.
Ratio l to 18: Standard grains in a silver dollar, 464.40.
Ratio 1 to 19 : Standard grains in a silver dollar, 490.20.
Ratio 1 to 20: Standard grains in a silver dollar, 516.00.
R. E. Preston, Acting Director Mint.
[From speech of Mr. Catchings, August 19, 1893.]
Highest and lowest prices of middling upland cotton in New York for the years indicated .
Years endiDg Aug. 31 —
Highest,
per
pound.
Date of
highest
quotation.
Lowest,
per
pound.
Date of
lowest
quotation.
J8S4
$0. llig
• Hi
• 10i
• fife
• lit
•Hi
.12|
.11
• 08]g
Apr. 14, 1884
Feb. 26,1885
Sept. 1,1885
May 31,1887
Aug, 14, 1888
Aug. 20, 1889
Mav 28, 1890
Sept. 2,1890
Sept. 5, 1891
$0. 104
.09!
• 08[|
.094
• 09 YB
• 09f
.10!
•07H
• 0614
Sept. 1,1883
Oct. 24,1884
Feb. 26, 1886
Nov. 4,1886
Oct. 3, 1887
Oct. ■ 7, 1888
Nov. 4,1889
Aug. 17, 1891
Mar. 28, 1892
1885
1886
1887
1888
1889
1890
1891
1892
And, recurring to the question of increase in production, I will insert the table in
my possession, prepared for me by the Department of Agriculture, showing by
pounds the production of cotton in the United States from 1884 to 1892, inclusive :
Years ending Aug. 31—
Pounds.
Years ending Aug. 31 —
Pounds.
1884
2, 757, 544, 422
2,742, 966, 011
3,182, 305, 659
3, 157, 378, 443
3, 439, 172, 391
1889
3, 439, 934, 799
3, 627, 366, 183
4, 316, 043, 982
4, 506, 575, 984
1885
1890
1X86
1891
1887
1892
1888
438
Assuming a hale to contain 500 pounds, it will be seen that the number of bales
-lu 6,314,756; in 1888, 6,878,344; in 1889, 6,879,869; in 1890,
7, 2o4, 732; in 1891, 8,632,088; and in 1892,9,013,111. ’ ’
Lowest and highest prices of corn , cotton, oats, tobacco, and wheat for sixty-two years:
1825-1886.
[Where no mention of qnality is made it is understood that the nrice Quoted is for the cheapest
grade ot each commodity. The prices are those of the New York market.]
Tear.
Corn,
per bushel.
Cotton,
upland, per
pound.
Oats,
per bushel.
Tobacco,
Kentucky leaf,
per pound.
Wheat,
per bushel.
Lowest.
Highest.
| Lowest.
Highest.
Lowest.
Highest.
Lowest.
Highest.
Lowest.
•
Highest.
1825
$0. 42
$0. 75
$0. 13
$0. 27
$0. 20
$0.40
$0. 03
$0. 09
$0. 75
$1.06
1826
. 62
.83
.09
.14
.42
.60
.03
.08
.84
1.02
1827
.54
.75
.08
.12.
.31
.56
.03
.06
.90
1.25
1828
.46
.62
.09
.13
.24
.37
.03
.06
.95
1.62
1829
.48
.04
.08
.11
.27
.46
. 05
.07
1.00
1.75
1830
.48
.05
.08
.13
.26
.40
.03
.07
1. 00
1.15
1831
.54
.75
.07
.11
.27
.48
.03
.00
1.86
1. 35
1832
.50
.87
.07
.12
.38
.56
.03
.06
1. 12
1. 35
1833
. 65
.86
.09
. 17
.30
.48
.03
.08
1.15
1. 28
183-1
.53
.75
.10
.10
.28
.48
.04
.08
1.02
1.10
1835
.70
1. 12
. 15
.20
.33
.75
.06
.11
1.04
1. 50
1836
.83
1.12
.12
.20
.40
.75
.06
. 10
1.37
9 19.
1837
1.00
1.15
.07
.17
.40
.75
.03
.09
1. 55
2. 10
1838
.76
1.00
.09
.12
.25
.60
.04
.13
1.35
2. 00
1839
.75
.98
.11
.10
.30
.60
.08
.16
1.15
1.37
1840
.46
.63
.08
.10
.24
.43
.03
.16
.95
1.25
1841
.47
.81
.09
.11
.37
.50
.04
.14
.90
1.50
1842
.54
.68
.07
.09
.25
.53
.02
.09
.83
1.30
1843
.48
.60
.05
.08
.27
.34
.02
.07
.84
1.20
1844
.43
.54
.05
.09
.27
.37
.02
.06
.82
1. 12
1845
.45
. 85
.04
.09
.29
.51
.02
.07
.85
1.40
1846
.55
.80
.06
.09
.28
.48
.02
.07
.80
1.35
1847
.04
1.10
.07
.12
.39
. 65
.02
.08
1.01
1. 95
1848
.52
.78
.05
.08
.32
.51
.03
.OS
.95
1.40
1849
.57
.70
.00
.11
.33
.49
.03
.09
1.20
1.35
1850
.55
.72
.11
.14
.37
. 51
.05
.14
1.00
1.50
1851
.53
.68
.08
. 14
.65
.80
.03
.14
.93
1.22
1852
.62
.78
.08
.10
.75
.86
.03
.09
1.03
1.15
1853
.64
.82
.10
.11
.41
.52
.04
.10
1.22
1. 80
1854
.76
.98
.08
. 10
. 45
. 75
.05
. 11
1. 75
2.50
1855
.93
1. 15
.07
.11
.42
.82
.06
.13
1.96
2. 80
1856
.48
.94
.09
.12
.35
.50
.06
.16
1.30
2. 17
1857
.71
.98
.13
.13
.40
. 66
.07
.20
1. 25
1. 95
1858
.58
1.03
.09
.13
.40
.53
.06
.18
1.20
1.50
1859
.76
1. 05
.11
.12
.36
.58
.04
.14
1.30
1.65
I860
.64
.95
.10
.11
.37
.47
.03
. 13
1.35
1.70
1801
.48
.74
. 11
.28
.30
.47
.03
.16
1.20
1.60
1862
.50
.75
.20
.08
.37
.07
.06
.30
1.30
1. 55
1863
.68
1.23
.54
.88
.53
.90
.08
.36
1.25
2. 00
1864
1. 25
1.97
.72
1.90
.86
1.02
.08
.55
1. 72
2. 75
1865
.70
.97
.33
1.22
.45
.90
.07
.45
1. 25
1.88
1866
.80
1.32
.32
.52
.55
.85
.08
.18
2. 20
3.45
1867
1.00
1.40
.15
.36
.67
.94
.09
.16
2. 30
3.40
1868
1.01
1.41
.10
.33
(*)
(*>
.08
.15
2. 05
3.25
1869
.75
1.16
.25
.35
.07
.84
.08
.13
1.45
2. 18
1870
.76
1. 15
.15
.20
.52
.60
.07
. 12
1.40
1.90
1871
.05
. 90
. 15
.25
.42
.70
.06
. 11
1.45
2. 00
1872
. 61
.80
. 18
.25
.42
.55
.09
. 16
1. 65
2.10
1873
. 50
.77
.13
.21
.42
.58
.09
. 16
1.55
2.25
1874
. 53
.84
.15
. 19
.38
.53
.07
.25
.93
1.35
1875
. 49
.70
.13
. 17
.30
.04
.09
.28
.92
1.37
1876
.38
.49
.11
.13
.28
.35
.07
. 19
.84
1.27
1877
.41
.58
.11
.13
.22
.46
.07
. 16
1.06
1.85
1878
.45
.60
.09
. 12
.29
. 45
.04J
.07
.83
1.31
1879
.44
. 64
.eoi
,13i
.31
.50
. 04?
.074
1. 10
1.56
1880
.48
.61
. 11
. 13i
.36
.49
.05
.074
1.03
1.59
1881
.48
.76
.09 1
.13
.42
.52
. 05J
.12
1. 14
1. 56
1882
.03
1.00
.11*
.13
.374
.72
.03J
.09
1.03
1.43
1883
. 55
.70
.10
• 11J
.36
.51
.05
. 11
. 95
1.24
1884
.45
.66
.101
.ns
. 32
.42
.05
. 09
.74
1.05
1885
.40
.57
.10
.114
.274
.414
.074
.09
.88
1.05
1880
.43
.55
.«8Jg
• 09r"c
.304
. 39
. 07|
.093
.83
. 954
Nominal,
439
[From speech of Mr. Sperry, House of Representatives, A ugust 21, 1893.]
Statement showing the amounts of money in the United States, in the Treasury and in
circulation, on the dates specified .
Year.
1860
1861
1862
1863
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
Amount of
money in
United States.
Amount in cir-
culation.
Population.
Money
per
capita.
Circula-
tion per
capita.
$442, 102, 477
$435, 407, 252
31, 443, 321
$14. 06
$13. 85
452, 005, 767
448, 405, 767
32. 004, 000
14. 09
13. 98
358, 452, 079
334, 697, 744
32, 704, 000
10.96
10. 23
674, 807, 283
595, 394, 038
33, 365, 000
20 23
17. 84
705, 588, 067
669, 641, 478
34, 046, 000
20. 72
19. 67
770, 129, 755
714, 702, 995
34, 748, 000
22. 16
20.57
754, 327, 254
673, 488, 244
35, 469, 000
21. 27
18. 99
728, 200, 612
661, 992, 069
36, 211, 000
20. 11
18. 28
716, 553, 578
680, 103, 661
36, 973, 000
19. 38
18. 39
715, 351, 180
664, 452, 891
37, 756, 000
18. 95
17. 60
722, 868, 461
675, 212, 794
38, 588, 371
18. 73
17. 50
741,812,174
715, 889, 005
39, 555, 000
18.75
18. 10
762, 721, 565
738, 309, 549
40, 596, 000
18. 79
18.19
774, 445, 610
751,881, 809
41, 667, 000
18. 58
18. 04
806, 024, 781
776, 083, 031
42, 796, 000
18. 83
18. 13
798, 273, 509
754, 101,947
43, 951, 000
18.16
17. 16
790, 683, 284
'727, 609,388
45, 137, 000
17. 52
16. 12
763, 053, 847
722, 314. 883
46. 383, 000
16.46
15. 58
791, 253, 576
729, 132, 634
47, 598, COO
16. 62
15. 32
1, 051, 521, 541
818, 631,793
48, 866. 000
21.52
16. 75
1, 205, 929, 197
973, 382, 228
50, 155. 783
24. 04
19.41
1, 406, 541, 823
1, 114, 238, 119
51,310, 000
27.41
21. 71
1,480, 531,719
1,174,290,419
52, 495, 000
28. 20
22.37
1,643, 489, 816
1, 230, 305, 696
53, 093, 000
30. 60
22. 91
1, 705, 454, 189
1, 243, 925, 969
54, 911, 000
31.06
22. 65
1,817, 658, 336
1, 292, 568, 615
56, 148, 000
32. 37
23. 02
1, 808, 559, 694
1, 252, 700, 525
57, 404, 000
31. 50
21.82
1, 900, 442, 672
1, 317, 539, 143
58, 680, 000
32. 39
22.45
2, 062, 955, 949
1, 372, 170, 870
59, 974, 000
34. 39
22. 88
2, 075, 350, 711
1, 380, 361, 649
61, 289, 000
33.86
22.52
2, 144, 226, 159
1, 429, 251, 270
62, 622, 250
34. 24
22. 82
2, 100, 130, 092
1, 500, 067, 555
63, 975. 000
32. 83
23. 45
2, 219, 719, 198
1, 603, 073, 338
65, 520, 000
33.88
24. 47
Note. — The difference between the amount of money in the country and the
amount in circulation represents the money in the Treasury.
Relative wages and prices in gold in all occupations, 1840-91.
[Simple average of all the returns, taking the wages of 1860 as 100. From report of Senate Com-
mittee on Finance on wholesale prices, wages, and transportation, Report 1394, part 1, Fifty-second
Congress, second session, p. 14.]
Year:
Prices.
Wages.
Year.
Prices.
Wages.
1840
116.8
87.7
1866
136 3
108 8
1841
115.8
88.0
1867
127. 9
117 i
1842
107.8
87.1
1868
115 9
114 9
1843
101. 5
86.6
1869
113 2
119 5
1844
101. 9
86. 5
1870
117. 3
133 7
1845
102.8
86. 8
1871
122 9
147 8
1846
106.4
89.3
1872
127. 2
1 jy > 2
1847
106.5
90.8
1873
122 0
14N 3
1848
101.4
91.4
1874
119 4
145 0
1849
98.7
92. 5
1875
113 0
140 8
1850
102. 3
92.7
1876
104 8
135 3
1851
105. 9
90.4
1877
* 1 04 4
136 4
1852
102.7
90.8
1878
99 9
140 5
1853
109. 1
91. 8
1879
96 6
139 9
1854
112. 9
95. 8
J880
106 9
141 5
1855
113. 1
98. 0
1881
105. 7
146 5
1856
113. 2
99.2
1882
108 5
149 9
1857
112.5
99. 9
1883
106. 0
152 7
1858
101. 8
98. 5
1884
99 4
152 7
1859
100. 2
99. 1
1885
93. 0
150 7
I860
100. 0
100. 0
1886
91 9
150 9
1861
101). 6
100.8
1887
92 6
153 7
1862
114.9
100. 4
1888
94. 2
1863
102.4
76. 2
1889
94 2
156 7
1864
122. 5
80. 8
1890
92 3
158 9
1865
100.3
66.2
1891
92.2
160.7
440
Table showing the amount of metallic reserve, circulation, and uncovered notes of the prin-
cipal European banks.
Names of banks.
Gold.
Silver.
Notes.
Uncovered
notes.
1893.
Bank of Prance
Bank of England
Sixty-six English private banks
Thirty-seven English joint stock
banks
Irish banks
Scotch banks
Bank of Germany
Other German banks
Belgium
Netherlands
Bank of Spain
Bank of Austria-Hungary
Bank of Italy
Other Banks of Italy
Imperial Bank of Kussia
Ottoman Bank
Bank of Itoumania
Bank of Portugal
National Bank of Denmark
National Bank of Greece
Bank of Sweden
Other banks of Sweden
Bank of Norway
Swiss banks
Bank of Servia
Bank of Bulgaria
$334, 172, 822
146, 087, 502
*15, 579, 769
*24, 689, 847
163, 504, 667
*26, 597, 690
*21, 179, 008
15, 636, 064
36, 965, 934
28 804,813
39, 815, 900
36, 129, 600
190, 954, 897
*8, 287, 613
*15, 573, 363
2, 354, 600
*14, 282, 000
*424, 600
4,496,900
2, 026, 500
*6, 716, 400
13, 417, 167
1, 659, 800
907, 100
$249, 266, 996
81, 751, -673
34, 932, 210
24, 910.812
80, 667,104
21,527,413
31, 271, 404
4, 207, 400
984,300
2,605,500
3, 683, 598
791,300
135, 100
$771,722,995
124. 432, 974
4, 379, 329
5, 889, 668
31, 639, 219
32, 895, 097
234, 857, 290
45, 538, 920
79, 003, 761
75, 133, 893
161, 825, 724
193, 745, 098
116, 014, 616
104, 895, 500
696,661,411
4, 818, 438
25, 306, 546
53. 383, 800
20, 207, 100
21, 731, 800
10, 827, 300
6, 236, 900
14, 629, 400
31, 843, 456
5,106,780
212, 300
$188,283,177 June 29
June 28
4, 379, 329 May 27
5, 889, 668
26,059,450
32, 895, 097
10, 399, 050
18, 941,230
57, 824, 753
14, 765, 619
99, 918, 978
84, 273. 181
54, 671, 303
36, 494, 496
9, 733, 183
46,821,800
5, 925, 100
21, 307, 200
5, 346, 100
1, 604, 900
7,913. 000
4, 742, 691
2, 655, 680
May 27
May 20
May 20
Juiie 24
June 22
July 2
June 25
June 25
June 22
May 10
May 10
May 27
Feb. 28
May 8
May 24
Apr. 30
Apr. 30
Apr. 30
Apr. 30
Apr. 30
May 31
M ay 8
Mar. 14
‘Includes silver.
Coinage of nations of the world from 1792 to 1892.
Countries.
Tears.
Gold.
Silver.
1793-1892
$1, 585, 302, 060
1, 160. 960, 074
1, 689, 785, 518
79, 725, 408
115, 538, 049
3, 201, 484
92, 965, 850
623,291.883
$611,358, 811
151,925,944
1, 025, 314. 200
1, 733, 298. 368
103. 128, 149
6, 910, 027
113, 250,035
277, 769, 824
189, 719. 348
11, 673. 564
234, 098. 981
111. 671, 255
38, 306, 775
1,479,416
1, 575, 343, 309
278, 687, 921
154, 580, 160
1816-1891
1795-1891
1792-1891
1832 1891
1866-1891
1851-1891
1857-1891
1847 1891
3lj 488, 365
29, 613. 967
965,411, 163
1873-1891
1800-1891
1871 1891
63’ 429| 611
65, 927. 408
of /i 1 ©
1872-1888
1855-1891
550; 418, 328
11,710, 832
94, 439. 473
102,077.344
1835-1891
1857 1891
1876-1891
1854-1891
8,185,138
2, 310, 000
1, 930, 000
734, 365
20i 813; 755
5, 068, 732
1867-1885
1 S82-1885
’ S68. 500
1879-1SS4
15, 092. 600
2, 160. 120
1883-1885
1882-1888
26, 438, 817
6, 488, 301
13,539. 113
2. 710, 639
1849-1S91
IB 412, 565
9, 219. 005
1830-1891
1844-1891
1829-1877
1868-1891
148 ?:>(), f>46
42, 333, 102
373. 919
5,719. 179
Central American States
2, 318, 381
3, 053, 464
1874-1891
660, 500
2, 495, 991
Total
7, 564, 307, 452
6, 73G, 784, 794
Treasury Department,
Bureau of the Mint , August IS, 1893.
441
Value of merchandise imported into and exported from the United States from ISIS to ISOS,
inclusive; also excess of imports or of exports — specie value.
[Compiled from United States Statistical Abstract, 1892.]
Period : Year ending Juno 30—
Exports.
Domestic.
Foreign.
•
1843, 0 montlis-1852
1853 1862
$1,258,331,652
2, 373, 822, 537
$81,421,729
169, 375,911
186:1-1872 (
1873 1882 1
1883 1
1884 !
1885 i
1886 i
1887 i
1888 i
1889 i
1890
1891 !
1892 i
Total
2, 861, 812, 207
6, 509, 165, 121
804, 223, 632
724. 964, 852
726, 682, 946
665, 964, 529
703, 022, 923
683, 862, 104
730, 282, 009
845, 293, 828
872, 270, 283
1,015,732, Oil
20, 775,431,634
158, 225, 322
149,733, 511
19,015, 770
15,548,757
15,500,809
13, 560, 301
13, 160, 288
12, 092, 403
12,118, 760
12, 534, 856
12, 210, 527
14, 546, 137
699, 651, 087
exports.
1
Imports.
Total exports
and imports.
Excess of
exports over
imports.
Excess of
imports over
exports.
1843, 9 months-1852
1853-1862
1863 1872
1873 1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
Total
Total excess of
exports
$1, 339, 753, 381
2, 543, 198, 448
3, 020, 037, 529
8, 658, 899, 032
823, 839, 402
740, 513, 609
742,189, 755
679, 524,830
716, 183, 211
695, 954, 507
742, 401,375
857, 828, 684
884, 480, 810
1,030, 278, 148
$1, 380, 127, 002
2, 905. 205, 742
3, 986, 821,828
5, 572, 700, 559
723, 180, 914
667, 097, 693
577, 527, 329
635, 436, 136
692, 319, 768
723, 957, 114
745, 131, 652
789, 310, 409
844, 916, 196
827, 402, 462
$2, 719, 880, 383
5, 448, 404, 190
7, 006. 859, 357
12. 231, 599, 591
1, 547, 020, 316
1, 408, 211, 302
1, 319, 717, 084
1, 314, 960, 966
1, 408, 502, 979
1, 419, 911, 621
1, 487, 533, 027
1, 647, 139, 093
1, 729, 397, 006
1, 857, 680, 610
$1, 086, 198, 473
100, 658. 488
72,815,916
164, 662, 426
44, 083, 694
23, 863, 443
68. 518, 215
39, 564, 614
202, 875, 686
$40, 363, 021
362, 007, 294
906, 784, 299
28, 002, 607
2, 730, 277
21,475,082,721 j 21,071,734,804
42, 546, 817, 525
1, 803, 246, 015
1, 399, 898, 098
403, 347, 917
[From speech of Hon. John S. Williams, August 22, 1893.]
Table A. — World's yield of gold and silver, until percentage of annual variation in supply.
Year.
1
!
Gold, !
in mil- !
lions of 1
dollars, i
i
Ya na-
tion
from
pre-
vious
years.
Silver,
in mil-
lions of
dollars.
Varia-
tion
from
pre-
vious
years.
Year.
Gold,
in mil-
lions of
dollars.
Varia-
tion
from
pre-
vious
years.
Silver,
in mil-
lions of
dollars.
Ya na-
tion
from
pre-
vious
years.
1849
27 ■
39
0
1871
119
3
68
fi,
1850
44
63
39
0
1872
113
5
71
A
1851
68
55
40
2
< 1873
112
1
75
a
1852
133 !
96
41
O
j 1874
111
1
79
1853
155 1
16
41
0
! 1875
111
° 0
82
4
1854
127 ;
—18
41
0
• 1876
ill
0 0
88
8
1855
135 ;
+ 7
41
0
i 1877
116
+ 4
93
4
1856
134 :
- i
41
0
! 1878
120
+ 3
97
4
1857
134 1
0
41
0
' 1879
114
— 5
99
2
1858
133 :
— 3
41
0
j 1880
108
— 5
101
2
1859
130 !
2
41
o
: 1881
104-
4
106
5
I860
127 '
— 2
41
0
1882
100
4
1 11
5
1861
129 !
4
45
10
j 1883
97
115
A
1802
119 1
3
46
2
1884 .
100
4- 3
120
1863
119 !
0
49
6
1885
106
+ 6
125
A
1864
122
+ 3
52
6
1886
106
H 0
130
A
1865
126 :
+ 3
52
0
1887
106
o
126
K
1866
127 !
+ 5
52
0
1888
110
4- 4
146
7
1867
127
0
54
4
1889 ..
120
4 9
159
q
1868
126
2
57
6
1890
120
0
174
9
1869
125 !
— 4
61
7
1891
125
+ 4
ISO
7
1870
123 j
2
64
5
442
Table B. — World’s production of gold and silver.
Period.
Mean annual
product.
*3
Sh oS
° -2 _bl)
i of gold
silver
lue).
Gold.
Silver.
.2 ^ P
■3 g £
rH
O >
M
1545-1560
Kilos.
8,510
Kilos.
311, 600
36.6
11.30
1561-1580
6, 840
299, 500
43.8
11.50
1581-1600
7,380
418, 900
56.8
11.80
1601-1620
8, 520
422, 900
49.6
12. 25
1621 1640
8,300
393, 600
47.4
14
1641 1660
8,770
366, 300
41.8
14. 50
1661-1680
9,260
337, 000
36.4
15
1680-1700
10, 765
341, 900
31.8
14. 97
1701-1700
12, 820
355, 600
27.7
15.21
1721-1740
19, 080
431, 200
22.6
15. 08
1741 1760
24, 610
533, 145
21.7
14. 75
1761-1780
20, 705
652, 710
31.5
14. 73
1781-1800
17, 790
879, 060
49.4
15. 09
1801-1810
17,778
894,150
50.3
15. 61
1811 1820
11,445
540, 770
47.2
15.51
1821 1830
14,216
460, 560
32.4
15. 80
1831-1840
20. 289
596, 450
29.4
15.75
1841 1850
54, 759
780, 415
14.3
15.83
1851-1855
193, 38S
886, 115
4.4
15. 41
1856-1S60
201,750
904, 990
4.5
15. 29
1861-1865
185, 057
1, 101, 150
5.9
15.41
Period.
Mean annual
product.
it .
Cl —
o of3
O ? .
ii
°
Gold.
Silver.
•rt n s'
a ® ! S
M"-
O ■2
2e>
CS +■> ^
1866-1870 ....
Kilos.
185, 026
Kilos.
1, 339, 085
0.9
15. 50
1871-1875 ....
173, 904
1,969,425
11.3
15. 98
1876
165, 956
2, 323, 779
14.0
17.88
1877
179, 445
2, 388, 612
13.3
17. 22
1878
185, 847
2, 551, 364
13.7
17. 94
1879
167. 307
2, 507, 507
15.0
18.40
1880
163,515
2, 479, 998
15.2
18. 05
1881
158, 864
2, 592, 639
16.3
18.16
1882
148, 475
2, 769, 065
18.6
18. 19
1883
144,727
2,746. 123
19.0
18. 64
1884
153, 193
2, 788. 727
18.2
18. 57
1885
159, 289
2, 993, 805
18.8
19. 41
1886
159, 741
2, 902, 471
18.2
20. 78
1887
159, 155
2, 990, 398
18.8
21.13
1888
159, 809
3, 388, 606
21.2
21.99
1S89
185, 809
3,901,809
21.0
22. 09
1890
181,256
4,180, 532
23.1
19.76
1891
189, 824
4, 479, 649
23.6
20. 92
June, 1893 (av-
erage)
►
18.6
30. 18
Note. — The figures for 1493-1882, both years inclusive, are Soetbeer’e; those from 1882-1891 arefrom
the reports of the Director of the Mint.
I hold in my hand a little pamphlet compiled by Mr. Id. Emerson, of Germantown,
Pa., in which he has collocated, from Mulhall’s Dictionary of Statistics, the Ency-
clopaedia Britannica, and the Engineering and Mining Journal, some instructive
tables of comparative statistics. As far as I have been able to verify them they are
exact in every particular. I shall make a part of my remarks the portions of the
pamphlet and the tables under the respective headings: Fact one, fact two, fact
three, and fact four.
FACT ONE.
The total production of silver between 1871 and 1892 relatively to gold is little
more than half what it was during the three hundred years preceding the California
gold discoveries.
Period.
Tears.
Gold.
Silver.
Patio of
weight.
1545 1850
306
Kilos.
4, 427. 900
Kilos.
146, 347, 000
63, 764, 534
38, 024, 000
53, 031, 700
33. 12
1871 1892 -
22
3, 727, 966
796, 200
17. 14
1561 1660
100
47. 75
1661 1780
120
1, 944, 800
1,650,360
27. 27
1781 1840
60
67, 420, 000
4, 480, 000
40. 86
1891
1
' 190, 000
23.6
FACT TWO.
The fluctuation of silver supply between 1545 and 1892 has been less than that of
gold.
Annual production of silver.
Kilos.
Minimum, 1561-1580 300,000
Max-imum, 1891 4, 500, 000
Increase, 15 fold. «
Annual production of gold.
Kilos.
6, 840
. 234, 000
Minimum, 1561-1580
Maximum, 1853
Increase, 34 fold.
443
Sudden fluctuations in gold.
Ten-year intervals:
i831-1840
.1851-1860
Increase, 10 fold.
In dollars, increase, $120,000,000.
Four-year interval:
1849
1853
Kilos.
20, 289
201, 138
$27. 000, 000
1 55, 500, 000
Amount 128, 500, 000
Increase, 5.8 fold.
Sudden fluctuations in silver liave not occurred in the last three hundred years.
Ten-year interval:
1801-1810 $894,000
1821-1830 460, 000
Decrease to one-half.
In dollars, decrease, $19,117,600.
Four-year interval :
1887 $136, 000, 000
1891 186, 000, 000
Increase 49, 000, 000
Increase, 1.4 fold.
At a ten years’ interval, 1881-1891, the increase of silver was $80,000,000, the
increase in gold 1841-’50 to 1853, was $122,000,000, or one-half more in dollars.
At a four-years’ interval, 1887-1891, increase of silver $49,000,000, and of gold
1849-1853, $128,000,000, almost three timos as much, and for a one-year interval,
1889-1890, increase of silver is $15,000,000, while 1851-1852 shows a gold increase of
$55,000,000.
Whether, therefore, we take intervals of time long or short, remote or recent; or
whether we consider percentages, or absolute amounts, or value in dollars, the pro-
duction of silver has been incomparably less fluctuating than that of gold.
FACT THREE.
The added stock of silver since 1872 (twenty years) to the total world’s supply of
both metals to the world’s money has been neither absolutely nor proportionately
as large as the added stock of gold to the previous world’s supply of both metals m
the twenty years 1850-1870.
Total amount of gold and silver mined, in million dollars.
Gold.
Silver.
Total.
1 492 1»50
•
3, 160
6, 000
9, 160
1852 1871
2,573
Increase through gold to previous supply of gold and silver, 28 per cent.
Unparalleled prosperity.
Gold.
Silver.
Total.
1492 1872
5, 836
2, 362
7, 000
2,430
19
1873 1892
4,792
Increase through silver to previous supply of gold and silver, 19 per cent; increase
through gold and silver to previous supply, 27 per cent.
Slock of precious metals in the world.*
Gold.
Silver.
$2, 535, 000, 000
6, 175, 000, 000
$4,880, 000, 000
1890
*Mulliall, p. 306.
Percentage of incroase Gold, 142 per cent; silver, 24 per cent.
444
FACT FOUR.
The annual increase of sold and silver since 1860 has not been as great as the annual
increase of population, of commerce, of railroads, of cotton, of grain, of pig iron in
the United States for the same period.
1840.
I860.
1870.
1889.
Gold and silver (world’s
supply
$167, 000, 000
31, 400, 000
30, 626
Population
Railroad mileage
Leading railroads of the
United States :
Mileage
15, 501
396, 000, 000
1, 732, 000, 000
$2, 500, 000, 000
Freight movement,
tons
Passenger movement .
Banking power
$450, 000, 000
Grain product. .bushels. .
Cotton pounds. .
1, 240, 000, 000
1, 836, 000, 000
821. 000
3, 454, 000, 000
Pig iron tons. .
1890.
$311, ooo, ooo
62, 600, 000
166, 702
63, 477
4, 938, 000, 000
6, 421, 000, 000
$5,150, 000, 000
3, 629, 000, 000
9, 200, 000
In-
crease.
Per ct.
86
100
444
309
1,147
277
*390
tl34
178
98
1, 206
* First period.
t Second period.
[From speech of Andrew J. Hunter, of Hlinois, August 22, 1893.]
Specie and bullion holdings of leading European banks.
JUNE l, 1893.
Bank of—
Gold.
Silver.
Total.
$130, 508, 740
342, 754, 200
165, 813, 750
51, 870, 000
38, 570, 000
15, 430, 000
13, 633, 335
$130, 508, 740
599, 001. 200
221.085.000
139. 220. 000
70, 660, 000
51. 030.000
20. 450. 000
$256, 247, 000
55, 271, 250
87, 350, 000
32, 090, 000
35, 600, 000
6, 81 6, 665
Total
758, 580, 025
473, 374, 915
1,231,954,940
JUNE 1* 1892.
England...
France
Germany
Austria
Spain
Holland —
Belgium —
Total
$129, 553, 830
311, 674, 410
187, 143, 750
28, 470, 000
37, 980, 000
16, 025, 000
13, 856, 665
$129, 553. 830
570, 056, 535
249. 525. 000
111.220.000
61, 160, 000
49.160.000
20. 785. 000
$258, 382, 125
62, 381, 250
82. 750. 000
23, 180, 000
33. 135. 000
6, 928, 335
724, 703, 655
466, 756, 710
1, 191,460.365
Germany does not report the silver separately, but is included in the total specie.
It is calculated, however, that 25 per cent of the total is silver, and it is put down .
at that figure.
Specie and bullion holdings of the United States Treasury.
Gold.
Silver.
Total.
.Tnnn 1 lflQft
$197, 609,428
$487,503,042
443, 891, 436
$685, 172, 470
.Turin 1
271,563,291
715, 454,727
445
[From speech of Mr. Jones, House of Representatives, August 22, 1892.]
Compar ison of prices of corn, cotton, wheat, and silver.
Year.
In tho home markets.
Bullion,
value,
silver
dollar.
Silver,
per line
ounce.*
Cotton,
per
pound.
Corn,
per
bushel.
Wheat,
per
bushel.
Cents.
Cents.
1872
19.3
70
$1.47
$1.03
$1.32
1873
18.8
62
1.31
1.00
1.29
1874
15.4
72
1.43
.98
1.27
1875
15.0
85
1.12
.96
1.24
1876
12.9
67
1.24
.89
1.15
1877
11.8
54
1. 17
.92
1.20
1878
11.1
56
1. 34
.89
1.15
1879
9.9
47
1.07
.86
1. 12
1880
11.5
54
1.25
.88
1. 14
1881
11.4
55
1.11
.88
1. 13
1882
11.4
67
1. 19
.87
1. 13
1883
10.8
68
1.13
.85
1.11
1884
10.5
61
1.07
.86
1.11
1885
10.6
54
.86
.82
1. 06
1886
9.9
50
.87
.76
.99
1887
9.5
48
.89
.75
.97
1888
9.8
55
.85
.72
.93
1889
9.9
47
.90
.72
.93
1890
10.2
49
.83
.80
1. 04
1891
6.0
41
.85
.76
.90
1892
.67
]
*The coinage value of an ounce of pure silver is $1.29.
[From speech of Hon. John C. Bell, House of Representatives, August 23, 1893.]
I here submit a table showing the national debts of the world :
Austria-Hungary
Belgium
Denmark
France
Germany (entire)
England (and dependen-
cies)
Greece
Italy
Montenegro
Netherlands
Portugal
Roumania
Russia (all)
Servia
Spain
Sweden
$2, 643, 021, 000
213, 000, 000
58, 467, 000
4, 982, 840, 000
2, 695, 265, 000
5, 695, 659, 000
13, 625, 000
2, 250, 000, 000
1, 900, 000
540, 000, 000
593, 670, 000
176, 000, 000
4, 869, 768, 000
50, 615, 000
1, 106, 650, 000
58, 000, 000
Norway $29,860,000
Switzerland 65, 000, 000
Turkey 868, 590, 000
Argentine 148, 000, 000
Bolivia 19,000,000
Brazil 600, 500, 000
Canada 273,000,000
Chile 92, 800, 000
Colombia 15, 000, 000
Mexico 110, 000, 000
Peru 342, 624, 000
United States 915, 962, 112
Uruguay 79, 109, 000
Venezuela 63,700,000
Egypt 732,000,000
All other countries (about j 3, 500, 000, 000
[From speech of Mr. Dingley, House of Representatives, August 24, 1893.]
Let me again call attention to the enormous increase of production of silver in the
face of a declining price — the stern fact with which wo have to deal— as shown by
the tables of Dr. Adolph Soetbeer, than whom there is no higher authority on tho
production of gold and silver :
Average production of gold per annum.
Before 1850 ounces . . 750, 000
1850 to 1870 do .... 6, 000. 000
1870 to 1892 do .... 5, 750, 000
1892 do.... 0,328,272
Average annual production of silver.
1800 to 1860 ounces . . 28, 000, 000
1860 to 1870 do ... . 48, 000, 000
1870 to 1880 do ... . 80, 000, 000
1892 do.... 152,000,000
446
[From the speech of Senator Gray, September 22, 1893.]
Prices agreed upon by Messrs. Kingsland f Douglas, successors of Kingsland, Ferguson <f-
Co., Simmons Hardware Company, and Mansur & Tibbetts Implement Company, all of
St. Louis, Mo. J
Implements.
Money in —
1887, in bushels of —
1873, in bushels of —
1889.
1873.
Wheat.
Corn.
Oats.
Wheat
Corn.
Oats.
One-horse steel plow (wood beam)
$2. 75
$6.50
3.8
8.5
11.5
6.4
19. 1
27.0
Two-horse steel plow (wood beam)
12.00
20. 00
16.4
37.5
50.0
19.6
58. 8
83. 3
One-horse iron plow (wood beam)
2. 00
5. 00
2.7
6.2
8.3
4.9
14.7
20.8
T wo-horse iron plow (wood beam)
8.00
13. 00
10.9
25.0
33.3
12.7
38.2
54.1
1 wo-horse side hill or reversible plow . .
10. 00
18.00
13.7
31.2
41.7
17.6
52. 9
75.0
One potato-digger
7.50
20. 00
10.2
23.4
31.2
19.6
58. 8
83.3
Old-iashionedL tooth harrow
6. 50
15. 00
8.9
20.3
27.0
14. 7
44. 1
62.5
One-horse cultivator
3. 50
7.00
4.7
10.9
14.5
6.8
20.5
29. 1
Two-horse corn cultivator
15. 00
28. 05
20.5
40.8
62.5
27.4
82.4
116.6
One-horse mowing machine
45.00
85. 00
61.6
140.6
187.2
83.3
250. 0
354. 1
Two-horse mowing machine
50.00
90. 00
68.5
156.2
208.3
88.2
264.7
375. 0
Horse rake (sulky!
20. 00
30. 00
27. 4
02. 5
83.3
14.5
19.4
6.3
88.2
19.1
125.9
27.0
Common Hunt rake (horse)
3. 50
6.50
4.8
19.9
Common iron garden rake (10-tooth
steel) dozen..
3.75
12.00
5.1
11.7
15.6
11.7
35.2
50.0
OnJ-horse horse power
25. 00
45.00
34.2
78. 1
104.1
44. 1
132. 3
187.5
Two- horse horse power
35. 00
65. 00
(*)
(*)
(')
(*)
(*)
(*)
Keaper
75. 00
95. 00
(*)
184.9
8.2
H
452. 5
25. 0
O)
277. 7*
11.2
(*)
769. 2*
33.8
(*)
857. 1*
47.9
135. 00
421.8
18.7
Corn-sheller (one hole)
6. 00
11.50
Fanning mill
15. 00
25. 08
20.5
46.8
61.5
24.5
73. 5
104.1
Common hose (cast-steel socket), per
dozen
3.50
6. 50
4.7
10.9
14.5
6.3
19.1
27.0
Common rakes (wood) per dozen..
2. 00
3.00
2.4
0.2
8.3
2.9
8.8
12.5
Scythes (Ames’ grass) per dozen.
7.50
16. 00
10.2
23.4
31.2
15.7
47.0
66.6
Do
9.50
21.00
(*)
<*)
(*)
t*)
(*)
(*)
Scvthe snaths (patent) per dozen..
Shovel (Ames’) per dozen..
4. 50
11.00
6. 1
14.0
18.7
10.7
32.3
45.8
9.50
18. 00
13.0
29.6
39.5
17.6
52.9
75.0
Spades (Ames’) per dozen..
10. 00
18. 50
13.7
31.2
41.6
18.1
54.4
27.0
Crowbars (steel)
Crowbars (iron)
.06
.05
.10
(*)
.06
(*)
.15
(*>
.2
(*)
.09
(*)
.29
(*)
.46
* For 1880.
Now, I -wish to call the attention of tlie Senate to the wage matter, and I have
here a table showing the amount of wages in this country between the years 1860
and 1885, compiled by Hon. J. H. Walker, of Massachusetts:
Wages in I860 and in 1885 in dollars and in weight of gold and in grains.
Workmen.
Wages in dollars.
Wages in grains of
gold.
Grains of
gold, per-
centage of
increase.
1860.
1885.
1860.
1885.
Factory hands :
$0.62
.62
$1.00
.82
16.0
25.7
61
32
16.0
21. 1
.69
1.00
17.8
25.8
45
. 65
.80
16.7
21.8
31
1. 10
1. 26
28.3
32.5
15
Miscellaneous :
1. 10
1.67
31.0
43.0
39
1.83
2. 75
47.2
70.8
50
1.00
1. 50
25.8
38.7
50
33
1.50
2.00
38.7
51.6
1.00
1 . 50
25.8
27.0
50
1.67
2. 00
43.0
51.6
20
1.75
2. 25
41. 1
57.7
28
2.40
3. 20
62.0
82.4
33
1.20
1.75
31.0
45.2
46
Average percentage of increase in weight of gold, 38.
447
[From speoch of Senator Poffer, September 28-30, 1893.]
Price of ivheat.
United States.
England.
Year ended Juno 30 —
Gold price
per
bushel.
Greenback
price per
bushel.
Freight,
New Yoik
to Liver-
pool, per
bushel.
Gold price
per,
bushel.
1862
$1. 00
.89
$01.14
1. 29
$1,682
1. 52
1863
1864
. 66
1. 33
1. 289
1865
1. 24
1. 95
1. 245
1866
1. <J0
1. 41
$1,948
. 103
1. 392
1867
.92
1.27
1.785
1868
1.36
1.90
. 129
1. 945
1869
1.013
1. 388
.137
1.695
1870
1. 045
1.289
. 123
1.442
1871
1. 160
1.316
. 140
1. 571
1872
1.313
1.473
. 159
1.726
1873
1.159
1.312
. 183
1.756
1874
1.269
1. 428
. 197
1. 736
1875
.993
1. 124
.172
1. 531
1876
1 . 132
1.242
. 161
1. 387
1877
1.133
1. 169
.150
1. 573
1878
1.317
1.338
. 146
1. 566
1879
1.068
1.068
. 139
1. 371
1880
1.245
1.245
.121
1.389
Average.
1.155
1.283
.152
1.557
The wealth and debt of nations and their hearing on bimetallism.
United States
England or G-reat Britain . .
France
Germany
Russia
Austria
Italy
Spam
Netherlands
Belgium
Sweden
Canada
Mexico
Australia
Portugal
Denmark
Argentine Republic
Switzerland
Norway
Greece
Turkey
Chile
Colombia, United States of
Peru
Uruguay
Venezuela
Egypt
All other countries
Total of the world . . .
Countries.
Wealth.
Debt of all
kinds.
$60, 475, 000,
000
$957, 876,
000
43, 600, 000,
000
5, 695, 659,
000
40, 300, 000,
000
4, 892, 840,
000
31,600. 000,
000
2. 695, 265,
000
21,715,000,
000
4, 869, 768,
000
18, 065, 000,
000
2, 642, 021,
000
11, 755, 000,
000
2, 250, 000,
000
7, 965, 000,
000
1, 106, 650,
000
4, 935, 000,
000
518, 000,
000
4, 030, 000,
000
213, 000,
000
3, 475, 000,
000
580, 000,
000
3, 250, 000,
000
273, 000,
000
3, 150, 000,
000
110, 000,
000
2, 959, 000,
000
(*)
1,855, 000,
000
593, 670,
000
1,830, 000,
000
•58, 467,
000
1 , 660, 000,
000
148, 000,
000
1,620, 000,
000
65. 000,
000
1,410,000,
000
29, 869,
000
1, 055, 000,
000
13, 625,
000
(t)
868, 590,
000
(t)
92, 850,
000
(t)
15,000,
000
0)
342, 624,
000
(t)
79,-100,
000
(t)
63, 700,
000
(t)
732, 000,
000
(t)
3, 500, 000,
000
253, 685, 000,
000
34, 456, 574,
000
See debt of England.
f No estimate.
448
[From speech of Senator Dolph, October 2-3, 1893.]
Table showing the commercial ratio between gold and silver from 1780 to IS33,
Tear.
1780
1781
1782
1783
1781
1785
1780
1787
1788
1789
1790
1791
1792
1793
1791
1795
1796
1797
1798
1799
1800
1801
1802
1803
1801
1805
1800
Soctbeer.
White.
Tear.
Soetbeer.
White.
14. 72 :1
14. 30:1
1807
15. 43 :1
14.33:1
11.78:1
13. 70:1
1808
16.08:1
14.66:1
11. 12 :1
13.42:1
1809
15. 96:1
10.00:1
14.18:1
13. 66 :1
1810
15. 77:1
10.00:1
11. 70: 1
11. 77 :1
1X11
15. 53:1
15. 58 :1
14. 92 :1
15.07:1
1812
10. 11:1
11. 09:1
11. 90 :1
11. 76:1
1813
16. 25:1
14.04:1
11.92:1
11. 70 :1
1811
15. 04:1
15.71:1
11.65:1
14. 58:1
1815
15.20:1
16.15:1
11.75:1
14.76:1
1810
15. 28:1
13. 52:1
15. 01:1
14.88:1
1817
15.11:1
15. 41 :1
15.05:1
11. 82:1
1818
15.35:1
15. 28:1
15.17:1
14.30:1
1819
15.33:1
15. 68 :1
15.00:1
14. 88:1
1820
15.62:1
15. 57 :1
15.37:1
15. 18:1
1821
15. 95:1
15.84:1
15.55:1
11. 64:1
1822
15.80:1
15.77:1
15. 65:1
14. 64:1
1823
15. 84:1
15. 77:1
15.11:1
15.31:1
1824
15. S2:l
15. 05:1
15. 59:1
15.31:1
1825
15. 70 :1
15. 55:1
15.74:1
14. 11 :1
1826
15. 76:1
15. 05:1
15.68:1
11.68:1
1827
15. 71:1
15. 63:1
15.46:1
14. 33 :1
1828
15. 78:1
15. 63 :1
15. 26:1
15. 09 :1
1829 . .'
15. 78:1
15.81:1
15.41:1
11. 33 :1
1830
15.82:1
15. 41:1
14. 51 :1
1831
15. 72:1
15. 79:1
15. 00:1
1832
15. 73:1
15. 52 :1
14. 12:1
1833
15. 93:1
[From speech of Senator Power, October 3, 1893.]
Table showing exports of ivheat from India and from United States for the gears 18S1 to
1891, inclusive.
[From the report of the Department of Agriculture.]
Tear.
India.
United States.
Bushols.
Yaluo.
Bushols.
Value.
1 881 -
13, 896, 166
37,148,543
26, 495, 024
39, 202, 636
$12, 783, 972
33, 618, 241
150. 712, 509
$167, 815, 956
113, 827, 376
120, 837, 129
188?
95. 962, 407
23, 502, 820
107, 352, 312
34, 070, 957
70, 450, 007
75, 130, 427
29, 536, 415
23, 874, 549
84, 935, 1S3
73, 188, 000
50, 558, 862
] ftsn
39, 328, 658
28, 579, 032
58, 105, 141
41, 558, 765
29, 845, 910
102. 330, 395
91, 002, 474
188**
25, 271, 219
18, 467, 079
66, 279, 993
50, 027, 516
3 889
32, 871, 628
21,300,192
46, 635, 621
41, 816, 064
1890
25, 704, 123
19, 231, 481
54, 558. Ill
45, 387, 931
1 SOI
50, 951,660
55, 131, 918
51, 420, 272
Comparative table showing, bg divisions, increase in population and in the number of agri-
culturists, approximate^, 1890 and 1880, with percentage of increase in number of agri-
culturists.
Divisions.
Population.
Increase.
Number of agricultur-
ists.
Increase.
Increase
of agri-
cultur-
ists.
1890.
1880.
1890.
18S0.
North Atlantic
South Atlantic
North Central
South Central
Western
17,401,545
8, 857, 920
22, 362, 279
10, 972, 893
3,027,613
14, 507, 407
7. 597, 197
17, 364, U1
8,919, 371
1, 707, 697
2,894. 138
1, 260, 723
4,998, 168
2, 053, 522
1, 259, 916
1, 225. 892
1, 892, 696
3, 555, 018
2, 010, 180
325, 029
1, 039, 601
1,618, 391
2,716,810
2,116,570
179, 121
186, 291
274, 305
838, 208
493, 610
145. 908
Per cent.
15. 19
11. 50
23. 53
18. 90
41.89
MO
f From speech of Senator Kyle, October 2, 1893.]
Table showing, by States and Territories, the population of each ov June 1, 1801, and the
aggregate capital of national and State banks, loan, and trust companies, and savings
and private banks in the United States on June 80, 1891, and the average of these per
capita of population.
States and Territories
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Delaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georg hi
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Kentucky
Tennessee
Ohio
Indiana
Illinois
Michigan
Wisconsin
Iowa
Minnesota
Missouri
Kansas
Nebraska
Colorado
Nevada
California
Oregon
Arizona
North Dakota
South Dakota
Tdaho
Montana
New Mexico
Indian Territory
Oklahoma
Utah
Washington
Wyoming
Total
All banks.
Population
June 1,
1891.
Capital, etc.
Average
per
capita.
603, 000
$81,253, 068
$122. 55
379, 000
96, 225, 832
253. 89
333, 000
40, 981,914
123.07
2, 299, 000
742, 651,224
323. 02
352, 000
127, 120, 389
301. 15
704, 000
199, 953,331
201. 72
6, 1 10, 000
1.663, 604, 173
272. 27
1, 484, 000
119, 706, 779
80. 70
5, 382, 000
546. 267, 053
101.50
170,030
14, 886, 050
87. 56
1 , 048, 000
101, 090, 200
96.46
230, 000
20, 146, 171
85. 37
1,670, 000
42, 131, 055
25. 23
775, 000
14, 113,894
18. 26
1,658,000
10, 602, 740
6.47
1, 165,000
14, 556, 233
12.49
1, 867, 000
22, 682, 049
12.14
405, 000
8, 485. 786
20. 95
1 . 538, 000
14, 900, 508
9. 69
1, 309, 000
11, 754, 338
8. 98
1, 137, 000
35, 138,010
30. 90
2, 301,000
65, 070, 737
28.24
1,161,000
7, 007, 971
6. 55
1, 870, 000
86, 078, 682
46. 03
1, 773, 000
42, 003, 237
24. 03
3, 720, 000
220, 297, 991
59. 22
2, 213, 000
71, 753, 885
32. 42
3, 899, 000
271, 513, 188
69. 61
2, 139, 000
124, 332, 290
58. 12
1 , 728, 000
91, 828, 490
53. 14
1, 935, 000
111,981,211
57. 87
1, 360, 000
102, 482, 170
75. 35
2, 734,000
164, 047, 645
60. 00
1, 448, 000
53, 890, 588
37. 22
1, 148, 000
69, 333, 620
00. 39
440, 000
40, 480, 478
92. 00
44, 000
1, 176, 791
20. 75
1, 244, 000
271, 189,235
218. 00
333, 000
17, 878, 204
53.09
61, 000
1, 272, 356
20. 86
193,000
8, 985, 308
46. 56
341. 000
11,669, 101
34. 22
93, 000
2, 588, 258
27. 83
145, 000
20, 277, 490
139.85
157, 000
4, 41 5, 963
28. 12
181, 300
282, 954
1. 56
115, 000
480, 347
4. 18
214, 000
15, 358, 062
71.77
375, 000
27, 859, 317
74. 29
66, 000
5, 373, 750
81.42
64, 156, 300
5, 840, 438, 191
91.03
S. Rep. 235
29
N D IX 3D .
DIAGRAMS PREPARED BY SIR GUILFORD MOLESWORTH.
No. 1. — ANNUAL AVERAGE FLUCTUATION IN THE VALUE OF GOLD MEASURED BY SILVER
PER CENT. ABOVE OR BtLOW THE FRENCH MINT RATIO OF 15% TO 1.
NOTE. Between 1SOO and 1S34 the United States Mint ratio
was 3J4 per cent, lower, and between 1834 and 1873
RELATIVE PRODUCTION OF GOLD (IN VALUE)
MEASURED BY THE PRODUCTION OF SILVER.
200 per cent.
15 0%
100%!
I 4
cc
>
_l
l/)
50% <
x
H
UJ
C£
O
5
0
X-
C£
Ul
>
m
50%
X
1—
07
t/1
UJ
I
ioo%l
S. Bep. 235 — face page 451 0
appreciation per cent.
YEAR. O
to
o
Co
o
o
o
APPRECIATION PER CENT.
>
TJ
"0
33
m
o
>
H
o
Z
Z
o
<
C7I
H
X
co
iO
N
•o
2
o
n
c o
0
~T]
CD
<1
CO
H
>
*
m
2
>
CD
N
W
SJ
0
S. Kep. 235— face page 451
No. 4.- APPRECIATION OF GOLD MEASURED BY SILVER
♦ .
DEPRECIATION. X APPRECIATION PER CENT
No. 3a. — RELATIVE APPRECIATION OR DEPRECIATION OF GOLD AND SILVER MEASURED
BY SOETBEER’S INDEX-NUMBERS* SINCE 1873.
Fluctuations in the value of Gold denoted thus.
i 6
Silver
Per cent. Percent.
* Soetbeer’s Index-Numbers give the wholesale prices of lOO Hamburg Articles, and
14 Articles from England — viz., Agricultural Produce, Animal Produce, Foreign
Fruits, Colonial Produce, Mineral Produce. Textiles, and Miscellaneous.
S. Rep. 235 — face page 451 4
DEPRECIATION. X APPRECIATION PER CENT.
APPRECIATION PER CENT. frALL per CENT.
No. 2. — FLU Cl UATIONS IN THE PRICE OF COMMODITIES AND SILVER MEASURED BY GOLD.
’*— * -— ■> Represents the Economist Index-Numbers for the Wholesale
Prices of 22 Principal Articles in the London Market.
Represents Dr. Soetbeer’s Index-Numbers for the Prices of
lOO Hamburg Articles, and 14 of British Export.
■■■"- ■ 1 Represents Silver.
PRICES OF 1S73 TAKEN AS ZERO.
f-
z
UJ
o
cc
LU
a
<
u.
No. 3. — APPRECIATION OF GOLD MEASURED BY ITS PURCHASING POWER ON
THE BASIS OF THE “ECONOMIST INDEX-NUMBERS.’’
PRICES OF 1873 TAKEN AS ZERO.
3
8. K<‘i>. 235— face page 151
APPRECIATION PER CENT
♦
BELOW PAR OF EXCHANGED ABOVE PAR OF EXCHANGE
Fluctuations in the London prices of Gold above or below the ratio 1 to 15^ — — — — —
Fluctuations in exchange between London and Paris denoted thus —
The vertical distance apart of these two lines year by year represents the divergence
from the ratio of 1 to 15^ after correction for exchange.
No correction has been made for other factors which would make the coincidence of
two lines still more remarkable.
2
S. lie]). 235 — face page 451
BELOW PAR OF EXCHANGE. * ABOVE PAR OF EXCHANGE.
lfj xx to d States .
1 873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
Q>
05
00
p"4
1991
1692
Average Price of Whea t.
*1.31
1.43
1.1 2
1.24
1.17
1.34
1.07
1.25
1.11
1.19
1.13
1707
.86
.87
. 89
.85
.90
.83
.93
1.03
n n » Cotton
'■0.204
.18-
.1ST
.13-
.1Z-
.114
.77-
4
a
.12 4
.12-
.12-
.11-
.104
. 094
.104
.104
.11-
.71 +
.09-
.08-
Value. ofSilvsb Dollar
*1. 004-
.988
.964
.894
.929
.891
.868
.886
.881
.878 .
.858
.861
.823
.769
.758
.727
.7 24
.009
.764
.674
—
The twenty commodities represented below include Cotton, Corn, Wheat, Wheat-Flour,
Mesa Pork, Anthracite and Bituminous Coal, Butter, Eggs, etc., such as constitute the
chief sources of America’s wealth.
Ciol-d Starv&Avrd.
1
S. Hep. 235 — face page 451
451
ae following table sets forth, by means of Mr. Sauerbeck’s index numbers, the
relative value of gold and silver in the years preceding and iu the vears following
1873:
* SILVER.
Years from 1873 back to 1854.
Yearly
index
numbers
of silver.
0
Years from 1873 on to 1892.
Yearly
index
numbers
of silver.
1873
97.4
1873
07 4
1872
99.2
1874
95 8
1871
99.7
1875
OH 3
1870
99. 6
1876
fifi 7
1869
99. 6
1877
00 2
1868
99. 6
1878
flfi 4-
1867
99. 7
1879
84 2
1866
100. 5
1880
85 0
1865
100.3
1881
85 0
1864
100. 9
1882
84 0
1863
101. 1
1883
83 1
1862
100. 9
1884
83 3
1861
99.9
1885
70 9
I860
101.4
1886
74 6
1859
102. 0
1887
73 3
1858
101.0
1888
70 4
1857
101. 5
1889
70 2
1856
101. 0
1890
78 4
1.855
100.7
1891
74 1
1854
101. 1
1892
65.4
Nineteen years preceding 1873.
Years.
Difference
between
the yearly
index num-
ber of sil-
ver and 100.
1872
-0.8
-0.3
—0.4
-0.4
—0.4
—0.3
+0.5
+0.3
+0.9
+1-1
+ 0.9
—0.1
+1.4
+ 2.0
+1.0
+1.5
+1.0
+0.7
+1.1
1874 . .
1871
1875
1870
1876..
1869
1877. .
1868
1878..
1867
1879. .
1866
1880..
1865
1881..
1864
1882.
1863
1883
1862
1884
1861
1885
1860
1886
1859
1887
1858
1888
1857
1889
1856
1890
1855
1891
1854
1892 .
Nineteen years following 1873.
Vears.
Difference
between
the yearly
index num-
ber of sil-
ver and 100.
— 4. 2
— 6.7
—13.3
— 9.8
—13.6
—15.8
-14.1
—15.0
—15. 1
—16.9
—16.7
—21.1
—25.4
—26.7
—29.6
—29.8
—21.6
—25.9
—34.6
COMMODITIES.
Years.
Mr. Sauerbeck’s in-
dex numbers —
Years.
Mr. Sauerbeck’s in-
dex numbers —
Of 45
principal
commodi-
ties.
Of
silver.
Of 45
principal
commodi-
ties.
Of
silver.
1874
102
95.8
1884
1875
96
93.3
1885
83. 3
1876
95
86.7
1886
79. 9
1877
94
90. 2
1887
74. 6
1878
87
86. 4
1888
73. 3
1879
83
84. 2
1889
/U. 4
1880
88
85.9
1890
70. 2
1881
85
85. 0
1891
18. 4
1882
84
84. 9
1892
68
74. 1
1883
82
83.1
65. 4
452
'Table showing average prices for wheat in England daring the past fifty -eight years.
Years.
Average
price per
bushel.
Years.
Average
price per
bushel.
1835 to 1845
$1. 68
1.52
1.58
1.60
1.33
.97
.91
1887
$0. 96
.94
.87
.94
1. 05
.97
1845 to 1855
1888
1855 to 1865
1889
1865 to 1875
1890
1875 to 1885
1891
1885
1892
1886
9
Now, supposing that the wheat producers of this country had sold their wheat at
31| cents per bushel more than they have received, and that Southern farmers bad
sold their cotton for cents per pound more than they have received during the
past nine years, is there anyone who believes that the present hard times and money
panic would exist here? But they are here, and every intelligent person knows that
they were caused by forcing American producers to sell the products of their toil on
a gold basis.
ESTIMATED LOSSES SUSTAINED BY SOME OF THE STATES.
The following figures show about the approximate loss sustained by some of the
States caused by the decline in prices for silver bullion :
Loss per year on cotton by —
Alabama $12, 000, 000
Arkansas 9, 000, 000
Texas 21,000,000
Louisiana 7, 000, 000
Georgia 13, 000, 000
North Carolina 6, 000, 000
Mississippi 15, 000, 000
Tennessee 4, 500, 000
Loss per year on wheat by —
Illinois 6) 000, 000
Iowa 5, 000, 000
Indiana - - 6.000,000
Kentucky 2, 000, 000
Ohio 6,000,000
Minnesota 6, 000, 000
The Dakotas 8, 000, 000
Michigan 4, 000, 000
Wisconsin 2, 800, 000
Nebraska 3, 000, 000
Pennsylvania 3, 000, 000
New York 2, 000, 000
Maryland 1,250,000
California 6,000,000
Oregon ........ - 3, 000, 000
Missouri 4, 000, 000
Loss per year on silver by —
Colorado 5,000,000
Montana 3,000,000
All other States and Territories 5, 000, 000
453
[From speech of Senator Call, October 9, 1893.]
Without reading it, I shall insert in my remarks here a statement of the total
taxation of the United Kingdom and other great nations of the world, taken from
the last edition of Mulhall's Dictionary of Statistics, published in 1892.
In 1890 total taxation :
United Kingdom
France
Germany
Russia
Austria
1 .ily
Spain
Portugal
Sweden
Norway
Denmark
Holland
£88, 500, 000
121,800, 000
154, 700, 000
88. 880, 000
74, 800, 000
72, 000, 000
35, 400, 000
8, 400, 000
4, 800, 000
2, 400, 000
3, 000, 000
10, 100, 000
Belgium
Switzerland..
Greece
Europe
United States
Canada
Australia
India
Argentina
Total
£12, 900, 000
2, 900, 000
3, 100, 000
683, 600, 000
80, 000, 000
7, 800, 000
27, 600, 000
69, 100, 000
5, 400, 000
874, 100, 000
[From speech of Senator Allen, October 7, 1893.]
Exports of domestic merchandise — Principal agricultural articles.
Articles.
For the fiscal year ending June 30, 1892.
Quantities.
Total values.
Export
value
per unit.
Cattle number..
Cotton pounds..
Wheat do
Flour barrels..
Fresh beef pounds..
Bacon do
Lard do
Tobacco, leaf do
Total values
■ 391, 607
2,935,219.811
75, 451. 849
157, 280, 351
15, 796, 769
220, 554, 617
507, 919, 830
460, 041, 760
255, 432, 077
$35, 092, 095
258, 461,241
41,590 460
161,399, 132
75, 362, 283
18, 053, 732
39, 334, 933
33, 201, 620
20, 670, 045
$39. 00
.088
.55
1.25
4. 90
.082
.072
.072
.081
683, 163, 541
519, 549, 367
Total decrease
163, 014, 174
Articles.
For the fiscal year ending June 30, 1893.
Quantities.
Total values.
Export
values
per unit.
Cattle number..
Cotton pounds..
Wheat do
Flour barrels..
Fresh beef pounds. .
Bacon do
Tobacco, leaf do
Total values
287, 094
C 4,431,220
t 2, 212, 115,126
46, 034, 904
117,121,109
16. 620. 330
206, 294, 724
391,788, 175
365, 693, 301
266, 083, 083
$26, 032, 428
188, 829, 708
24,587, 511
93, 534, 970
75, 493, 347
17, 754, 041
35, 781,470
34, 643, 953
22, 891,899
$90. 70
.085
.53
.80
4.53
.081
.091
.092
.085
1, 519, 549, 367
454
Exports of domestic merchandise — Principal agricultural articles — Continued.
Articles.
Quantities.
Values.
Decrease.
Increase.
Decrease.
Increase.
Cattle
117, 513
723, 104, 685
29, 416, 945
40,159,242
$9, 059, 667
69, 631, 533
17, 002, 909
67, 864, 162
Cotton
Corn
Wheat
Flour
423, 561
$131, 064
Fresh beef
14, 259, 893
116, 161,655
94, 652, 459
298, 691
4, 563, 463
Bacon
do
Bard
do
1,442,373
2, 211, 854
Tobacco, leaf
do
10, 651,006
Total vnlnps
'
168, 120, 085
3, 785, 291
The above figures of quantities and values are taken from summary statement of
the imports and exports of the United States for the month ending June 30, 1893,
commencing page 9.
[From speech of Hon. Mr. Wheeler, of Alabama, August 25, 1893.]
Statement of amount of gold and silver and paper money in the country for the years
stated, according to the authorities quoted in the margin.
Tear 8.
Total of specie
in the country.
Bank notes in
circulation.
Authorities.
1790
9, 000, 000
2, 500, 000
9, 000, 000
11, 500, 000
11, 000, 000
Blodget.
1791
16, 000, 000
18, 000, 000
20, 000, 000
21. 500, 000
19, 900, 000
16. 500, 000
16, 000, 000
14, 000, 000
17, 000, 000
17, 500, 000
17, 000, 000
16, 500, 000
16, 000, 000
17, 500, 000
18, 000, 000
18, 500, 000
20, 000, 000
1792
Do.
-
1793
Do.
1794
11, 600, 000
Do.
1795
11, 000, 000
10, 500, 000
Do.
1796
Do.
1797
10, 000, 000
Do.
1798
9, 000, 000
Do.
1799
10, 000, 000
Do.
1800
10, 500, 000
Do.
1801
11.000,000
Do.
1802
10,000, 000
Do.
1803
11,000, 000
Do.
1804
14, 000, 000
Do.
1805
15, 000, 000
Do.
1806
17, 000, 000
Do.
1807
18, 000, 000
Do.
1811
20, 000, 000
29, 000, 000
Gallatin.
1815
23, 000, 000
46, 000, 000
Do.
1816
26, 500, 000
69, 000, 000
Do.
1820
27, 000, 000
44, 800, 000
Do.
1830
32, 100, 000
61, 000, 000
Do.
1 834
94, 000, 000
Congressional report.
1835
103, 000, 000
Treasury report.
1836
65, 000, 000
140, 000, 000
Woodbury.
1837
73, 000, 000
149, 000, 000
Do.
1838
87, 500, 000
116, 000, 000
Do.
1 839
87, 000, 000
135, 000, 000
Hazard, Commercial Register.
1840
83, 000. 000
107, 000. 000
Woodbury.
1841
75, 000, 000
107, 000, 000
Gouge, Journal of Banking.
1 84?
83, 700, 000
1843
85, 500, 000
1844
100, 000, 000
75, 000, 000
Hunt, Merchants’ Magazine.
\ 84f>
90, 000, 000
90, 000, 000
Estimates.
1 8J<i
97, 000, 000
105, 500, 000
Do.
1 847
120, 000, 000
112, 000,000
105, 500, 000
Do.
1848
128, 500, 000
Do.
1 849
120, 000, 000
114, 700, 000
Do.
1050
154, 000, 000
131,366,526
Do.
186. 000, 000
204, 000, 000
155, 165, 251
Estimates of the Treasury.
1 852
174, 673, 000
Do.
1853
236, 000, 000
188, 181,000
Do.
1 854
241,000, 000
204, 689, 207
Do.
1855
250, 000, 000
186, 952, 223
Do.
1856
250, 000, 000
195, 747, 950
Do.
1 857
260, 000, 000
214, 778, 822
Do.
1858
260, 000, 000
155, 208, 344
Do.
1859
250, 000, 000
193, 306. 618
Do.
1600
235, 000, 000
207, 102, 477
Do.
455
Statement of amount of gold and silver and paper money in the country for the years stated,
according to the authorities quoted in the margin — Continued.
Years.
Total of specie
in the country.
Bank notes in
circulation.
Authorities.
1861
250, 000, 000
202, 005, 767
Estimates of the Treasury.
1862
25, 000, 000
333, 452, 079
Do.
1863
25, 000, 000
648, 867, 283
Do.
1864
25, 000, 000
680, 588, 087
Do.
1865
25, 000, 000
745, 129, 755
Do.
1866
25, 000, 000
729, 337, 254
Do.
1867
25, 000, 000
703, 200, 612
Do.
1868
25, 000, 000
691,553, 578
Do.
1869
25, 000, 000
690, 351, 180
Do.
1870
25, 000, 000
697, 868, 461
Do.
1871
25, 000, 000
716, 812, 174
Do.
1872
25, 000, 000
737, 721, 174
Do.
1873
25, 000, 000
749,445, 610
Do.
1874
25, 000, 000
781, 084, 781
Do.
1875
25, 000, 000
773, 273, 509
Do.
1876
52,418,734
738, 264, 550
Do.
1877
86, 230, 643
676, 823, 204
Do.
1878
102, 047, 907
689, 205, 660
Do.
1879
357, 268, 178
694, 253, 333
Do.
1880
493, 363, 884
512, 666, 313
Do.
1881
647, 778, 682
758, 568, 141
Do.
1882
703, 976, 839
776, 554, 880
Do.
1883
769, 740, 048
873, 749, 768
Do.
1884
801,068, 939
903, 385, 250
Do.
1885
872, 185, 523
945. 472, 513
Do.
1886
903, 027, 304
905, 532, 340
Do.
1887
1, 007, 513, 901
892, 929, 771
Do.
1888
1, 092, 391, 690
970, 563, 259
Do.
1889
1, 100, 612, 434
974. 738, 277
Do.
1890
1, 152, 471, 638
991,754, 521
Do.
1891
1, 068, 121, 071
931,999, 903
Do.
1892
1,234,588, 789
1, 139, 745, 170
Do.
1893
1, 213, 412, 584
1, 109, 988, 808
Do.
Gold and silver furnished for use in manufactures and the arts in the United States during
the calendar years 1880-1892.
1880
1881
1882
1883
1884.
1885
1886.
1887.
1888.
1889.
1890.
1891.
1892.
Calendar years.
Gold.
Silver.
$10, 962, 600
11, 770, 700
10, 868, 000
14, 458, 800
14, 500, 000
11, 824, 742
13, 069, 529
14, 810, 346
16, 514, 842
16, 097, 056
17, 655, 960
19, 686, 916
19, 329, 074
192, 148, 565
$6, 098, 000
6, 649, 000
7, 197, 500
5, 540, 600
5, 520, 900
5, 264, 769
5, 055, 965
5, 438, 331
8, 101, 889
8, 766, 945
9,229,154
9, 603, 400
9, 301, 388
91, 776 841
[From speecli of Mr. Wheeler, of Alabama, August 28, 1893.]
Table showing the value of gold coin and bullion imported into and exported from the
United States from 1843 to 1861, inclusive, and from 1862 to 1877, inclusive, and from
1878 to 1888, inclusive, and from 1889 to 1893, inclusive; also showing annual excess of
imports or of exports.
Tear ending June 30 —
Exports.
Imports.
Excess of
exports
over
imports.
Excess of
imports
over
exports.
1843 (nine months)
$300, 258
1, 183,116
2, 210, 979
1, 629, 348
975, 301
8, 370, 785
1, 015, 359
2, 513, 948
4, 767, 333
2, 636 142
1, 894, 323
2, 491, 894
1,151,797
852, 698
5, 154, 301
7, 595, 558
3, 605, 748
1, 499, 188
3, 624, 103
$17, 066, 437
1, 613, 304
818, 850
910, 413
21, 574, 931
3, 408, 755
4, 063, 647
1, 776, 706
3, 569, 090
3, 658, 059
2, 427, 356
3. 031, 964
1,092,802
990, 305
6, 654, 636
11, 566, 068
2, 125, 397
2. 508, 786
42, 291, 930
$16, 766, 179
430, 188
1844
1845
$1, 392, 129
718, 935
1846
1847
20, 599, 630
1848
4, 962, 030
1849
3, 053, 288
1850
737, 242
1, 198. 243
1851
1852
1, 021, 917
533, 633
540, 070
1853
1854
58, 995
1856
137, 667
1, 500, 335
3, 970, 510
1857
1858
1859
1,480, 351
1860
1, 009, 598
38, 667, 827
1801
Total, 1843-1861
53. 471, 179
131, 154, 436 10, 547, 925
88. 230, 182
1862
35, 439, 903
6, 169, 276
100,661,634
58, 381, 033
71, 197,309
39, 026, 627
73, 396, 344
36, 003, 498
33, 635, 962
66, 686, 208
49, 548, 760
44, 856, 715
34, 042, 420
6C, 980, 977
31, 177, 050
26, 590, 374
13, 907,011
5, 530, 538
11,176, 709
6, 498, 228
8, 196, 261
17, 024, 866
8, 737, 443
14, 132, 568
12, 056. 950
6, 883, 561
8, 717, 458
8. 682, 447
19, 503, 137
13, 696, 793
7, 992. 709
26, 246, 234
21, 532, 892
638, 738
89, 484. S65
51, 882, 805
63, 001, 048
22, 001, 761
63, 658, 901
21, 870, 930
21,579,012
59, 802, 647
40, 831, 302
36, 174, 268
14, 539, 283
53, 284, 184
23, 184, 341
344,140
1803
1864
1865
1866
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
Total 1862 1877
762, 704, 090
188, 982, 873
583, 831, 117
1878
9, 204, 455
4, 587,614
3, 639, 025
2, 565, 132
32, 587, 880
11.000, 888
41,081,957
8, 477, 892
42, 952, 191
9, 701,187
18, 376, 234
13, 330, 215
5, 624, 948
80, 758, 3S6
100, 031, 259
34, 377, 054
17, 734. 149
22, 831,317
26,691,696
20, 773, 349
42, 910, 601
43. 934, 317
4, 125, 760
1, 037, 334
77, 119. 371
97,466. 127
1, 789, 174
6, 133, 261
1879
1880
1881
1 882
1 883
1884
18, 250, 640
1 885
18, 213, 804
1886
22, 208, 842
1887
33, 209, 414
25, 558, 083
1888 ^
Total 1878JS88
184.774,255
408, 777, 275
40, 459, 482
264, 652, 328
1
59, 952, 285
17, 274, 491
86, 362, 654
50, 195, 337
108 680, 844
10, 284. 858
12,943.342
18, 232, 567
49, 699, 454
21, 174, 381
49. 667, 427
4, 331, 149
68, 130, 087
495, 837
87, 506, 463
1890
1 801
1 892
1 803
Total 1 839 1393
323, 465, 601
112, 334, 602
210, 070, 999
457
[From speech of Mr. Baker, of Kansas, August 25, 1893.]
The following table of business failures is given :
Year.
Number.
Liabilities.
Year.
Number.
Liabilities.
1865
520
632
2, 780
2,608
2.799
3, 551
2,915
4, 069
5,183
5, 830
7, 740
9, 092
8, 872
10., 478
$17, 625, 000
47,333,000
96, 666, 000
63, 694, 000
75, 054, 000
88, 242,000
85. 252, 000
121, 930, 000
228, 499, 000
155,239, 000
201,000, 000
191, 117, 000
190, 660, 000
234,483, 132
1879
6, 658
4, 735
5, 582
6, 738
9, 184
10, 968
11,211
12, 292
12, 042
13, 348
13, 277
$98, 149, 053
65, 752, 000
81, 155, 932
• 102, 000, 000
172, 874, 172
226, 343, 427
267, 340, 264
229, 288, 238
335, 121, 888
247, 659, 956
312, 496, 742
1866
1880
1867
1881
1868
1882
1869 1
1883
1870
1884
1871
1885
1872
1886
1873
1887
1874
1888
1875
1889
1876
Total
1877
161,332
3, 919, 394, 824
1878
Circulation per capita.
Year.
Population.
Circulation.
Per
capita.
1866
35, 819, 281
$1, 803. 409, 216
$52. 01
1867
36, 269, 502
1,350, 949,218
37.51
1868
37, 016, 949
794,756, 112
21.47
1869
37, 779, 800
730, 705, 638
19. 34
1870
38, 558, 371
691, 028, 377
18.70
1871
39, 750, 073
670, 344, 147
16. 89
1872
40, 978, 607
661,041,363
16. 14
1873
42,245.110
652, 896, 762
15. 45
1874
43, 550, 756
632, 032, 773
14. 51
1875
44, 896, 705
630, 427, 609
14.04
1876
46, 284, 344
620, 316, 970
13. 40
1877
47, 714, 829
586, 328, 074
12. 28
Year.
Population.
Circulation.
Per
capita.
1878
48, 955, 300
$549, 540, 088
$11.23
1879
50, 155, 783
53,4, 424, 248
10. 65
1880
51, 660, 456
528, 524, 267
10. 23
1881
52, 693, 665
610, 632, 433
11.51
1882
53. 747, 538
657, 404, 084
12. 23
1883
54, 812, 488
648, 205, 895
11. 82
1884
55, 908, 737
591,476, 978
10. 58
1885
57 016,911
533, 405, 001
9. 35
1886
58, 157, 249
470, 574, 361
8. 08
1887
59, 320, 393
423,452, 221
7. 13
1888 ....
60, 500, 800
398, 719, 212
6.58
1889
61,717,936
306, 999, 982
4. 97
[From speech of Senator Daniel, September 4, 1893.]
And I may well associate with this statement the following remarks and analytical
statement of W. P. St. John, esq., president of the Mercantile National Bank of New
York.
c{ Indisputable records prohibit the assumption of an excessive production of silver
in the world. The entire world’s coinage of silver during any period of live years,
counting our Treasury absorption as coinage, has exceeded by average the annual
production of silver. For the five years ending with 1889 the average annual coinage
of silver has exceeded the annual production of silver by $10, 700, 000. In 1889 the
production exceeded the coinage; but in 1890 (for which I have not figures) our
required Treasury absorption was enlarged. The world’s records thus manifest a
recoinage of foreign moneys by one or more nations, for which a sufficient explana-
tion is India’s and China’s absorption of Mexican dollars.
“Estimates, too moderate to be disputed, of the world’s annual gross requirement
of silver by average of the five years ending 1889 (ending 1890 for India), are as fol-
lows— all at our coin value :
Art consumption in Europe and the United States $32, 500, 000
Art and money use of silver in China, Japan, Ceylon, and Africa 17, 000, 000
Retained at home, of their annual production, by Mexico, Central and
South America, exceeding 8.000,000
Spain and Austria’s full tender and subsidiary, and the subsidiary coin-
age of the other continental States 12, 500, 000
British India’s net absorption, exceeding 35, 000, 000
United States mint absorption, prior to 1890, about 32,500,000
World’s average annual requirement of silver prior to our purchase act
of 1890 J 137,500,000
Increase of United States requirement now 54,000,000 ounces, coin value
$70,000,000, less $32,500,000 38, 500, 000
Total average requirement 176,000,000
World’s greatest annual production of record 165, 000, 000
Average shortage of annual production of silver for present require-
ment 11,000,000
458
The coincidence of panics in the past eighty -five years.
France.
England.
United States.
1804.
1803.
1810.
1810.
181 3-’ 14.
1815.
1814.
1818.
1818.
1818.
1825.
1825.
1826.
18110.
1830.
1829-1831.
1836-1839.
1836-1839.
1836-1839.
1847.
1847.
1848.
1857.
1857.
1857.
1864.
1864-1866.
1864.
1873.
1873.
1882.
1882.
1884.
1889-’90.
1890-’91.
1890-91.
Purchasing power of wages of labor.
Articles.
I860.
1864.
1890.
Monthly wages,
$24.08.
Monthly wages,
$30.24.
Monthly wages,
$38.69.
Price per
unit of
quan-
tity.
Quan-
tity.
Price per
unit of
quan-
tity.
Quan-
tity.
Price per
unit of
quan-
tity.
Quan-
tity.
Cents.
Cents.
Cents.
Standard sheeting
per yard. .
8. 73
275
52.07
58
6. 83
566
Standard drilling
do
8. 92
270
53.02
57
6.41
602
Bleached shirting
do
15. 50
155
48.35
62
10. 64
363
Standard prints
do
9.50
253
33. 25
90
6. 00
645
Print cloth
5.44
442
23. 42
129
2.95
1,311
Cut nails
..per pound. .
3. 13
769
7. 85
385
1.86
2, 077
Kefined sugar
do
10. 00
240
30. 00
101
4. 50
859
New Orleans molasses
. .per gallon. .
53. 00
45
150. 00
20
40. 00
128
Bio coffee
. .per pound..
13.00
185
36. 00
84
18. 50
209
Tea
65.00
37
130. 00
23
25. 10
154
Ticking
17. 00
141
70. 00
43
12. 00
322
Matches
48.00
50
■* 100.00
30
37. 00
104
Denims
15. 00
160
88. 00
34
11.00
351
Prices of certain products from 1873 to 1S91.
Articles that, farmers sell.
Tears.
Silver, per fine ounce.
Gold value of silver doll:
Cotton, per pound.
Corn, per bushel.
Wheat, per bushel.
1 Bacon and hams, per
pound,
Lard, per pound,
1 Pork, per pound.
P
P
o
Pk
<D
t*-T
o
$
W
Butter, per pound.
Cheese, per pound.
Tobacco, per pound.
1
1873
$1.32
$1. 004
Cents.
18.8
Cents.
61
$1.31
Ceil ts.
8.8
Cents.
9.2
9
00 ST
Gent a.
7. 7
Cents.
21. 1
Cents.
13.1
Cents.
10.7
1874
1.30
.988
15.4
71
1.43
9.6
9.4
8.2
8.2
25.0
13.1
9. 6
1875
1.23
.964
15. 0
84
1. 12
11.4
13.8
10. 1
8.7
23.7
13.5
11.3
1876
1.17
.894
12.9
67
1.24
12. 1
13. 3
10.6
8.7
23. 9
12. 6
10.4
1877
1.18
.929
11.8
58
1. 17
10.8
10. 9
9. 0
7.5
20. 6
11.8
10.2
1878
1.16
. 891
11.1
56
1.34
8.7
8.8
6.8
7.7
18.0
11.4
8.7
1879
1.12
.868
9.9
47
1.07
6.9
7.0
5.7
6.3
14.2
8.9
7.8
1880
1.13
.886
11.5
64
1.25
6.7
7.4
6. 1
6.4
17. 1
9.5
7.7
1881
1. 12
.881
11.4
65
1.11
8.2
9. 3
7.7
6.5
19.8
11. i
8.3
1882
1.13
.878
11.4
66
1. 19
9.9
11.6
9.0
8.5
19.3
11.0
8.5
1883
1.10
.858
10.8
68
1.13
11.2
11.9
9.9
8.9
18,6
11.2
8.3
1884
1.10
.861
10.5
61
1.07
10. 2
9.5
7.9
7. 6
18.2
10.3
9. 1
1885
1.06
.823
10.6
54
.86
9.2
7.9
7.2
7.5
16.8
9.3
9.9
1886
.99
. 76!)
9.9
49
.87
7.5
6.9
5.9
6.0
15.6
8.3
9.6
1887
.97
. 758
9.5
47
.89
7.9
7. 1
0.6
5.4
15.8
9.3
8.7
1888
.97
. 727
9.8
55
.85
8.6
7.7
7.4
5.3
18.3
9.9
8.3
1889
.93
.724
9.9
47
.90
8.6
8.6
7.4
5. 5
16.5
9.3
8.8
1890
1.06
.809
10. 1
41
.83
7.7
7. 1
6.0
5.4
14.4
9.0
8.6
1891
. 08
.764
10.0
67
.93
7.6
6.9
5. 9
6.6
14.5
9.0
8.7
Average do-
25
24
crease
26
26
63
6
30
14
27
32
31
19
459
Prices of certain products from 1878 to 1891 — Continued.
Articles that farmers buy.
Years.
Refined sugar, per
pound.
Cut nails, per pound.
Bar iron, per ton.
Steel rails, per ton.
Rio coffee, per pound.
Tea, per pound.
Sheeting, per yard.
_
Drilling, per yard.
Shirting, per yard.
Staudard prints, per
yard.
1
1873
Cts.
11.6
Cts.
4. 90
$86. 00
$120. 50
Cts.
18
Cts.
95
Cts.
13.31
Cts.
14. 13
Cts.
19.41
Cts.
11. 37
1874
10.5
3.99
67.00
94. 25
20
100
11.42
11.75
18. 04
9. 75
1875
10.8
3.42
60. 00
68. 75
18
60
10.41
10. 12
15. 12
8.71
1876
10.7
2.98
52. 90
59.25
17
55
8. 85
8.71
13. 58
7. 06
1877
11.6
2. 57
45. 00
45. 50
20
55
8.46
8. 46
12.46
6. 77
1878
10.2
2.31
44. 00
42. 25
17
45
7.80
7.65
11.00
6. 09
1879
8.5
2. 69
51.00
48. 25
14
40
7.97
7.57
11.62
6. 25
1880
9.0
3. 68
60. 00
67. 50
15
40
8. 51
8. 51
12. 74
7.41
1881
9.2
3.09
58. 00
61.13
13
35
8.51
8.06
12. 74
7.00
1882
9.7
3.47
61.00
48. 50
10
35
8.45
8. 25
12. 95
6.50
1883
9.2
3. 06
50. 00
37. 75
8
33
8. 32
7.11
12. 93
6. 00
1884
7.1
2. 39
44. 00
30. 75
11
33
7.28
6. 86
10.46
6. 00
1885
6.4
2. 33
40. 00
28. 50
9
33
6. 75
6 36
10. 37
6. 00
1886
6.7
2. 27
43.00
34.50
9
33
6. 75
6. 25
10.65
6. 00
1887
6.0
2. 30
49. 00
37. C8
15
28
7.15
6.58
10.88
6. 00
1888
6.3
2. 03
44.09
29. 83
15
23
7. 25
6. 75
10.94
6.50
188!)
7.6
2.00
43. 00
29. 25
16
23
7. 00
6. 75
10. 50
6. 50
1890
7.0
2. 00
45. 00
31.75
19
25
7.00
6. 75
10. 90
6.00
1891
5.7
1.86
42. 00
29. 92
16
25
6. 83
6. 41
10.64
6.00
Average decrease.
50
62
51
75
11
73
48
55
45
47
Years.
Articles that farmers buy.
Freight rate, per ton per
mile.
Print cloth, per yard.
Quinine, per ounce.
1
| Goblets, per dozen.
v
10 by 14 window glass.
Undershirts.
Ginghams, per yard.
Carpets, 2-ply ingrain,
per yard.
Black pepper, per
pound.
•
Molasses, per gallon.
Cts.
Cts.
Cts.
Cts.
Cts.
Cts.
1873
6. 69
$2. 65
85
$3.40
$1.41
13
$1. 14
19
69
2. 00
1874
5. 57
2.50
80
2. 97
1. 25
11
1. 02
20
71
1875
5. 33
2. 25
70
3. 18
1. 12
10
. 92
17
70
1876
4. 10
2. 00
65
3.08
1. 00
10
.82
14
55
1877
4. 38
3. 00
50
2.97
. 91
8
.81
14
54
1878
3.44
3. 50
45
2. 42
. 87
8
. 75
12
40
1879
3.93
3.60
40
2. 42
. 83
8
. 67
12
36
1880
4.51
3.00
40
2. 42
.83
9
.85
14
53
1. 26
1881
3. 95
2. 60
35
2.12
.83
8
.75
14
43
1.25
1882
3. 76
2. 45
35
2. 12
.79
9
.78
17
50
1. 23
1883
3. 60
1.80
35
2. 29
.79
8
.74
16
52
1.22
1884
3. 36
1. 43
33
2. 16
.75
7
. 66
15
50
1. 12
1885
3. 12
.83
30
1.91
.70
6
.58
14
45
1.04
1886
3.31
.70
28
2. 04
.70
6
.58
14
44
1.04
1887
3. 33
.53
28
1.70
.66
7
.60
15
40
1.03
1888
3. 81
.49
27
1.76
.66
6
.53
15
38
0. 97
1889
3.81
.38
26
1.70
.66
6
.52
13
39
0. 97
1890
3.34
.35
26
1.70
.64
6
.48
10
40
0. 93
1891
2. 95
.30
25
1.70
.62
6
.50
9
32
0. 92
Average decrease.
56
89
70
50
56
54
56
52
53
—
54
Average reduction in 10 farm products, 26-1. Average reduction in 19 other products, 55‘4.
460
[From speech of Senator Hansbrough, September 22, 1893.]
Approximate statement of the world’s wheat crop from 1885 to 1892, inclusive.
Countries.
1885.
1886.
1887.
1888.
Bushels.
Bushels.
Bushels.
Bushels.
United States
357, 112, 000
457, 218, 000
456, 329, 000
415, 868, 000
Ontario
31, 572, 931
28, 459, 322
20, 706, 452
20, 923, 709
Manitoba
7, 209, 479
6, 922, 723
12, 741,050
7, 220, 640
Argentine Republic and Chile
* 25, 000, 000
* 28, 800, 625
* 28, 000, 000
* 28, 375, COO
Austria
48, 281, 992
44, 644, 090
52, 351, 733
51,843,452
Hungary
113, 805, 460
102, 846, 410
145, 006, 414
135, 859, 786
Belgium
18, 516, 935
18, 219, 412
19,887, 110
15, 298, 980
Denmark
5, 533, 355
5, 201, 640
6, 024, 672
3, 805, 4i)5
France
311,733, 033
304, 427, 095
319, 094, 204
280, 176, 816
Germany
95, 505, 881
07, 973, 269
104, 013, 175
92, 991, 571
Great Britain and Ireland
82, 071, 332
65, 285, 353
78, 567, 593
76, 760. 671
Greece
* 4, 965, 625
* 4, 937, 250
* 5,(00,000
* 4, 823, 750
Italy
117, 027, 013
119, 793, 575
120, 223,350
110, 095, 000
Netherlands
6, 325, 545
5,194, 702
6, 889, 532
5, 243, 700
Portugal
* 7, 681, 250
* 8, 228, 750
* 6, 000, 000
* 7, 093, 750
Roumania
* 22, 629, 063
* 22, 629, 063
* 24, 000, 000
* 51, 075, 000
Russia
178, 084, 400
163, 455, 273
278, 697, 917
313, 935, 995
Poland
1 14, 110,000
1 13, 100,000
1 15. 600, 000
14, 309, 446
Servia
* 4, 681, 875
* 4, 525, 813
* 5, 000, 000
*4, 540, 000
Spain
*113, 500, 000
* 131, 660, 000
* 95, 000, 000
* 101,156, 875
Sweden
3, 974, 773
3. 867, 487
4, 370, 485
3, 853, 736
Norway
t 280, 000
t 280, 000
* 230, 000
* 312, 125
Switzerland
2, 057, 188
* 1, 645, 750
2, 000, 000
* 1, 702, 500
Turkey in Europe
* 45, 400, 000
* 41, 143, 750
* 42, 000, 000
* 42, 562, 500
India
299, 155, 584
258, 317. 622
238, 585, 947
266, 882, 112
Asia Minor
* 43, 200. 938
t 37, 000, 000
t 37, 000, 000
* 38, 396, 250
Persia
* 26, 743, 438
1 22, 000, 000
t 22. 000, 000
t22, 700, 000
Syria
* 16, 457, 500
1 14, 000, 000
1 14, 000, 000
* 14, 187, 500
Japan
12, 362, 906
16, 453, 383
15, 571, 400
15, 839, 821
Algeria
* 22, 700, 000
* 32, 915. 000
31, 215, 718
* 19, 862, 500
Cape Colony
t 3, 600, 000
* 3, 666, 022
3, 692, 555
3, 932, 090
Egypt
* 14, 187, 500
* 16, 457, 500
* 13, 700, 000
* 14, 187, 500
Australasia
38, 412, 447
{ 32, 681, 648
1 45, 932, 961
{ 35, 733, 071
Total
2, 093, 859. 443
2, 113, 950, 536
2, 266, 331, 368
2, 221, 519, 911
Countries.
1889.
1890.
1891.
1892.
Bushels.
Bushels.
Bushels.
Bushels.
United States
490, 560, 000
399, 262, 000
611, 780, 000
515, 249, 000
Ontario
19, 288,983
22, 643,193
33, 611,074
29, 690, 129
Manitoba
7,428,511
15, 128, 034
23, 922, 598
14, 909, 420
Argentine Republic and Chile
*24,118, 750
* 60, 271, 043
* 47, 256, 500
* 47, 549, 418
Austria •
38, 376, 705
44, 059, 962
41, 070, 599
t 47, 123, 526
Hungary
93, 520, 530
148,017,904
126, 268, 750
138, 223, 680
Belgium
19, 339, 038
19, 409, 505
* 14, 187, 500
20, 748, 362
Denmark
4, 977, 875
4, 062, 599
4, 666, 445
* 4, 538, 683
France
307, 357, 350
331,748,810
219, 241, 787
310, 037, 795
Germany
87, 170, 362
104, 020, 78 L
85, 750,011
* 100, 057, 440
Great Britain and Ireland
78, 149, 523
78, 306, 016
77, 016, 151
62, 621, 756
Greece
* 5, 000, 000
* 5, 675, 000
* 5, 675, 000
* 3, 972, 500
Italy
108, 934, 463
131,433, 000
141, 455, 050
1 115, 676,431
Netherlands
6, 473, 217
*6, 189, 120
* 3, 713, 472
* 5, 675, 000
Portugal
*8, 512, 500
* 8, 252, 160
* 8, 252, 160
* 6, 100, 625
Roumania
* 44, 784. 883
53, 607, 639
45, 672, 264
* 59, 828, 160
Russia
197, 883, 931
213, 031, 820
169, 108, 708
241,578, 934
Poland
10, 052, 537
12, 629, 698
12, 680, 920
24, 440, 446
Servia
* 5, 000, 000
* 10, 315, 200
* 7, 945, 000
*4,951,290
Spain
75, 622,213
* 70, 143, 360
71, 349, 094
* 78, 395, 520
Sweden
3, 809, 037
4, 048, 962
1 4, 551, 350
1 4, 559, 863
Norway
* 283, 750
236, 602
*412, 608
* 412. 608
Switzerland
* 2, 270, 000
* 2, 475, 648
4, 041, 766
* 3, 300, 864
Turkey in Europe
* 39, 725, 000
• 37, 134, 720
* 33, 008, 640
* 24, 756, 480
India
237,522, 133
228, 592, 000
255, 434, 667
203, 168, 000
Asia Minor
* 36, 887, 500
* 37, 134, 720
* 37, 029, 375
*37,134,720
Persia
* 22, 500. 000
* 22, 693, 440
* 20, 630, 400
* 18, 567, 360
Syria
*12, 768, 750
* 12, 378, 240
* 12, 343, 125
* 12, 378, 240
Japan
16, 491.845
12, 567, 996
18, 131,295
* 13, 857, 802
Algeria
* 22, 500, 000
* 22, 693, 440
*21,281,250
19, 398, 797
Cape Colony
3, 776, 137
2,045,616
2, 748, 749
2, 813, 460
Egypt
* 7, 945, 000
* 8, 252, 160
*11,140,416
* 8, 252, 160
Australia
§ 35, 996, 836
43, 861, 853
33, 874, 000
37, 096, 221
Total
2, 075, 027, 329
2, 172, 372, 246
2, 205, 251, 330
2, 217, 764, 701
♦Unofficial. t Preliminary. J Estimated.
§No official figures for South Australia were published for 1886, 1887, 1888, or 1889, and the ffgures
for that colony incorporated in the totals for Australasia for three years were consequently unofficial.
All statements purporting to give tho crops of the world are necessarily very incomplete from the
fact that for various countries no authentic data are obtainable, and such incomplete statements as
are possible could not bo given for any considerable period without enormous labor, if at all.
461
[From speech of Senator George, September 22, 1893.]
Selected statistics of manufactures in cities of 20.000 inhabitants and over, compiled from
the returns of the Census of 1890 — Totals for the United States.
Manufactures.
1890.
1880.
"Woolen manufactures :
Number of establishments
2, 489
$296, 494, 481
0 219,132
c $70, 660, 742
$19, 529, 238
$202,815,842
$337, 768, 524
2,689
$159, 091 , 869
161, 557
$47, 389, 087
Capital employed a
Average number of employds
Total wages paid
Miscellaneous expenses d
Cost of materials
$164, 371,551
$267, 252, 913
Value of product
Cotton manufactures:
Number of establishments
905
$354, 020, 843
& 221, 585
C$09,489,272
$17,036, 135
$154, 593, 368
$267,981,724
756
$208, 280, 346
174. 659
$42, 040, 510
Capital employed a
Average number of employ 6s
Total wages paid
Miscellaneous expenses d
Cost of materials
$1C2, 206, 347
$192, 090, 110
Silk manufactures:
Number of establishments
472
$51, 007, 537
b 50, 913
C$19, 680, 318
$4, 345, 032
$50, 919, 016
$87, 298, 454
382
$19, 125, 300
31, 337
$9, 146, 705
Capital employed a
Average number of employes
Total wages paid
Miscellaneous expenses d
Cost of materials
$22, 467, 701
$41, 033, 045
Value of product
Dyeing and finishing of textiles:
Number of establishments
248
$38, 450, 800
620, 267
c$9, 717, 011
$3, 154, 219
$12, 362, 082
$28, 900, 560
191
$26, 223, 981
16, 698
$6, 474. 364
Capital employed a
Average number of employds
Total wages paid
Miscellaneous expenses d
$13, 664, 295
$32, 297, 420
Value of product
Chemical manufactures :
Number of establishments
1,624
$169, 270,324
643, 893
c$25, 421,771
$13, 478, 380
$106. 690, 375
$178, 177, 488
1,349
$85,394,211
29, 520
$11,840, 704
Capital employed a
Average number of employes
Total wages paid
Miscellaneous expenses d
Cost of materials
$77, 494, 425
$117, 377, 324
Value of product
Salt manufactures :
Number of establishments
189
$12, 039, 653
63, 929
c$l, 539, 846
$592, 533
$1,683,418
$4,921,461
268
$8, 225, 740
4, 289
$1,260, 023
Capital employed a
Average number of employes
Total wages paid
Miscellaneous expenses d
Cost of materials
$2, 007, 036
$4, 829, 566
Value of product
Total for the iron and steel industry in the United States, with the
exception of the State of Pennsylvania :
Number of establishments
460
$189, 662, 057
675, 765
c$40, 495, 444
$139, 999, 652
.4:903 097 391 .
Capital employed a
Average number of employds
Total wages paid
Cost of materials
Value of products
Total for one hundred and sixty-five cities with a population of
20,000 and over, all classes of manufacture:
Number of establishments
185, 727
$3, 964, 064, 627
62, 895, 667
c$l, 559, 065, 130
$456, 877, 392
$3, 329, 377, 893
$6, 232, 966, 026
Capital employed a
Average number of employds
Total wages paid .’.
Miscellaneous expenses d
Cost of materials
Value of product
a The value of hired property is not included for 1890, because it was not reported in 1880.
b, c Includes officers or firm members employed in productive labor or in supervision, and clerks '
with their wages.
d This item was not reported at the census of 1880.
462
[From speech of Mr. McLaurin, of South Carolina, October 4, 1893.]
BANK PROFITS.
The following table, showing the hank profits for a series of years, is given below.
It is taken from the World. Almanac, and is presttmably correct:
Year.
Capital.
Net earnings.
Year.
Capital.
Net earnings.
1872
$465, 676, 023
488, 100, 951
589, 938, 284
497, 864, 833
500, 472, 271
486, 324, 852
470, 331, 890
455, 132, 056
456, 315, 002
458, 934, 485
476, 947, 715
$58, 075, 430. 05
65, 048, 578. 00
59, 680, 931. 00
58, 946, 224. 00
43, 638, 152. 00
34, 857, 990. 00
30, 600, 589. 00
31, 551,860. 00
51, 187, 034. 00
53, 632, 563. 00
53, 321, 234. 00
1883
$494, 640, 140
518, 605, 725
534, 099, 605
532, 556, 921
578, 462, 965
583, 538, 144
596, 322, 518
625, 089, 645
760, 108, 201
$54, 007, 148. 00
52, 362, 783. 00
43, 625, 497. 00
55. 165, 385. 00
64, 506, 869. 66
65, 362, 286. 73
59,618,265. 0?
72, 055, 163. 52
75, 763, 514. 00
1873
1884 ..
1874
1885 . .
1875
1886
1876
1887 . .
1877
1888 .
1878
1889 . .
1879
1890
1880
1891
Total earnings.
1882
1,081,988,586.98
The following figures, taken from the United States Statistical Abstract, issued by
the United States Treasury Department, shows the effect of a contraction of the cur-
rency, and falling prices on farm products:
Year.
Products.
Aggregate
crop.
Home value.
1867
Wheat hush. .
212, 441, 400
515, 949, 000
768, 320, 000
1, 628, 464, 000
97, 783, 000
202, 365, 000
26, 277, 000
46, 643, 094
313, 724, 000
565, 795, 000
3, 114. 592
8, 652, 597
$421, 796, 460
322, 111, 881
610, 948, 390
642, 146, 630
81, 276, 830
81, 413, 589
372, 864, 670
408, 499, 565
41, 283, 431
43, 666, 665
303, 600, 000
366, 863, 788
1892
do
1867 -
Corn hush. .
1892
1867
Potatoes hush. .
1888
do
1867
Hay tons. .
1888
1867
Tobacco lbs..
1888
do
1870
Cotton bales. .
18Q1 __ __
[From speech of Senator Teller, October 6-11-23, 1893.]
Produot.
Value of an acre’s product in —
1866-'70.
1871-’75.
1876-’80.
1881-’85.
1886-’90.
1893.
$12. 84
13. 16
10. 92
13.28
28. 01
$11.30
11.90
9.81
14. 38
28.55
$9.62
12. 00
8. 58
11.57
17.65
$10.25
10. 20
9. 17
11.15
15. 63
$8. 81
9.07
7.50
10. 19
13. 84
$8.35
9.00
5. 75
10.00
10. 65
Wheat
Cotton
Total
Average
78. 21
15.64
75. 94
15.19
59.45
11.88
56. 40
11.28
49. 44
9. 89
40. 75
8. 15
t
463
Table of index numbers for twenty Chinese staple commodities.
[Compiled by W. S. Wetmore from the returns of trade of the imperial maritime customs of China]
Commodities.
1873.
1874.
1875.
1876.
1877.
1878.
1879.
1880.
1881.
1882.
Alum, white
100
88
96
73
100
109
95
95
119
118
Beans
100
93
105
128
139
no
113
99
98
105
Cottou, raw
100
67
85
90
88
81
91
82
90
91
Cuttlefish, dried
100
60
94
91
163
183
112
117
108
146
Hemp
100
101
99
120
124
118
111
no
111
122
Licorice
100
40
40
40
50
60
77
41
57
73
Oil, wood
100
97
88
97
100
93
99
98
103
103
Paper, second quality
100
112
90
108
98
112
107
100
127
107
Bice *
100
119
88
91
91
138
119
100
100
104
Safflower
100
99
90
123
125
112
103
101
102
104
Silk, raw
100
60
57
87
67
64
62
59
68
60
Tallow, vegetable
100
85
80
87
131
116
107
87
88
89
Tea:
Black
100
111
99
99
84
85
91
82
67
70
Brick
100
123
112
102
99
95
78
120
87
78
Green
100
97
76
73
64
75
74
70
60
66
Tobacco, leaf
100
84
75
79
76
83
91
83
72
77
Wax, white
100
105
104
106
102
104
112
121
127
121
Wheat
100
93
114
143
171
171
160
144
126
114
Wool :
Camel’s
100
87
108
113
106
133
161
163
158
156
Sheep’s
100
93
*87
80
53
60
60
47
72
82
Aggregate values of cornmod-
.
ities iu silver
2, 000
1,814
1,787
1,930
2,031
2, 102
2,023
1, 925
1,940
1,986
Silver value of gold
2, 000
2, 029
2,078
2, 160
2,159
2, 215
2, 301
2, 275
2, 322
2, 307
Commodities.
1883.
1884.
1885.
1886.
1887.
1888.
1889.
1890.
1891.
1892.
Alum, white
119
121
96
93
98
106
101
94
88
94
Beans
105
107
109
123
111
129
129
109
109
113
Cotton, raw
88
67
81
82
77
83
89
83
80
73
Cuttlefish, dried
118
92
81
74
88
96
149
140
80
87
Hemj)
118
106
101
100
86
84
88
75
76
76
Licorice
70
94
95
81
62
64
40
72
86
86
Oil, wood
105
99
110
108
88
78
65
76
85
87
Paper, second quality
115
110
130
*130
* 130
*130
70
70
63
66
Bice
119
118
105
119
129
no
91
119
119
119
Safflower
193
98
100
100
102
103
104
104
88
84
Silk, raw
62
53
52
56
61
62
64
61
57
61
Tallow, vegetable
90
81
88
82
72
60
81
79
75
75
Tea:
Black
69
57
63
73
54
58
73
81
96
66
Brick
86
82
67
77
62
65
83
67
74
104
Green
53
57
61
58
60
66
59
53
51
52
Tobacco, leaf
72
63
91
79
65
65
75
62
75
74
Wax, white
110
114
93
104
93
84
74
75
73
97
Wheat
ns
161
131
113
113
113
143
157
137
143
Wool:
Camel’s
143
140
140
139
157
148
157
1 78
160
136
Sheep’s
53
63
60
67
66
57
68
63
76
68
Aggregate values of cornmod-
ities in silver
1,916
1,883
1,854
1, 858
1,774
1,761.
1,803
1,808
1,748
1,761
Silver value of gold
2, 336
2, 376
2, 425
2, 571
2, 648
2, 730
2,746
2, 539
2, 621
2,950
♦Assumed, returns of the article referred to not having been made.
Shanghai, May 11, 1893.
Average export value of wheat.
[From speech of Senator Pefifer, October 21, 1893.]
>
1875.
1887.
Seduc-
tion.
Average export value
$1. 124
1. 00
$0. 89
. 681
$0. 234
.319
.25
.49
.34
.21
.11
Average farm value, United States
$0.99 to 1 04
$0. 75g- to . 78i
.82
Average farm value, New York
1. 31
erfr farm value, Ohio
1. 09
.75
Average farm value, Illinois
. 91
.70
Avftrpgri fa, rm value, Nebraska
.64
.53
464
Average price of good and choice native steers per 100 pounds in the Chicago cattle market
from 18S4 to 1889, inclusive.
1884
1885
1886
1887
1888
1889
Average price of No. 2 red wheat, No. 2 corn mixed, and No. 2 oats in the Chicago market
from 1881 to 1889, inclusive.
Year.
"Wheat.
Corn.
Oats.
Year.
"Wheat.
Corn.
Oats.
1881
$1,318
1.278
1. 175
.975
.964
$0. 631
.801
.651
. 608
.531
$0. 459
. 519
.429
.360
.359
1880
$0. 885
.889
.971
.883
$0. 484
.506
.573
.430
$0. 351
.343
. 355
.288
1882
1887...
1883
1888...
1884
1889
1885
Average price of medium wool per pound for the month of January of each year, the
average price per pound of middling cotton, the average price per barrel of mess pork,
and leaf tobacco per pound in the New York market from 18S1 to 1889, inclusive.
Year.
Medium
wool.
Middling
cotton.
Mess
pork.
Tobacco,
leaf.
1881
Cents.
49
Cents.
12.03
$16. 94
Cents.
8.3
1882
46
11.56
19. 79
8.5
1883
43
11.88
16 59
8.6
1884
40
10.88
16.48
9. 1
1885
33
10.45
11.58
9.9
Year.
Medium
wool.
Middling
cotton.
Mess
pork.
Tobacco,
leaf.
1886
Cents.
36
Cents.
9.28
$10. 63
Cents.
7.8
1887
38
10. 21
15. 00
8.7
1888
35
10.03
(5. 10
8.3
1889
38
12. 57
8.8
Table showing the total production , acreage, and value of all the cereal crops — com, wheat,
rye, oats, barley, and buckwheat — in the United States from 1867 to 1888.
[Taken from page 290 of Statistical Abstract of the United States for 1889.]
Calendar year.
Total produc-
tion.
Total area
of crops.
Total value of
crops.
Bushels.
1 , 329, 729, 400
1, 450, 789, 000
Acres.
65, 636, 444
$1, 284, 037, 300
1, 110, 500, 583
1, 101.884, 188
66,715, 926
1,491,612, 100
1.629, 027,600
1. 528, 776, 100
1, 664,331,600
1, 538, 892, 891
1,454,180,200
2, 032, 235, 300
69, 457, 762
69. 254, 016
997, 423, 018
911,845,441
874, 594, 459
65, 061, 951
68. 280, 197
74, 112, 137
919, 217, 273
1, 015, 530, 570
80, 051, 289
86, 863, 178
1, 030, 277, 099
1,963,422,100
93, 920, 619
935, 008, 844
2, 178, 934, 646
2, 302, 254, 950
93, 150, 286
1, 035, 571. 078
100. 956, 260
913, 975. 920
2, 437, 482, 300
102. 260, 950
1, 245, 127, 719
2,718,193.501
120, 926, 286
1, 361. 497, 704
2. 066, 029, 570
123, 388, 070
1, 470, 957, 200
2, 699, 394, 496
126, 568, 529
1, 469, 693, 393
2, 629, 319, 088
130, 633, 556
1, 280, 765, 937
2, 992, 880, 000
136, 292, 766
1, 184,311,520
3, 015, 439, 000
135. 876,030
1, 143, 146, 759
2, 842, 579, 000
141,859, 656
141,821,315
1,162, 161,910
2, 660, 457, 000
1, 204, 289, 370
3, 209, 742, 000
146, 281, 000
1, 320, 225, 398
465
Amounts of money in circulation after deducting the cash in national banlcs and other
hanking institutions, and the estimated loss on paper money.
Kind of money, close of calendar year 1890.
Reported
circulation
Jan. 1, 1891.
Cash in na-
tional banks
and other
banking in-
stitutions.
Estimated
loss
of paper
money.
Estimated
net circula-
tion.
$411,080,597
07, 547, 023
58, 051, 154
144, 017,279
308, 289, 403
{ 21, 89li, 783
) 343,485,385
173, 938, 259
$107, 029, 692
11, 373, 314
7, 001, 660
118, 182, 687
22, 103, 077
j- 125, 800, 702
20, 959, 977
$244, 050, 905
50. 173, 709
51, 049, 488
25. 604, 592
285, 079, 382
234, 110, 925
140, 583, 727
Gold certificates
Silver certificates
Treasury notes, act July 14, 1890
United States notes
National-bank notes
Total
$200, 000
447, 004
5, 410, 541
6, 394, 555
1,528, 935, 943
478, 571, 115
12, 452, 100
1, 037, 912, 728
[From speech of Mr. Allen, of Nebraska, October 7 to 11, 1893.]
There are 80,000,000 people (India, China, etc., not counted) occupied in farming,
and the annual products of agriculture amount to almost £4,000.000,000. Capi-
tal and product have more than doubled siuce 1840, but the number of hands engaged
has not risen 50 per cent, viz :
Tear.
Capital.
Product.
People
engaged.
1840
£ 9, 036, 000, 000
14, 923, 000, 000
23, 006. 000, 000
£1,824, 000, 000
2, 483, 000, 000
3, 948, 000, 000
55, 080, 000
60. 000, 000
80, 050, 000
I860
1887
The value of agricultural products in 1887 in the following countries is as fol-
lows :
United States
Russia
France
Germany
Austria
£770, 000, 000
563, 000, 000
460, 000, 000
424, 000. 000
331, 000, 000
United Kingdom
Italy
Spain
Australia
Canada
£251, 000, 000
204, 000, 000
173, 000, 000
62, 000, 000
50, 000, 000
The area under crops has risen from 492,000,000 acres, in 1840, to 807,000,000, in
1888, an increase of 315,000,000, viz :
In United States
In Europe
In Colonies, etc.
Acres.
151, 000, 000
131, 000, 000
33, 000, 000
Total 315,000,000
In forty-eight years the area of tillage and planting has risen 65 per cent, but the
grain crops have risen 120 per cent, as follows :
Tears.
Europe.
United States.
Colonies.
Total.
1840
Bushels.
3, 212, 000, 000
4, 046, 000, 000
5, 588, 000, 000
Bushels.
616, 000, 000
1,240,000,000
2, 586, 000, 000
Bushels.
291, 000, 000
464, 000, 000
948, 000, 000
Bushels.
4, 119,000,000
5, 750, 000, 000
9, 120, 000, 000
I860
1887
S. Eep. 235 30
466
The relative importance of the three great branches of agricultural industry at
the said dates is shown as follows, judged l>y money values:
Product^.
1840.
1860.
1887.
38. 5
45 5
27.5
36. 8
Other crops
29. 8
23. 2
Pastoral produce
31.7
31.3
35. 7
Total
100.0
100.0
100.0
The production of grain (including rice) was approximately as follows:
. Country.
Millions of bushels.
Bushels
per inhabitant.
1831— ’40 .
1851-’60.
1874— ’84.
1887.
1831-’40.
1851-’60.
1887.
United Kingdom
408
390
334
311
16
15
8
France
510
550
687
729
15
15
19
Germany
290
450
685
706
10
13
15
Russia
1, 040
1, 270
1, 461
1,854
20
20
20
Austria
364
500
578
687
13
16
17
Italy
110
200
277
225
S
11
7
Spain
180
215
326
300
15
14
18
Portugal
25
30
19
40
8
8
9
Sweden
14
35
93
104
5
10
23
Finland
10
15
22
20
10
10
10
Norway
6
15
17
17
6
10
9
Denmark
40
65
78
84
36
43
42
Holland
16
20
37
40
6
6
9
Belgium
33
70
66
75
9
15
14
Switzerland
12
15
17
18
6
6
6
Greece
6
9
11
18
6
7
10
Servia
8
11
14
20
10
10
10
Roumania
70
90
109
120
22
23
24
Turkey, etc
170
196
209
220
12
14
15
Europe
3,312
4,146
5, 040
5, 588
14
15
16
United States
540
1,053
2, 325
2. 586
36
38
42
Canada
22
45
128
148
14
15
30
Chile
5
12
18
18
5
8
8
Argentina
2
5
25
50
9
»
3
13
Australia
i
10
36
51
3
10
15
260
390
587
681
4, 143
5, 661
8, 159
9, 122
The following tables show the distribution of grain grown in 1887 :
Country.
Millions of acres in —
Millions of bushels of—
Wheat.
Oats.
Barley.
Vari-
ous.
Total.
Wheat.
Oats.
Barley.
Vari-
ous.
Total.
Europe
90
72
38
148
348
1,336
1,628
694
1,930
5, 588
United States
38
26
3
75
142
442
640
58
1,446
2, 586
Colonies •
46
3
7
13
09
465
97
82
304
948
Total
174
101
48
236
559
2, 243
2, 365
834
3, 680
9,122
Mr. Spallert’s estimate of the crops of the world compares with the official returns
and latest estimates for 1887 as follows :
Millions of bushels of —
Tears.
Wheat.
Rye.
Barley.
Oats.
Maize.
Sundry.
Total.
1ft71 1880
1,944
1,256
774
1,870
1.528
312
7, 684
1875-1884
1 , 982
1,165
788
1,936
1 , 829
293
7,973
1 882 1 884
2,115
1, 196
803
2, 169
2. 035
324
8, 662
5887
2, 243
1,418
834
2, 365
1,979
2S3
9,122
467
According to Baines and other authorities, the production of raw cotton in the
world was as follows in millions of pounds:
Years.
United
States.
South
America.
Egypt.
India.
Various.
Total.
1701
2
102
130
256
490
1 K0 1
48
102
160
210
520
1H1 1
80
104
170
201
555
1821
180
86
6
175
183
630
18;ji
885
82
18
180
155
820
1840
878
90
30
212
100
1,310
1850
890
90
45
, 310
100
1, 435
1 800
1,880
1,540
90
51
420
100
2, 551
1870
270
240
025
100
2, 775
1880
2, 593
86
282
540
100
3, 601
1 888
3,420
85
290
888
100
4,783
It appears that the United States has produced two-thirds of the cotton which has
been consumed by the factories of the world in the last sixty-seven years, and the
cotton crop of the world shows a steady increase. The decade ending in 1890 shows
400,000 tons a year more than the preceding. Great Britain consumes one-third of
all the cotton produced, the United States being the next largest consumer.
The value of the principal manufactures of the United States is as follows in mil-
lions of dollars :
Articles.
1810.
1840.
1850.
1860.
1870.
1880.
21
71
136
224
356
505
17
37
49
71
287
336
18
33
92
162
271
397
6
15
59
96
202
233
30
46
66
115
142
211
11
28
47
111
214
36
48
70
130
242
10
38
96
155
17
21
48
69
121
161
16
15
22
43
75
144
18
18
24
55
83
12
42
46
91
7
18
42
69
10
18
39
55
10
17
18
27
27
155
404
832
1,395
2,447
Tntnl
152
358
1,019
1, 886
3, 386
5, 370
The following is the total value of manufactures in the United States since 1810:
Year.
1810
1840
1850
Value.
In-
crease.
Year.
Value.
In-
crease.
$152, 000, 000
Per cent..
1860
$1, 886, 000, 000
Per cent.
85
458, 000, 000
201
1870
3, 386, 000, 000
80
1, 019, 000 000
122
1880
5, 370, 000, 000
58
The annual wheat production of the United States has averaged as follows :
Years.
Tons.
Increase or
decrease.
Years.
Tons.
Increase or
decrease.
1831 1840
1, 950, 000
3. 430, 000
8, 450, 000
Per cent.
1881-1887
11,000, 000
10, 370, 000
Per cent.
*30
1 5 -7
1851 1860
*70
1888
1871-1880
*140
•Increase.
t Decrease.
468
The total annual grain production of the United States since 1830 has been approx-
imately as follows :
Tears.
Tons.
In-
crease.
Tears.
Tons.
In-
crease.
1831-1840
13, 500, 000
20, 350, 000
57, 950, 000
Per cent.
1881 1887
67, 500, 000
79, 080, 000
Per cent.
16
17
1851-1860
90*
11 G'
1888
1871 1880
The annual wheat production of the United States was as follows:
Tears.
Tons.
Increase.
Tears.
Tons.
Increase.
1831 1840
2, 050, 000
2, 650, 000
Per cent.
1874 1884
4, 120, 000
4, 750, 000
Per cent.
55
15
1851 I860
19
1887
Production of the United States from 1840 to 1886.
Tears.
Grain.
Meat.
Sugar.
Eice.
Potatoes.
Butter.
Cheese.
1840
Tons.
15. 400, 000
20, 700, 000
Tons.
2, 050, 000
2, 390, 000
Tons.
70, 000
110,000
Tons.
36, 000
Tons.
2, 700, 000
2, 600, 000
Tons.
Tons.
1850
96, 000
140, 000
74, 000
1860
31,000, 000
2,890,000
120, 000
83, 000
2, 800. 000
205, 000
47, 000
1870
34, 700, 000
2,480, 000
74, 000
33, 000
3, 600, 000
230, 000
68, 000
1880
67, 500, 000
4, 120, 000
110,000
50, 000
4, 200, 000
350, 000
120, 000
1886
71,100.000
4, 750, 000
110,000
50, 000
4, 200, 000
430, 000
170, 000
The average per cent of increase of grain, cotton, and butter is greater than the
average per cent of increase of population from 1850 to 1880.
The average per cent of increase of population is greater than the average per
cent of increase of sugar, meat, rice, potatoes, and cheese from 1850 to 1880.
Average per cent of increase from 1850 to 1880 of—
Population
Grain
Cotton ,
Butter
Manufactures
29
56
59
36
74
The value of fiber consumed by the United States since 1840 is as follows in mil-
lions of pounds sterling:
Period.
Cotton.
■Wool.
Silk.
Hemp,
flax, etc.
Total.
i an iftso
49
30
2
7
88
1 Hr, 1 IKfiO
84
38
4
12
138
1 fiftl 1 K7ft
223
62
14
17
316
i (i7i i fisn
157
101
15
24
297
Iflftl 1K87
150
83
20
16
269
663
314
55
76
1,108
The value of fiber consumed in the world in millions of pounds sterling is as fol-
lows :
Period.
Cotton.
Wool.
Silk.
Hemp,
flax, etc.
Total.
1 Q.1 1 IflRft
267
396
188
264
1, 115
i q^i igftn
500
473
240
251
1,464
987
564
291
317
2, 159
1«71 1 8R0
915
663
254
381
2,213
1,590
Irtfll 1 9.A7
742
434
175
239
3,411
2,530
1,148
1,452
8, 541
469
The averages per head of population were as follows :
Period.
Grain.
Meat.
Sugar.
Coffee
and tea.
1831 1840
Pounds.
900
Pounds.
79
Founds.
5
Pounds.
2
3
1851 1860
1 , 040
79
8
1875 1S84
1, 240
1,330
72
22
4i
5
1888 ;
79
29
The annual production of wheat has averaged as follows:
Period.
Europe.
United
States.
Colonies.
Total.
1831 1840
Tons.
17, 800, 000
21,420, 000
2K, 150, 000
30, 770, 000
32, 400, 000
Tons.
1,950, 000
3, 430, 000
8, 450, 000
11, 000, 000
10, 370, 000
Tons.
2, 900, 000
5, 120, 000
8, 250, 000
11,230, 000
14, 050, 000
Tons.
22, 650, 000
29, 970, 000
44, 850, 000
53, 000, 000
56, 820, 000
1851 1860
1871-1880
1881 1887
1888
In the period 1831-1840 Europe produced 80 per cent of the wheat of the world, as
compared with 56 per cent at present. In the interval the production in the United
States and in the colonies has quintupled.
The total annual grain production siuco 1830 has been approximately as follows:
Period.
Europe.
United
States.
Colonies.
Total.
1831 1840
Tons.
80, 300, 000
101, 150, 000
115,000, 000
132, 000,000
138, 200, 000
Tons.
13, 500, 000
26, 350, 000
51, 950, 000
67. 500, 000
79, 080, 000
Tons.
7, 200, 000
11.500,000
15, 400, 000
21,500. 000
23, 500, 000
Tons.
101, 000, 000
139, 000, 000
188,350, 000
221, 000, 000
240, 780, 000
1851 1860
1871 1880
1881-1887
1888
[From speech of Senator Jones, of Nevada, October 30, 1893.]
Index numbers showing the downward trend of wholesale prices, not in one class of com-
modities merely, but in all classes of commodities from the year in which silver was
demonetized.
Tear.
Vegeta-
ble food
(wheat,
etc.).
Animal
food
(meat,
etc.).
Sugar,
cotfee,
and
tea.
Total
food.
Miner-
als.
Tex-
tiles.
Sundry
mate-
rials.
1873
106
109
106
107
141
103
106
1874
105
103
105
104
116
92
96
1875
93
108
100
100
101
88
92
1876
92
108
98
99
90
85
95
1877
100
101
103
101
84
85
94
1878
95
101
90
96
74
78
88
1879
87
94
87
90
73
74
85
1880
89
101
88
94
79
81
89
1881
84
101
84
91
77
77
86
1882
84
104
76
89
79
73
85
1883
82
103
77
89
76
70
84
1884
71
97
63
79
68
68
81
1885
68
88
63
74
66
65
76
1886
65
87
60
72
67
63
69
18s7
64
79
67
70
69
65
67
1888
67
82
65
72
78
64
67
1889
05
86
75
75
75
70
68
1890
65
82
70
73
80
66
69
1891
75
81
71
77
76
59
69
Total
mate-
rials.
Grand
total.
114
Ill
100
102
93
96
91
95
89
94
81
87
78
83
84
88
80
85
80
84
77
82
73
76
70
72
67
69
67
68
69
70
70
72
71
72
68
72
Note.— The foregoing are the figures of Mr. Augustus Sauerbeck, published by the Royal Statistical
Society of London. The average prices of ten years (1868 to 1877) are taken as 100, and upon that
basis the figures given above for the separate years result, showing a persistent decline of prices in
every department of industry.
470
[From speech of Mr. Bell, of Colorado, November 1, 1893.]
Statement showing the per capita debt, of the States named.
Alabama $26
Arkansas 13
Colorado 2( 6
Connecticut 107
Illinois 100
Indiana 51
Iowa 104
Kansas 170
Maine 49
Massachusetts 144
Minnesota $152
Missouri 80
Nebraska 126
New Hampshire 50
Oregon 73
Pennsylvania ‘ 117
Kkode Island 106
Tennessee 23
Vermont 84
Wisconsin 72
Railroad Building between 1S80 and 1890.
Geographical divisions.
New England States:
Maine
New Hampshire
Vermont
Massachusetts
Khode Island
Connecticut
Middle Atlantic States, etc. :
New York
New Jersey
Pennsylvania
Delaware
Maryland and District of Columbia
Central Northern States:
Ohio
Michigan
Indiana
Illinois
Wisconsin
South Atlantic States:
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Gulf and Mississippi Valley States:
Kentucky
Tennessee
Alabama
Mississippi
Louisiana
Southwestern States and Territories:
Missouri
Arkansas
Texas
Kansas
Colorado
New M oxico
Indian Territory and Oklahoma
Northwestern States :
Iowa
Minnesota
Nebraska
North Dakota
South Dakota
Wyoming
Montana
Pacific States and Territories:
California
Oregon
Washington
Nevada
Arizona
Utah
Idaho
Completed in —
1880.
1890.
Miles.
Miles.
1,005
1,377 47
1. 015
1, 142 -25
014
988 -45
1,915
2, 090 -69
‘110
217-43
923
1, 006 -04
5, 991
7, 745 -85
1, G84
2, 099 -86
0, 191
8, 652 -30
275
314 -95
1,040
1, 290 -70
5, 792
7, 980 -49
3, 9118
7. 108 -48
4, 373
0. 109 19
7, 851
10,115-90
3, 155
5, 612 -62
1,893
3. 359 -65
091
1.433-30
1,480
3, 128T7
1,427
2, 289 -15
2,459
4, 600 -80
518
2, 489 -52
1,530
2, 942 -38
1,843
2. 767 -38
1,843
3, 422 -20
1,127
2, 470 -85
052
1,739 -85
3,965
6. 142 02
859
2, 203 -44
3, 244
8, 709 -85
3.400
8, 892 11
1,570
4,291 11
758
1,388-77
289
1. 260 -65
5,400
8,416-13
3, 151
5, 545 -35
1, 953
5, 407 -47
2, 110 49
S
2,610-41
512
1, 002 -93
10G
2, 195-58
2, 195
4, 328 -03
508
1,455-53
289
2, 004 -65
739
923 18
349
1,094 -81
842
1.265 -49
200
946 11
FIFTY-THIRD CONGRESS, FIRST SESSION.
SUMMARY OF CONGRESSIONAL PROCEEDINGS ON THE BILL
(H. R. NO. 1) TO DISCONTINUE PURCHASES OF SILVER
BULLION, WITH PROPOSED AMENDMENTS.
471
SUMMARY OF PROCEEDINGS ON H. R. 1
CONG. RECORD INDEX TO PROCEEDINGS.
Page.
Introduced by Mr. Wilson, of West Virginia, and made special order 241
Debated in House 241, 244, 257, 802, 351, 395, 434, 463, 478, 505, 546, 556,
613, 640, 090, 754, 793, 841, 886, 930, 950, 969, 1003
Passed House 1003,1008
Referred to Senate Committee on Finance 1001
Reported back with amendment 1009
Debated 1049, 1091, 1101, 1125, 1188, 1198, 1209, 1245, 1247, 1301, 1320, 1348, 1375, 1403, 1439, 1471, 1502,
1534, 1569, 1598, 1639, 1078, 1734, 1780, 1838. 1870, 1908, 1930, 1972, 2003,2007, 2012, 2051, 2105,
2151, 2195, 2259, 2330, 2362, 2382, 2383, 2401, 2401, 2403, 2508, 2540, 2709, 2710, 2728,2730, 2755,
2756, 2770, 2771, 2791, 2792, 2793, 2816, 2818, 2837, 2838, 2852, 2880, 2884, 2902, 2903, 2928, 2929
Amended and passed Senate 2958
Debated and Senate amendment concurred in by House 3000,3057
Examined and signed 3049, 3067
Approved by President 3100
Committee on Finance, Fifty-third Congress. — Daniel W. Voorhees (chairman), John
E. McPherson, Isham G. Harris, Zebulon B. Vance, George G. Vest, James K. Jones,
Justin S. Morrill, John Sherman, John P. Jones, William B. Allison, Nelson W.
Aldrich.
HOUSE COMMITTEES.
Committee on Banking and Currency. — Messrs. Springer, Sperry, Cox, Cobb of Mis-
souri, Culberson, Ellis of Kentucky, Cobh of Alabama, Warner, Johnson of Ohio,
Black of Georgia, Hall of Missouri, Walker, Brosius, Henderson of Illinois, Eussell
of Connecticut, Haugen, Johnson of Indiana.
Committee on Coinage, Weights, and Measures. — Messrs. Bland, Tracey, Kilgore, Epes,
Stone of Kentucky, Allen, Bankhead, Rayner, Harter, Coffeen, McKeighan, Charles
W. Stone, Johnson of North Dakota, Dingley, Sweet, Hager, Aldrich, and Rawlins.
IN THE HOUSE.
[August 11, 1893.]
« ******
Mr. Wilson of West Virginia. Mr. Speaker, I desire to offer a hill for the pres-
ent consideration of the House.
The bill was read, as follows:
AN ACT to repeal a part of an act, approved July 14, 1890, entitled “An act directing the purchase
of silver bullion and the issue of Treasury notes thereon, and for other purposes.”
Beit enacted, etc., That so much of the act approved July 14, 1890, entitled “An
act directing the purchase of silver bullion and issue of Treasury notes thereon, and
for other purposes/’ as directs the Secretary of the Treasury to purchase from time
to time silver bullion to the aggregate amount of 4,500,000 ounces, or so much thereof
as may be offered in each month, at the market price thereof, not exceeding one dol-
lar for 371-25 grains of pure silver, and to issue in payment for such purchases Treas-
ury notes of the United States, he, and the same is hereby, repealed; but this repeal
shall not impair or in any manner affect the legal-tender quality of the standard
silver dollars heretofore coined; and the faith and credit of the^United States are
hereby pledged to maintain the parity of the standard gold and silver coins of the
United States at the present legal ratio, or such other ratio as may be established
by law.
Mr. Bland. Mr. Speaker, I desire to present to the House an order embodying an
agreement as to the mode in which proceedings shall bo had in the consideration of
the bill just offered, on which order I shall demand the previous question, with the
statement —
****** *
473
474
The Speaker. The Chair will state the question. The gentleman from West Vir-
ginia (Mr. Wilson) offers a bill in the absence of any rules of the House, and the gen-
tleman from Missouri (Mr. Bland) offers a resolution providing for the method in
which the House shall consider that bill. The Clerk will report the resolution of
the gentleman from Missouri.
The resolution was read, as follows:
“ Ordered by the House, That H. R. No. 1 shall be taken up for immediate consid-
eration and considered for fourteen days. During such consideration night sessions
may be held, for debate only, at the request of either side. The daily sessions to
commence at 11 a. m. and continue until 5 p.m. Eleven days of debate on the bill
to be given to general debate under the rules of the last House regulating general
debate, the time to be equally divided between the two sides as the Speaker may
determine. The last three days of debate may be devoted to the consideration of
the bill and the amendments herein provided for, under the usual five-minute rule
of the House, as In Committee of the Whole House. General leave to print is hereby
granted.
“ Order of amendments: The vote shall be taken first on an amendment providing
for the free coinage of silver at the present ratio. If that fail, then a separate vote
to be had on a similar amendment proposing a ratio of 17 to 1 ; if that fails, on one
proposing a ratio of 18 to 1 ; if that fails, on one proposing a ratio of 19 to 1 ; if that
fails, on one proposing a ratio of 20 to 1. If the above amendments fail it shall be in
order to offer an amendment reviving the act of the 28th of February, 1878, restor-
ing the standard silver dollar, commonly known as the Bland- Allison Act; the vote
then to be taken on the engrossment and third reading of the bill as amended, or on
the bill itself if all of the amendments shall have been voted down, and on the final
passage of the bill without other intervening motions.”
Mr. Bland. Mr. Speaker, I demand the previous question.
# -# * * * * #
The question was taken; and there were — yeas, 219; nays, 99; not votiug, 36; as
follows :
TEAS— 219.
Abbott,
Alderson,
Alexander,
Allen,
Apsley,
Arnold,
Bailey,
Baldwin,
Bankhead,
Barnes,
Bartlett,
Barwig,
Bell, Colo.
Bell, Tex.
Beltzhoover,
Berry,
Black, Ga.
Black. 111.
Blanchard,
Bland,
Boatner,
Bo6D,
Bower, N. C.
Branch,
Brattan,
Brawley,
Breckinridge, Ark.
Bretz,
Briokner,
Broderick,
Brookshire,
Brown,
Bryan,
Bunn,
Burnes,
Bynum,
Caban iss,
Ckdmns,
Carminctti,
Campbell,
Cannon. Cal.
Capehart,
Carat h,
Catcbings,
Clancy,
Clark, Mo,
Clarke. Ala.
Cobb, Ala.
Cobb, Mo.
Cockran,
Cockrell,
Cofl'een,
Cogswell,
Conn,
Coombs,
Cooper, Fla.
Cooper, Ind.
Cooper, Tex.
Cornish,
Covert,
Cox,
Crain,
Crawford,
Culberson,
Cummings,
Davey,
Davis,
Do Armond,
Do Forest,
Denson,
Dinsmore,
Dockery,
Donovan.
Draper,
Dunn.
Durborow,
Edmunds,
Ellis, Ky.
English.
Enloe,
Epos,
Erdman,
Everett,
Fellows,
Fielder,
Fitch,
Fithian,
Forman,
Fyan,
Geary,
Geisscnhainer,
Gillett, Mass.
Goodnight,
Gorman,
Grady,
Gresham,
Haines,
Hall, Minn.
Hall, Mo.
Hammond,
Hare,
Harris,
Harter,
Heard,
Henderson, N. C.
Hendrix,
Holman.
Hooker, Miss.
Houk, Ohio.
Hunter,
Hutcheson,1
Ikirt,
Johnson, Ohio
Jones,
Kem,
Kilgore,
Kribbs,
Kyle,
Lane,
Lapham,
Latimer,
Lawson,
Layton,
Lester,
Lisle,
Livingston,
Lockwood,
Lynch.
Maddox,
Maguire,
Mallory,
Marshall,
Martin, Ind.
Me A leer,
McCall,
McCreary, Ky.
McCulloch,
McDannold,
Mcllearmon,
MoKttrick,
McGann,
.McKaig,
McLauriu,
McMilliu,
McNagny,
McRae,
Meredith,
Meyer,
Money,
Montgomery,
Morgan,
Morse,
Moses,
Neill.
O’Neil, Mass.
Outh waite,
Page,
Paschal,
Patterson,
Pay n ter,
Pearson,
Pence,
Pendleton, W. Va.
Pigott,
Price.
Randall,
Kayner,
Reilly,
Richards,
Richardson, Mich.
Richardson, Teun.
Ritchie,
Robbins,
Robertson, La.
Rusk.
Russell, Conn.
Russell, Ga.
Ryan.
Sayers,
Sckermerhorn,
Shell,
Sibley,
Sickles,
Snodgrass,
Somers,
Sperry,
Springer,
Stallings,
Stevens,
Stdckdi^je,
Stone, Ky.
Strait,
475
Swanson,
Tracey,
Washington,
Wilson, W. Va.
Talbert, N. C.
Tucker,
Weadock,
Wise,
Talbott, Md.
Turner,
Wells,
Woodard,
Tarsney,
Tate, "
Turpin,
Tyler,
Wheeler, Ala.
Woomer,
Wright, Mass.
Whiting,
Taylor, Ind.
walker,
Williams, 111.
Wright, Penn.
Terry,
W arner,
Williams, Miss.
NAYS— 99.
Adams,
Ellis. Oreg.
Lacey,
Reed,
Aitken,
Fletcher,
Lefever,
Reyburn,
Aldrich,
Funk,
Linton,
Robinson, Pa.
Avery.
Gardner,
Loud,
Settle,
Babcock,
Gear,
Loudenslager,
Shaw,
Baker, Ivans.
Gillet, N. Y.
Lucas,
Simpson,
Baker, N. H.
Grosveuor,
Mahon,
Smith,
Barthoklt,
Grout
Marsh,
Stephenson,
Stone, C. W.
Biughain,
Hainer.
Marvin, N. Y.
Blair,
Hartman,
McCleary, Minn.
Storer,
Boutelle,
Haugen,
McDowell,
Strong,
Bowers. Cal.
Heinor,
Meikle.john,
Sweet,
Burrows,
Henderson, 111.
Mercer,
Tawney,
Taylor, Tenn.
Caldwell,
Henderson, Iowa,
Milliken,
Cannon, 111,
Hepburn,
Moon,
Updegraff,
Chickering,
Hermann,
Murray,
Van Voorhis, N. Y.
Childs,
Hicks,
Ncwlands,
Van Voorhis, Ohio
Cooper, Wis.
Hitt,
Nortlnvay,
Wadsworth,
Cousins,
Hooker, N. Y.
O’Neill, Pa.
Wanger,
Curtis, Kans.
Hopkins, 111.
Pay lie,
Waugh,
Curtis, N. Y.
Houk, Tenn.
Perkins,
Wheeler, 111.
Dalzeli,
Hudson,
Phillips,
White,
Dingley,
Hulick,
Pickier,
Wilson, Ohio,
Dolliver,
Jcdmson, Ind,
Post,
Wilson, Wash.
Doolittle,
Kiefer, Powers,
NOT VOTING— 36.
*
Belden,
Gohlzier,
Hull.
Pendleton, Tex.
Breckinridge, Ky.
Graham,
Johnson, N. Dak.
Ray,
Brosius,
Hager,
Joy,
Scranton,
Causey,
Hai-mer,
Lilly,
Sherman,
Chipman,
Hatch,
Magner,
McKeighan,
Sipe,
Compton,
Hayes,
Stone, W. A.
Daniels,
Hifborn,
Mutchler,
Thomas,
Dunphy,
Hines,
Oates,
Wever,
Funston,
Hopkins, Pa.
O’Ferrall,
W olverton.
So the previous question was ordered.
The Speaker. The question now is on agreeing to the resolution.
The question was taken, and the resolution was agreed to.
[August 14, 1893.]
* * # * * * *
Mr. Pendleton of West Virginia. I desire at sometime before the vote is taken to
submit and ask unanimous consent that the following amendment may be offered to
the bill as introduced by the gentleman from West Virginia (Mr. Wilson).
The Clerk read as follows:
“ To amend the bill by adding the following:
“ Provided, This act shall not take effect until the silver circulation of the United
States shall have been increased to $700,000,000.”
# * * « * * #
[August 18, 1893.]
# ##*## #
Mr. Bland. Mr. Speaker, I ask to have printed in bill form, and also in the
Record, the several amendments proposed to this bill at the different ratios, and the
amendment providing for the revival of the old Bland Act, so called, so that mem-
bers may have opportunity to reach the various provisions.
Mr. Reed. Are these amendments pending?
The Speaker. They are not.
Mr. Bland. They are to be offered under the rules.
Mr. Reed. I should like to hear them read, if there is no objection.
*rhe Speaker. The Clerk will report them.
Mr. Bland. Let them be read.
The Clerk read as follows :
“ Provided , That all holders of silver bullion of the value of $50 or more, and not
too base for the operations of the mints., shall be entitled to deposit the same foi
476
coinage at the mints of the United States, and to have the same coined into the
legal-tender standard silver dollars of 412^ grains standard silver to the dollar, on
same terms and conditions on which gold bullion is now deposited and coined.
“ That silver certificates shall be issued on such dollars in the manner now pro-
vided by law for the issuing of certificates on standard silver dollars.
“ Provided, That all holders of silver bullion of the value of $50 or more and not
too base for the operations of the mints shall be entitled to deposit the same at the
mints and to have the same coined into silver dollars containing grains of standard
silver to the dollar, on same terms and conditions as gold bullion is now deposited and
coined. That said dollars shall be a legal-tender for all debts and dues both public
and private, and silver certificates shall be issued on said dollars in like manner as
silver certificates are now issued on standard silver dollars.
‘‘ Provided, That the act of February 28, 1878, entitled ‘An act to authorize the
coinage of the standard silver dollar and ro restore its legal-tender character/
requiring the purchase monthly of not less than two million and not more than four
million dollars’ worth of silver bullion, and the coiniug of the same as last as pur-
chased into standard silver dollars, be, and the same is hereby, revived and reen-
acted into full force and effect.”
# * # # * # •
[August 26, 1893.]
##«*###
The Speaker. The gentleman from Tennessee (Mr. McMillin) .asks unanimous con-
sent to print in the Record the amendmdnt which he has sent up as a part of his
remarks.
There was no objection.
The amendment proposed by Mr. McMillin is as follows:
Provided, That there shall be charged and collected for the coinage of any and all
silver not mined and owned in the United States the actual cost of coinage, and in
addition thereto the difference, if any, between the face value of the silver when
coined and the market value of the bullion when presented for coinage.
“ Sec. — . Any person who tenders or presents for coinage, as United States product,
any silver bullion which is not such product, shall be debarred the privilege of ever
coining or having coined any silver owned by such person in which he has any
interest whatever, and the onus shall be ou the party seeking to have silver bullion
coined to show that it is the product of the United States and entitled to free coin-
age.”
* * * * * * *
Mr. Pickler. Mr. Speaker, I ask unanimous consent to have printed in the Record
a couple of amendments that I had read in my time the other day when I addressed
the House.
There was no objection, and it was so ordered.
The amendments are as follows :
“ First. Amend H. R. 2, being a bill for the free coinage of silver, and for other
purposes, by inserting after the words ‘silver bullion/ in the second line of sec-
tion 1, the following words: ‘The product of mines of the United States;’ so that
said section when so amended shall read as follows :
“ ‘ Skctiox 1. Be it enacted, etc., That from and after the passage of this act all
holders of silver bullion, the product of mines of the United States, to the amount
of $100 or more, of standard weight and fineness shall be entitled to have the same
coined at the Mint of the United States into silver dollars of the weight and tiue-
ness provided for in the second section of this act/”
“Second. That upon Monday, August 28, if the substitute to H. R. 1 and all
amendments shall be voted down in the House, and if H. R. 1, known as the Wilson
bill, shall pass, that immediately thereafter, without debate or intervening motions
the House shall vote upon II. R. 2, ‘A bill for the free coinage of silver, and for
other purposes/ amended as follows : Inserting after the words ‘silver bullion/ in
the second line of section 1, the following words: ‘The product of mines of the
United States/ the bill as so amended being for the coinage of the silver bullion
product of the mines of the United States at the present ratio.
“ If this bill fail to carry, the bill as so amended shall be voted on at the ratio of
18 to 1, and if this fail, it shall then, as so amended, be voted on at the ratio of 20
[August 28, 1893.]
The Speaker. Upon the pending bill (H. R. 1) to repeal a part of an act approved
July 14, 1800, entitled “An act directing the purchase of silver bullion and the issue
477
of Treasury notes thereon, and for other purposes,” debate under the order of the
House has been exhausted. The Clerk will now read that part of the order relating
to the vote.
The Clerk read as follows:
“ The vote shall be taken first ou an amendment providing for the free coinage of
silver at the present ratio. If that fail, then a separate vote to be had on a similar
amendment proposing a ratio of 17 to 1 ; if that fail, on one proposing a ratio of 18
to 1 ; if that fail, on one proposing a ratio of 19 to 1 ; if that fail, on one proposing
a ratio of 20 to 1. If the above amendments fail, it shall be in order to offer an
amendment reviving the act of the 28th of February, 1878, restoring the standard
silver dollar, commonly known as the Bland-Allison Act; the vote then to be taken
ou the engrossment and third reading of the bill as amended, or ou the bill itself il'
all amendments shall have been voted down, and on the final passage of the bill
without other intervening motions.”
#######
The Speaker. The Clerk will read the bill.
The Clerk read as follows :
“Be it enacted, etc., That so much of the act, approved July 14, 1890, entitled ‘An
act directing the purchase of silver bullion and issue of Treasury notes thereon, and
for other purposes/ as directs the Secretary of tbe Treasury to purchase from time
to time silver bullion to the aggregate amount of 4,500,000 ounces, or so much thereof
as may be offered in each month, at the market price thereof, not exceeding $1 for
371^ grains of pure silver, and to issue in payment for such purchases Treasury notes
of the United States, be, and the same is hereby, repealed; but this repeal shall not
impair, or in any manner affect, the legal-tender quality of. the standard sihrer dol-
lars heretofore coined; and the faith and credit of the United States are hereby
pledged to maintain the parity of the standard gold and sihrer coins of the United
States at the present legal ratio, or such other ratio as may be established by law.”
Mr. Bland. I offer as an amendment a proviso for free coinage of silver at the
present ratio, 16 to 1. I ask that it be read.
The Clerk read as follows :
“Add to the bill the folloAving:
“ ‘Provided, That all holders of silver bullion of the value of $50 or more, and not
too base for the operations of the mints, shall be entitled to deposit the same for
coinage at the mints of the United States, and to have the same coined into the
legal-tender standard silver dollars of 412£ grains standard silver to the dollar, on
same terms and conditions on which gold bullion is now deposited and coined.
“ ‘That silver certificates shall be issued on such dollars in the manner now pro-
vided by law for the issuing of certificates on standard silver dollars.’ ”
# * * * * # *
The Speaker. The question is first upon the amendment offered by the gentleman
from Missouri which has just been read.
Mr. Bland. On that I demand the yeas and nays.
The yeas and nays were ordered.
The question was taken; and there were — yeas 125, nays 227, not voting 2; as
follows
TEAS— 125.
Abbott,
Aitken,
Alexander,
Allen,
Arnold,
Bailey,
Baker, Kans.
Bankhead,
Bell, Colo.
Bell, Tex.
Black, Ga.
Blanchard,
Bland,
Boatner,
Boen,
Bower, N. 0.
Bowers, Cal.
Branch,
Bretz,
Broderick,
Brookshire,
Bryan,
Bunn.
Burnes,
Caminetti,
Cannon, Cal.
Capehart,
Clark, Mo.
Cobb, Ala.
Cockrell,
Coffeen,
Conn.
Cooper, Tex.
Cox,
Crawford,
Culberson,
Curtis, Kans.
Davis,
De Armond,
Denson,
Dinsmore,
Dockery,
Donovan,
Doolittle,
Edmunds,
Ellis, Ky.
Enloe,
Epes,
Eithian,
Eunston,
Fyan,
Geary,
Harris,
Hartman,
Hatch,
Heard,
Henderson, H. C
Holman,
Hooker, Miss.
Hudson,
Hunter,
Hutcheson,
Jones,
Kem,
Kilgore,
Kyle,
Lane,
Latimer,
Lawson,
Lester,
Livingston,
Lucas,
Maddox,
Goodnight,
Grady,
Hall, Mo.
McCulloch,
McDearmon,
McKeighan,
McLaurin,
McMillin,
McRae,
Meredith,
Money,
Montgomery,
Morgan,
Moses,
O’Ferrall,
Paynter,
Pence,
Pendleton, Tex.
Pickier,
Post,
Richardson, Mich.
Richardson, Tenn.
Robbins,
Robertson, La.
Sayers,
k RIV OlO,
Sibley,
478
Simpson,
Snodgrass,
Stallings,
Stockdale,
Stone, Ky.
Strait,
Adams,
Alderson.
Aldrich, |
Apsley,
Avery,
Babcock,
Baker, N. H.
Baldwin,
Barnes,
Bartkoldt,
Bartlett,
Barwig,
Belden,
Beltzhoover,
Berry,
Bingham,
Black, 111.
Blair,
Boutelle,
Brattan,
Brawley,
Breckinridge, Ark.
Breckinridge, Ky.
Brickner,
Brosius,
Brown,
Burrows,
Bynum,
Cabaniss,
Cadmus,
Caldwell,
Campbell,
Cannon, 111.
Caruth,
Catchmgs,
Causey,
Chickering,
Childs, •
Clancy,
Clarke, Ala.
Cobb, Mo.
Cockran,
Cogswell,
Compton,
Coombs,
Cooper, Fla.
Cooper, Ind.
Cooper, Wis.
Cornish,
Cousins,
Covert,
Crain,
Cummings,
Curtis, if. Y.
Dalzell,
Daniels,
Davey,
Graham,
Swanson,
Sweet,
Talbert, S. C.
Tarsney,
Tate,
Taylor, Ind.
De Forest,
Dingley,
Dolliver,
Draper,
Dunn,
Dunpby,
Durborow,
Ellis. Oreg.
English,
Erdman,
Everett,
Fellows,
Fielder,
Fitch,
Fletcher,
Forman,
Funk,
Gardner,
Gear,
Geissenhainer,
Gillet, FT. Y.
Gillett, Mass.
Goldzier,
Gorman,
Gresham,
Grosvenor,
Grout,
Hager,
Hainer,
Haines,
Hall, Minn.
Hammond,
Hare,
Harraer,
Harter,
Haugen,
Hayes,
Heiner,
Henderson, 111.
Henderson, Iowa
Hendrix,
Hepburn,
Hermann,
Hicks,
Hilborn,
Hines,
Hitt,
Hooker, N. Y.
Hopkins, 111.
Hopkins, Pa.
Houk, Ohio
Houk, Tenn.
Hulick,
Hull,
Ikirt,
.Tolmson, Ind.
Johnson, N. D.
not
Shell.
Terry,
Turpin,
Tyler.
Wheeler, Ala.
Whiting,
Williams, 111.
NAYS— 227.
Johnson, Ohio
Joy,
Kiefer
Kribb8,
Lacey,
Lapham,
Layton,
Lefever,
Lilly,
Linton,
Lisle,
Lockwood,
Loud,
Loudenslager,
Lynch,
Magner,
Mahon,
Mallory,
Marsh,
Martin, Ind.
Marvin, N. Y.
McAleer,
HcCnll,
McCleary, Minn.
McCreary, Ky.
McDannold,
McDowoll,
McEttrick,
McGann,
McKaig,
McNagny,
Meiklejohn,
Mercer,
Meyer.
Milliken,
Moon,
Morse,
Mutchler,
Northway,
Oates,
O’Neil, Mass.
O’Neill, Penn.
Outhwaite,
Page,
Paschal,
Patterson,
Payne,
Pearson,
Pendleton, W. Ya.
Perkins.
Phillips,
Pigott,
Powers,
Price,
Randall,
Ray,
Rayner,
VOTING— 2.
Williams. Miss.
Wilson, Wash.
Woodard.
Reed,
Reilly,
Reyburn,
Richards,
Ritehie,
Robinson, Pa.
Rusk,
Russell, Conn.
Russell, Ga.
Ryan,
Schermerhom,
Scranton,
' Settle,
Shaw,
Sherman,
Sickles,
Sipe,
Smith,
Somers,
Sperry,
Springer,
Stephenson,
Stevens,
Stone, C. W.
Stone, W. A.
Storer,
Strong,
Talbott, Md.
Tawney,
Taylor, Tenn.
Thomas,
Tracey,
Tucker,
Turner,
Updegraff,
Van Voorhis, N. Y.
Van Voorhis, Ohio
Wadsworth,
Walker,
Wanger,
Warner,
Washington,
Waugh,
Weadock,
Wells,
Wever,
Wheeler, 111.
White,
Wilson, Ohio
Wilson, W. Ya.
Wise,
Wolverton,
Woomer,
Wright, Mass.
Wright, Pa.
So the amendment was rejected.
Mr. Bland. Mr. Speaker, I now offer an amendment fixing the coinage at 17 to 1.
The Speaker. The amendment will be read.
The Clerk read as follows:
“ Provided , That all holders of silver bullion of the value of $50 or more, and not
too baso for the operations of the mints, shall be entitled to deposit the same at the
mints and to have the same coined into silver dollars containing 438-60 grains of
standard silver to the dollar on same terms and conditions as gold bullion is now
deposited and coined. That said dollars shall be a legal tender for all debts and
dues, both public and private, and silver certificates shall be issued on said dollars
in like manner as silver certificates are now issued on standard silver dollars."
The Speaker. This is the amendment fixing the coinage at 17 to 1.
Mr. Bland. Mr. Speaker, on that I demand the yeas and nays.
The yeas and nays were ordered.
479
Tho question was taken; and there were — yeas 101, nays 211, not voting 11; as
follows :
Abbott,
Cox,
YEAS— 101.
Jones,
Richardson, Mich.
Aitken,
Crawford,
Kilgore,
Richardson, Tenn.
Alexander,
Culberson,
Kyle,
Robbins,
Allen,
Curtis, Kans.
Lane,
Robertson, La.
Arnold,
De Armond,
Lawson,
Russell, Ga.
Bailey,
Denson,
Lester,
Sayers,
Bankhead,
Dinsmore,
Livingston,
Sibley,
Bell, Colo.
Dockery,
Lucas,
Maddox,
Snodgrass,
Bell, Tex.
Donovan,
Stallings,
Stockdale,
Stone, Ky.
Black, Ga.
Edmunds,
Marshall,
Blanchard,
Ellis, Ky.
McCulloch,
Bland,
Enloe,
McDearmon,
Swanson,
Boatner,
Epes,
McMillin,
Tarsney,
Bower, N. C.
Eithian,
McRae,
Tate,
Bowers, Cal.
Funston,
Meredith,
Terry,
Branch,
Fyan,
Goodnight,
Money,
Turpin,
Broderick,
Montgomery,
Tyler,
Bunn,
Grady,
Morgan,
Wheeler, Ala.
Bnrnes,
Hall, 'Mo.
Moses,
Whiting,
Caminettl,
Hartman,
Murray,
Williams, Til.
Capehart,
Hatch,
Neill,
Williams, Miss.
Clark, Mo.
Heard,
Newlands,
Wilson, Wash.
Cobb, Ala.
Henderson, If . C.
O’Ferrall,
Woodard.
Cockrell,
Hooker, Miss.
Paynter,
Coffeen,
Hunter,
Pendleton, Tex.
Cooper, Tex.
Hutcheson,
Pickier,
Adams,
Covert.,
NAYS— 241.
Hicks,
Hilborn,
Milliken,
Alderson,
Crain,
Moon,
Aldrich,
Cummings,
Curtis, N. Y.
Hines,
Morse,
Apsley,
Hitt,
Mutchler,
Avery,
Dalzell,
Holman,
North way,
Babcock,
Daniels,
Hooker, N. Y.
Oates.
Baker, If. EL
Davey,
Hopkins, 111.
O’Neil, Mass.
Baldwin,
De Forest,
Hopkins, Pa.
O’Neill, Pa.
Barnes,
Dingley,
Honk, Ohio
Outhwaite,
Bartholdt,
Dolliver,
Houle. Tenn.
Page,
Bartlett,
Doolittle,
Hulick,
Paschal,
Barwig,
Draper,
Hull,
Patterson,
Beklen,
Dunn,
Ikirt,
Payne,
Beltzhoover,
Dunphy,
Johnson, Ind.
Pearson,
Berry,
Durborow,
J ohnson, N. Dak.
Pendleton, W. Ya.
Bingham,
Ellis, Oreg.
Johnson, Ohio
Perkins,
Black, 111.
English,
Joy,
Phillips,
Blair,
Eruman,
Keifer,
Pigott,
Boutelle,
Everett,
Kribbs,
Lacey,
Post,
Brattan,
Fellows,
Powers,
Brawley,
Fielder,
Lapbam,
Price,
Breckinridge, Ark.
Fitch.
Latimer,
Layton,
Randall,
Breckinridge, Ky.
Fletcher,
Ray,
Bretz,
Forman,
Lefever,
Rayner,
Brickner,
Funk,
Lilly,
Reed,
Brookshire,
Gardner,
Linton,
Reilly,
Brosius,
Gear,
Lisle,
Reyburn,
Brown,
Geary,
Lockwood,
Richards, Ohio
Bryan,
Geissenhainer,
Loud,
Ritchie,
Burrows,
Gillet. H. Y.
Loudenslageiu
Robinson, Pa.
Bynum,
Cabaniss,
Gillett, Mass.
Lynch,
Rusk,
Goldzier,
Magner,
Russell, Conn.
Cadmus,
Gorman,
Maguire,
Ryan,
Caldwell,
Gresham,
Mahone,
Scbermerhorn,
Campbell,
Grosvenor,
Mallory,
Scranton,
Cannon, 111.
Grout,
Marsh,
Settle,
Caruth,
Hager,
Martin, Ind.
Shaw,
Catcliings,
Hainer,
Marvin, N. Y.
Sherman,
Causey,
Haines,
Me A leer,
Sickles,
C bickering,
Hall, Minn.
McCall,
Sipe,
Childs,
Hammond,
McCleary, Minn.
Smith,
Clancy,
Hare,
Harmer,
McCreary, Ky.
Somers,
Clark, Ala.
McDanuold,
Sperry,
Springer,
Cobb, Mo.
Harris,
Harter,
McDowell,
Cockran,
Cogswell,
McEttrickj
Stephenson,
Haugen,
McGann,
Stevens,
Compton,
Conn,
Coombs,
Hayes,
Heiner,
McKaig,
Stone, C. W.
McKeighan,
Stone, W. A.
Henderson, HI.
McLauren,
Storer,
Cooper, Fla.
Henderson, Iowa
McNagny,
Strait,
Cooper, Ind.
Hendrix,
Meiklejolm,
Strong,
Cornish,
Hepburn,
Hermann,
Mercer,
Sweet,
Cousins,
Meyer,
Talbert, S.C.
480
Talbott, Md.
Tawney,
Taylor, Ind.
Taylor, Tenn.
Thomas,
Tracy,
Tuck et , -
Turner,
UpdegrafF,
Van Vorliis, N. Y.
Van Vorliis, Ohio
Wadsworth,
Walker,
Wanger,
Warner,
Washington,
Waugh,
Weadock,
W ells,
Wever,
Wheeler,
White,
Wilson, Ohio
Wilson, W. Va.
Wise,
Wolverton,
Woomer,
Wright, Mas*.
Wright, Pa.
NOT VOTING— 11.
Baker, Hans.
Boon,
Cannon, Cal.
Cooper, Wis.
Davis,
Graham,
Hudson,
Kem,
Pence,
Shell,
Simpson.
So the amendment was rejected.
•# *■ * # # # #
Mr. Bland. Mr. Speaker, I offer a further amendment, fixing the ratio at 18tol.
The Clerk read as follows :
11 Provided, That all holders of silver bullion of the value of $50 or more, and not
too base for the operations of the mints, shall be entitled to deposit the same at the
mints and to have the same coined into silver dollars containing 464-40 grains of
standard silver to the dollar on same terms and conditions as gold bullion is now
deposited and coined. That said dollars shall be a legal tender for all debts and
dues, both public and private, and silver certificates shall be issued on said dollars
in like manner as silver certificates are now issued on standard silver dollars. ”
* * # *■ # * #
Mr. Hatch. Let us have the yeas and nays.
The yeas and nays were ordered.
The question was taken and there were — yeas 103, nays 240, not voting 10; as follows:
YEAS— 103.
Abbott,
Aitken,
Alexander,
A mold.
Bailey,
Bankhead,
Bell, Colo.
Bell, Tex.
Black, Ga.
Blanchard,
Bland,
Boatper,
Bower, N. C.
Bowers, Cal.
Branch,
Broderick,
Bunn,
Burnes,
Caniinetti,
Cannon, Cal.
Capehart,
Clark, Mo.
Cobb, Ala.
Cockrell,
Coffeen,
Cooper, Tex.
Adams,
Alder son,
Aldrich,
Apsley,
Avery,
Babcock,
Baker, N. H.
Baldwin,
Barnes,
Bartholdt,
Bartlett,;
Barwig,
Bel den,
Belt/, hoover,
Berry,
Bingham,
Black, IU.
Blair,
Boutello,
Cox,
Hutcheson,
Pendleton, Tex.
Crawford,
Ikirt,
Pickier,
Culberson,
Jones,
Richardson, Mich.
Curtis, Nans.
Kilgore,
Richardson, Tenn.
De Armond,
Kyle,
Robbins,
Denson,
Dane.
Robertson, La.
Dinsmore,
Lawson,
Russell, Ga.
Dockery,
Lester,
Sayers,
Sifdey,
Donovan,
Livingston,
Edmunds,
Lucas,
Snodgrass,
Ellis, Ky.
Maddox.
Stallings,
Enloe,
Marshall,
Stockdale,
Epes,
McCulloch,
Stone, Ky.
Eithian,
McDearmon,
Swanson,
Funston,
MeMillin,
Tarsney,
Fyan ,
McRea,
Tate,
Goodnight,
Meredith,
Terry,
Grady,
Money,
Turpin,
Hall, Mo.
Montgomery,
Tyler,
Hart man,
Morgan,
Wheeler, Ala.
Hatch,
Moses,
Whiting,
Heard,
M nrray,
Williams, 111.
Williams, Miss.
Henderson, N. C.
Neill.
Hilborn,
Newlands,
Wilson, Wash.
Hooker, Miss.
O’Ferrall,
W oodard.
Hunter,
Paynter,
NAYS- 240.
Brattnn,
Causey,
Dalzell,
Brawley,
Chickei-ing,
Daniels,
Breckinridge, Ark.
Childs,
Davey,
De Forest,
Breckinridge, Ky.
Clancy,
Clarke, Ala.
Bretz,
Dingley,
Bricknor,
Cobb, Mo.
Dolliver,
Brookshire,
Coekran,
Doolittle,
Brosius,
Cogswell,
Draper,
Brown,
Compton,
Dunn,
Bryan,
Conn,
Dnnphy,
Burrows,
Coombs,
Du rborow,
Bynum,
Cooper, Fla.
Ellis, Oregon
Cabaniss,
Cooper, Ind.
English,
Cadmus,
Cornish,
Eraman,
Everett,
Caldwell,
Cousins,
Campbell,
Covert,
Fellows,
Cannon, 111.
Crain,
Cummings,
Curtis, N. Y.
Fielder,
Caruth,
Fitch,
Fletch**,
Catching*.
481
Forman,
Johnson, Ind.
Milliken,
Somers,
Funk,
Johnson, N. Dak.
Moon,
Sperry,
Gardner,
Johnson, Ohio
Morse,
Springer,
Gear,
Joy,
Mutchler,
Stephenson,
Geary,
Kem,
Northway,
Stevens,
Stone, C. W.
Geissenhainer,
Kiefer,
Oates,
Gillet, N. Y.
Kribbs,
O'Neil, Mass.
Stone, W. A.
Gillett, Maaa.
Lacey,
O’Neill, Pa.
Storer,
Goldzier,
Lapham,
Outhwaite,
Strait,
Gorman,
Latimer,
Page,
Strong,
Gresham,
Layton,
Paschal,
Sweet,
Grosvenor,
Lefever,
Patterson,
Talbert, S. C.
Grout,
Lilly,
Payne,
Talbott, Md.
Hager,
Linton,
Pearson,
Tawney,
llainer,
Lisle.
Pendleton, W. Va.
Taylor, Did,
Haines,
Lockwood,
Perkins,
Taylor, Tenn.
Hall, Minn.
Loud,
Phillips,
Thomas,
Hammond,
Loudenslager,
Pigott,
Tracey,
Hare,
Lynch,
Post,
Tucker,
Harmer,
Magner,
Powers,
Turner,
Harris,
Maguire,
Price,
Randall,
Updegraff,
Van Voorhis, N. Y.
Harter,
Mahon,
Haugen,
Mallory,
Ray,
Van Voorhis, Ohio
Hayes,
Marsh,
Rayner,
Wadsworth,
Hemer,
Martin, Ind.
Reed,
Walker,
Henderson, 111.
Marvin, N. Y.
Reilly,
Wanger,
Henderson, Iowa
McAleer,
Reyburu,
Warner,
Hendrix,
McCall,
Richards, Ohio
Washington,
Hepburn,
McCleary, Minn.
Ritchie,
Waugh,
Hermann,
McCreary. Ky.
Robinson, Pa.
Weadock,
Hicks,
McDannold,
Rusk,
Wells,
Hines,
McDowell,
Russell, Conn.
W ever,
Hitt,
M cEttrick,
Ryan,
White,
Holman,
McGann,
Schermerliorn,
Wilson, Ohio
Hooker, N. Y.
Mclvaig,
Scranton,
Wilson, W. Va.
Hopkins, 111.
McKeighan,
Settle,
Wise,
Hopkins, Pa.
McLaurin,
Shaw,
Wolvcrton,
Houk, Ohio
McNagny,
Meiklejohn,
Sherman,
Woomer,
Honk, Tenn.
Sickles,
Wright, Mass.
Hulick,
Hull,
Mercer,
Meyer,
NOT
Sipe,
Smith,
VOTING— 10.
Wright, Pa.
Allen,
Baker, Kans.
Boen,
Cooper, Wis.
Davis,
Graham,
Hudson, Simpson.
Pence,
Shell,
So tlie amendment was not agreed to.
Mr. Bland. Mr. Speaker, I offer an amendment providing for free coinago at the
ratio of 19 to 1, and on that I demand the yeas and nays.
The Speaker. The gentleman from Missouri (Mr. Bland) submits an amendment,
which the Clerk will report.
The Clerk read as follows :
“Provided, That all holders of silver bullion of the value of $50 or more, and not
too base for the operations of the mints, shall be entitled to deposit the same at the
mints and to have the same coined into silver dollars containing 490.20 grains of
standard silver to the dollar on same terms and conditions as gold bullion is now
deposited and coined. That said dollars shall he a legal tender for all debts and
dues, both public and private, and silver certificates shall he issued on said dollars
in like manner as silver certificates are now issued on standard silver dollars.”
The Speaker. This is on amendment for the ratio of 19 to 1, as provided in the
order of the House, and on this the gentleman from Missouri (Mr. Bland) demands
the yeas and nays.
The yeas and nays were ordered.
The question was taken; and there were — yeas 104, nays 238, not voting 11; as
follows :
Abbott,
Bower, N. C.
YEAS— 104.
Cooper, Tex.
Epes,
Eithian,
Aitken,
Bowers, Cal.
Cox,
Alexander,
Branch,
Crawford,
Funston,
Allen,
Broderick,
Culberson,
Fyan,
Arnold,
Bunn,
Curtis, Kans.
Goodnight,
Bailey,
Burnes,
De Armond,
Grady,
Bankhead,
Caminetti,
Denson,
Hall, Mo.
Bell, Colo.
Cannon, Cal.
Dinsmore,
Hartman,
Bell, Tex.
Capehart,
Dockery,
Hatch,
Black, Ga.
Clark, Mo.
Donovan,
Heard,
Blanchard,
Cobb, Ala.
Edmunds,
Henderson, N. C.
Bland,
Cockrell,
Ellis, Ky.
Hilborn,
Boatner,
Colleen,
Enloe,
Hooker, Miss-
s.
Kep. 235 31
482
Hunter,
McCulloch,
Paynter,
Stone, Ky.
Hutcheson,
McDearmon,
Pendleton, Tex.
Swanson,
Ikirt,
McMillin,
Pickier,
Tarsney,
Jones,
McKae,
Eichardson, Mich.
Tate,
Kilgore,
Meredith,
liicliardson, Tenn.
Terry,
Kyle,
Money,
Eobhins,
Turpin,
Lane,
Montgomery,
Eobertson, La.
Tyler,
Lawson,
Morgan,
Eussell, Ga.
Wheeler, Ala.
Lester,
Moses,
Sayers,
Whiting,
Livingston,
Murray,
Sibley,
Williams, 111.
Lucas,
Neill,
Snodgrass,
Williams. Miss.
jVI addox,
Newlands,
Stall iii gs,
Wilson, Wash.
Marshall,
O’Ferrall,
Stookdale,
Woodard.
NAYS— 238.
Adams,
Bretz,
Compton,
English,
Alder son,
Brickner,
Conn,
Erdman,
Aldrieh,
Brookshire,
Coombs,
Everett,
Apsley,
Brosius,
Cooper, Fla.
Fellows,
Avery,
Brown,
Cooper, Ind.
Fielder,
Eabcock,
Bryan,
Cornish,
Fitch,
Baker, N. H.
Burrows,
Cousins,
Fletcher,
Baldwin,
Bynum,
Covert,
Forman,
Barnes,
Cabaniss,
Crain,
Funk,
Barth oldt,
Cadmus,
Cummings,
Curtis. N. Y.
Gardner,
Bartlett,
Caldwell,
Gear,
Barwig,
Campbell,
Dalzell,
Geary,
Belden,
Cannon, 111.
Daniels,
Geissenhainer,
Beltzhoover,
Caruth,
Davey,
Gillet, N. Y.
Berry,
(Patchings,
DeFo'rest,
Gillett., Mass.
Bingham,
Causey,
Dingley,
Goldzier,
Black, 111.
Chickering,
Dolliver,
Gorman,
Blair,
Childs,
Doolittle,
Gresham,
Boutelle,
Clancy,
Draper,
Grosvenor,
Brattan,
Clarke, Ala.
Dunn,
Grout,
Brawley,
Cobb, Mo.
Dunphy,
Hager,
Hamer,
Breckinridge, Ark.
Cockran,
Durborow,
Breckinridge, Ky.
Cogswell,
Ellis, Oreg.
Haines,
Hall, Minn.
Linton,
Paschal,
Stone, W. A.
Hammond,
Lisle,
Patterson,
Storer,
Hare,
Lockwood,
Payne,
Strait,
Banner,
Loud,
Pearson,
Pendleton, W. Ya.
Strong,
Harris,
Loudenslager,
Sweet,
Harter,
Lynch,
Perkins,
Talbert, S. C.
Haugen,
Magner,
Phillips,
Talbott, Md.
Hayes,
Mahon,
Pigott,
Tawney,
Hemer,
Mallory,
Tost,
Taylor,’ Ind.
Henderson, 111.
Marsh,
Powers,
Taylor, Tenn.
Henderson. Iowa
Martin, Ind.
Price,
Thomas,
Hendrix,
Marvin, N. Y.
Bandall,
Tracey,
Hepburn,
McAleer,
Kay,
Tucker,
Hermann,
McCall,
Itayner,
Turner,
Hicks.
McCleary, Minn.
Keed,
Updegraff,
Hines,
McCreary, Ky.
Keilly,
Van Voorhis, N. Y.
Hitt,
McDannold,
Keyburn,
Van Yoorhie, Ohio
Holman,
McDowell,
Kichards, Ohio
Wadsworth,
Hooker, N. Y.
McEttrick,
Eitcliie,
W alker,
Hopkins, 111.
McGann,
Kobinson, Pa.
Wanger,
Hopkins, Pa.
McKaig,
Ilusk,
Warner,
AYashington,
Houk, Ohio
McKeighan,
Eussell, Conn.
Honk, Tenn.
McLaurin,
Kyan.
AVaugh,
Ilulick,
MeNngny,
Sckermerhorn,
AVeadock,
Hull,
Meiklejolin,
Scranton,
Wells,
Johnson, Ind.
Mercer,
Settle,
W over,
AV heeler, 111.
Johnson, N. Dak.
Meyer,
Shaw,
Johnson, Ohio
Millilcen,
Sherman,
AVhite, i
Joy,
Moon,
Sickles,
AATilson, Ohio
Kiefer,
Morse,
Sipe,
Wilson, AY. Ya.
Kribbs,
Mutcliler,
Smith,
AY ise,
Wolverton,
Lacey,
North way,
Somers,
Lapham,
Latimer,
Oates.
Sperry,
AVoomer,
O’Neil. Mass.
Springer,
Wright, Mass.
Layton,
O’Neill, Pa.
Stephenson,
AV right, Pa.
Leifover,
Outhwaite,
Stevens,
Lilly,
Pago, Stone, C. W.
NOT TOTING — 11.
Baker, Kans.
Davis,
Kem,
Shell,
Boon,
Graham,
Hudson,
Maguire,
Simpson.
Cooper, Wis.
Pence,
So tlio amendment was not agreed to,
483
Mr. Bland. I offer an amendment for a ratio of 20 to 1.
The Speaker. The gentleman from Missouri (Mr. Bland) submits an amendment,
which the Clerk will report.
The Clerk read as follows:
“ Provided, That all holders of silver bullion of the value of $50 or more, and not
too base for the operations of the mints, shall be entitled to deposit the same at the
mints and to have the same coined into silver dollars containing 516 grains of stand-
ard silver to the dollar on same terms and conditions as gold bullion is now depos-
ited and coined. That said dollars shall be a legal tender for all debts and dues,
both public and private, and silver certificates shall be issued on said dollars in
like manner as silver certificates are now issued on standard silver dollars.”
The Speaker. This is the amendment authorized under the order of the House
providing for coinage at, the ratio of 20 to 1.
Mr. Bland. On that I demand the yeas and nays.
The yeas and nays were ordered.
The question was taken; and there were — yeas 122, nays 222, not voting 9; as
follows :
Abbott,
Culberson,
YEAS— 122.
Kilgore,
Pickier,
Aitken,
Curtis, Bans.
Kyle,
Price,
Alderson,
Do Armond,
Lane,
Richardson, Mich.
Alexander,
Denson,
Lawson,
Richardson, Tenn.
Atlen,
Dinsmore,
Lester,
Robbins,
Arnold,
Dockery,
Linton,
Robertson, La,
Bailey,
Donovan,
Livingston,
Russell, Ga.
Bankbead,
Doolittle,
Lucas,
Sayers,
Bell, Colo.
Edmunds,
M addox,
Sibley,
Bell, Tex.
Ellis, Ky.
Mallory,
Snodgrass,
Black, Ga.
Ellis, Ofeg.
Marsh,
Stallings,
Stoekdale,
Blanchard,
Enloe,
Marshall,
Bland,
Epes,
McCulloch,
Stone, Ky.
Boatner,
Fithian,
McDearmon,
Swanson,
Bower, N. C.
Eunston,
McMilliu,
Tarsney,
Bowers, Cal.
By an,
McRae,
Tate,
Branch,
Goodnight,
Meiklejohn,
Terry,
Broderick,
Grady,
Meredith,
Tucker,
Bunn,
Hall, Mo.
Money,
Turner,
Burnes,
Caminetti,
Hartman,
Montgomery,
Turpin,
Hatch,
Moon,
Tyler,
Cannon, Cal.
Heard,
Morgan,
Weadock,
Capohart,
Honderson, N. C.
Moses,
Wheeler, Ala.
Clark, Mo.
Hermann,
Murray
White,
Cobb, Ala.
Hilborn,
Neill,
Whiting,
Cockrell,
Hooker, Miss.
Newlands,
Williams, 111.
Colleen,
Hopkins, l’a.
Oates,
Williams, Miss.
Cooper, Tex.
Hunter,
O’Ferrall,
Wilson, Wash.
Cox,
Hutcheson,
Paschal,
Woodard.
Crain,
Ikirt,
Paynter,
Crawford,
Jones,
Pendleton, Tex.
Adams,
Cabaniss,
NAYS — 222.
Dolliver,
Hare,
Aldrich,
Cadmus,
Draper,
Harmer,
Apsley,
Caldwell,
Dunn,
Harries,
Avery,
Campbell,
Dunphy,
Harter,
Babcock,
Cannon, 111.
Durborow,
Haugen,
Baker, N. H.
Carutli,
English,
Hayes,
Baldwin,
Catchings,
Era man,
Heiner,
Bames.
Causey,
Everett,
Fellows,
Henderson, 111.
Bartholdt,
Chickering,
Henderson, Iowa
Bartlett,
Childs,
Fielder,
Hendrix,
Bar wig,
Belden,
Clancy,
Fitch,
Hepburn,
Clarke, Ala.
Fletcher,
Hicks,
Beltzhoover,
Cobb, Mo.
Forman,
Hines,
Berry,
Cockran,
Funk,
Hitt,
Bingham,
Cogswell,
Gardner,
Holman,
Black, 111.
Compton,
Gear,
Hooker, N. Y.
Blair,
Conn,
Geary,
Hopkins, 111.
Boutelle,
Coombs,
Geissenhainer,
Houk, Ohio
Brattan,
Cooper, Ela.
Gillet, N. Y.
Honk, Tenn.
Brawley,
Cooper, Ind.
Gillett, Mass.
Hulick,
Breckinridge, Ark.
Cornish,
Goldzier,
Hull,
Breckinridge, Ky.
Cousins,
Gorman,
Johnson, Ind.
Bretz,
Covert,
Gresham,
Johnson, N. Dak.
Brickncr,
Cummings,
Grosvenor,
Johnson, Ohio
Brookshire,
Curtis, N. Y.
Grout,
Joy.
Brosius,
Dalzell,
Hager,
Kem,
Brown,
Daniels,
Hainer,
Kiefer,
Bryan,
Davey,
Haines,
Kribbs,
Borrows,
Bynum,
De Forest,
Hall, Minn.
Lacey,
Dinglgy,
Hammond,
Lapham,
484
Latimer,
Layton,
Lei'ever,
Lilly,
Lisle,
Lockwood,
Loud,
Loudenslager,
Lynch,
Magner,
Maguire,
Mahon,
Martin, Tnd.
Marvin, N. Y.
McAleer,
McCall,
McCleary, Minn.
McCreary, Ivy.
McDannold,
McDowell,
McEttrick,
McGann,
McKaig,
McKeighan,
McLaurin,
McNagny,
Laker, Kans.
Loen,
Cooper, Wis.
Mercer,
Ritchie,
Tawney,
Meyer,
Robinson, Pa.
Taylor, Ind.
Miiliken,
Rusk,
Taylor, Tenn.
Morse,
Russell, Co»v.
Thomas,
Mutchler,
Ryan,
Tracey,
Northway,
Scliermerhorn,
Updenraff,
O’Neil, Mass.
Scranton,
Van Voorhis, N. V.
O’Neill, Pa.
Settle,
Van Voorhis, Ohio
Outliwaite,
Shaw,
Wadsworth,
Page,
Sherman,
Walker,
Patterson,
Sickles,
Wanger,
Payne,
Sipe,
Warner,
Pearson,
Smith,
Washington,
Pendleton, W. Va.
Somers,
Waugh,
Perkins,
Sperry,
Wells,
Phillips,
Springer,
Wever,
Pigott,
Stephenson,
Wheeler, 111.
Tost,
Stevens,
■Wilson, Ohio
Powers,
Stone, C. W.
Wilson, W. Va.
Kandall,
Stone, W. A.
Wise,
Kay,
Storer,
Wolverton,
Rayner,
Strait,
AYoomer,
Reed,
Strong,
Wright, Mass.
Keilly,
Keyburn,
Richards, Ohio
Sweet,
Talbert, S. C.
Talbott, Md.
Wright, Penn.
NOT VOTING— 9.
Davis, Hudson, Shell,
Graham, Pence, Simpson,
So tlie amendment was not agreed to.
Mr. Bland. I offer an amendment reviving the Bland-Allison act of 1878.
The Speaker. The gentleman from Missouri [Mr. Bland] offers an amendment,
■which the Clerk will report.
The Clerk read as follows:
“ Provided , That the act of February 28, 1878, entitled (An act to authorize the
coinage of the standard silver dollar and to restore its legal-tender character,’ requir-
ing the purchase monthly of not less than two million and not more than four mil-
lion dollars’ worth of silver bullion and the coinage of the same as fast as purchased
into standard silver dollars, be, and the same is hereby, revived and reenacted into
full force and effect.”
The Speaker. This is the amendment, under the order of the House, known as
the Bland-Allison amendment. The question is upon agreeing to the amendment.
Mr. Bland. Upon that I demand the yeas and nays.
The yeas and nays were ordered.
The question was taken; and there were — yeas 136, nays 213, not voting, 4; as
follows :
Abbott,
Crawford,
TEAS— 136.
Jones,
Pickier,
Aitken,
Culberson,
Kem,
Post,
Alderson,
Davis,
Do Armond,
Kilgore,
Price,
Alexander,
Kyle,
Richardson, Mich.
Allen,
Denson,
Lane,
Richardson, Tenn.
Arnold,
Dinsmore,
Latimer,
Ritchie,
Bailey,
Dockery,
Lawson,
Robbins,
Laker, Kans.
Donovan,
Lester,
Robertson, La.
Bankhead,
Doolittle,
Linton,
Livingston,
Russell, Ga.
Loll, Colo.
Edmunds,
Sayers,
Bell, Tex.
Ellis, Ky.
Lucas,
Maddox,
Sibley,
Black, Ga.
Ellis, Oieg.
Simpson,
Blanchard,
Enloe,
Maguire,
Snodgrass,
Bland,
Epos,
Marshall,
Stallings,
Boatner,
Eithian,
McCreary, Ky.
Stockdale,
Boen,
Fyan,
McCulloch,
Stone, Ky.
Bower, N. C.
Goodnight,
McDearmon,
Strait,
Bowers, Cal.
Grady,
McKeiglian,
Swanson,
Branch,
Hall, Mo,
McLaurin,
McMillin,
Sweet,
Bretz,
Haro.
Talbert, S. C.
Brookshire,
Harris,
McRae,
Tarsnev,
Bryan,
Hartman,
Meredith,
Tate,
Bunn,
Hatch,
Money,
Taylor, Ind.
Burn es,
Heard,
Montgomery,
Terry,
Caminetti,
Henderson, N. C.
Morgan,
, Tucker,
Cannon, Cal.
Hermann,
Moses,
Turpin,
Capeliart,
Hilhorn,
Murray,
Tyler,
Clark, Mo.
Holman,
Neill,
AV eadock,
Cobb, A la.
Hooker, Miss.
Oates,
O’Eerrall,
Wheeler, Ala.
Cockrell,
Hopkins, Pa.
AVhiting,
Coffeen,
Hudson,
Paschal,
Williams, 111.
Conn,
Hunter,
Pay n ter,
Williams, Miss.
Cooper, Tex.
Hutcheson,
Pence,
AVilson, AVash.
Cox,
Ikirt,
Pendleton, Tex.
Woodard.
485
NAYS— 213.
Adams,
Dalzell,
Johnson, Ind.
Reed,
Aldrich,
Daniels,
Johnson, N. Dak.
Reilly,
Apsley,
Davey,
Johnson, Ohio
Roy b urn,
Avery, •
DeFo’rest,
Joy,
Richards, Ohio
Babcock,
Dingley,
Kiefer,
Robinson, Penn.
Baker, N. H.
Doliiver,
Kribbs,
Rusk,
Baldwin,
Draper,
Lacey,
Russell, Conn.
Barnes,
Bartlioidt,
Dunn,
Lapliam,
Ryan,
Dunphy,
Layton,
Schermerhorn,
Bartlett,
Durborow,
Leifover,
Scranton,
Barwig,
English,
Lilly,
Settle,
Belden,
Erdmau,
Lisle,
Shaw,
Belt/, hoover,
Everett,
Lockwood,
Sherman,
Berry,
Fellows,
Loud,
Sickles,
Bingham,
Fielder,
Loudenslager,
Sipe,
Black, 111.
Fitch,
Lynch,
Smith,
Blair,
Fletcher,
Magner,
Somers,
Sperry,
Boutelle,
Forman,
Mahon,
Bratton,
Brawley,
Funk,
Mallory,
Springer,'
Funston,
Marsh,
Stephenson,
Breckinridge, Ark.
Gardner,
Martin, Ind.
Stevens,
Breckinridge, Ky.
Gear,
Marvin, N. Y.
Stone, C. W.
Briclcner,
Geary,
McAleer,
Stone, W. A.
Broderick,
Geissenliainer,
McCall,
Storer,
Brosius,
Gillet, N. Y.
McCleary, Minn.
Strong,
Brown,
Gillett, Mass.
McDannold,
Talbott, Md.
Burrows,
Goldzior,
McDowell,
Tawney,
Bynnm,
Gorman,
McEttrick,
Taylor, Tenn.
Cabaniss,
Gresham,
McGanu,
Thomas,
Cadmus,
Grosvenor,
McKaig,
Tracey,
Caldwell,
Grout,
McN agnv,
Turner,
Campbell,
Hager,
Meiklejohn,
Updegraff,
Cannon, 111.
Hamer,
Mercer,
Van Voorhis, N. Y.
Carutli,
Haines,
Meyer,
Van Voorhis, Ohio
Catcliings,
Hall, Minn.
Miliiken,
Wadsworth,
Causey,
Hammond,
Moon,
Walker,
Chickering,
Harmer,
Morse,
Wanger,
Childs,
Harter,
Mutcliler,
Warner,
Clancy,
Haugen,
Northway,
Washington,
Clarke, Ala.
Hayes,
O’Neil, Mass.
Waugh,
Cobb, Mo.
Heiner,
O’Neill, Penn.
W ells,
Cockran,
Henderson, III.
Outhwaite,
W ever,
Cogswell,
Henderson, Iowa
Page,
Wheeler, 111.
Compton,
Hendrix,
Patterson,
White,
Coombs,
Hepburn,
Payne,
Wilson, Ohio
Cooper, Fla.
Hicks,
Pearson,
Wilson, W. Va.
Cooper, Ind.
Hines,
Pendleton, W. Va.
Wise,
Cornish,
Hitt,
Perkins,
Wolverton,
Cousins,
Hooker, N. Y.
Phillips,
Woomer,
Covert,
Hopkins, 111.
Pigott,
Wright, Mass.
Crain,
Cummings,
Curtis, Kans.
Curtis, N. Y.
Houk, Ohio
Houk, Tenn.
Hulick,
Hull,
Powers,
Baud all,
Ray,
Rayner,
Wright, Penn.
NOT VOTING-4.
Cooper, Wis. Graham, Newlands, Shell.
So tlio amendment was rejected.
The Speaker. The question now is on the engrossment and third reading of the
bill.
Mr. Bailey. Mr. Speaker, I desire to submit an amendment.
*******
Mr. Bailey. I will ask the Clerk to read the amendment I have offered.
The Clerk read as follows:
“Strike iut all after the word “coined” and beginning with the word “ and” in
line 16 on page 2.
“The words proposed to be stricken out are as follows:
“And the faith and credit of the United States are hereby pledged to maintain
the parity of the standard gold and silver coins of the United States at the present
legal ratio or such other ratio as may be established by law.”
***** * *
The Speaker. The order adopted by the House seems to the Chair to be very plain
upon this question. It first provides for general debate, then for debate under the
five-minute rule, then names specifically certain amendments which may be offered
and upon which a vote shall be taken, and then makes this provision, which is
486
applicable to the point in the consideration of the bill at which we have arrived.
After disposing of the amendment providing for the reenactment of the Blaud-AUison
act, the order says:
“ The vote then to be taken on the engrossment and the third reading of the bill
as amended, or on the bill itself, if all amendments shall have been voted down, and
on the final passage of the bill without other intervening motions.*’
We have arrived at the stage now w'here the vote is to be taken, according to this
order, on the engrossment and third reading of the bill. If the previous question
had been ordered on the reading and engrossment of the bill it would not be main-
tained that a separate vote could then be taken on different propositions contained
in the bill. Here is the direction of the House as to what shall be done when we
reach this stage — that the vote shall be taken. Therefore, the Chair is constrained
to overrule the point made by the gentleman from Texas, and to hold that under the
special order an amendment is not in order.
Mr. Bailey. Then, Mr. Speaker, I shall demand asejjarate vote on the two propo-
sitions.
* # * * # # *
The Speaker. The question now is on the engrossment and third reading of the
bill.
The bill was ordered to be engrossed and read a third time; and it was accord-
ingly read a third time.
The Speaker. The question now is on the final passage of the bill.
Mr. Wilson, of West Virginia. Mr. Speaker, on that I call for the yeas and nays.
* ***** *
The Speaker. The gentleman from West Virginia [Mr. Wilson] demands the pre-
vious question upon the final passage of the bill.
The yeas and nays were ordered.
The question was taken ; and there were — yeas 239, nays 108, not voting, 6 ; as
follows :
Adams,
Conn,
' YEAS— 239.
Harter,
HcGann,
Aklerson,
Coombs,
Haugen,
McKaig,
Aldrich,
Cooper, Fla.
Hayes,
Heiner,
McMillin,
A psley,
Cooper, Ind.
McNagny,
Avery,
Cornish,
Henderson, 111.
Mercer,
Babcock,
Cousins,
Henderson, Iowa.
Meredith,
Baker, N. H.
Covert,
Hendrix,
Meyer,
Milliken,
Baldwin,
Crain,
Hicks,
Barnes,
Cummings,
Curtis, N. Y.
Hines,
Montgomery,
Barthoidt,
Hitt,
Moon
Bartlett,
Dalzell,
Holman,
Morse,
Barwig,
Daniels,
Hooker, N. Y.
Mutchler,
Belden,
Davey,
Hopkins, 111.
North way,
Beltzhoover,
De Forest,
Houk, Ohio
Oates,
Berry,
Dingley,
Honk. Tenn.
O’Ferrall,
Bingham,
Dolliver,
Hnlick,
O’Neil, Mass.
Black, Ga.
Donovan,
Hull,
O’Neill, Pa.
Black, 111.
Doolittle,
Hunter,
Outhwaite,
Blair,
Draper,
Johnson, Ind.
Page,
Boutelle,
Dunn,
Johnson, N. Dak.
Paschal,
Brattan,
Dunpliy,
Johnson, Ohio
Patterson,
Brawley,
Durborow,
Joy,
Payne,
Breckinridge, Ark.
Edmunds,
Kiefer,
Payuter,
Pearson,
Breckinridge, Ky.
English,
Erilman,
Kribhs,
Brel./,,
Lacey,
Pendleton, Tex.
Brick ner,
Everett,
Lapham,
Pendleton, W. Va.
Brookshire,
Fellows,
Lawson,
Perkins,
Brosius,
Fielder,
Layton,
Phillips,
Brown,
Fitch,
Lelever,
Pigott,
Bunn,
Fletcher,
Lester,
Post,
Burrows,
Forman,
Lilly,
Powers,
Bynum,
Funk,
Linton,
Price,
Caban iss,
Gardner,
Lisle,
Randall,
Cadmus,
Gear,
Lockwood,
Ray, #
Caldwell,
Geary,
Loudenslager,
Ray ner,
Campbell,
Goisscnhainer,
Lynch,
Reed,
Cannon, Cal.
Gil let, N. Y.
Magner,
Reilly,
Reyburn,
Caruth,
Gillett, Mass.
Mahon,
Hatchings,
Causey,
Chickering,
Goldzier,
Marshall,
Richards, Ohio
Gorman,
Martin, Ind.
Richardson, Mich.
Gresham,
Marvin, N. Y.
Ritchie,
Robinson, Pa.
Childs,
Groavenor,
McAleer,
Clancy,
Clarke, Ala.
Grout,
McCall,
Rusk,
Haines,
MeCleary, Minn.
Russell, Conn.
Cobb, Mo.
Hall, Minn.
McCreary, Ky.
Russell, Ga.
Cockran,
Hammond,
McDannold,
Ryan,
Scherinerhorn,
Cogswell,
Compton,
Haro,
McDowell,
Hariner,
McEttriok,
Scrauton,
487
Settle,
Shaw
Sherman,
Sickles,
Sipo,
Somers,
Sperry,
Springer,
Stephenson,
Stevens,
Stone, Charles W.
Stone, William A,
Stone, Ky.
Storer,
Strong,
Swanson.
Talbott, Md.
Tawney,
Taylor, Ind.
Thomas,
Tracey,
Tucker,
Turner,
Turpin,
Tyler,
Updegraff,
Van Voorliis, N. Y.
Van Voorhis, Ohio
Wadsworth,
Walker,
W auger,
Warner,
Washington,
Waugh,
W eaclock,
Wells,
Wever,
Wheeler, 111.
White,
Whiting,
Wilson, Ohio
Wilson, W. Va.
Wise,
Wolverton,
Woomer,
Wright, Mass.
Wright, Pa.
NATS— 108.
Abbott,
Aitken,
Alexander,
Allen,
Arnold,
Bailoy,
Baker, Kans.
Bankhead,
Bell, Colo.
Bell, Tex.
Blanchard,
Bland,
Boen,
Bower, N. C.
Bowers, Cal.
Branch,
Broderick,
Bryan,
Burnes,
Caminetti,
Cannon, 111.
Clark, Mo.
Cobb, Ala.
Coffeen,
Cooper, Tex.
Cox,
Crawford,
Culberson,
Curtis, Kans.
Davis,
Do Arinond,
Denson,
Dinsmore,
Dockery,
Ellis, Ky.
Ellis, Greg.
Enloe,
Epes,
Eithiau,
Funston,
Fyan,
Goodnight,
Grady,
Hager,
Haiuor,
Hall, Mo.
Harris,
Hartman,
Hatch,
Heard,
Henderson, N. C.
Hepburn,
Hermann,
Hilborn,
Hooker, Miss.
Hopkins, Pa.
Hudson,
Hutcheson,
Ikirt,
Jones,
Kem,
Kilgore,
Kyle,
Lane,
Latimer,
Livingston,
Loud,
Lucas,
Maddox,
Maguire,
Mallory,
Marsh,
McCulloch,
McDearmon,
McKeighan,
McLaurin,
McRae,
Meiklejohn,
Money,
Morgan,
Moses,
Murray,
Neill,
Newlands,
Pence,
Pickier,
Richardson, Tenn.
Bobbins,
Bobertson, La.
Sayers,
Sibley,
Simpson,
Smith,
Snodgrass,
Stallings,
Stockdale,
Strait,
Sweet,
Talbert, S.C.
Tarsney,
Tate,
Taylor, Tenn.
Terry,
Wheeler, Ala.
Williams, 111.
Williams, Miss.
Wilson, Wash.
Woodard.
NOT VOTING— 6.
Boatner, Cockrell, Graham, Shell.
Capehart, Cooper, Wis.
So the bill was passed.
* #
[Applause ou the floor and in the galleries.]
* * * *
«
IN THE SENATE.
[August 28, 1893.]
Received from the House, and referred to Committee on Finance.
[August 29, 1893.]
Reported back with amendment.
*******
The Senate, as in Committee of the Whole, resumed the consideration of the hill
(H. R. 1) to repeal a part of an act, approved .July 14, 1890, entitled “An act direct-
ing the purchase of silver bullion and the issue of Treasury notes thereon, and for
other purposes,” the pending question being on the amendment proposed by Mr.
Peffer to the amendment of the Committee on Finance.
The Vice-President. The Senator from Kansas (Mr. Peffer) is entitled to the floor.
Mr. Peffer. I ask that the pending amendment to the amendment of the commit-
tee may be read.
The Vice-President. The amendment to the amendment will be read.
The Secretary. At the end of line 13. in the amendment reported by the Com-
mittee on Finance, it is proposed to insert:
“That the standard for both gold and silver coins of the United States shall here-
after be such that of one thousand parts by weight nine hundred shall be of puro
metal and one hundred of alloy; and the alloy of the silver coins shall bo of copper;
and the alloy of the gold coins shall be of copper and silver: Provided, That the sil-
ver do not exceed one-half of the whole alloy.
“Sec. 2. That of the silver coins the dollar shall be of the weight of 412] grains;
the half dollar of the weight of 200]: grains; the quarter dollar of the weight of 103]
488
grains; the dime, or tenth part of a dollar, of the weight of 41J grains. And that
dollars, half dollai's, and quarter dollars, and dimes shall be legal tenders of pay-
ment, according to their nominal value, for any sums whatever.
‘‘Sec. 3. That of the gold coins the weight of the eagle shall be 258 grains; that
of the half eagle 129 grains; and that of the quarter eagle 64^ grains. And that
for all sums whatever the eagle be a legal tender of payment for $10, the half eagle
for $5, and the quarter eagle for $2.50.
“ Sec. 4. That the silver coins heretofore issued at the Mint of the United States
and the gold coins issued since the 31st day of July, 1834, shall continue to be legal
tenders of payment for their nominal values on the same terms as if they were of
the coinage provided for by this act.
“Sec. 5. That gold and silver bullion brought to the Mint for coinage shall be
received and coined, by the proper officers, for the benefit of the depositor : Provided,
That it shall be lawful to refuse, at the Mint, any deposits of less value than $100
and any bullion so base as to be unsuitable for the operations of the Mint: And pro-
vided also, That when gold and silver are combined, if either of these metals be in
such small proportion that it can not be separated advantageously, no allowance
shall be made to the depositor for the value of such metal.
“Sec. 6. That when bullion is brought to the mint for coinage it shall be weighed
by the treasurer, in the presence of the depositor, when practicable, and a receipt
given which shall state the description and weight of the bullion : Provided, That
when the bullion is in such a state as to require melting before its value can be ascer-
tained, the weight after melting shall be considered as the true weight of the bul-
lion deposited.
“Sec. 7. That all provisions of existing laws relating to coinage which are not
inconsistent with the provisions of this shall be construed iu aid of the execution of
this act.
“ Sec. 8. That all provisions of law in conflict with the provisions of this act are
hereby repealed.
“Sec. 9. That this act shall take effect, and be in force immediately.”
* ******
[September 1, 1893.1
Amendment intended to be proposed by Mr. Hansbrough to the bill (H. R. 1) to repeal a part of an
act approved July fourteenth, eighteen hundred and ninety, entitled “An act directing the pur-
chase of silver bullion and the issue of Treasury notes thereon, and for other purposes.” viz: Insert
the following :
Provided, That the Secretary of the Treasury shall issue silver -certificates, in suit-
able denominations, to replace all classes of gold coin of paper currency, including
national-bank notes of less denominations than twenty dollars, and shall purchase,
on the first and fifteenth of each calendar month, a sufficient amount of silver bul-
lion and coin the same into standard dollars of four hundred and twelve and one-half
grains, as a basis for the circulation and redemption at par of said certificates: Pro-
vided further, That said certificates shall be a legal tender for all sums of one hun-
dred dollars or less : And provided further, That on and after the passage and approval
of this act the issue of gold coins and paper currency of less denominations than
twenty dollars, except the silver certificates herein provided for, shall cease.
[September 4, 1893.]
Amendment intended to be proposed by Mr. Kyle to tbe amendment proposed by the Finance Com-
mittee of the Senate to tbe bill (H. R. 1) to repeal a part of an act approved July fourteenth, eighteen
hundred and ninety, entitled “An act directing the purchase ot silver bullion and the issue of
Treasury notes thereon, and for other purposes,” viz: At the end of line 13 of the committee's
amendment insert the following :
That holders of silver bullion of the value of fifty dollars or more, and not too base
for the operations of the mints, shall be entitled to deposit the same for coinage at
the mints of the United States, and to have the same coined into legal -tender stand-
ard silver dollars of four hundred and twelve and one-half grains standard silver to the
dollar, on the same terms and conditions on which gold bullion is now deposited
and coined: Provided, That in the coinage of all silver presented at the mints the
Government shall receive the seigniorage, or difference between the bullion and coin
value of said metal. That silver certificates shall be issued on such dollars in the
manner now provided by law for the issuing of certificates on standard silver dollars.
[September 4, 1893.]
Amendment intended to be proposed by Mr. Call (by requost) to the bill (H. R. 1) to repeal a part of
an act approved July fourteenth, eighteen hundred ami ninety, entitled “An act directing the pur-
chase of silver bullion and the issue of Treasury notes thereon, and for other purposes,” viz: Insert
the following:
Provided, That all the silver bullion in the Treasury shall be coined into dollars,
half-dollars, and quarter-dollars, at the ratio of sixteen to one, as now prescribed
489
by law, and that silver certificates, which shall be a legal tender for all debts, pri-
vate and public, shall be issued and paid out for all public dues, and deposited in
the national depositories and subtreasuries.
Sec. 2. That the Governments of North and South America shall be requested by
the President of the United States to send delegates to a congress to be convened at
the city of Washington on the first Monday in December of the current year; that
such congress shall consider and decide upon a common standard or ratio of value
to gold upon which gold and silver shall be maintained and admitted to free coin-
age in all the mints of North and South America, and in which they shall be a legal
tender for all debts, public and private, in their respective countries.
Sec. 3. That the United States shall admit gold and silver to free coinage, with-
out discrimination against either metal, at such ratio as shall be declared by Con-
gress at its regular session in December next, and the public faith is hereby pledged
to the adoption of some ratio between gold and silver during the session of Congress
of December next.
[September 4, 1893.]
Amendment intended to be proposed by Mr. Butler to the bill (H. R. 1) to repeal a part of an act
approved July fourteenth, eighteen hundred and ninety, entitled “An act directing the purchase
of silver bullion, and the issue of Treasury notes thereon, and for other purposes,’’ viz: Insert the
following:
Sec. . That section thirty-four hundred and twelve of the Revised Statutes of
the United States, the same being section one hundred and twenty-two of the
national-bank act, imposing a tax of ten per centum upon the amount of notes of any
person or of any State bank or State banking association used for circulation and
paid out by them be, and the same is hereby, repealed: Provided, That such State
banks of circulation only as secure their circulation by coin or approved State or
municipal bonds shall receive the benefit of this act.
[September 8, 1893.]
Amendment intended to be proposed by Mr. Call (by request) to the bill (H. R. 1) to repeal a part of
an act approved July fourteenth, eighteen hundred and ninety, entitled “An act directing the
purchase of silver bullion and the issue of Treasury notes thereon, and for other purposes,” viz:
Insert the following as additional sections at the end of the bill :
Sec. . That the mints of the United States shall be open for the coinage of all gold
and silver bullion that shall be brought to them into coins of the standard weight
and fineness now prescribed in the laws of the United States.
Sec. — . That all laws and parts of laws prescribing a ratio between gold and sil-
ver coin are hereby repealed, and all laws and parts of laws of the United states
making either gold or silver a legal tender for the payment of private debts are
hereby repealed.
Sec. — . That all coin issued from the mints of the United States shall be receiv-
able for all public dues to the United States at a valuation of gold and silver coin,
respectively, to be made by the Secretary of the Treasury and published in advance
of the time of collection for such a length of time as will give ample notice to all
taxpayers.
[September 14, 1893.]
Amendment intended to be proposed by Mr. Faulkner to the bill (H. R. 1) to xepeal a part of an act
approved July fourteenth, eighteen hundred and ninety, entitled “An act directing the ptircba.se of
silver bullion and the issue of Treasury notes thereon, and for other purposes; ” and an amendment
to be proposed by Mr. Faulkner to the bill (S. 570) entitled “ A bill discontinuing the purchase of
silver bullion,” submitted as an amendment to House bill No. 1, viz: Insert the following:
Sec. — . That there shall be coined, under the direction of the Secretary of the
Treasury, at the several mints of the United States, from the silver bullion pur-
chased under the act entitled “ An act directing the purchase of silver bullion and
the issue of Treasury notes thereon, and for other purposes,” approved July four-
teenth, eighteen hundred and ninety, silver dollars of the weight of four hundred
and twelve and one-half graius troy, of standard silver, as provided in the act of
January eighteenth, eighteen hundred and thirty-seven, on which shall be the
devices and superscriptions now provided bylaw; which coins, together with all
silver dollars heretofore coined by the United States, or which shall be coined under
this act, of like weight and fineness, shall be a legal tender at their nominal value,
for all debts and dues, public and private, except where otherwise expressly stipu-
lated in the contract. And any silver dollars coined under the provisions of this
section in excess of the nominal value of the Treasury notes outstanding, issued in
payment for said bullion, shall be covered into the Treasury as a miscellaneous
receipt: Provided, That not less than three million standard dollars shall be coined
monthly from said bullion.
490
Sec. — . That the Secretary of the Treasury is authorized and directed to purchase
monthly, at the market price thereof, sufficient silver bullion from which may be
coined two million standard silver dollars, and to coin the same into quarters, half
dollars, or standard dollars, at such times and in such amounts as, in his discretion,
the business demands of the country may require, and a sum sufficient to carry out
the foregoing provision of this act is here appropriated out of any money in the
Treasury not otherwise appropriated. And any gain or seignorage arising from this
coinage shall be accounted for and paid into the Treasury, as provided under exist-
ing laws relative to the subsidiary coinage: Provided, That the Secretary of the
Treasury is authorized and directed to have three millions of standard silver dollars
coined monthly, from any bullion remaining uncoined, purchased under authority of
this section, after the bullion now in the Treasury shall have been coined as pro-
vided for by this act : Provided further, That when the coinage of silver, including
that heretofore coiued of all denominations and outstanding and that provided for
under the provisions of this act, shall aggregate the sum of eight hundred millions
of dollars, the Secretary of the Treasury is authorized and directed to cease the fur-
ther purchase and coinage of silver.
Sec. — . That when any of the certificates issued under authority of the act enti-
tled “An Act to authorize the coinage of the standard silver dollar and to restore
its legal-tender character,” approved February twenty-eighth, eighteen hundred and
seventy-eight, or Treasury notes issued under authority of the act entitled “An Act
directing the purchase of silver bullion and the issue of Treasury notes thereon, and
for other purposes,” approved July fourteenth, eighteen hundred and ninety, shall be
received at the Treasury, or any subtreasury, the same shall not be reissued, but shall
be delivered to the Treasurer of the United States, who shall cause them to be
assorted, counted, and a record made of the same, and, under such regulations as the
Secretary of the Treasury may prescribe, the said notes shall be totally destroyed,
and as rapidly as the said certificates are received and destroyed the silver coin held
by the Treasury for their redemption shall be covered into the Treasury as a miscel-
laneous receipt. And that the Treasury notes issued in payment for bullion under
the act approved July fourteenth, eighteen hundred and ninety, shall only be
redeemed and destroyed as rapidly as the said bullion is coined into standard silver
dollars, as provided for in this act, and when so destroyed, the nominal amount of
the silver coined under the provisious of this act from the bullion held by the Treas-
ury for their redemption, shall, to the amount of the notes so canceled, be covered
into the Treasury as a miscellaneous receipt.
Sec. — . That all national-bank notes, of a denomination less than ten dollars
received at the Treasury or at any subtreasury, shall not be paid out, but shall be
delivered to the Treasurer of the United States, who shall cause them to be carefully
assorted, numbered, and counted, and the notes of each national bank shall be ascer-
tained; and so soon as the notes of any national bank shall be ascertained to the
amount of five hundred dollars, or any multiple thereof, the said bank shall be noti-
fied and required, within sixty days thereafter, to redeem its said notes or to accept
new notes of said bank, of a denomination not less than ten dollars, when the notes
so redeemed or exchanged shall be totally destroyed as now provided by law. And
if any national bank shall fail, neglect, or refuse, within sixty days after the date of
said notice, to redeem or elect to exchange said notes, then the provisions of sections
fifty-two hundred and twenty-seven, fifty-two hundred and twenty-nine, fifty-two
hundred and thirty, and fifty-two hundred and thirty-one of the Revised Statutes
are hereby made applicable to the redemption of the said notes.
[September 18, 1893.]
Amendment intended to be proposed by Mr. Stewart to the bill (H. R. 1) to repeal a part of an act
approved July fourteenth, eighteen hundred and ninety, entitled “An act directing the purchase of
silver bullion and the issue of Treasury notes thereon, and for other purposes,” viz: Add thereto
the following sections :
Sue. — . That the President of tho United States bo, and ho hereby is, authorized
and directed to invite the several governments of the republics of Mexico, Central
and South America, Haiti, and San Domingo to join tho United States in a conference
to be held at Washington, in the United States, within four months from the passage
of this act, for the purpose of “ the adoption of a common silver coin to be issued by
each government, the same to be legal tender in all commercial transactions between
the citizens of all the American States” participating in such conference; such com-
mon coin shall be a dollar of not more three hundred and eighty-three and thirteen-
hundredths grains of pure silver, or less than three hundred and fifty-nine and ninety-
one hundredths grains of pure silver.
gEC> . That the United States will abide by and execute and carry into effect
the decision of the majority of the governments represented in such conference as
to the character and description of the common silver coin to be a legal tender in all
V
491
the countries represented in said conference, subject only to the limitations as to the
amount of pure silver in such coin prescribed in the next preceding section. And
the sending of delegates by any government to participate in such conference shall
be regarded as binding upon the part of such government to abide by and carry
into effect the decision of the conference; and when such common coin shall have
been agreed upon by the conference each government represented at such confer-
ence shall open its mints to the unlimited coinage of the common coin so agreed upon
by the conference for the benefit of depositors of silver bullion.
[September 19, 1893.]
Amendment intended to be proposed by Mr. Squire to the bill (H. R. 1) to repeal a part of an act
approved July fourteenth, eightoeu hundred and ninety, entitled “An act directing the purchase
of silver bullion and the issue of Treasury notes thereon, and for other purposes,” viz: Strike out
all after the enacting clause and insert the following:
That hereafter any owner of silver bullion may deposit the same at any mint of
the United States, to be formed into standard dollars of the present weight and fine-
ness for his benefit as hereinafter stated; but it shall be lawful to refuse any deposit
of less value than one hundred dollars, or any bullion so base as to be unsuitable
for the operation of the Mint: Provided, however, That there shall only be delivered
or paid to the person depositing said silver bullion such number of standard silver
dollars as shall equal the commercial value of said silver bullion on the day of
deposit as ascertained and determined by the Secretary of the Treasury; the differ-
ence, if any, between the nominal or coin value of said standard silver dollars and
the commercial value of the silver bullion thus deposited shall be retained by the
Government as seigniorage, and the gain or seigniorage arising from s uch coinage
shall be accounted for and paid into the Treasury: Pro vided, That the coinage of
silver dollars under the provisions of this act shall not exceed the sum of four mil-
lion dollars per month. The amount of such seigniorage or gain shall be retained in
the Treasury as a reserve fund in .silver dollars or such other form of equivalent law-
ful money as the Secretary of the Treasury may from time to time direct for the pur-
pose of maintaining the parity of value of every silver dollar issued under the pro-
visions of this act with the gold dollar issued by the United States: Provided fur-
ther, That when the number of standard silver dollars coined under the foregoing
provision shall reach the sum of two hundred million dollars, then all further coin-
age of silver dollars shall cease.
Sec. 2. That the said silver dollars shall be a legal tender in all payments at their
nominal or coin value.
Sec. 3. That no certificates shall be issued to represent the silver dollars coined
under the provisions of this act.
Sec. 4. That so much of the act approved July fourteenth, eighteen hundred and
ninety, entitled “An act directing the purchase of silver bullion and the issue of
Treasury notes thereon, and for other purposes/’ as directs the Secretary of the Treas-
ury to purchase from time to time silver bullion to the aggregate amount of four
million five hundred thousand ounces, or so much thereof as may be offered in each
month at the market price thereof, not exceeding one dollar for three hundred and
seventy-one and twenty-five one-huudredths grains of pure silver, and to issue in
payment for such purchases Treasury notes of the United States, be, and the same is
hereby, repealed.
[September 21, 1893.]
Amendment intended to be proposed by Mr. Gallinger to the bill (H. R. 1) to repeal a part of an act
approved July fourteenth, eighteen hundred and ninety, entitled “An act directing the purchase of
silver bullion and the issue of Treasury notes thereon, and for other purposes,” viz: Adil thereto
the following section :
Sec. — . That a monetary commission be appointed, consisting of three financial
experts from private life, to be named by the President of the United States; three
Senators, to be named by the President of the Senate, and three members of the
House of Representatives, to be named by the Speaker of the House. Said commis-
sion shall be authorized and directed to take evidence in all parts of the country on
matters relating to finance and the currency, report to be made to the President of
the United States, who shall transmit the same to Congress at the earliest practi-
cable moment. Said commission shall make careful investigation as to the change
in the relative value of gold and silver, whether the change is due to the deprecia-
tion of silver or the appreciation of gold, the cause of the change, and its probable
duration, its effect upon national finance, trade, commerce, agriculture, labor, and
all other interests, and its relation to the standard of value in this and other coun-
tries ; and shall also ascertain as near as practicable the silver producing capacity
of the Unifid States. The commission shall report on the best policy to be adopted
to maintain the double standard, with a view to establishing and maintaining a
492
parity in the purchasing power of gold and silver, and what should be the legal
ratio between the two metals; and also as to the best means of restoring and per-
petuating confidence in commercial and financial circles and of promoting inter-
national bimetallism.
[September 22, 1893.]
Amendment intended to be proposed by Mr. Allen to the bill (H. R. 1) to repeal a part of an act
approved July fourteenth, eighteen hundred and ninety, entitled “An act directing the purchase
of silver bullion aud the issue of Treasury notes thereon, and for other purposes,” viz: Insert the
following:
Section 1. That from and after the date and passage of this act the unit of value
in the United States shall be the dollar, and the same may be coined of four hundred
and twelve and one-half grains of standard silver, or twenty-five and eight-tenths
grains of standard gold; and the said coin shall be legal tender for all debts, public
and private. That hereafter any owner of silver bullion may deposit the same at
any mint of the United States, which deposit, less twenty per centum, which shall
be deducted therefrom as seigniorage, shall be coined into standard dollars for his
benefit and without other charge for coining than said deduction as seigniorage;
which seigniorage shall be coined into standard dollars and covered into the Treasury ;
but it shall be lawful to refuse any deposit of less value than one hundred dollars,
or any bullion so base as to be unsuitable for the operation of the Mint.
Sec. 2. That the provision of section three of “An act to authorize the coinage of
the standard silver dollar and to restore its legal-tender character,” which became
a law February twenty-eighth, eighteen hundred and seventy-eight, is hereby made
applicable to the coinage in this act provided for.
Sec. 3. That the certificates provided for in the second section of this act shall bo
denominations of not less than one nor more than one hundred dollars, aud such
certificates shall be redeemable in coin of standard value. A sufficient sum to carry
out the provisions of this act is hereby appropriated, out of any money in the Treas-
ury not otherwise appropriated.
Sec. 4. That the certificates provided for in this act, and all silver and gold certifi-
cates issued, shall be receivable for all taxes and dues to the United States of every
description, and shall be a legal tender for the payment of all debts, public and pri-
vate.
Sec. 5. That the owners of bullion deposited for coinage shall have the option to
receive coin or its equivalent in the certificates provided for in this act, and such
bullion shall be subsequently coined.
Sec. 6. That on the passage and approval of this act, an act entitled “An act
directing the purchase of silver bullion and the issue of Treasury notes thereon, and
for other purposes,” approved July fourteenth, eighteen hundred and ninety, shall
stand repealed.
[September 27, 1893.]
# # * » * # *
Mr. Jones, of Arkansas. I offer the amendment which I send to the desk, and ask
that it may be read and printed. 1 desire it to be pending as an amendment intended
to be proposed by me to the pending bill at the proper time.
The Vice-President. The amendment will be read.
The Secretary read the proposed amendment, which was to strike out all after the
enacting clause of the bill and insert:
“That a commission is hereby authorized, which shall consist of three Senators
to be selected by the Senate, three Representatives to be selected by the Speaker
of the House, and three other persons to be selected by the President of the United
States, by and with the advice and consent of the Senate. The commission shall
organize by electing one of their number chairman, and he shall appoint a clerk to
said commission.
“That said commission shall hold its sessions in Washington, and in such other
places as it shall direct; aud may employ a stenographer and such messengers as
shall be found necessary; and shall have power to direct the administration of oaths
and to send for persons and papers. Six members of said commission shall consti-
tute a quorum to do business.
“That said commission shall examine into the financial and monetary condition
of the Government and people of the United States with a view to devising means
for the betterment thereof, and to this end shall have full jurisdiction to examineand
report upon any financial or monetary question that concerns the people or the Gov-
ernment of the United States.
“ That said commission shall make a special examination of the following subjects
and report upon each, separately, iu their recommendation to Congress, aud may
493
submit one bill or several bills to the respective Houses to carry their recommenda-
tions into effect, that is to say :
“ First. The limited or unlimited coinage of lega’-tender silver coins and the
ratio that shall be established between such coins and coins of gold.
“ Second. The revision of the laws relating to legal tender, so as to prevent unjust
discrimination in the legal-tender quality of any descriptions of money coined or
issued by the United States or for the redemption of which the faith of the Govern-
ment is pledged.
“ Third. The repeal of the taxes upon the issues of State banks that circulate as
money, and what restrictions upon the conduct of such banks are necessary for the
public security and welfare and are within the competency of Congress to provide.
“Fourth. The actual cause of the recent embarrassed condition of the people and
the na tional banks, in reference to the character or the supply of circulating medium,
and the consequent paralysis of trade and industry, and what further legislation is
required to prevent the national banks from abusing their powers, under the law,
either by their separate dealing or in combination, concert, or conspiracy with other
banks or persons to the detriment of the Government or people of the United States.
“ Fifth. Said commission may appoint committees to consist of not less than three
members thereof, two members to constitute a quorum, who shall be empowered to
sit in any place in the United States and to take testimony, on oath to be admin-
istered by the designated chairman of such committee, to be reported to the com-
mission. Such committees shall be appointed under the resolution or order of the
commission in such manner as they shall agree.
“ Sec. 2. The Secretary of the Treasury is hereby directed to set apart and retain
in the Treasury so much of the silver bullion now owned by the Government as will
be necessary to redeem the outstanding Treasury notes issued under the act of July
14, 1890, in compliance with the terms of said act, and the remainder shall be set
apart for coinage; and it shall be his duty to cause to be coined from the bullion
so set apart for coinage not less than four millions of standard silver dollars per
month, which shall be amassed in the Treasury; and until the coinage of the silver
bullion so set apart for coinage shall be completed, the purchase of silver bullion
under the provisions of the act of July 14, 1890, shall be suspended.”
[September 30, 1893.]
Amendment intended to be proposed by Mr. Wolcott to the bill (H. R. 1) to repeal a part of an act
approved July fourteenth, eighteen hundred and ninely, entitled “An act directing the purchase of
silver bullion and the issue of Treasury notes thereon, and for other purposes,” viz: Add at the
end of the bill the following section:
Sec. . That the Secretary of the Treasury be, and he is hereby, authorized and
directed to credit and pay to each State a sum equal to the amounts collected therein,
respectively, as a tax or duty on raw cotton under the provisions of the act. approved
July first, eighteen hundred and sixty-two, and the supplemental and amendatory
acts thereto; which sums, when so credited and paid, shall be accepted and held by
such States to be disposed of as their respective legislatures, elected next after such
payment, may direct.
[September 30, 1893. J
Amendment intended to be proposed by Mr. Perkins to the bill (H. R. 1) to repeal a part of an act
approved July fourteenth, eighteen hundred and ninety, entitled “An act directing the purchase
of silver bullion and the issue of Treasury notes thereon, and for other purposes, ” viz : Add thereto
the following sections:
Sec. . That the mints of the United States shall be open to the coinage of silver
of proved American production at the same parity now existing between gold and
silver, with a minting or seigniorage charge of twenty per centum, which shall be
paid into the Treasury of the United States, and that no gold pieces for circulation
of a less denomination than ten dollars be coined, and no more legal tender, national
currency, or Treasury notes of a less denomination than five dollars be issued.
Sec. . That there shall be appointed a commission of five monetary experts, the
members whereof shall not be otherwise connected with the Government, whose
duty it shall be to keep Congress and the Executive advised on all necessary mat-
ters relating to the currency.
[October 3, 1893.]
Mr. Morgan submitted an amendment intended to be proposed by him to the bill
(H. R. 1) to repeal a part of an act approved July 14, 1890, entitled “ An act directing
the purchase of silver bullion and the issue of Treasury notes thereon, and for other
purposes,” which was read, and ordered to lie on the table, and to be printed, as
follows:
Add to the text of the House bill the following section, with the appropriate num-
ber:
494
“ That the citizens of the United States are entitled to and they shall have and
enjoy all the rights and privileges defined and enacted in sections 14 and 15 of the
act of Congress, approved January 18, 1837, entitled ‘An act supplementary to the
act entitled “An act establishing a mint, and regulating the coins of the United
States,” ’ any law, practice, construction, or usage to the contrary notwithstanding.
“And to add to the value and security of said rights, in said statute defined, the
Secretary of the Treasury is required to deduct from the customs duties that are or
may be imposed by law upon articles imported from other countries into the United
States 20 per cent of such duties when such imports are made in vessels of the United
States or in vessels of the country where such imported articles are produced, pro-
vided the country in which such imported articles are produced shall, by law, pro-
vide that standard silver dollars coined in the mints of the United States and of the
present standard, weight, and fineness, shall be legal tender for all debts, public and
private, in such country so long as such laws shall be maintained in full force and
effect therein.”
**#####
[October 6, 1893.]
Amendment intended to be proposed by Mr. Blackburn to tbe bill (H. R. 1) to repeal a part of an act
approved July fourteenth, eighteen hundred and ninety, entitled “An act directing the purchase
of silver bullion and the issue of Treasury notes thereon, and for other purposes,” viz : Strike out
all in line It, page 2, to line 26, inclusive, and insert the following :
Sec. 2. That on and after the first day of January, eighteen hundred and ninety-
four, any mine owner or smelter producing silver which is derived exclusively from
mines situated in the United States or its Territories, and which is of the required
fineness, may present the same at any of the mints of the United States, and the same
shall be coined free into silver dollars of the present standard, except the seigniorage
hereinafter provided for, if presented in sums not less than one hundred dollars.
Sec. 3. That on the first day of each month the Secretary of the Treasury shall
establish the seigniorage for each following mouth.
Sec. 4. That the seigniorage for the coining silver shall be the difference between
the market price of silver bullion and the minted value after coined, which seignior-
age shall not be coined but shall be sold by the Secretary of the Treasury in open
market, at home or abroad, at the highest price for gold, which gold shall be held
in the Treasury and used only for the purpose of maintaining parity between the two
metals.
Sec. 5. That in fixing or establishing the seigniorage the average price of silver
sold by him the month preceding shall control, when he has sold any; otherwise the
average price in the cities of London and New York.
Sec. 6. That in order to protect the mints against imposition no silver shall be
coined under this act except such as is produced by smelters situated iu the United
States, and shall be stamped, marked, or molded as directed by the Secretary of the
Treasury, who is hereby authorized to appoint such officers or agents and fix their
compensation and proscribe such rules and regulations as may be necessary to carry
this act into effect.
Sec. 7. That the silver bullion sold as heretofore provided shall have its earmarks
removed and shall, after sale, lose its privilege.
[October 10, 1893.]
Amendment intended to be proposed by Mr. Squire to the bill (IT. R. 1) to repeal a part of an act
approved July fourteenth, eighteen hundred and ninety, entitled “An act directing the purchase
of silver bullion and the issue of Treasury notes thereon, and for other purposes,” viz: Strike out
all after the enacting clause and insert the following:
That hereafter any owner of silver bullion, the product of mines or refineries
located in the United St ates, may deposit the same at any mint of the United States,
to be formed into standard dollars of the present weight and fineness, for his benefit,
as hereinafter stated; but it shall be lawful to refuse any deposit of less value than
one hundred dollars, or any bullion so base as to be unsuitable for the operation of
the mint: Provided, however, That there shall only bo delivered or paid to the person
depositing said silver bullion such number of standard silver dollars as shall equal
the commercial value of said silver bullion on the day of deposit, as ascertained and
determined by the Secretary of the Treasury; the difference, if any, between the
mint or coin value of said standard silver dollars and the commercial value of the
silver bullion thus deposited shall be retained by the Government as seigniorage,
and the gain or seigniorage arising from such coinage shall be accounted for and
paid into the Treasury: Provided, That the deposits of silver bullion for coinage into
silver dollars under the provisions of this act shall not exceed the sum of two mil-
495
lion dollars per month. The amount of such seigniorage or gain shall he retained
in the Treasury as a reserve fund in silver dollars, or such other form of equivalent
lawful mouey as the Secretary of the Treasury may from time to time direct, for the
purpose of maintaining the parity of value of every silver dollar issued under the
provisions of this act with the gold dollar issued by the United States: Provided
further, That when the number of standard silver dollars coined under the foregoing
provision shall reach the sum of one hundred million dollars then all further coin-
age of silver dollars shall cease.
Sec. 2. That the said silver dollars shall be a legal tender in all payments at their
nominal or coin value.
Sec. 3. That no certificates shall be issued to represent the silver dollars coined
under the provisions of this act.
Sec. 4. That so much of the act approved July fourteenth, eighteen hundred and
ninety, entitled “ An act directing the purchase of silver bullion and the issue of
Treasury notes thereon, and for other purposes,” as directs the Secretary of the
Treasury to purchase from time to time silver bullion to the aggregate amount of
four million live hundred thousand ounces, or so much thereof as may be offered in
each month at the market price thereof, not exceeding one dollar for three hundred
and seventy-one and twenty-five one-hundredths grains of pure silver, and to issue
in payment for such purchases Treasury notes of the United States, be, and the same
is hereby, repealed.
Sec. 5. That the Secretary of the Treasury is hereby authorized to issue, sell, and
dispose of, at not less than par in coin, bonds of the United States bearing interest
not to exceed four per centum per annum, payable semiannually and redeemable at
the pleasure of the United States after five years from their date, with like qualities,
privileges, and exemptions provided for the bonds at present authorized, to the
extent of two hundred million dollars, and to use the proceeds thereof for the pur-
pose of maintaining the redemption of the United States notes according to the pro-
visions of the act approved January fourteenth, eighteen hundred and seventy-five,
and for the further purpose of maintaining all the money of the United States at par
with the gold dollar.
Sec. 6. That hereafter national banking associations shall be entitled to receive
from the Comptroller of the Currency, upon compliance with all other terms and
requirements of law therefor, circulating notes of different denominations, in blank,
registered and countersigned as required by law, to the value at par of the United
States bonds on deposit with the Treasurer in trust for the association : Provided ,
That the aggregate sum of such notes for which any association shall be liable at
any time shall not exceed the amount of its capital stock at the time actually paid in.
[October 11, 1893.]
Amendment intended to be proposed by Mr. Peffer to the bill (H. R. 1) to repeal a part of an act
approved July fourteenth, eighteen hundred and ninety, entitled “ An act directing the purchase of
silver bullion and the issue of Treasury notes thereon, and for other purposes,” viz : Insert the fol-
lowing :
Sec. 2. The silver coins of the United States shall hereafter be the dollar, the half-
dollar, the quarter-dollar, and the dime, made of standard metal as provided in
section eight of the act of Congress approved January eighteenth, eighteen hundred
and thirty-seven.
Sec. 3. That of the silver coins the dollar shall be of the weight of four hundred
and twelve and one-half grains; the half-dollar of the weight of two hundred and
six and one-fourth grains; the quarter-dollar of the weight of one hundred and one-
eightli grains; the dime, or tenth part of a dollar, of the weight of forty-one and a
quarter grains. And that dollars, half-dollars, and quarter-dollars, and dimes shall
be legal tenders of payment, according to their nominal value, for any sums what-
ever. The said coins shall be made in the same form and have upon them the same
devices and inscriptions as the silver coins now in circulation.
Sec. 4. The gold coins of the United States shall hereafter be the double eagle, to
contain five hundred and sixteen grains of standard gold, and to be of the value of
twenty dollars; the eagle to contain two hundred and fifty-eight grains of standard
gold, and to be of the value of ten dollars; the half eagle to contain one hundred
and twenty-nine grains of standard gold, and to be of the value of five dollars.
The said coins shall be made of the same form and dimensions, with like inscrip-
tions and devices as the coins of like denominations made under the provisions of
the act of Congress approved February twelfth, eighteen hundred and seventy-three,
and shall be legal tenders, according to their nominal value, for any sums whatever.
Sec. 5. That the standard for both gold and silver coins of the United States shall
hereafter be such that of one thousand parts by weight , nine hundred shall be of
pure metal and one hundred of alloy; and the alloy of the silver coins shall he of
496
copper; and the alloy of the gold coins shall be of copper and silver: Provided, That
the silver do not exceed one-half of the whole alloy.
Sec. 6. That the silver coins heretofore issued at the mints of the United States
and the gold coins issued since the thirty-first day of July, eighteen hundred and
thirty-four, shall continue to be legal tenders of payment for their nominal values
on the same terms as if they were of the coinage provided for by this act.
Sec. 7. That gold and silver bullion brought to the mint for coinage shall be
received and coined, by the proper officers, for the benefit of the depositor: Provided,
That it shall he lawful to refuse, at the mint, any deposits of less value than one
hundred dollars and any bullion so base as to be unsuitable for the operations of the
mint: And provided also, That when gold and silver are combined, if either of these
metals be in such small proportion that it can not be separated advantageously, no
allowance shall be made to the depositor for the value of such metal.
Sec. S. That when bullion is brought to the mint for coinage it shall be weighed
by the treasurer, in the presence of the depositor, when practicable, and a receipt
given which shall state the description and weight of the bullion : Provided, That
when the bullion is in such a state as to require melting before its value can be
ascertained, the weight after melting shall be considered as the true weight of the
bullion deposited.
Sec. 9. That all provisions of existing laws relating to coinage which are not
inconsistent with the provisions of this act shall be construed in aid of the execu-
tion of this act.
Sec. 10. That all provisions of law in conflict with the provisions of this act are
hereby repealed.
Sec. 11. That this act shall take effect and be in force immediately.
[October 11, 1893.]
Amendment intended to be proposed by Mr. Harris to the bill (H. E. 1) to repeal a part of an act
approved July 14, 1890, entitled “An act directing the purchasing of silver bullion and the issue of
Treasury notes thereon, and for other purposes,” viz : Strike out all in line 14, page 2, to line 26,
inclusive, and insert the following :
That the seigniorage or profit fund which has resulted from the purchase or
coinage of silver bullion shall be coined into silver dollars of standard weight and
fineness, with full legal-tender quality, at the rate of not less than $3,000,000 per
month, and such dollars shall be covered into the Treasury.
Sec. 2. That when all the seigniorage or profit-fund bullion shall have been coined
as required by the first section of this act, it shall be the duty of the Secretary of
the Treasury to purchase each month silver bullion at the market value in quanti-
ties sufficient to coin not less than dollars, each and every month; and he is
hereby directed to coin the said bullion monthly, as fast as purchased, into standard
silver dollars, and a sum sufficient to carry into effect the provisions of this act is
hereby appropriated, out of any money in the Treasury not otherwise appropriated.
Sec. 3. That when any paper circulating notes or certificates, of whatsoever
character, of denominations less than $10 , issued under authority of the United
States, except national-bank notes or certificates redeemable only in silver dollars,
shall be received at the Treasury or any subtreasury, they shall not be reissued, but
shall be assorted, counted, and recorded, and immediately destroyed in accordance
with existing provisions of law. And as rapidly as said notes or certificates are
destroyed they shall be replaced by an equal amount of like notes or certificates of
denominations not less than $10.
Sec. 1. That hereafter no national-bank notes shall be issued of a less denomina-
tion than $10, and all such national-bank notes when received at the Treasury or
any subtreasury shall be destroyed in accordance with law; and the national bank-
ing associations whose notes are destroyed under the provisions of this section shall
be respectively required to substitute notes of denominations not less than $10 in
lieu of those destroyed.
Sec. 5. That from and after the passage of this act the coinage of the two-and-
one-lialf-dollar gold piece, and the five-dollar gold piece is hereby prohibited, and
the coins above named shall not be struck or issued by the Mint of the United
States, and such coins when received at the Treasury or any subtreasury shall bo
withdrawn from circulation and recoined into eagles and double eagles in accord-
ance with law.
Sec. 6. That the holder of any standard silver dollars which have been or may be
coined may deposit the same with the Treasurer or any assistant treasurer of the
United States in any sum, and receive therefor notes of denominations less than $10
only, which notes shall have the same legal-tender quality as the coin for which
they are exchanged. The coin deposited for or representing the said notes shall be
retained in the Treasury for the payment of the same on demand.
##*»*•#
497
Tho Senator from Alabama (Mr. Morgan) moves to amend t.lie title of House hill 1
by adding after the word ‘‘bullion,” under the act approved July 14, 1890, entitled
“ An act directing the purchase of silver bullion and the issue of Treasury notes
thereon, and for other purposes,” so that the title will read as follows: A bill dis-
continuing the purchase of silver bullion under the act of July 14, 1890, entitled.
The Senator from Alabama (Mr. Morgan) offers an amendment to House bill 1, as
follows, to wit :
Strike out all the words in said bill after and including the word “and” inline
14, and insert tho following:
“There shall be coined at tho several mints of the United States silver dollars of
the weight of 4124 grains troy of standard silver, as provided in the act of January
18, 1837, on which shall be the devices and superscriptions provided by this act;
which coins, together with all silver dollars heretofore coined by the United States
of like weight and fineness, shall be a legal tender at their nominal value for all
debts and dues, public and private, except where otherwise expressly stipulated in
the contract.
“And the Secretary of the Treasury is authorized and directed to purchase, from
time to time, an amount and quantity of silver bullion at the market price thereof,
and have the same coined into standard silver dollars equal in number to the num-
ber of gold dollars coined at said mints during each of the calendar months, com-
mencing on the first day of January, 1894, so that there will as many standard sil-
ver dollars coined in each calendar month and in each calendar year, as there are
gold dollars coined at said mints; and
“ Provided further, That tho purchases of silver bullion as above provided shall be
paid for by the Secretary of the Treasury in standard silver dollars.
“ Sec. 2. All acts or a part of acts inconsistent with the provisions of this act are
hereby repealed.”
* • • « * * #
%
[October 13, 1893.]
Amendment intended to be proposed by Mr. Vest to the bill (H. R. 1) to repeal a part of anactappi-oved
July fourteenth, eighteen hundred and ninety, entitled “An act directing the purchase of silver
bullion and the issue of Treasury notes thereon, and for other purposes,” viz: Strike out all after
the enacting clause and insert the following:
That section one of an act entitled “An act directing the purchase of silver bul-
lion and the issue of Treasury notes thereon, and for other purposes,” approved July
fourteenth, eighteen hundred and ninety, be, and the same is hereby repealed.
Sec. 'A. That the Secretary of the Treasury is hereby authorized and directed
to issue coin certificates in like form, terms and denominations with the certificates
issued under the act of February twenty-eighth, eighteen hundred and seventy-
eight, for the uncoined bullion in the Treasury constituting the seigniorage or profit
upon the silver heretofore purchased or coined by the Government, the unit of value
in such certificates being the silver dollar of four hundred and'twelve and one-half
grains troy of standard silver as provided in the act of January eighteenth,
eighteen hundred and thiity-seven. Said certificates shall be a legal tender at their
nominal value for all debts and dues public and private, and for customs and taxes,
and when so received for customs and taxes shall be reissued.
Sec. 3. That the holders of silver bullion, the product of mines in the United
States, of the value of fifty dollars or more, and not too base for the operation of
the mints, shall be entitled to deposit the same at the mints and to have the same
coined into silver dollars of like weight and fineness and with like superscriptions
and devices as provided for the coinage of silver dollars under the act of January
eighteenth, eighteen hundred and thirty-seven, which dollars so coined shall be a
legal tender at their nominal value for all debts, public and private: Provided, That
the coinage for each month shall not exceed three millions of dollars, and that when
the whole amount of silver dollars coined and of Treasury notes issued under the
act of July fourteenth, eighteen hundred and ninety, shall be eight hundred millions
of dollars, the coinage of silver dollars shall cease : Provided also, That the Secre-
tary of the Treasury shall make such rulos and regulations as will give to tho silver
producers of each State and Territory a just and equitable proportion of the mint-
ing privilege herein granted, by apportioning the amount of bullion which may be
coined each month, according to the ratio of production for the preceding year by
the mines of said States and. Territories, or otherwise, as the Secretary may deem
best, it being the purpose of this act to provide for the coinage of three millions of
dollars each month without unjust discrimination among the producers of silver
bullion.
Sec. 4. That any holder of the coin authorized by this act may deposit the same
with the Treasurer or any assistant treasurer of the United States, in sums not lest
S. Bep. 235 32
498
than ten dollars, and receive therefor certificates of not less than ten dollars each,
corresponding with the denominations of the United States notes. The coin depos-
ited for or representing the certificates shall be retained in the Treasury for the pay-
ment of the same on demand. Said certificates shall be receivable for customs,
taxes, and all public dues, and, when so received, may be reissued.
Sec. 5. That the Secretary of the Treasury is hereby authorized and empowered to
refuse in his discretion payment in gold upon any obligation of the United States
when he is satisfied that the party applying for such gold intends the same for
exportation from the United States to a foreign country.
Sec. 6. That the Committee on Finance of the Senate and the Committee on Bank-
ing and Currency of the House of Representatives, or such other standing committee
as the House of Representatives may designate, shall examine into the financial and
monetary condition of the Government aud the people of the United States with a
view to devising means for the systematizing and improvement thereof, and to this
end shall have full jurisdiction to examine and report upon any financial or monetary
question that concerns the people or Government of the United States.
That said joint committee shall make a special examination of the following sub-
jects and report upon each, separately, in their recommendation to Congress, and
may submit one bill or several bills to the respective Houses to carry their recom-
mendations into effect, that is to say:
First. The full or partial remonetization of legal tender silver coins and the ratio
of legal value that shall be established between such coins and coins of gold.
Second. The revision of the laws relating to legal tender so as to prevent unjust
discrimination in the legal tender quality of any descriptions of money coined or
issued by the United States or for the redemption of which the Government is
pledged.
Third. The repeal of the taxes upon the issues of State banks that circulate as
money, and what restrictions upon the conduct of such banks are necessary for the
public security and welfare and are within the competency of Congress to provide.
Fourth. The cause of the present monetary condition, and the powers of national
banks, in reference to the character or the supply of circulating medium, and what
further legislation is required to prevent the national banks from abusing their
powers, under the law, either by their separate dealings or in combination, concert,
or conspiracy with other banks or persons to the detriment of the Government or
people of the United States.
Fifth. Said joint committee may appoint subcommil toes, to consist of not less than
four members thereof, three members to constitute a quorum, who shall be empowered
to sit in any place in the United States and to take testimony, on oath to be admin-
istered by the designated chairman of such subcommittee, to be reported to the gen-
eral committee. Such subcommittee shall be appointed under the resolution or order
of the general committee in such manner as they shall agree.
Sixth. The expenses incurred in the execution of the requirements of this act shall
be borne in equal sums by the respective Houses of Congress, to be paid out of the
contingent funds appropriated or to be appropriated by Congress.
Sec. 7. That section thirty-four hundred and twelve of the Revised Statutes of
the United States, the same being section one hundred and twenty-two of the
national-bank act, imposing a tax of ten per centum upon the amount of notes of
any person or of any State bank or State banking association used for circulation
and paid out by them, be, and the same is hereby, repealed: Provided, That this act
shall apply to the circulation only of State banks which secure their circulation by
coin, United States bonds, or State or municipal bonds whose value shall be certi-
fied by the executive authorities of the States where such banks are chartered to be
at par with their nominal or face value.
[October 17, 1893. J
Amendment intended to be proposed by Mr. Quay to the amendment reported by the Senate Com-
mittee on Finance to the bill (H. R. 1), etc.
This act shall take effect on the first day of January, eighteen hundred aud
ninety-six.
[October 27, 1893.]
By Mr. Peffkr :
The Secretary. After the word “ repealed,” at the end of line 13 of the amend-
ment of the committee, insert the following additional sections:
“Sec. 2. That any owner of gold bullion or silver bullion in condition fit for coin-
age, and of the coin value of $50 or more, may deliver the same at any mint to the
proper officers thereof, and it shall be formed into coins for the benefit of the deposi-
tor in the manner provided by the act of Congress approved January 18, 1837, and
in all respects according to the provisions of said act, all of which provisions, so far
as the same are or may bo applicable hereto, are hereby revived and reenacted,
499
except that the inscriptions and devices of the coins of like denominations now cur-
rent shall be placed on the coins authorized by this act, and double eagles may be
coined as provided in the act of February 12, 1873.
“Sec. 3. That all acts and parts of acts inconsistent with the provisions of this
act are hereby repealed.
“Sec. 4. That this act shall take effect and be in force thirty days after its pas-
sage.”
The result was announced — yeas 28, nays 39, as follows:
Alien,
Daniel,
YEAS— 28.
Kyle,
Shoup,
Bate,
Dubois,
Martin,
Stewart,
Berry,
George,
Pasco,
Teller,
Blackburn,
Hams,
Pefl'er,
Vance,
Butler,
Irby,
Power,
Vest,
Call,
Jones, Ark.
Pugh,
Walthall,
Coke,
Jones, Nev.
Poach,
Wolcott.
Aldrich,
Gallinger,
NAYS— 39.
McMillan,
Hansom,
Caffery,
Gibson,
McPherson,
Sherman,
Camden,
Gorman,
Manderson,
Smith,
Carey,
Gray,
Hale,
Mitchell, Wis.
Stockbridge,
Cullom,
Morrill,
Turpie,
Davis,
Higgins,
Murphy,
Vilas,
Dixon,
HO,
Palmer,
Voorhees,
Dolpli,
Hoar,
Perkins,
Washburn,
Faulkner,
Lindsay,
Proctor,
White, La.
Frye,
Lodge,
Quay,
Allison,
Colquitt,
NOT VOTING-18.
Mills,
Squire,
White, Cal.
Brice,
Gordon,
Mitchell, Oreg.
Cameron,
Chandler,
Hansbrongh,
Morgan,
Wilson.
Hawley,
Pettigrew,
Cockrell,
Huntoh,
Platt,
So the amendment to the amendment was rejected.
*******
The Vice-President. The question recurs upon agreeing to the amendment
reported by the Committee on Finance.
The result was announced — yeas 58, nays 9 ; as follows :
YEAS— 58.
Aldrich,
Gallinger,
McMillan,
Sherman,
Berry,
George,
McPherson,
Smith,
Blackburn,
Gibson,
Manderson,
Stewart,
Butler,
Gorman,
Martin,
Stockbridge,
Caffery,
Gray,
Mitcheil, Wis.
Teller,
Camden,
Hale,
Morrill,
Turpie,
Carey,
Harris,
Murphy,
Vest,
Cockrell,
Higgins,
Palmer,
Vilas,
Cullom,
Hill,
Pasco,
Voorhees,
Daniel,
Hoar,
Perkins,
Walthall,
Davis,
Hunton,
Power,
Washburn,
Dixon,
Jones, Ark.
Proctor,
White, La.
Dolpli,
Faulkner,
Jones, Nev.
Pugh,
Wolcott.
Lindsay,
Quay,
Frye,
»
Lodge,
Hansom,
NAYS— 9.
Allen,
Coke,
Kyle,
Poach,
Bate,
Call,
Irby,
Peffer,
NOT VOTING— 18.
Vance,
Allison,
Dubois,
Mitchell, Oreg,
Squire,
Brice,
Cameron,
Gordon,
Morgan,
White, CM.
Hansbrough,
Pettigrew,
Wilson.
Chandler,
Hawley,
Platt,
Colquitt,
Mills,
Shoup,
So the amendment was agreed to.
##**## •
500
Mr. Perkins. Mr. President, I desire to offer an amendment to tlie pending bill,
which I ask may be read.
The Vice-President. The amendment proposed by the Senator from California
will be read.
The Secretary. It is proposed to strike out all after the word “ repealed,” in line
13, of the substitute of the Committee on Finance and insert:
“ Sec. — . That the mints of the United States shall be open to the coinage of sil-
ver of proved American production at the same ratio now existing between gold and
silver, with a minting or seigniorage charge of 20 per cent, which shall be paid iuto
the Treasury of the United States.
“ Sec. — . That hereafter no gold pieces for circulation of a less denomination than
$10 be coined, and no more legal tender, national currency, or Treasury notes of a
less denomination than $5 be issued.
“Sec. — . That the holder of any standard silver dollars which have been or may
hereafter be coined may deposit the same with the Treasurer or any assistant treas-
urer of the United States iu any sum, and receive therefor notes of denominations
less than $10 only, which notes shall have the same legal-tender quality as the coin
for which they are exchanged. The coin deposited for or representing the said notes
shall be retained in the Treasury for the payment of the same on demand.
“Sec. — . That in order to protect the mints against imposition no silver shall be
coined under this act except such as is produced by smelters situated in the United
States, and shall be stamped, marked, or molded as directed by the Secretary of the
Treasury, who is hereby authorized to appoint such officers or agents and fix their
compensation and prescribe such rules and regulations as may be necessary to carry
this act into effect.
“ Sec. — . That there shall be appointed a commission of five monetary experts,
the members whereof shall not be otherwise connected with the Government, whose
duty it shall be to keep Congress and the Executive advised on all necessary matters
relating to the currency.”
##•##<**
[October 28, 1893.]
Mr. Sherman. Mr. President, I was nearly through. I intended to offer an amend-
ment, if it had been thought wise to offer auy amendments to the bill, but I do not
think now, under the circumstances, it is wise. It is better to let the amendments
fall and let the bill, which has been debated so fully, stand. But, in order to express
my idea in the fewest possible terms, I ask the Secretary to read the proposed section
which was intended to be offered to the bill. I do not offer it, but simply ask that it
be read as part of my remarks.
The Vice-President. The Secretary will read as requested.
The Secretary read as follows:
“ Sec. — . That to enable the Secretary of the Treasury to maintain the parity of
all forms of money coined or issued by the United States, and to strengthen and
maintain the reserve in the Treasury authorized and required by the act entitled
“An act to provide for the resumption of specie payment,” the Secretary of the
Treasury is authorized to issue from time to time as required for such purposes in a
sum not exceeding in the aggregate $200,000,000, coupon or registered bonds of the
United States in such form as he may prescribe and of denominations of $50, or somo
multiple of that sum, redeemable in coin of the present standard value at the pleasure
of the United States after three years from the date of their issue and bearing interest
payable semiannually in such coin at the rate of 3 per cent per annum. The said
bonds and the interest thereon shall bo exempt from the payment of all taxes or
duties of the United States, as well ns^'rom taxation of any form by or under
State, municipal, or local authority, and The said bonds shall have sot forth and
expressed upon their face the above spec-ilied conditions, and shall with their coupons
be made payable at the Treasury of the United States. The proceeds of such bonds
shall be used lor the purposes defined iu this section and none other.
[October 28, 1893.]
Mr. Stewart. I offer my amendment, then, as a substitute for the amendment of
the Senator from California, and upon it I shall ask for the yeas and nays.
Mr. Harris. Let the amendment be reported.
The Vice-President. The amendment proposed by the Senator from Nevada will
be reported. . . , , .
The Secretary. After section 1 it is proposed to insert:
Amendment intended loiio proposed by Mr. Stewart to the bill I (H. I?1) to repeal the not of July It,
1390 entitled “An act directing the purchase of silver bullion and tlio issue ol 1 reusury notes
thereon, and for other purposes,” viz : After section 1 insert the following ;
501
Sec. 2. That tho silver coins of the United States shall bo composed of standard
silver. That of the silver coins the dollar shall he of the weight of 412J- grains ; the
half dollar of the weight of 206]- grains; the quarter dollar of the weight of 103^
grains; and the dime, or tenth part of a dollar, of the weight of 41^ grains. And
that dollars, half dollars, quarter dollars, and dimes shall be legal tenders of pay-
ment, according to their nominal value, for any sum whatever.
Sec. 2. That silver bullion brought to any mint of the United States for coinage
shall be received and coined by tho proper officers for the benefit of the depositor:
Provided, That it shall l>o lawful torofuse, at tho mint, any deposit of loss value than
$100, and any bullion so base as to bo unsuitable for the operations of the mint:
And provided further, That it shall be lawful to refuse, at the mint, any deposit of
silver coin or bullion which is not tho product of the mines and smelters of the
United States.
Sec. 4. That the depositor of silver bullion at any mint of the United States for
coinage, as hereinbefore provided, shall receive therefor 80 per cent of the coinage
value thereof either in silver coin or in Treasury notes of the United States herein-
after described, and the remaining 20 per cent of such bullion shall be coined and
covered into the Treasury; such Treasury notes shall bo prepared and issued by tho
Secretary of the Treasury in such form and in such denominations, not less than $1
nor more than $1,000, as lie may prescribe; and such Treasury notes shall be redeem-
able on demand at the Treasury of the United States or at the office of any assistant
treasurer of the United States in silver coin; and such Treasury notes shall be a
legal tender in payment of all debts, public and private.
The yeas and nays were ordered.
* # * n # # •
Tho result was announced — yeas 29, nays 39; as follows:
YEAS— 29.
Allen,
Daniel,
Martin,
Teller,
Bate,
Dubois,
Peil'er,
Vance,
Berry,
George,
Perkins,
Vest,
Blackburn,
Harris,
Power,
Walthall,
Butler,
Irby,
Pugh,
Wolcott.
Call.
Jones, Ark.
Roach,
Cockrell,
Jones, Nev.
Slioup,
Coke,
Kyle,
Stewart,
NAYS — 39.
Aldrich,
Frye,
Gal linger,
McMillan,
Ransom,
Brice,
Manderson,
Sherman,
Caffery,
Gibson,
Mills,
Smith,
Camden,
Gray,
Mitchell, Wis.
Squire,
Carey,
Hale,
Morrill,
Stockbridge,
Cullom,
Higgins,
Murphy,
Vilas,
Davis,
Dixon,
Hill,
Palmer,
Voorhees,
Hoar,
Lindsay,
Pasco,
Washburn,
Dolpb,
Proctor,
White, La.
Faulkner,
Lodge,
Quay,
NOT VOTING — 17.
Allison,
Gorman,
Mitchell, Oreg.
White, CaL
Cameron,
Hansbrough,
Morgan,
Wilson.
Chandler,
Hawley,
Pettigrew,
Colquitt,
Hunton,
Platt,
Gordon,
McPherson,
Turpie,
So the amendment to the amendment was rejected.
* # * * • « #
The Vice-President. The question recurs on agreeing to the amendment proposed
by the Senator from California (Mr. Perkins).
Mr. Perkins. I desire to have the amendment offered by me yesterday read by the
Secretary for the information of the Senate, after which i desire to call for the" yeas
and nays upon the question.
The Vice-President. The amendment will be read.
The Secretary. Strike out all after line 13 in the amendment of the committee,
already agreed to, and insert:
<<*Sec. — . That tho mints of the United States shall be open to the coinage of sil-
ver of proved American production at the same ratio now existing between gold and
silver, with a minting or seigniorage charge of 20 per cent, which shall bo paid into
the Treasury of the United States.
502
“ Sec. — . That hereafter no gold pieces for circulation of a less denomination than
$10 be coined, and no more legal tender, national currency, or Treasury notes of a
less denomiuation than $5 be issued.
“Sec. — . That the holder of any standard silver dollars which have been or may
hereafter be coined may deposit the same with the Treasurer or any assistant treas-
urer of the United States in any sum, and receive therefor notes of denominations
of live and ten dollars only, which notes shall have the same legal-tender quality as
the coin for which they are exchanged. The coin deposited for or representing
the said notes shall be retained in the Treasury for the payment of the same on
demand.
“ Sec. — . That in order to protect the mints against imposition no silver shall be
coined under this act except such as is produced by smelters or other saving devices
situated in the United States, and shall be stamped, marked, or molded as directed
by the Secretary of the Treasury, who is hereby authorized to appoint such officers
or agents and fix their compensation and prescribe such rules and regulations as
may be necessary to carry this act into effect.
“ Sec. — . That there shall be appointed a commission of live monetary experts,
the members whereof shall not be otherwise connected with the Government, whose
duty it shall be to keep Congress and the Executive advised on all necessary matters
relating to the currency.”
Mr. Perkins. That the question may be voted upon without any corollary, on the
straight proposition whether Congress will protect American silver at the average
American price at which it has prevailed for tie past thirty years, I desire to strike
out the last section, blank number, relating to the appointment of a monetary com-
mission, as before stated.
Mr. Frye (to Mr. Perkins). You have a right to modify your amendment.
Mr. Harris. The Senator from California has a right to modify his amendment.
Mr. Perkins. Then I desire to withdraw from my amendment the last five lines,
27 to 31, inclusive, relating to the appointment of a commission of five monetary
experts.
The Vice-President. The amendment will be so modified.
Mr. Perkins. Now, I desire to have the question taken on the amendment by yeas
and nays.
The yeas and nays were ordered, and the Secretary proceeded to call the roll.
* * # # * # *
The result was announced — yeas 30, nays 41; as follows:
YEAS— 30.
Allen,
Bate,
Berry,
Blackburn,
Butler,
Call,
Cockrell,
Coke,
Daniel,
Dubois,
Faulkner,
George,
Harris,
Irby,
Jones, Ark.
Jones, Nov.
Kyle,
Martin,
Perkins,
Pettigrew,
Power,
Pugh,
Roach,
Shoup,
Stewart,
Teller,
Vance,
Vest,
Walthall,
W oleott.
NAYS — 41.
Aldrich,
Brice,
Catl'ery,
Canulen,
Carey,
Cullom,
Davia,
Dixon,
Dolph,
Frye,
Gallinger,
Gibson,
Gorman,
Gray,
Hale,
ilSf1”8’
Hoar,
Lindsay,
Lodge,
McMillan,
McPherson,
Manderson,
Mills,
Mitchell, Wis.
Morrill,
Murphy,
Pasco,
Peffer,
Proctor,
Quay.
Ransom,
Shorman,
Smith,
Squire,
Stockbridgo,
Turpie,
Villas,
Voorbees,
Washburn,
White, La.
NOT VOTING — 14.
Allison,
Cameron,
Chandler,
Colquitt,
Gordon,
Hansbrough,
Hawley,
Huntoii,
Mitchell, Oreg.
Morgan,
Palmer,
Platt,
White, Cal.
Wilson.
So the amendment was rejected.
Mr. Berry. I offer an amendment as a proviso to the bill.
The Vice-President. The amendment will be read.
503
Tlio Secretary. Add to tho amendment of tho committee already agreed to the
following proviso:
“ Provided, That the act of February 28, 1878, entitled ‘An act to authorize the
coinage of the standard silver dollar and to restore its legal-tender charactei, lequii-
ing the purchase montlily ot not less than two million and not more than tom mil-
lion dollars’ worth of silver bullion and the coining of the same as fast as purchased
into standard silver dollars, be, and the same is hereby, revised and reenacted into
full force and effect.”
*******
The Vice-President. The question is on agreeing to the amendment proposed by
the Senator from Arkansas.
Mr. Berry. I ask for the yeas and nays.
The yeas and nays were ordered, and the Secretary proceeded to call tho roll.
The result was announced — yeas 33, nays 37 ; as follows :
YEAS— 33.
Allen,
Dubois,
Pasco,
Stewart,
Bate,
Faulkner,
Petl'er,
Teller,
Berry,
George,
Perkins,
Vance,
Blackburn,
Harris,
Pettigrew
Vest,
Butler,
Irby, *
Power,
Walthall,
Call,
Jones, Ark.
Pugh,
W oleott.
Cockrell,
Jones, Nev.
Roach,
Coke,
Kyle,
Shoup,
Daniel,
Martin,
Squire,
NAYS— 37.
Aldrich,
Gibson,
McPherson,
Smith,
Brice,
Gorman,
Mnnderson,
Stockbridge,
Caffery,
Gray,
Mills,
Turpie,
Carey,
Hale,
Mitchell, Wis.
Vilas.
Cullom,
Higgins,
Morrill,
Voorkees,
Davis,
Hillf
Murphy,
Washburn,
Dixon,
Hoar,
Proctor,
White, La.
Dolpli,
Lindsay,
Quay,
Frye,
Lodge,
Ra-nsora,
Ga'lliuger,
McMillan,
Sherman,
NOT VOTING— 15.
Allison,
Colquitt,
Hunton,
Platt,
Camden,
Gordon,
Mitchell, Oreg.
White, Cal.
Cameron,
Hansbrough,
Morgan,
Wilson.
Cliaudler,
Hawley,
Palmer,
So the amendment was rejected.
Mr. Allen. I offer the amendment which I send to the desk.
The Vice-President. The amendment will be stated.
The Secretary. It is proposed to add after the word “ repealed,” in line 13, the
following :
“ Provided , That hereafter standard silver shall be coined at the several mints of
the United States into dollars, half dollars, quarter dollars, and dimes, at the present
ratio of 16 grains of standard silver to 1 grain of standard gold, under the same con-
ditions as to mintage and other charges that are now or may hereafter be in force
with reference to the coinage of gold. And it shall be the duty of the Secretary of
the Treasury, without necessary delay, to cause all uncoined silver bullion owned
by the Government of the United States to be coined into standard silver dollars.
All money coined under the provisions of this act shall be a full legal tender for all
debts, public and private.”
The Vice-President. The question is on agreeing to the amendment of the Sena-
tor from Nebraska.
Mr. Allen. I ask for the > eas and nays on the amendment.
The yeas and nays were ordered, and the Secretary proceeded to call the roll.
The roll call having been concluded, the result was announced — yeas 31, nays 41;
as follows :
Allen,
Daniels,
YEAS— 31.
Kyle,
Shoup,
Bate,
Dubois,
Martin,
Stewart,
Berry,
George,
Pasco,
Teller,
Blackburn,
Harris,
Peffer,
Vance,
Butler,
Hunton,
Pettigrew,
Vest,
Call,
Irby,
Power,
Walthall,
W oleott.
Cockrell,
Jones, Ark.
Pugh,
Coke.
Jones, Nev.
Roach,
504
NAYS — 41.
Aldrich,
Brice,
Cattery,
Carey,
Cullom,
Davis,
Dixon,
Dolph,
Eaulkner,
Frye,
Gallinger,
Gibson,
Gorman,
Gray,
Hale,
Higgins,
Hill,
Hoar,
Lindsay,
Lodge,
Manderson,
McMillan,
McPherson,
Mills,
Mitchell, Wis.
Morrill,
Murphy.
Perkins,
Platt,
Proctor,
Quay,
Ransom,
Sherman,
Smith,
Squire,
Stock bridge,
Turpie,
Vilas,
Voorhees,
Washburn,
White, La.
NOT VOTING-13.
Allison,
Camden,
Cameron,
Chandler,
Colquitt,
Gordon,
Hanshrongh,
Hawley,
Mitchell, Orog.
Morgan,
Palmer,
White, Cal.
Wilson.
So the amendment was rejected.
* * * * * # #
Mr. Blackburn. I desire to submit an amendment, which is on the Secretary’s
desk. I ask that it may he now read.
The Vice-President. The amendment will he read.
The Secretary. It is proposed to add to the bill the following:
‘'Sec. 2. That on and after the 1st day of January, 1894, auy mine owner or smelter
producing silver which is derived exclusively from mines situated iu the United
States or its Territories, and which is of the required fineness, may present the same
at any of the mints of the United States, and the same shall he coined free into silver
dollars of the present standard, except the seigniorage hereinafter provided for, if
presented in sums not less than $100.
“ Sec. 3. That on the 1st day of each month the Secretary of the Treasury shall
establish the seigniorage for each following month.
“ Sec. 4. That the seigniorage for the coining silver shall be the difference between
the market price of silver bullion and the minted value after coined, which seignior-
age shall not be coined but shall be sold by the Secretary of the Treasury in open
market, at home or abroad, at the highest price for gold, which gold shall be held in
the Treasury and used only for the purpose of maintaining parity between the two
metals.
“ Sec. 5. That in fixing or establishing the seigniorage the average price of silver sold
by him the month preceding shall control, when he has sold any; otherwise the aver-
age price iu the cities of London and New York.
“ Sec. 6. That in order to protect the mints against imposition no silver shall be
coined under this act except such as is produced by smelters situated in the United
States, and shall be stamped, marked, or molded as directed by the Secretrry of the
Treasury, who is hereby authorized to appoint such officers or agents and lix their
compensation and prescribe such rules and regulations as may be necessary to carry
this act into effect.
“ Sec. 7. That the silver bullion sold as heretofore provided shall have its ear-
marks removed and shall, after sale, lose its privilege.”
* * # # # * #
M. Washburn. I call for the yeas and nays on the amendment.
The yeas and nays were ordered; and the Secretary proceeded to call the roll.
*■**#*»*
The result was announced — yeas 28, nays 42 ; as follows :
YEAS— 28.
Allen,
Dubois,
Martin,
Bate,
Faulkner,
Pasco,
Berry,
George,
Porkins,
Pettigrew,
Blackburn,
Hun ton,
Butler,
Irby,
Power,
Call,
.Tones, Nev.
Pugh,
Daniel,
Kyle,
Roach,
N AYS — 42.
Aldrich,
Gallinger,
McMillan,
Brieo,
Cattery,
Gibson,
McPherson,
Manderson,
Gorman,
Camden,
Gray,
Halo,
Mills,
Carey,
Mitchell, Wis
Coke,
Harris,
Morrill,
Cullom,
Higgins,
Murphy,
Davis,
Ilill,
Potter,
Dixon,
H on r,
Lindsay,
Platt,
Dolph,
Proctor,
Frye,
Lodge,
Quay,
Shoup,
Squire,
Teller,
Vanco,
Vest.,
Walthall,
Wolcott.
Sherman,
Smith,
Stewart,
Stockbridge,
Turpie,
Vilas,
V oorheea,
Washburn,
White, La.
505
NOT VOTING— 15.
Allison,
Cameron,
Chandler,
Cockrell,
Colquitt,
Gordon,
Hansbrough,
Hawley,
Jones, Ark.
Mitchell, Oreg.
Morgan,
Palmer,
Ramson,
White, Cal.
Wilson.
So the amendment was rejected.
Mr. Stewart. I otter the amendment which I send to the desk as an additional
section to the bill.
The Vice-President. The amendment will be stated.
The Secretary. It is proposed to add to the bill the following:
“Sec. — That the President of the United States be, and he hereby is, authorized
and directed to invite the several governments of the republics of Mexico, Central
and South America, Haiti, and Santo Domingo to join the United States in a confer-
ence to be held in Washington, in the United States, within nine months from the
passage of this act, for the purpose of the “adoption of a common silver coin to be
issued by each government, the same to be a legal tender in all commercial transac-
tions between the citizens of all the American States” represented in the conference;
and when such common coin shall have been agreed upon by the majority of the
governments represented in such conference, and when the mints of the governments
so invited and participating in such conference shall have been opened to the free and
unlimited coinage of the common silver coin so agreed upon by the conference for
the benefit of depositors of silver bullion, tho United States will also open its mints
to the free and unlimited coinage of such common silver coin.”
The Vice-President. The question is on agreeing to the amendment proposed
by the Senator from Nevada.
Mr. Stewart. I call for the yeas and nays.
The yeas and nays were ordered, and the Secretary proceeded to call the roll.
# # * * * * *
The roll call having been concluded, the result was announced — yeas 32, nays 41 ;
as follows :
YE AYS — 32.
Allen,
Daniel,
Kylo,
Shoup,
Bate,
Dubois,
M artin,
Squire,
Berry,
George,
Peffer,
Stewart,
Blackburn,
Harris,
Perkins,
'1'eller,
Butler,
Hun ton,
Pettigrew,
Vance,
Call,
Irby,
Power,
Vest,
Cockrell,
Jones, Ark.
Pugh,
Walthall,
Coke,
Jones, Nev.
Roach,
Wolcott.
NAYS -41.
%
Aldrich,
Gallinger,
McPherson,
Sherman,
Brice,
Gibson,
Manderson,
Smith,
Cail'ery,
Gorman,
Mills,
Stoekhridge,
Camden,
Gray,
Mitchell, Wis.
Turpie,
Carey,
Hale,
Morrill,
Vilas,
Cullom,
Higgins,
Murphy,
Vouchees,
Davis,
Hill,
Pasco,
Washburn,
Dixon,
Hoar,
Platt,
White, La.
Dolph,
Lindsay,
Proctor,
Faulkner,
Lodge,
Quay,
Frye,
McMillan,
Ransom,
NOT VOTING-12.
Allison,
Colquitt,
Hawley,
Palmer,
Cameron,
Gordon,
Mitchell, Oregon
White, Cal.
Chandler,
Hansbrough,
Morgan,
Wilson.
So the amendment was rejected.
# * * * * * *
Mr. Squire. I offer the amendment of which I heretofore gave notice, and ask
that it may be read.
The Vice-President. The amendment will be read.
The Secretary. It is proposed to strike out all after the enacting clause of the
bill and insert:
“That hereafter any owner of silver bullion, the product of mines or refineries
located in the United States, may deposit the same fit any mint of tho United States
to be formed into standard dollars of tliepresent weight and fineness, for his benefit,
as hereinafter stated; but it shall be lawful to refuse any deposit of less value than
$100, or any bullion so base as to bo unsuitable for the operation of the mint: Pro-
506
vided, however, That there shall only be delivered or paid to the person depositing
said silver bullion such number of standard silver dollars as shall equal the com-
mercial value of said silver bullion on the day of deposit, as ascertained and deter-
mined by the Secretary of the Treasury; the difference, if any, between the mint or
coin value of said standard silver dollars and the commercial value of the silver bul-
lion thus deposited shall be retained by the Government as seigniorage, and the gain
or seigniorage arising from such coinage shall be accounted for and paid into the
Treasury : Provided, That the deposits of silver bullion for coinage into silver dollars
under the provisions of this act shall not exceed the sum of $2,000,000 per month.
The amount of such seigniorage or gain shall be retained in the Treasury as a
reserve fund in silver dollars, or such other form of equivalent lawful money as the
Secretary of the Treasury may from time to time direct, for’the purpose of maintain-
ing the parity of value of every silver dollar, issued under the provisions of this act,
with the gold dollar issued by the United States : Provided further, That when the
number of standard silver dollars coined under the foregoing provision shall reach
the sum of $100,000,000 then all further coinage of silver dollars shall cease.
“Sec. 2. That the said silver dollars shall be a legal tender in allpayments at their
nominal or coin value.
“ Sec. 3. That no certificate shall be issued to represent the silver dollars coined
under the provisions of this act.
“ Sec. 4. That so much of the act approved July 14, 1890, entitled “ An act directing
the purchase of silver bullion and the issue of Treasury notes thereon, and for other
purposes/ as directs the Secretary of the Treasury to purchase from time to time
silver bullion to the aggregate amount of 4,500,000 ounces, or so much thereof as may
be offered in each month at the market price thereof, not exceeding $1 for 37L25
grains of pure silver, and to issue in payment for such purchases Treasury notes of
the United States, be, and the same is hereby, repealed.
“ Sec. 5. That the Secretary of the Treasury is hereby authorized to issue, sell,
and dispose of, at not less than par in coin, bonds of the United States bearmg
interest not to exceed 4 per cent per annum, payable semiannually, and redeemable
at the pleasure of the United States after five years from their date, with like quali-
ties, privileges, and exemptions provided for the bonds at present authorized, to the
extent of $200,000,000, and to use the proceeds thereof for the purpose of maintain iug
the redemption of the United States notes according to the provisions of the act
approved January 14, 1875, and for the further purpose of maintaining all the money
of the United States at par with the gold dollar.
“Sec. 6. That hereafter national banking associations shall be entitled to receive
from the Comptroller of the Currency, upon compliance with all other terms and
requirements of law therefor, circulating notes of different denominations, in blank,
registered and countersigned as required by law, to the value at par of the United
States bonds on deposit with the Treasurer in trust for the association: Provided,
That the aggregate sum of such notes for which any association shall be liable at
any time shall not exceed the amount of its capital stock at the time actually paid in.”
Mr. Squire. I propose to make a change in two places in the text of the amend-
ment in regard to the rate of interest on the bonds and the time for which they shall
run. I would modify the amendment by making the rate of interest 3 per cent, and
the number of years for which the bonds shall run three instead of five, and I ask
the Senate to take a vote on the first two sections of the amendment separately, not
including the questions of bonds or the additional national-bank circulation ; and
then I shall ask for separate votes on the bond section and the section authorizing
natioual-bank circulation.
The Vice-President. The Senator from Washington desires his amendment to be
divided.
**##»**
The Vice-President. The question is on the amendment proposed by the Senator
from Washington.
Mr. Hoar. Let it be read again.
Mr. Squire. The Senator from Massachusetts asks that the amendment be read
again.
Mr. Mills. The two sections to be voted on.
Mr. Squire. Let the Secretary read the two sections to be voted on.
The Vice-President. The first and second sections of the amendment proposed by
the Senator from Washington will bo read.
The Secretary read as follows:
“That hereafter any owner of silver bullion, tho product of mines or refineries
located in tho United States, may deposit the same at any mint of the United States,
to be formed into standard dollars of tho present weight and fineness, for his benefit,
as hereinafter stated; but it shall bo lawful to refuse any deposit of less value than
$100, or any bullion so base as to be unsuitable for the operation of the mint: Pro-
vided, however , That there shall only bo delivered or paid to the person depositmg
507
said silver bullion such number of standard silver dollars as shall equal the commer-
cial value of said silver bullion on the day of deposit, as ascertained and determined
by the Secretary of the Treasury; the difference, if any, between the mint or coin
value of said standard silver dollars and the commercial value ot the silver bullion
thus deposited shall be retained by the Government as seigniorage, and the gain or
seigniorage arising from such coinage shall be accounted for and paid into the Treas-
ury : Provided, That the deposits of silver bullion for coinage into silver dollars under the
provisions of this act shall not exceed the sum of $2,000,000 per month. The amount
of such seigniorage or gain shall be retained in the Treasury as a reserve fund in sil-
ver dollars, or such other form of equivalent lawful money as the Secretary of the
Treasury may from time to time direct, for the purpose of maintaining the parity of
value of every silver dollar, issued under the provisions r this act, with the gold
dollar issued by the United States: Provided further, That when the number of
standard silver dollars coined under the foregoing provision shall reach the sum of
$100,000,000 then all further coinage of silver dollars shall cease.
“Sec. 2. That the said silver dollars shall be a legal tender in all payments at
their nominal or coin value.”
Tho Vice-President. The question is on agreeing to the amendment proposed by
the Senator from Washington (Mr. Squire) on which the yeas and nays have been
demanded.
The yeas and nays were ordered; and the Secretary proceeded to call the roll.
* * * * # * #
as follows :
Bate,
Coke,
YEAS— 20.
Hunton,
Pugh,
Berry,
Daniel,
Irby,
Squire,
Blackburn,
Faulkner,
Martin,
Vance,
Butler,
George,
Pasco,
Vest,
Call,
Harris,
Perkins,
Walthall.
Aldrich,
Gallinger,
NAYS — 42.
McMillan,
Ransom,
Allen,
Gibson,
McPherson,
Sherman,
Brice,
Gormau,
Manderson,
Smith,
Cattery,
Gray,
Mills,
Stockbridge,
Camden,
Hale,
Mitchell, Wis.
Turpie,
Carey,
Higgins,
Morrill,
Vilas,
Cullom,
Hill,
Murphy,
Voorhees,
Davis,
Hoar,
Peffer,
Washburn,
Dixon,
Kyle,
Platt,
White, La.
Dolph,
Lindsay,
Proctor,
Frye,
Lodge,
Quay,
Allison,
Gordon,
NOT VOTING— 23.
Morgan,
Stewart,
Cameron,
Hansbrough,
Palmer,
Teller,
Chandler,
Cockrell,
Hawley,
Pettigrew,
White, Cal.
Jones, Ark.
Power,
Wilson,
Colquitt,
Jones, Nov.
Roach,
Wolcott.
Dubois,
Mitchell, Oreg.
Shoup,
So the amendment was rejected.
The Vice-President. The Senator from Washington has withdrawn the remain-
ing sections of his amendment.
Mr. Allen. I desire to appeal from the ruling of the Chair in permitting the Sen-
ator from Washington to withdraw his amendment.
The Vice-President. The question is, Shall the decision of the Chair stand as
the judgment of the Senate?
Mr. Hoar. I move to lay the appeal on the table.
The motion was agreed to.
Mr. Butler. I give notice of an amendment to the bill — the amendment providing
for the repeal of what is known as the 10 per cent tax on State bank circulation.
After consultation with the Senator from Indiana and other Senators favorable to
the amendment, I have concluded not to press it upon the pending bill. I am
assured by the Senator from Indiana that the Committee on Finance will give it
prompt consideration as a separate measure, and report it to the Senate. Inasmuch
as the indications are that it would be defeated here, possibly by the votes of some
Senators who are in favor of it, I shall not insist upon it at this time, and ask leave
to withdraw it.
508
The Vice-President. The Chair hears no objection.
Mr. Peffer. I move an amendment to be inserted immediately after the repealing
clause.
The Vice-President. The amendment will he stated.
The Secretary. Add after the word “repealed” in line 13 of the amendment of
the committee already agreed to :
“ That the Secretary of the Treasury be, and he is hereby, authorized and directed
to cause to be prepared immediately Treasury notes to the amount of $250,000,000,
said notes to be in form, dimensions, and general appearance similar to those which
have been prepared under the provisions of the act of July 14, 1890. They shall be
of the denominations of $1, $2, $5, $10, and $20, one-fifth part in value of the total
issue to be in each of said denominations; they shall be made payable in lawful
money; they shall be received by the Government of the United States, and tbe
officers thereof, for taxes and all public dues, and they shall be lawful money and
legal tender, at their face value, in payment of debts to any amount whatever.
“ Sec. 3. That said notes shall be printed on paper of the same character, quality,
and grade as that now used for United States notes; they shall bo prepared in
accordance with laws, rules, and regulations now in force applicable to such work,
and as fast as they are ready for delivery they shall be deposited in the Treasury
and treated as so much available cash, and they shall be paid out the same as other
public moneys.
“ Sec. 4. That when any of said notes are received in the Treasury in the course
of business, they shall be reissued and thus kept in circulation.
“ Sec. 5. That this act shall take effect immediately after its passage.”
The Vice-President. The question is on agreeing to the amendment proposed by
the Senator from Kansas.
The result was announced — yeas 7, nays 58 ; as follows :
TEAS— 7.
Allen,
Call,
Irby,
Kylo,
Peffer,
Pettigrew,
NATS— 58.
Stowart.
Aldrich,
Dolph,
Lodge,
McMillan,
Sherman,
Bate,
Dubois,
Shoup,
Berry,
Faulkner,
McPherson,
Mandorson,
Smith,
Blackburn.
Frye,
Squire,
Brice,
Gallingor,
Mills,
Stoekbridge,
Butler,
George,
Mitchell, Vis.
Turpie,
Cafl'ery,
Gibson,
Morrill,
Vance,
Camden,
Gorman,
Murphy,
Vest,
Carey,
Gray,
Hale,
Pasco,
Perkins,
Vilas,
Cook roll,
Voorhees,
Coke,
Harris,
Platt,
Walthall,
Cnllom,
Hill,
Proctor,
Washburn,
Daniel,
Davis,
Dixon,
<
Hoar,
Hunton,
Lindsay,
Quay,
Ransom,
Roach,
NOT VOTING— 20.
White, La.
Allison,
Hansbrongh,
Martin,
Pugh,
Cameron,
Hawley,
Mitchell, Oreg.
Teller,
Chandler,
Higgins,
Morgan,
White, Cal.
Colquitt,
Jones, Ark.
Palmer,
Wilson,
Gordon,
Jones, Nov.
Power,
W oleott.
So the amendment was rejected.
Mr. Allen. I submit the amendment which I send to the desk.
The Vice-President. The amendment will be read.
The Secretary. Add to the bill the following additional sections:
“Section 1. That from and after the date and passage of this act the unit of value
in the United States shall bo the dollar, and the same may be coined of 412£ grains
of standard silver, or 25'8 grains of standard gold; and the said coin shall bo legal
tender for all debts, public and private. That hereafter any owner of silver bullion
may deposit the same at any mint of the United States, which deposit, less 20 per
cent, which shall be deducted therefrom as seigniorage, shall be coined into standard
dollars for his benefit and without other charge for coinage than said deduction as
seigniorage; which seigniorage shall be coined into standard dollars and covered
into the Treasury; but it shall bo lawful to reftiso any deposit of less value than
$100, or any bullion so base as to be unsuitable for the operation of the mint.
509
“ Sec. 2. That the provision of section 3 of ‘ An act to authorize the coinage of
the standard silver dollar mid to restore its legal-tender character/ which became a
law February 28, 1878, is hereby made applicable to the coinage in this act provided
for.
“ Sec. 3. That the certificates provided for in the second section of this act shall
be denominations of not less than one nor more than one hundred dollars, and such
certificates shall be redeemable in coin of standard value. A sufficient sum to carry
out the provisions of this act is hereby appropriated, out of any money in the
Treasury not otherwise appropriated.
“ Sec. 4. That the certificates provided for in this act, and all silver and gold cer-
tificates issued, shall be receivable for all taxes and dues to the United States of
every description, and shall be a legal tender for the payment of all debts, public
and private.
“ Sec. 5. That the owners of bullion deposited for coinage shall have the option
to receive coin or its equivalent in tho certificates provided for in this act, and such
bullion shall be subsequently coined.
“Sec. 6. That on tho passage and approval of this act, an act entitled ‘An act
directing the purchase of silver bullion and the issue of Treasury notes thereon,
and for other purposes/ approved July 14, 1880, shall stand repealed.”
The Vice-President. The question is on agreeing to the amendment proposed by
the Senator from Nebraska [Mr. Allen].
Mr. Stewart. On that I ask for the yeas and nays.
The yeas and nays were ordered and taken.
* # * * * # #
The result was announced — yeas 28, nays 42; as follows:
YEAS— 28.
Allen,
Rate,
Berry,
Blackburn,
Call,
Cockrell,
Coke,
Daniel,
Duboia,
George,
Harris,
Hunton,
Irby,
Jones, Nev.
Kyle,
Martin,
Perkins,
Pettigrew,
Power,
Pugh,
Roach,
Sboup,
Stewart,
Teller,
Vance,
Vest,
Walthall,
Wolcott.
NAYS — 42.
Aldrich,
Brice,
Cattery,
Camden,
Carey,
Cullom,
Davis,
Dixon,
Dolph,
Faulkner,
Frye,
Gallinger,
Gibson,
Gorman,
Gray,
Hale,
Hill,
Hoar,
Lindsay,
Lodge,
McMillan,
McPherson.
Manderson.
Mills,
Mitchell, Wis
Morrill,
Murphy,
Pasco,
Petfer,
Platt,
Proctor,
Quay,
Ransom,
Sherman,
Smith,
Squire,
Stockbridge,
Turpie,
Vilas,
Voorhoes,
Washburn,
White, La.
NOT VOTING-15.
Allison,
Butler,
Cameron,
Chandler,
Colquitt,
Gordon,
Hansbrough,
Hawley,
Higgins,
Jones, Ark.
Mitchell, Oreg.
Morgan,
Palmer,
White, Cal.
Wilson.
So the amendment was rejected.
Mr. Peffer. I offer an amendment and ask that it may come in after the repeal-
ing clause.
The Vice-President. The amendment will be stated.
The Secretary. After the word “repealed,” in line 13 of the amendment already
agreed to, insert :
“Sec. 2. And belt further enacted, That all coins and paper now circulating among
the people as currency, including gold coin, silver coin, gold certificates, silver cer-
tificates, United States notes, Treasury notes, and national currency shall, according
to their several denominations, be of equal exchangeable value and purchasing
power; they shall be receivable for taxes and all public dues, and they shall be law-
ful money and legal tender in payment of debts to any amount whatever.”
*******
Mr. Peffer. * * # * j gSjj- for the yeas and nays upon agreeing to
the amendment, ‘ ®
510
The yeas and nays were not ordered.
The Vice-President. The question is on agreeing to the amendment proposed by
the Senator from Kansas (Mr. Peffer).
The amendment was rejected.
Mr. Harris. I believe 1 will ask the Secretary to read an amendment that I gave
notice I would offer, hut I do not think I shall ask the Senate at this late hour to
vote upon it. It is an amendment that I prepared in a broad spirit of compromise,
not even satisfactory to myself, hut I want to put it on record.
The Vice-President. The Secretary will read as requested.
The Secretary. Strike out all in line 14, page 2, to liue 26, inclusive, and insert
the following:
“ That the seigniorage or profit fund which has resulted from the purchase or coin-
age of silver bullion shall be coined into silver dollars of standard weight and fine-
ness, with full legal-tender quality, at the rate of not less than $3,000,000 per month,
and such dollars shall be covered into the Treasury.
“Sec. 2. That when all the seigniorage or profit-fund bullion shall have been
coined as required by the first section of this act, it shall be the duty of the Secre-
tary of the Treasury to purchase each month silver bullion at the market value in
quantities sufficient to coin not less than dollars each and every month ; and he
is hereby directed to coin the said bullion monthly, as fast as purchased, into stand-
ard silver dollars, and a sum sufficient to carry into effect the provisions of this act
is hereby appropriated out of any money in the Treasury not otherwise appro-
priated.
“ Sec. 3. That when any paper circulating notes or certificates of whatsoever char-
acter, of denominations less than $10, issued under authority of the United States,
except national-bank notes or certificates redeemable only in silver dollars, shall be
received at the Treasury or any subtreasury, they shall not be reissued, but shall be
assorted, counted, and recorded, and immediately destroyed in accordance with exist-
ing provisions of law ; and as rapidly as said notes or certificates are destroyed they
shall be replaced by an equal amount of like notes or certificates of denominations
not less than $10.
“Sec. 4. That hereafter no national-bank note shall be issued of a less denomination
than $10, and all such national-bank notes, when received at the Treasury or any sub-
treasury, shall be destroyed in accordance with law; and the national banking
associations whose notes are destroyed under the provisions of this section shall be
respectively required to substitute notes of denominations not less than $10 in lieu
of those destroyed.
“ Sec 5. That from and after thepassage of this act the coinage of the two-aud-one-
half-dollar gold piece and the five-dollar gold piece is hereby prohibited, and the
coins above named shall not be struck or issued by the mint of the United States;
and such coins when received at the Treasury or any subtreasury shall be withdrawn
from circulation and recoined into eagles and double eagles, in accordance with law.
“ Sec. 6. That the holder of any standard silver dollars which have been or may be
coined may deposit the same with the Treasurer or any assistant treasurer of the
United States in any sum, and receive therefor notes of denominations less than $10
only, which notes shall have the same legal- tender quality as the coin for which they
are exchanged. The coin deposited for or representing the said jiotes shall be
retained in the Treasury for the payment of the same on demand.”
Mr. Harris. I left the blank as to the amount of silver that should be monthly
purchased or coined in order that any or every Senator might test the sense of the
Senate as to such amount. But knowing as J know now that the decree has been
entered that no amendment of any character is to be made to the bill, I will not sub-
ject the Senate to a vote upon my amendment or any phase of it. I decline to offer
it or to ask a vote upon it, but simply desire to put it upon record as an amendment
suggested in abroad spirit of compromise on a question about which there are very
honest differences of opinion. It is not entirely satisfactory to myself, and I suppose
would not be entirely satisfactory to any other Senator.
##*##*#
Mr. Pasco. I have an amendment to submit which I desire to have printed, and I
shall offer it on Monday morning. I have no objection to the arrangement suggested
by the Senator from Indiana.
* * * * # . * •
The amendment intended to he proposed by Mr. Pasco is as follows:
Strike out all after the enacting clause and insert:
“Section 1. That a commission, to be composed of three citizens of the United
States, shall be appointed by the President, hy and with the advice and consent of the
Senate, to ascertain and determine by the 1st day of January next the fair and just
ratio between the actual and intrinsic values of silver and gold, as a basis for the
511
future coinage of silver, as hereinafter provided, without discrimination against
either metal for charge for coinage, so that the dollar unit of coinage of both metals
may be of equal actual and intrinsic value. And the said commission shall report to
the Secretary of the Treasury the result reached by them as soon as practicable after
the date hereinbefore named, and he shall thereupon iix and determine the weight of
pure and standard silver to be contained in the silver dollar, authorized to be coined
by this act according to the said report ; and the said silver dollars so authorized and
thereafter coined shall be of the standard and weight thus tixed and determined by
tho Secretary of the Treasury.
“Sue. 2. That the coins mentioned in the previous section shall have on them the
devices and superscriptions provided for coins of like denomination now coined, and
shall be legal tender at their nominal value for all debts and dues, public and pri-
vate, except when otherwise expressly stipulated by contract; and any owner of
silver bullion may deposit the same at the mints of the United States to be coined
into dollars of the fineness and weight fixed in accordance with the provisions of the
first section of this act.
“Sec. 3. That any holder of the coins authorized by this act may, after the 1st day
of March, 1894, deposit the same with tho Treasurer or any assistant treasurer of the
United States in sums of not less than $10, and receive therefor certificates of not less
than $10 each, corresponding with the denominations of the United States notes.
The coin deposited or representing the certificate shall be retained in the Treasury
for the payment of the same on demand. Said certificates shall be receivable for
customs, taxes, and all public dues, and when received may bo reissued.
“ Sec. 4. That the silver bullion deposited for coinage purposes under the pro-
visions of this act shall be subject to the requirements of existing law and the regu-
lations of the mint service governing the methods of determining the amount of pure
silver contained and tho amount of charges or deductions, if any, to be made.
“ Sec. 5. That the Secretary of the Treasury shall, within two years from and after
the passage of this act, cause all the silver dollars of the United States heretofore
minted, as well as the Treasury notes issued under the law of July 14, 1890, to be
withdrawn from circulation by exchanging the same, or causing the same to be
exchanged at their nominal value for silver certificates of like denominations, rep-
resenting silver coins of the weight and fineness provided by this act; and the silver
certificates thus issued shall be in all respects similar to those provided for in the
preceding section, and shall like them be receivable for customs, taxes, and public
dues, and when received may be reissued; and that on and after the expiration of
the two years above mentioned all the silver dollars as well as the Treasury notes
issued under the law of July 14, 1890, shall cease to be legal tender.
“ Sec. 6. That all silver dollars coined prior to the passage of this act shall be
recoined as early as practicable into coins of the same denomination of the weight
and fineness authorized by section 1 of this act.
“Sec. 7. That the Secretary of the Treasury is hereby authorized to adopt such
rules and regulations, in accordance with the coinage laws of the United States, as
may be necessary to enforce the provisions of this act.
“ Sec. 8. That a sum sufficient to carry out the provisions of this act is hereby
appropriated out of any moneys in the Treasury not otherwise appropriated.
“ Sec. 9. That the act entitled ‘An act directing the purchase of silver bullion and
the issue of Treasury notes thereon, and for other purposes/ approved July 14, 1890,
and all other acts and parts of acts authorizing the purchase of silver bullion for the
purpose of coining the same into silver dollars be, and the same are hereby, re-
pealed.
The bill was reported to the Senate as amended.
The Vice-President. The amendment made as in Committee of the Whole will be
considered as concurred in, if there be no objection.
Mr. Harris. Let the vote be taken upon concurring in the amendment.
The Vice-President. The Chair will state that the bill is in the Senate, and the
question is upon concurring in the amendment made as in Committee of the Whole.
Mr. Vooriiees. Which was the report of the Finance Committee.
The Vice-President. Which was the report of the Finance Committee.
The amendment was concurred in.
[October 30, 1893.]
****###
Mr. Stewart. I have another amendment which I desire to offer for the reduction
of tho gold in our gold coinage 25 per cent. I ask that the amendment be read at
the desk, and then 1 shall give a ivord of explanation.
Tho Vice-President. The amendment will be stated.
The Secretary. It is proposed to add to the bill the following:
“That the gold coins of the United States shall be a one-dollar piece, a quarter
eagle, or two-and-a-half-dollar piece, a three-dollar piece, a half eagle or five-dollar
512
piece, an eagle or ten-dollar piece, and a double eagle or twenty-dollar piece; and
the weight of standard gold of the gold dollar shall be 19.35 grains; of the quarter
eagle or two-and-a-half-dollar piece, 48.375 grains; of the three-dollar piece, 58.05
grains; of the half eagle or five-dollar piece, 96.75 grains; of the eagle or ten-dollar
piece, 193.50 grains; of the double-eagle or twenty-dollar piece, 387 grains, which
coins shall be a legal tender in all payments at their nominal value.”
* # * * * # *
The Vice-President. There is no other amendment pending.
Mr. Pasco. I ask that my proposed amendment be read.
The Vice-President. The Secretary will read the amendment.
The Secretary. It is proposed to strike out all after the enacting clause and insert :
[For amendment see preceding page. ]
The yeas and nays were ordered, and the Secretary proceeded to call the roll.
The result was announced — yeas 20, nays 47; as follows: •
YEAS — 20.
Bate,
Cockrell,
Hunton,
Berry,
Coke,
Irby,
Blackburn,
Daniel,
Jones, Ark.
Butler,
Faulkner,
Martin,
Cameron,
Harris,
Pasco,
NAYS— 47.
Aldrich,
George,
McMillan,
Allen,
Gibson,
McPherson,
Brice,
Gorman,
Manderson,
Cattery,
Gray,
Mills,
Camden,
Hale,
Mitchell, Wis.
Carey,
Hawley,
Morrill,
Cullom,
Higgins,
Murphy,
Davis,
Hill,
Pefl'or,
Dixon,
Hoar,
Pettigrew,
Dolph,
Kyle,
Platt,
Frve,
Lindsay,
Proctor,
Gallinger,
Lodge,
Quay,
NOT VOTING— -18.
Allison,
Gordon,
Palmer,
Call,
Hansbrough,
Power,
Chandler,
Jones, Nev.
Slioup,
Colquitt,
Mitchell, Oreg.
Stewart,
Dubois,
Morgan,
Teller,
So the amendment was rejected.
* * *
*
Perkins,
Pugh,
Vance,
V cat,
Walthall.
Hansom,
Roach,
Sherman,
Smith,
Squire,
Stockbridge,
T urpie,
Vilas,
Voorhees,
Washburn,
White, La.
White, Cal.
Wilson,
Wolcott.
*
*
The Vice-President. If there be no further amendment to the bill, the question
is, Shall the amendment bo engrossed and the bill be read a third time ?
The amendment was ordered to be engrossed, and the bill to be read a third time.
The Vice-President. The question is, Shall the bill pass?
Mr. Stewart and Mr. Teller called for the yeas and nays; and they were ordered.
The Secretary proceeded to call the roll.
*******
The result was announced — yeas 43, nays 32; as follows:
YEAS— 43.
Aldrich,
Price,
Cattery,
Camden,
Carey,
Cullom,
Davis,
Dixon ,
Dol ph,
Faulkner,
Frye,
Allen,
Bate,
Berry,
Blackburn,
Butler,
Call.
Cameron,
Cockrell,
Gallinger,
Lodge,
Ransom,
Gibson,
McMillan,
Sherman,
Gorman,
McPherson,
Manderson,
Smith,
Gray,
Squire,
Stookbridg
Hale,
Mills,
Hawley,
Mitchell, Wis.
T urpie,
Higgins,
Morrill,
Vilas,
Murphy,
V oorhees,
Hoar,
Platt,
Washburn,
Hunton,
Proctor,
White, La.
Lindsay,
Quay,
NAYS — 32.
Coke,
Kyle,
Roach,
Daniel,
Martin,
Shoup,
Dubois,
Pasco,
Stewart,
George,
Peffer,
Teller,
H arris,
Perkins,
Vance,
Irby,
Pettigrew,
Vest,
Jones, Ark.
Power,
Walthall,
Jones, Nev.
l’ugh,
Wolcott.
513
NOT NOTING— JO.
Allison,
Gordon,
Morgan,
Wilson.
Chandler,
Hansbrough,
Palmer,
Colquitt,
Mitcliell, Oreg.
White, Cal.
So the bill
*
was passed.
* *
* *
*
IN THE HOUSE.
[October 31, 1893.]
# * *****
Message from the Senate.
A message from the Senate, hy Mr. Cox, its Secretary, announced that the Senate
had passed, with an amendment, the bill (H. R. 1) to repeal apart of an act, approved
July 14, 1890, entitled “An act directing the purchase of silver bullion and the issue
of Treasury notes thereon, and for other purposes j” in which the concurrence of the
House was requested.
# * # * * * *
[November 1, 1893.]
#
#
*
*
*
*
The Speaker also laid before the House a bill (H. R. 1) to repeal a part of an act,
approved July 14, 1890, entitled “ An act directing the purchase of silver bullion
and the issue of Treasury notes thereon, and for other purposes, ” with amendment
of the Senate thereto.
The Speaker. The Clerk will report the amendment.
The amendment was read, as follows:
“ Strike out all after the enacting clause and insert:
“That so much of the act approved July 14, 1890, entitled “An act directing the
purchase of silver bullion and issue of Treasury notes thereon, and for other pur-
poses,” as directs the Secretary of the Treasury to purchase from time to time silver
bullion to the aggregate amount of 4,500,000 ounces, or so much thereof as may be
offered in each month at the market price thereof, not exceeding $1 for 37U25 grains
of pure silver, and to issue in payment for such purchases Treasury notes of the
United States, be, and the same is hereby, repealed. And it is hereby declared to
be the policy of the United States to continue the use of both gold and silver as
standard money, and to coin both gold and silver into money of equal intrinsic and
exchangeable value, such equality to be secured through international agreement,
or by such safeguards of legislation as will insure the maintenance of the parity in
value of the coins of the two metals, and the equal power of every dollar at all
times in the markets and in the payment of debts. And it is hereby further declared
that the efforts of the Government should be steadily directed to the establishment
of such a safe system of bimetalistn as will maintain at all times the equal power
of every dollar coined or issued by the United States, in tho markets and in the pay-
ment of debts.’ ”
Mr. Wilson, of West Virginia. Mr. Speaker, I move to concur in the amendment
of the Senate to the House bill which has just been read, and on that I demand tho
previous question.
* * * * * * #
The Speaker (having put the question on ordering the previous question.) The
previous question is ordered. [Applause.] There will now be fifteen minutes for
debate on each side. Tho Chair recognizes the gentlemen from West Virginia (Mr.
Wilson) to control the fifteen minutes in favor of the proposition, and will after-
ward recognize the gentleman from Missouri (Mr. Bland) to control the time in
opposition.
*■ ******
Mr. Bland. Mr. Speaker, I desire to have read at the Clerk’s desk an amendment
that I expect to offer to this bill. At the proper time I shall move to recommit this
bill to the Committee on Coinage, Weights, and Measures, with instructions to report
jt back with this amendment.
8. liep, 235 33
514
Tlie Clerk read as follows :
“Add to the Senate amendment the following:
“ ‘And to provide for carrying into effect the policy of the forgoing declaration and
that so much of the act of January 18, 1837, in regard to the establishment of a mint
and relating to the coins of the United States as relates to and provides for the coin-
age of the standard silver dollar of 4121- grains of standard silver, he, and the same
is hereby, revived and reenacted into full force and effect.’”
****#■##
The Speaker. The gentleman from Missouri (Mr. llland), as the Chair under-
stands, desires to make a motion to recommit.
Mr. Bland. I move to recommit the hill to the Committee on Coinage, Weights,
and Measures, with instructions to report it back with the amendment which I ask
the Clerk to read.
The Clerk read as follows :
“Add to the Senate amendment the following:
“ ‘And to provide for carrying into effect the policy of the foi’egoing declaration and
that so much of the act of January 18, 1837, in regard to the establishment of a mint
and relating to the coins of the United States as relates to and provides for the coin-
age of the standard silver dollar of 412^ grains of standard silver is hereby revived
and reenacted into full force and effect.’ ”
The Speaker. The question is on the motion to recommit, as made by the gentle-
man from Missouri.
Mr. Wilson, of West Virginia. I demand the previous question on that motion.
The Speaker. Without objection, the previous question will be considered as
ordered.
There was no objection.
The Speaker (having put the question on the motion to recommit). The noes
seem to have it.
Mr. Bland. I call for the yeas and nays.
The yeas and nays were ordered.
The question was taken; and there were — yeas 109, nays 176, not voting 68; as
follows :
Aitken,
Crawford,
YEAS — 109.
Hunter,
Richardson, Mich.
Alderson,
Culberson,
Hutcheson,
Richardson, Tenn.
Alexander,
Curtis, Kans.
Ikirt,
Robbins,
Allen,
Davis,
Jones,
Robertson, La.
Arnold,
De Armond,
Kom,
Sayers,
Hailey,
Denson,
Kilgore,
Shell,
Baker, Kans.
Dinsmore,
Kyle,
Sibley,
Bankhead,
Dockery,
Lane,
Snodgrass,
Bell, Colo.
Donovan,
Latimer,
Stallings,
Bell, Tex.
Doolittle,
Livingston,
Stockdale,
Black, Ga.
Edmunds,
Maddox,
Strait,
Blanchard,
Ellis, Oreg.
Maguire,
Swanson,
Bland,
Epos,
Fithian,
Mallory,
Sweet,
Boatner,
Marsh,
Talbert, S. C.
Been,
Fnnston,
Marshall,
Tarsney,
Bower, N. C.
Eyau,
McCulloch,
Tate,
Branch,
Geary,
McDearmon,
Taylor, Ind.
Broderick,
Grady,
McKeiglian,
Terry,
Brookshire,
Hall, 'Mo.
McLaurin,
Turpin,
Bryan,
Bnrnes,
Harris,
McMillin,
Tyler,
Hartman,
Mcltac,
W heeler, Ala.
Cannon, Cal.
Heard,
Meredith,
Whiting,
Capchnrt,
Henderson, N. C.
Money,
Williams, 111.
Clark, Mo.
Hermann,
Morgan,
Williams. Miss.
Cobb, Ala.
Hilborn,
Moses,
Wilson, Wash.
Cockrell,
Holman,
Neill.
Cooper, Tox.
Hopkins, Pa.
Pence,
Cox,
Hudson,
Post,
Adams,
Berry,
NAYS— 176.
Cabaniss,
Cogswell,
Aldrich,
Bingham,
Black, 111.
Cadmus,
Compton,
A psley,
Caldwell,
Coombs,
A very,
Blair,
Campbell.
• Cooper, Fla.
Babcock,
Brawloy,
Cannon, 111.
Cooper, Ind.
Baker. N. II.
Brock inridge, A rk ,
. Cam th,
Cooper, Wis.
Baldwin,
Bret/.,
Catch ings,
Cornish,
Barnes,
Brickner,
Causey,
Chicicering,
Covert,
Bartlett,
Brosiua,
Crain,
Barwig,
Brown,
Clancy,
Cummings,
Bolden,
Bunn,
Cobb, Mo,
Curtis, N. Y,
Daniels,
BeJtpUoover,
Bynum,
Cock ran,
v
515
Davey,
Hooker, N. Y.
M cKaig,
Russell, Conn.
He Forest,
Hopkins, 111.
McNagny,
Ryan,
Dingley,
Hook, Ohio
Meiklejohn,
Schermerhorn,
Draper,
Honk, Tenn.
Mercer,
Settle,
Dunn,
Johnson, Ind.
Meyer,
Shaw,
Dunphy,
Johnson, N. Dak.
Milliken,
Sherman,
Durborow,
Johnson, Ohio
Montgomery,
Sickles,
English,
J oy,
Moon,
Sipe,
E roman,
Kiefer,
M orse,
Smith,
Everett,
Kribbs,
Mutchler,
Somers,
Fellows,
Lapliam,
Oates,
Sperry,
Fielder,
Layton,
O'Neil, Mass.
Springer,
Fitch,
Le’fever,
Outhwaite,
Stevens,
Fletcher,
Lilly,
Paschal,
Stone, C. W.
Forman,
Linton,
Patterson,
Stone, W. A.
Geissenhainer,
Lisle,
Payne,
Stone, Ky.
Gillet, N. Y.
Lockwood,
Payntcr,
Storer,
Goldzier,
Loudenslager
Pearson,
Talbott, Md.
Gorman,
Lucas,
Pendleton, W.V a.
Thomas,
Gresham,
Lynch,
Phillips,
Tracey,
Grout,
Magnor,
Pigott,
Tucker,
Hainer,
Mahon,
Powers,
Turner,
Haines,
Martin, Ind.
Price,
Van Voorhis, N. Y.
Hall, Minn.
Marvin, N. Y.
Randall,
W anger,
Hammond,
Me A leer,
Ray,
Warner,
Harmer,
McCall,
Rayner,
Washington,
Harter,
McCreary, Minn.
Reed,
Waugh,
Haugen,
McCreary, Ky.
Reilly,
Wells,
Henderson, Iowa
McDannold,
Reyburn,
Wheeler,
Hendrix,
McDowell,
Richards, Ohio
Wilson, W. Va.
Hines,
McEttriek,
Ritchie,
Wolvertou,
Hitt,
McGann,
Rusk,
Woomer.
NOT VOTING— G8.
Abbott,
Funk,
Hull,
Simpson,
Bartholdt,
Gardner,
Lacey,
Stephenson,
Boutellc,
Gear,
Lawson,
Strong,
Bowers, Cal.
Gillett, Mass.
Lester,
Tawney,
Brattan,
Goodnight,
Loud,
Taylor, Tenn.
Breckinridge. Ky.
Graham,
M array,
Updegraff,
Burrows,
Grosvenor,
Nowlands,
Van Voorhis, Ohio.
Caminetti,
Hager,
North way,
Wadsworth,
Childs,
Hare,
O’Ferrall,
Walker,
Clarke, Ala.
Hatch,
O’Neill, Pa.
Weadock,
Coffeen,
Hayes,
Page,
W ever,
Conn,
lleiner,
Pendleton, Tex.
White,
Cousins,
Henderson, 111.
Perkins,
Wilson, Ohio.
Dalzell,
Hepburn,
Tickler,
Wise,
Dollivcr,
Hicks,
Robinson, Pa.
Woodard,
Ellis, Ky.
Hooker, Miss.
Russell, Ga.
Wright, Mass.
Enloe,
Huliclc,
Scranton,
Wright, Pa.
So the motion of Mr. Bland was rejected.
#**##*#
Mr. Wilson, of West Virginia. Mr. Speaker, I now demand the previous question
on the motion to concur in the Senate amendments.
The yeas and nays were ordered.
The question was taken; and there were — yeas 193, nays 94, not voting 66; as fol-
lows:
TEAS— 193.
Adams,
Bretz,
Compton,
English,
Alderson,
Brickner,
Coombs,
Erdinan,
Aldrich,
Brookshire,
Cooper, Fla.
Everett,
Apsley,
Brosius,
Cooper, Ind.
Fellows,
Avery,
Brown,
Cooper, Wis.
Fielder,
Babcock,
Bunn,
Cornish,
Fitch,
Baker, N. H.
Bynum,
Covert,
Fletcher,
Baldwin,
Cabaniss,
Crain,
Forman,
Barnes,
Cadmus,
Cnmmings,
Gardner,
Bartlett,
Caldwell.
Curtis, N. Y.
Geary.
Barwig,
Campbell,
Daniels,
Geissenhainer,
Belden,
Cannon, Cal.
Davey,
Gillet, N. Y.
Bc.lt/, hoover,
Caruth.
Do Forest,
Goldzier,
Berry,
Catchings,
Dingley,
Gorman,
Bingham,
Causey,
Donovan,
Gresham,
Black, Ga.
Chiclcering,
Draper,
Grout,
Black, 111.
Clancy,
Dunn,
Haines,
Blair,
Cobb, Mo.
Dunphy,
Hall, Minn.
Brawley,
Cock ran.
Durborow,
Hammond,
Breckinridge, Ark.
Cogswell,
Edmunds,
Harmer,
516
Harter,
Martin, Ind.
Haugen,
Marvin, N. V.
Hentlerson, Iowa,
McAleer,
Hendrix,
McCall.
Hines,
McCleary, Minn.
Hitt,
McCreary, Ky.
Holman,
McDannold,
Hopkins. 111.
McDowell,
Houk, Ohio
McEttrick,
Houk, Tonn.
MeGann,
Hunter,
McKaig,
Johnson, Ind.
McNagnv,
Johnson, N. Dak.
Mercer,
Johnson, Ohio
Meredith,
Joy,
Meyer,
Kiefer,
Miiliken,
Kribbs,
Montgomery,
Lapham,
Moon,
Layton,
Morse,
Lefover,
Mutehler,
Lilly,
Oates,
Linton,
O’Neill, Mass.
Lisle,
Outliwaite,
Lockwood,
Paschal,
Loudenslager,
Patterson,
Lynch,
Payne,
Magner,
Paynter,
Mahon,
Pearson,
Marshall,
Pendleton, W. Va.
Aitken,
Cox,
Alexander,
Crawford,
Allen,
Culberson,
Arnold,
Curtis, Kans.
Bailey,
Davis,
Baker, Kans.
De Armond,
Bankhead,
Denson,
Bell, Colo.
Dinsmore,
Bell, Tex.
Dockery,
Blanchard,
Doolittle,
Bland,
Ellis, Oreg.
Boatner,
Epes,
Boen,
Eithian,
Bower, N. C.
Funston,
Branch,
Fyan,
Broderick,
Grady,
Bryan,
Hainer,
Barnes,
Hall, Mo.
Cannon, 111.
Harris,
Capehart,
Hartman,
Clark, Mo.
Heard,
Cobb, Ala.
Henderson, N. C.
Cockrell.
Hermann,
Cooper, Tex.
Hillborn,
Phillips,
Stone, W. A.
Pigott,
Stone, Ky.
Post,
Storer,
Powers,
Swanson,
Price,
Talbott, Md.
Randall,
Taylor, Ind.
Kay,
Thomas,
Raynor,
Tracey,
Reed,
Tucker,
Reilly,
Turner,
Reyburn,
Richards, Ohio
Turpin,
Tyler,
Richardson, Mich.
Van Voorhis, N. Y.
Ritchie,
W anger,
Rusk,
Warner,
Russell, Conn.
Washington,
Ryan,
Waugh,
Schermerhorn,
Weadock,
Scranton,
Wells,
Settle,
Wheeler, 111.
Shaw,
White,
Sherman,
Whiting,
Sickles,
Wilson! W. Va.
Wipe,
Wolverton,
Somers,
Woomer,
Sperry,
Springer,
Stevens,
Stone, C. W.
Wright, Pa.
NAYS— 94.
Hopkins, Pa.
Moses,
Hudson,
Pence,
Hutcheson,
Richardson, Tenn.
Ikirt,
Robbins,
Jones,
Robertson, La.
Kem,
Savers,
Kilgore,
Shell,
Kyle,
Sibley,
Lane,
Smith,
Latimer,
Snodgrass,
Livingston,
Stallings,
Lucas,
Stockdale,
Maddox,
Strait,
Maguire,
Sweet,
Mallory,
Talbert, S. C .
Marsh,
Tarsney,
McCulloch,
Tate,
McDearmon,
Terry,
McKeighan,
Wheeler, Ala,
McLaurin,
Williams, 111.
McRae,
Williams, Miss.
Meiklejohn,
Money,
Morgan,
Wilson, Wash.
NOT VOTING — CG.
Abbott,
Rarlholdt,
Boutelle,
Bowers, Cal.
Bratton
Breckinridge, Ky.
Burrows,
Caminetti,
Childs,
Clarke, Ala.
Cofl'een,
Conn,
Cousins,
Dal /.ell,
Dol liver,
Ellis, Ky.
Enloe,
Funk,
Hull,
Russell, Ga.
Gear,
Lacey,
Simpson,
Gillett, Mass.
Lawson,
Stephenson,
Goodnight,
Lester,
Strong,
Graham,
Loud,
Tawney,
Grosvenor,
McMillin,
Taylor, Tenn.
Hager,
Hare,
Murray,
Neill,
TJpdegraff,
Van Voorhis, C
Hatch,
Ncwlands,
Wadsworth,
Hayes,
North way,
Walker,
Heiner,
O’Ferrall,
W ever,
Henderson, 111.
O’Neill, Pa.
Wilson, Ohio
Ilepburn,
Page,
Pendleton, Tex.
Wise,
Hicks,
Woodard,
Hooker, Miss.
Honker, N. Y.
Hulick,
Perkins,
Pickier,
Robinson, Pa.
Wriglit, Mass.
So the motion to concur was agreed to.
* * *
#
Enrolled bill signed.
Mr Pkahson, from the Committee on Enrolled Bills, reported that they had exam-
ined aud found truly enrolled the bill (H. K. 1) to repeal a part of au act approved
517
July 14, 1890, entitled, “An act directing the purchase of silver "bullion and the issue
of Treasury notes thereon, and for other purposes;” when the Speaker signed the
same.
* * * # * * #
Message from the House.
A message from the House of Representatives, by Mr. T. O. Towles, its Chief Clerk,
announced that the House had agreed to the amendment of the Senate to the bill
(H. li. 1) to repeal a part of an act approved July 14, 1890, entitled, “An act direct-
ing the purchase of silver bullion and the issue of Treasury notes thereon, and for
other purposes.
*■ # * * * * *
[November 2, 1893.]
# * * * # * #
Message from the President.
A message from the President, by Mr. Pruden, one of his secretaries, announced
that the President had approved and signed an act (H. R. 1) to repeal a part of an
act approved July 14, 1890, entitled, “An act directing the purchase of silver bullion
and the issue of Treasury notes thereon, and for other purposes.”
518
INDEX TO BOUND CONGRESSIONAL RECORD OF DEBATE ON SILVER AND
BANK CIRCULATION, FIFTY-THIRD CONGRESS, FIRST SESSION.
SENATE.
Aldricli, Nelson W 349, 350, 385, 1135, 113G, 1137, Appendix 307-322, 358, 362, 363, 364
Allen, William V. .446. 447, 450, 451, 452, 456, 783-790, 991, 992, 1002, 1516, 1587, 16)7, 1833, 1835, 1884, 1885, 1916
2060,2061,2072,2075,2204,2270,2387,2391,2392,2393,2473, 2541, 2889, Appendix 289
Allison, William B 608, 609, 1131, 1132, 1133,
1535-1546, 1678, 1915, 1918, 1931, 2060, 2061, 2104, 2585, Appendix 264, 265, 294, 391 , 392
Bate, William B 1740, 2923. 2924
Berry, James H 387-391, 2916, 2919
Blackburn, Joseph C. S 1614,2111,2921, Appendix 302
Butler, Matthew C 992, 997, 1614, 1618,
1640, 1647, 1648, 2071, 2072, 2104, 2105-2111, 2203, 2210, 2389, 2584. ( See Appendix.)
Caffery, Donelson 1097
Call, "Wilkinson 456, 457, 1000, 2119 -2125, 2195, 2203
Camden, Johnson N 1972
Cameron, James Donald 1738,2930
Carey. Joseph M 609, 610, 2949-2952, Appendix 384, 515, 516
Chandler, William E Appendix, 347, 348
Cockrell, Francis M 330, 331, 348, 350, 385, 386, 451. 452. 457-461, 607-611, 990, 991, 992, 994
996-1002, 1023, 1024, 1065, 1066, 1130-1136, 1736, 1752, 2387, 2947-2949, Appendix 236
Coke, Richard 1191,1198
Cullom, Shelby M 1188, 1191
Daniel, John \V 1472, 1578, 1614, 1912, 2648-2653, Appendix 320
Dolph, Joseph N 218, 224, 1065, 1449-1451, 1512-1516, 1691, 1692, 1887, 1888, 2012-2018, 2052-2065, 2201,
2390, 2391, Appendix 251, 291, 292, 293, 302, 303, 304, 305, 306, 307, 356, 387. 399, 419, 420, 424
Dubois, Fred T 597, 600, 1440, 1517, 1570, 1572, 2079, 2087, 2388, 2952
Faulkner, Charles J 607,608,673,1320
Gallinger, Jacob H 391,392.2408. (See Appendix.)
George, James Z 993, 1579, 1598-1611, 1613, 1678-1685
Gordon, John B 1013
Gorman, Arthur P 2909-2911
Gray, George 293, 294. 386, 993, 1134, 1537, 1589, 1613-
1620, 1844, 1815, 1910, 1917, 1924, 1925, 2075, 2076, 2108, 2110, 2116, 2584, Appendix 246, 247. 335
Hale, Eugene 1334-1336
Hanshrough, Henry C 1686, 1693
Harris, Is ham G 1132, 1908, 1927, 2333, 2389, 2390, 2472, 2926, 2951, 2955, Appendix 293, 348
Hawley, Joseph P 608. 1418, 1419, 1423. ( See Appendix.)
Higgins, Anthony .. 1509-1519,1691. [See Appendix.)
Hill, David B 864, 873, 1643, 1644, 1834
Hoar, George F 222, 296, 339, 348, 349, 584, 1420, 1424, 1425, 1571, Appendix 298, 299, 306, 307, 316, 361. 514
Hunton, Eppa t 2929
Irby, J. L. M 2385
Jones, James K. ( Ark.) 1327
Jones, John P. (Nev.) , 153 1542. 2059. 2510. 2540, 2756 2771, 2793, 2821, 2884, 2955, Appendix 006
Kyle, James II 1866, 2541, 2543, 25 4, Appendix 170, 304, 305, 308, 334, 335, 336, 339, 406
Lindsay, William 1502,6508, Appendix 319, 320
Lodge, Henry Cabot 337
McMillaii, James - 969,2007-2012
McPherson, John It 389, 450, 454, 458, 991, 992, 993.998, 1539, 1540, 1920, 1921, 2057
2058, 2069, 2105, 2115, 2116, 2336. 2337, 2362-2366, 2884, 2919, Appendix 47, 148, 243, 244,
245, 247, 248, 249, 250, 287, 345, 346, 347, 348, 350, 351, 352, 353, 354, 355, 357, 483, 484, 515
Manderson, C. F 447, 451, 452, 453, 454, 990
Martin, John 2401-2404, Appendix 475
Mills Ko<ror Q 458,1575-1585,2653,2655
Mitchell John II. (Dreg.) 223. 1403. 1510, 1514, 1515, 1844, 1845, 2058, 2076
Morgan, Jonh T. . 1240, 1508, 1645, 1914-1929, 1930-1934, 2104. 2105, 2195, 2334-2337, 2404, 2634-2637, 2931-2945
Morrill, Justin S 536
Palmer John M 601. 1000, 1001, 1002, 1876, 2051, 2070-2079, 2472,2473, 2540, 2541, 2543,
237,246, 250, 272. 291,292,309,310, 318, 319, 321,322,323,324,325,330, Appendix 332,
333, 334, 335, 338, 339, 347, 306, 368, 387, 392, 406, 444, 445, 449,450, 453, 454, 509, 510, 511.513
Pasco, Samuel 1839-1847,2953
Pefl'er William A 299.454,455.456,782,783,1131,1132,1133,1134,1198.1199-1206,1515,1783.1875-
1890, 1977-1986, 2015, 2016, 2056. 2058, 2059, 2068, 2193, 2194, 2468,2540,2541.2549,2710,
2731,2884,2885,2888,2915, 2955,2956, Appendix 34, 238, 295, 303, 304, 305,306^308,437
Perkins. George C 1781-1784
Platt, Orville H — 1598, 1886, 188/, 19 <8
Power, Thomas C-. A ?062— 2070
Pugh, James 453> J817
Roach, William N 2262 — 270
Sherman, John 216, 217, 384, 385, 458-460, 1049 1062, 1537, 1912, 2074, 2105, 2593, 2597, 2995, 2911
Shoup, George 1440,<waa
Smith, James, jr
Squire, Watson
519
Stewart, William N 208, 223, 201, 206,
297, 347, 348, 350, 447, 606, 607. 873, 1024, 1058, 1062, 1211-1236, 1247, 1338, 1421, 1423. 1537,
1538-1546,1574.1585-1500, 1604, 1617, 1618, 1644, 1691, 1692, 1693,1725,1750,1784,2072,
2073, 2075-2077, 2185-2193, 2366, 2405, 2088-2094, 2772, 2821, 2857, 2883,2888,2911,2912,
2913,2915,2921,2924,2953, 2957, 3074, Appendix 157, 302, 300,307,344, 347,367, 415,509
Teller, Henry M . .217, 1000, 1017-1025, 1062-1069, 1336, 1348, 1356, 1385-1390, 1418, 1419-1423, 1451, 1511, 1513,
1515,1516,1519, 1535, 1537-1540, 1572, 1573, 1615, 1016, 1642-1645, 1753, 1912,2004,2014,
2015,2010,2053, 2054, 2056-2061, 2074-2079, 2211, 2335,2336, 2404, 2405, 2471,2472,2838-
2850,2889, 2952, Appendix 137,244,245, 246,248,249,250,318,819,320,321,324, 325,340
1324
1125
Vest, George Graham 216, 217, 290-300, 863, 1538, 1539, 2945-2947
Vilas, William F 452, 400, 1614
Voorhees, Daniel W 330, 331, 444, 445, 445,
539, 589-597, 996, 997, 1009, 1010, 1054, 1062, 1131, 1132, 1335, 1336, 1439, 1440, 1534, 1535, 1571,
1573, 1612, 1613, 1637, 1042, 1040, 1693, 2259, 2260, 2332-2337, 2388, 2408, 2407, 2479, 2510, 2914
Walthall, Edward C 1301
White, Stephen M. (Cal.) 1639, 2004, 2051, Appendix 129
White, Edward Douglas (La.) 1542, 1545, 1616, Appendix 244, 295, 296, 308, 322, 331, 344, 453. 460
Wolcott, Edward O 338, 453, 1091, 2330, 2903, 2950
Turpie, David.
Vance, Zebulon B.
HOUSE OF REPRESENTATIVES.
Abbott, Jo 636
Alderson, John I) 739
Alexander, Sydenham B 556
Allen, J.M 959
Arnold, Marshall 651
Avery, John 840
Bailey, Joseph W 313, 840, 1007, 2572, 2014, 2615
Baker, William 917, Appendix 89
Bartholdi, Richard 808
Bartlett, Franklin 567
Bell, Charles K 732, 734
Bell, John C 776, Appendix 542
Blanchard, Newton C 354,357
Bland, Richard P 241. 242, 248, 254, 357, 492, 555, 888, 955, 962-968, 1851, 2800, 2801, 3000, 3057, 3060, 3061
Boatner, Charles J 206, 302-305, 508, 708, 91 2, 979
Boutelle, Charles A 976
Bowers, William W 242, 243, 275, 891
Branch, William A. B 930
Brawley, William H 917
Breckinridge, Clifton R 921, Appendix 93
Breckinridge, William C. P 242
Bretz, John L 891
Brickner, George H 613
Broderick, Case 523
Brookshire, Elijah V 728
Brown, Jason B 247
Bryan, William J 400, 411, 471, 472, 508. 984, 2572, 2573, 3060, 3 106
Bunn, Benjamin H Appendix 570
Burrows, Julius C 898
Bynum, William D 626,836,931
Campbell, Timothy J 924
Cannon, J. G 241, 242, 243, 716, 718, 2130, 2131, 2567, 2568, 2572-2575, 2612, 2613
Capehart, James 983
Caruth, Asher G 812
(Patchings, Thomas C 510, Appendix 5
Clai’k, Champ 526
Clarke, Richard H 950
Cobb, James E 897
Cochran, W. Bourke 962
Appendix 113, 330, 331, 385, 386, 451, 452, 457-461, 007-611, 990-992, 996-1002, 1023, 1024, 1065, 1066
Coffeen, Henry A 710
Compton, Barnes 904, 905
Coombs, William J 397, 914
Cooper, Charles M 437, 438
Cooper, George W 556, 981, 983, 984, Appendix 29, 102
Cooper, S. B 644
Covert, James W 694
Cox, Nicholas N 558, Appendix 67, 95, 2129-2131, 2154, 2567-2574, 2675, 2609-2612, 2015, 2616, 2657
Crawford, William T 826
Cummings, Amos J 708
Curtis, Charles 521
Dalzell, John 698-702
Daniels. Charles 434
Davis, John — 571, Appendix 7, 18, 550
De Armond, David A 935
De Forest, Robert E ‘ 648
Denson, William n 743
Dingley, Nelson, jr 812, 2568, 2615, 2616
Dockery, Alexander M 892
Dolliver, Jonathan P 921
Doolittle, William H 947, Appendix 95
Dunn, John T 760
Durborow, Allan C 907
Ellis. William T 640
English, Thomas Dunn 480
520
Enloe, Benjamin A
Everett, William
Fellows. John It
Fitch, AshbelP
Fitliian, George W
Orardner, John J
Gear, John A
Geissenhainer, Jacob A
Goldzier, Julius
Grady, Benjamin F
Grosvenor, Charles II
Grout, William W
Hager, A. L
Haines, Charles D
Hall, Osee H
Hall, HrielS
Harris, William A
Harter, Michael I)
Hartman, Charles S
Hatch. William H
Heard, John T
Henderson, David B
Hendrix, Joseph C
Hepburn, William I*
Hermann, Binger
Hicks, Josiah D
Hooker, Charles E
Hopkins, Albert C
Hopkins, Albert J
Houk, George W
Hudson, Thomas J
Hulick, George W
Hunter, Andrew J
Hutcheson, Joseph C
Ikirt, George P
J ohnson, Henry IT
Johnson, Martin N
Johnson, Tom L
Jones. William A
Joseph, Antonio
Hem, Omer M
Kiefer, Andrew K
Lacey, John Fletcher
Lane, Edward
Layton, Fernando C
Livingston, Leonidas F
Loud, Eugene F
Lucas, William V
McCall, Samuel W
McCleary, James T
McCreary, James B
McDannold, John J
McDearmon, James C
McEttrick, Michael J
McKaig, William M
McKeighan, William A
McLaurin, John L
McMillin, Benton
McRae, Thomas C
Maddox, John W
Maguire, James G
Mallory, Stephen R
Marsh, Benjamin F
Meyer, Adolph
Milliken, Seth L
Money, Hernando D
Montgomery, Alex. B
Moon, John W
Morgan, Charles H
Morse, Elijah A
Moses, Charles L
Murray, George W
Howlands, Francis G
Oates, William C
Patterson, Josiah
Payne, Serene E
Tehee, Lafe
Pendleton, George C. (Tex.) . .
Pendleton, John O. ( W. Va.) .
Pickier, John A
Pigott, James P
Post, Philip S ..1
Powers, H. Henry
Rawlins, Joseph S
Kay, George W
Rayner. Isidor
Reed, Thomas B
Richards, James A. 1)
Richardson. James 1). (Tenn.)
023
481
981, Appendix 167
; 696
981,982
832
969
926
439
Appendix 3
. . 361, 932, Appendix 82
923
829
478
764
369, 2569, 2574, 2610, 2614
773
259-270,2612
805, 807
702
810,811,2568,2569, 2612
242,411
270-275,985
630
930, Appendix 106
471,735
548
898
618,2131,2569,2570
810
510, 982, 3064, Appendix 28
947
754
326,351
767, Appendix 547
836,837
793
823, 824
633
928
853
984
321
623, Appendix 83, 2130
305
510, 3000, 3058, 3064, Appendix 22
828
805
395
474
505,509,641,2439
564
770
924
644, Appendix 78
944
560
969
921, Appendix 97
845
723, 985, Appendix 105
616
902,903
2571,2572
849
905, 906
Appendix 551
897
494
257,258,832
415-418
858
623
Appendix 152
307, 2800, Appendix 521
914,915
254,835,836,2145
8S8
317
780-804, 831, 832, 927, 971
892
847
546
279,509
Appendix 548,2613
244,2130,2131.2610
243,950
518
. 486, 927, Appendix 124
521
Russell, Benjamin E. (Ga.) ..
liyan, William
Sayers, Joseph D
Settle, Thomas
Sibley, Joseph 0
Sickles, Daniel E
Simpson, Jerry
Sipe, William A
Snodgrass, Henry C
Somers, Peter J
Sperry, Lewis
Springer, William M
Stockaale, Thomas It
Stone, Charles W. (Pa)
Stone, William J. (Ky.)
Swanson, Claudo A
Talbert, W. Jasper
Taylor, Arthur H. (Ind.)
Taylor, Alfred A. (Tenn.)...
Thomas, Henry E
Tracey, Charles
Turner, Henry G
Van Voorhis, John (N. T.) . .
Walker, Joseph
Wanger, Irving P
Warner, John De Witt
Waugh, Dan
Wheeler, Josejdi (Ala.)
Williams, James It. (111.)
Williams, John S. (Miss.) ...
Wilson, George W. (Ohio)...
Wilson, John L. (Wash.)
Wilson, William L. (W. Va.)
823
G93
880
558
403
!)I2, 913, Appendix 97
242,480,491,492,493,927
924
374-379
799
558, Appendix 48
908, 911, 912. 913 , 927, 980, 2616
571, Appendix 71, 2615
690
974
841
499, Appendix 494
916
715
844
971
709
817,2012
718,719
049
’ .’ .’ .' ." ." .’ .’ .’ ." .’ .’ .’ .’ .' .' 323, 325
793, Appendix 121
257, 950. 3063, A ppendix 494, 522, 540
959, Appendix 103
654, 984
817
415-417,934,1081.2573
971,3057,3065, Appendix 551
(
OTHER BILLS AND RESOLUTIONS INTRODUCED IN
THE SENATE AND HOUSE ON BANKING,
COINAGE, AND CURRENCY.
523
SENATE BILLS.
8. 1.
A BILL to repeal certain sections of the act of July fourteenth, eighteen hundred and ninety,
entitled “An act directing the purchase of silver bullion and the issue of Treasury notes thereon,
and for othor purposes.”
Be it enacted by the' Senate and House of Representatives of the United States of America
in Congress assembled, That sections one, three, and four of the act of July fourteenth,
eighteen hundred and ninety, entitled “An actdirecting the purchase of silver bullion
and the issue of Treasury notes thereon, and for other purposes,” are hereby repealed.
Sec. 2. This repealing act, however, is not to be construed as an abandonment of
bimetallism, but it is hereby declared that the policy of using both gold and silver as
the standard money of the country shall be established, and to the accomplishment
of that end the efforts of the Government shall be steadily and safely directed.
8. 2.
A BILL to restore the right of coinage.
Be it enacted bg the Senate and House of Representatives of the United States of America
in Congress assembled, That the fourteenth section of the act of January eighteenth,
eighteen hundred and thirty-seven, be, and the same is hereby, re-enacted, which
reads as follows :
“That gold and silver bullion brought to the Mint for coinage shall be received
and coined, by the proper officers, for the benefit of the depositor: Provided, That it
shall be lawful to refuse at the Mint any deposit of less value than one hundred dol-
lars, and any bullion so base as to be unsuitable for the operations of the Mint: And
provided also, That when gold and silver are combined, if either of these metals be in
such small proportion that it can not be separated advantageously no allowance
shall be made to the depositor for the value of such metal.”
Sec. 2. That so much of the act of July fourteenth, eighteen hundred and ninety,
entitled: “An act directing the purchase of silver bullion and the issuance of
Treasury notes thereon, and for other purposes,” as directs the Secretary of the
Treasury to purchase, from time to time, silver bullion to the aggregate amount of
four million five hundred thousand ounces, or so much thereof as may be offered in
each month, at the market price thereof, is hereby repealed.
8. 3.
A BILL to supply the deficiency in the currency.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasusy be, and he is hereby,
directed to issue silver certificates of the character and denominations as now pro-
vided by law equal in amount to the silver bullion in the Treasury purchased under
the act of July fourteenth, eighteen hundred and ninety, entitled “An act directing
the purchase of silver bullion and the issuance of Treasury notes thereon, and for
other purposes,” in excess of the amount necessary, at its coining value, to redeem
the Treasury notes issued under said act, and to use the same, or so much thereof as
may be necessary, to provide for any deficiency in the revenues of the Government,
and to use the balance of such certificates in the purchase of United States four per
centum bonds at the market price thereof, not exceeding twelve per centum premium
on the face value of such bonds; and the Secretary shall, as fast as practicable, coin
such excess of silver and hold the same for the redemption of the certificates provided
for by this act.
Sec. 2. That the Secretary of the Treasury be, and he is hereby, further directed
to issue one hundred million dollars of United States legal-tender notes of the
character and description of the United States legal-tender notes now outstanding,
and purchase with such notes United States four per centum bonds, at the market
price, not exceeding twelve per centum premium on the lace value of the bonds ao
525
52G
purchased; and the bonds purchased under the provisions of this act shall he held
in the Treasury as security for the redemption of the Treasury notes issued under
this act.
s. s.
A BILL to authorize tho coinage of a standard silver dollar, and to restore its legal-tender charac-
ter, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United Stales of America
in Congress assembled, That there shall he coined, at the several mints of the United
States, silver dollars of the weight of four hundred and twenty grains troy, of stand-
ard silver, as provided in the act of January eighteenth, eighteen hundred and
thirty-seven, on which shall he the devices and superscriptions provided by said act;
which coins together with all silver dollars heretofore coined by the United States,
of like weight and fineness, shall be a legal tender, at their nominal value, for all
debts and dues, public and private, except where otherwise expressly stipulated in
the contract. And tho Secretary of the Treasury is authorized and directed to pur-
chase, from time to time, silver bullion at the market price thereof, not less than
two million dollars’ worth per month, nor more than four million five hundred thou-
sand dollars’ worth per month, and cause the same to be coined monthly, as fast as
so purchased, into such dollars; and a sum sufficient to carry out the foregoing pro-
vision of this act is hereby appropriated out of any money in the Treasury not
otherwise appropriated. And any gain or seigniorage arising from this coinage shall
be accounted for and paid into the Treasury, as provided under existing laws rela-
tive to the subsidiary coinage: Provided, That the amount of money at any one time
invested in such silver bullion, exclusive of such resulting coin, shall not exceed five
million dollars: And provided further, That nothing in this act shall be construed to
authorize the payment in silver of certificates of deposit issued under the provisions
of section two hundred and fifty-four of the It o vised Statutes.
Sec. 2. That any holder of the coin authorized by this act may deposit the same
with the Treasurer or any assistant treasurer of the United States, in sums not
less than ten dollars, and receive therefor certificates of not less than ten dollars
each, corresponding with the denominations of the United States notes. The coin
deposited for or representing the certificates shall be retained in the Treasury for the
payment of the same on demand. Said certificates shall be receivable for customs,
taxes, and all public dues, and, when so received, may be reissued.
Sec. 3. That all acts and parts of acts inconsistent with the provisions of this act
are hereby repealed.
Sec. 4. That so much of the act entitled “An act directing tho purchase of silver
bullion and the issue of Treasury notes thereon, and for other purposes,” approved
July fourteenth, eighteen hundred and ninety, as directs the Secretary of the
Treasury to purchase, from time to time, silver bullion to the aggregate amount of
four million live hundred thousand ounces, or so much thereof as may be offered iu
each month, at the market price thereof, and to issue in payment for such purchases
silver bullion Treasury notes of tho United States is hereby repealed.
S. 12.
A BILL to provide for the free coinage of silver bullion, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That tho owner of silver bullion may deposit the same at any
mint of the United States to be coined for his benefit, and it shall be the duty of
the proper officers, upon the terms and conditions which are provided bylaw for the
deposit and coinage of gold, to coin such silver bullion into silver dollars of the
weight of four hundred and twenty grains troy, of standard silver, as provided in
the act of January eighteenth, eighteen hundred and thirty-seven, on which shall
be the devices and superscriptions provided by said act, and such coins shall be a
legal tender for all debts and duos, public and private. The act of July fourteenth,
eighteen hundred and ninety, entitled “An act directing the purchase of silver bul-
lion and tho issue of Treasury notes thereon, and for other purposes,” is hereby
repealed: Provided, That the Secretary of the Treasury shall proceed to have coined
all tho silver bullion in the Treasury pui’chasod with silver or coin certificates.
S. 2 1 .
A BILL to fix the number of grains of gold and silver in the gold and silver coins of tho United
States, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and after tho passage of this act the silver coins
of the United States shall contain the following quantities of silver, that is to say:
527
Each dollar shall contain fonr hundred and sixty-four and four-tenths grains of pure
silver, and five hundred and sixteen grains of standard silver; each half-dollar shall
contain two hundred and thirty-two and two-tenths grains of pure silver, and two
hundred and fifty-eight grains of standard silver; and each quarter-dollar shall
contain one hundred and sixteen and one-tenth grains of pure silver, and one hun-
dred and twenty-nine grains of standard silver; the dime, or ten-cent piece, shall
contain forty-six and four-tenths grains of pure silver, and fifty-one and six- tenths
grains of standard silver.
Sec. 2. That the coins mentioned in the previous section shall have on them the
devices and superscriptions provided for coins of like denominations now coined,
and shall he legal tender at their nominal value for all debts and dues, public and
private, except when otherwise expressly stipulated by contract; and any owner of
silver bullion may deposit the same at the mints of tho United States at Philadel-
phia, San Francisco, and New Orleans to be coined into dollars, or into half-dollars,
or quarter- dollars, at the option of the Secretary of tho Treasury, of five hundred
and sixteen grains, two hundred and fifty-eight grains, and one hundred and twenty-
nine grains, respectively, for his benefit.
Sec. 3. That auy holder of the coins authorized by this act may deposit the same
with the Treasurer or any assistant treasurer of the United States in sums of not less
than ten dollars and receive therefor certificates of not loss than ten dollars each,
corresponding with the denominations of United States notes. Tho coin deposited
or representing the certificate shall bo retained in the Treasury for the payment of
the same on demand. Said certificates shall be receivable for customs, taxes, and
all public dues, and when received may be reissued.
Sec. 4. That the Secretary of the Treasury shall, within two years from and after
the passage of this act, cause all the silver coins of the United States hitherto
minted of tho denominations of one dollar, half-dollar, and quarter-dollar, as well
as the Treasury notes issued under the law of July fourteenth, eighteen hundred
and ninety, to be withdrawn from circulation by exchanging the same, or causing
the same to be exchanged at their nominal value for silver certificates of like denom-
inations, representing silver coins of the weight and fineness provided for by this
act; and the silver certificates thus issued shall be in all respects similar to those
provided for in the preceding section, and shall, like them, be receivable for cus-
toms, taxes, and public dues, and when received may be reissued; and that on and
after the expiration of the two years above mentioned all the silver coins hitherto
minted of the denominations of one dollar, half-dollar, and quarter-dollar, as well
as the Treasury notes issued under the law of July fourteenth, eighteen hundred and
ninety, shall cease to be legal tender.
Sec. 5. That all silver coins coined priorto the passage of this act shall be recoined
as early as j)racticable into coins of like denominations of the weight and fineness
authorized by section one.
Sec. 6. That a sum sufficient to carry out the provisions of this act is hereby
a}ipropriated out of any moneys in the Treasury not otherwise appropriated.
Sec. 7. That the Secretary of the Treasury is hereby authorized to adopt such
rules and regulations as may be necessary to enforce the provisions of this act.
Sec. 8. That section one of an act entitled “An act directing the purchase of silver
bullion and the issue of Treasury notes thereon, and for other purposes,” approved
July fourteenth, eighteen hundred and ninety be, and the same is hereby, repealed.
S. 46.
A BILL to increase the circulation of national banks, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That upon deposits by national banking associations of United
States bonds, bearing interest as provided by law under the provisions of sections
fifty-one hundred and fifty-nine and fifty-one hundred and sixty of the Revised
Statutes, such associations shall be entitled to receive from the Comptroller of the
Currency circulating notes of different denominations in blank, registered and coun-
tersigned as provided by existing law, equal in face value to the full par value of
the bonds so deposited ; and national banking associations now having bonds on
deposit for the security of circulating notes less in face value then the par value of the
bonds, or which may hereafter have such bonds on deposit, shall be entitled, upon
due application to the Comptroller of the Currency, to receive additional circulating
notes to an amount which will increase tho aggregate value of the circulating notes
held by such associations to the par value of the bonds deposited, such additional
notes to be held and treated in the same way as circulating notes of national banking
associations heretofore issued and subject to all tho provisions of existing law affect-
ing such notes : Provided , That nothing herein contained shall be construed to modify
or repeal tlio provisions of sections fifty-one huudred and sixty -seven and fifty-one
528
hundred and seventy-one of the Revised Statutes, authorizing the Comptroller of
the Currency to require additional deposits of bonds or of lawful money in case the
market value of the bonds held to secure the circulating notes shall fall below the
par value of the circulating notes outstanding for which such bonds may be deposited
as security.
S. 52.
A BILL in amendment of the provisions of the Revised Statutes relative to national hanks.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the limitation of the total liabilities to any national-
banking association of any person, company, corporation, or firm, under section
fifty-two hundred of the Revised Statutes, shall be one- tenth part of the amount of
the capital stock of such association actually paid in and tliesurplus of such associa-
tion as ascertained and determined by the national-bank examiner at the last previ-
ous examination of such association. In case of any violation of the provisions of
said section fifty-two hundred, as hereby amended, the Comptroller shall commence
suit under section fifty-two hundred and thirty-nine of the Revised Statutes, and
such suit shall not be discontinued without the authority of the Secretary of the
Treasury.
Sec. 2. That no liability, direct or indirect, to any association of any stockholder,
director, or officer or other employee of any national-banking association, to an
amount greater at any one time than one thousand dollars shall be allowed to exist,
except by previous authority in writing, signed by the president, or vice-president
when the president can not act, and three-fourths of the directors, or by a majority
vote of the directors at a legal meeting of the board, the record of which shall show
the name and vote of each director present. It shall be the duty of the directors to
cause the amount of every such liability of any stockholder, director, officer, or other
employee, with a full description thereof to be recorded in one special book kept for
such liabilities alone, and to cause the same to remain recorded thereiu as unpaid
until it is fully discharged, and to designate by vote an official or officials by whom
all entries shall bo made in said book and attested by their signatures, with dates
attached. Any willfully false entry made in said book by any person, or any inten-
tional omission therefrom by any person whose duty i t. may be to make eu tries therein
shall subject the guilty person, and any person who may be his aider or abettor, to
punishment by fine not exceeding five thousand dollars or to imprisonment not
exceeding one year, or to both such fine and imprisonment, according to the discre-
tion of the court.
Sec. 3. That whenever it shall satisfactorily appear to the Comptroller of the
Currency that any officers or director of a national bank has been guilty of viola-
tions of the provisions of the national-bank act, and such officer or director shall,
after due admonition from the Comptroller of the Currency, persist in such viola-
tions, it shall bo the duty of the Comptroller to give to such officer or director not
less than ton days’ notice to appear before him at his office in the city of Washing-
ton and show cause why ho should not be removed from office. The Comptroller of
the Currency, with the consent and approval of the Secretary of the Treasury, after
due hearing or opportunity to be hoard, as above provided, is hereby authorized and
empowered to remove from office such officer or director.
Sec. 4. That each national-bank examiner, before entering upon his duties, shall
take and subscribe the oath of office and file the same with the Comptroller of the
Currency, and he shall give to the United States a bond with not less than two
responsible sureties, to bo approved by the Comptroller of the Currency, for such
amount as the Comptroller may fix, conditioned for the faithful discharge of the
duties of his office.
Sec. 5. That the Comptroller of the Currency is hereby authorized and empowered,
with the approval of the Secretary of the Treasury, to appoint two general exam-
iners of ability and experience, each of whom shall be entitled to an annual salary
of five thousand dollars, together with his actual and necessary traveling expenses
and disbursements, which shall be paid by the United States. It shall be the duty
of such examiners, under the general direction of the Comptroller of the Currency,
to visit, assist, and supervise the various bank examiners in their several districts
in order to secure uniformity in method and greater efficiency in work.
Sec. 6. That the requirement of section three hundred and eighty of the Revised
Statutes, that suits and proceedings concerning national banking associations shall
be conducted by the district attorneys of the several districts, shall not extend to
suits and proceedings instituted by or against receivers of such banking associa-
tions.
Sec. 7. That in order to facilitate the collection of assessments upon shareholders
of failed national banks, it shall be the duty of every receiver of such a bank, when-
ever the assots are iusuttioiewt to pay creditors in full, as soon as the Comptroller of
529
t he Currency has fixed and determined such deficiency and made an assessment upon
the shareholders therefor, to file with the recorder or register of deeds of real estate
within the county or other territorial subdivision in Avliich each of said sharehold-
ers resides, when he may be able to ascertain his residence, a certificate reciting tho
name of such shareholder, the number of shares of stock owned by him, and the amount
of assessment imposed thereon. The filing of such certificate shall create a lien upon
the real estate of such shareholder within such county or other territorial subdivi-
sion for the amount of such assessment. A similar certificate maybe lilt'd in any
county or other territorial subdivision other than that of tho residence of the share-
holder, and shall create a lien upon the real estate which may be found therein of
such shareholder for the amount of such assessment. Such receiver is authorized
and directed to execute a discharge and satisfaction of any such lien upon the pay-
ment or compromise of such assessment, or upon receiving a satisfactory bond
to pay such assessment if its payment shall be finally ordered by a court of com-
petent jurisdiction.
Sec. 8. That section fifty-two hundred and nine of the Revised Statutes is hereby
amended by adding in the first line thereof, after the word “ agent,” the words “ or
employee; ” and by striking out the words “ in either case;” and by striking out
the words "any agent appointed to examine the affairs of any such association” and
inserting instead thereof the words “ of the United States;” and by striking out the
words “ with like intent,” and inserting instead thereof the word “knowingly,”
and by adding in the fourteenth line of said section, after the word “agent,” the
words “or employee.”
S. 53.
A BILL to repeal so much of the act of July fourteenth, eighteen hundred and ninety, as provides
for the purchase of silver.
Be it enac ted by the Senate and House of Representatives of the United States of America
in Congress assembled, That so much of the act of July fourteenth, eighteen hundred
and ninety, as provides for the further purchase of silver, is hereby repealed.
S. 289.
A BILL to secure depositors in national banks.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That every national bank existing and doing business at the
date of the passage of this act, shall, as soon as practicable thereafter, report in
writing its true financial condition to the Secretary of the Treasury, and if found by
said Secretary to be in a solvent condition, deposits thereafter made in such bank
in good faith, in the due course of business, by persons not officers of the bank, nor
stockholders in the corporation doing the banking business, shall bo and they are
hereby guaranteed by the United States to be paid to the depositors, or their lawful
assigns, or transferees, when drawn on by draft or check, but no person shall be
allowed to overdraw his account in any manner.
Sec. 2. That to indemnify the United States from loss by reason of the guaranty
given and made in the first section of this act, an annual tax is hereby levied on all
deposits hereafter made in the banks described in this act, equal to one-fourth of
one per centum of said deposits; the said tax shall be paid to the Secretary ot the
Treasury on the last day of each month of the year on the deposits of that month.
Sec. 3. That the cashier or president of all banks to which this act applies, shall
make truthful reports of the pecuniary and financial condition of the bank of which
he is cashier or president, to the Secretary ot the Treasury, as often as said Secre-
tary may by rule require; and all such banks shall be subject, as now, to, bo exam-
ined whenever the proper officer may so order.
Sec. 4. That this act shall not operate to lessen the liability now provided by
law, of officers of the national banks and stockholders owning stock in the corpora-
tion doing a banking business, nor to release them, or either of them, from the pen-
alties of the law, as now provided.
Sec. 5. That this act shall be enforced from and after its passage.
8. 294.
A BILL to provide for tho issue of circulating notes to national banks.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That upon any deposit already or hereafter made of any
United States bonds bearing interest in the manner required by law, any national
banking association which lias made or shall make such deposit shall be entitled to
S. Eep. 235 34
530
receive from the Comptroller of the Currency circulating notes of different denomi-
nations, in blank, registered and countersigned as provided by law, not exceeding in
the whole amount, including circulating notes previously issued, the par value of
the bonds deposited: Provided, That at no time shall the amount of such notes
issued to any association exceed the amount at such time actually paid in of its
capital stock.
8. 325.
A BILL to increase tlie circulating medium by issuing Treasury notes, payable in lawful money of
the United States.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury he, and he is hereby,
directed to prepare, without unnecessary delay, Treasury notes to the aggregate
amount of three hundred million dollars, to be similar in form, dimensions, and gen-
eral appearance to those issued under the provisions of the act of Congress approved
July fourteenth, eighteen hundred and ninety, except that he may, in his discretion,
vary the designs of the engraving, and they shall show on their face that they are
issued by authority of this act and are payable in dollars, the lawful money of the
United States.
Sec. 2. That one-fifth part, in face value, of said notes shall be of the denomina-
tion of one dollar; one-fifth part shall be of the denomination of two dollars; and
the rest shall be made in equal amounts of the denominations of five dollars, ten
dollars, and twenty dollars each.
Sec. 3. That the said notes shall be lawful money of the United States, receivable
by Government officers for taxes and all public dues, and they shall be legal tender,
at their face value, in payment of debts to any amount whatever.
Sec. 4. That as fast as the notes are prepared they shall be deposited in the Treas-
ury of the United States, charged to the Treasurer, accounted for as available funds
of the Government, and paid out as other public moneys; and whenever any of them
are received in the Treasury in the course of business they shall be immediately
reissued and kept in circulation.
Sec. 5. That the Secretary of the Treasury is authorized to exchange any of said
notes above the denomination of five dollars for United States bonds or other out-
standing obligations of the Government at par.
Sec. 6. That this act shall take effect immediately.
8. 414.
A BILL to direct the coinage of silver bullion for tlie redemption of silver certificates, and to author-
ize the issue of circulating notes to national banks at par of their deposited bonds.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That after setting aside in coin and bullion, as a reserve, such
amount of the silver bullion purchased, from time to time, by direction of the act
approved July fourteenth, eighteen hundred and ninety, as shall equal, at the coin-
ing value, the aggregate sum of the Treasury notes authorized by the said act, all
remainder of the said bullion shall be deemed available forthe issueof silver certifi-
cates now authorized bylaw; and the said remainder or surplus bullion shall be
coined into standard silver dollars ; and the said dollars shall be used for the redemp-
tion of silver certificates as now required by law: Provided, That this act shall not
be deemed to alter or amend any provision of the said act of J nly fourteenth, eighteen
hundred and ninety, entitled "An act directing the purchase of silver bullion and
the issue of Treasury notes thereon, and for other purposes.”
Sec. 2. That hereafter national banking associations shall be entitled to receive
from the Comptroller of the Currency, upon compliance with all other terms and
requirements of law therefor, circulating notes of different denominations, in blank,
registered and countersigned as required by law, to the value at par of the United
States bonds on deposit with the Treasurer in trust for the association: Provided,
That the aggregate sum of such notes for which any association shall be liable, at
any time, shall not exceed the amount of its capital stock at the time actually paid
"sec. 3. That all acts and parts of acts in conflict with this act are hereby repealed.
8. 438.
A BILL directing the discontinuance of the purchase of silver bullion.
Be it enacted by the Senate and House of Representatives of the United States of Amer-
ica in Congress assembled, That so much of the act of July fourteenth, eighteen hun-
dred and ninety, entitled "An act directing the purchase of silver bullion and the
issue of Treasury notes thereon, and for other purposes/’ as directs the purchase of
silver bullion is hereby repealed.
531
8. 453.
A BILL to provide for tho issue of circulating uotcs to national banks.
Be it enacted by the Senate and House of Representatives of the United States of Amer-
ica in Congress assembled, That upon any deposit already or hereafter made of any
United States interest-hearing bonds in the manner required by law, any national
banking association which has made or shall make such deposit shall be entitled to
receive from the Comptroller of the Currency circulating notes of diiferent denomi-
nations, in blank, registered, and countersigned as provided by law, not exceeding-
in the whole amount, including circulating notes previously issued, the par value of
the bonds deposited : Provided, That at no time shall the amount of such notes issued
to any association exceed the amount at such time actually paid in of its capital
stock.
8. 453.
AMENDMENT intended to be proposed by Mr. Call to the bill (S. 453) to provide for the issue of cir-
culating notes to national banks, viz: At the end of the bill add the following:
That two hundred and fifty million dollars of full legal-tender Treasury notes of
the United States, in such form and denominations, not less than one dollar nor more
than one hundred dollars, redeemable, at the discretion of tho Secretary of the
Treasury, in gold or silver coin of the standard prescribed in the laws of the United
States at the date of the approval of this act and the issue of such notes.
That such Treasury notes shall be deposited in national banks, State banks, savings
banks, or other chartered institutions under the laws of the several States as equally
as may be in proportion to the entire population of the United States. Such banks
or chartered institutions shall bo selected by the Secretary of the Treasury.
That the officer of said banks or incorporated companies having custody of the
money shall be appointed a subtreasurer of the United States without salary from
the United States, and such banks or chartered institutions shall be required to
deposit security in a sum double the amount of such deposit of United States Treas-
ury notes for the repayment of such amount to the United States, to be approved by
the Secretary of the Treasury.
That such security may be deposited in State, county or municipal bonds, to be
approved by the Secretary of the Treasury, to be held in the Treasury of the United
States as collateral security for the repayment of such Treasury notes.
That the banks or chartered institutions receiving such deposits of Treasury notes
are prohibited from loaning money, either directly or indirectly, at a higher rate of
interest than six per centum per annum; and any officer of such bauk willfully
violating this act shall be liable, on trial and conviction, to be fined in a sum not
exceeding double the amount so loaned and imprisonment not exceeding six months.
8. 4G2.
A BILL directing the purchase of silver bullion and the issue of Treasury notes therefor, for tho
appointment of a mint commission, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury is hereby directed to pur-
chase from time to time all the silver bullion offered at any coinage mint of the
United States at a price to be fixed from time to time by a mint commission, herein-
after provided for, and to issue in payment of such purchases of silver bullion Treas-
ury notes of the United States, to be prepared by the Secretary of the Treasury, in
such form and in such denominations as he may prescribe, and a sum sufficient to
carry into effect the provisions' of this act is hereby appropriated out of any money
in the Treasury not otherwise appropriated.
Sec. 2. That Treasury notes issued in accordance with the provisions of this act
shall be redeemable on demand in coin at the Treasury of the United States or at the
office of any assistant treasurer of the United States, or at the mints of the United
States, in silver bullion at the price established by the mint commission, and when
so redeemed may be reissued, and such Treasury notes shall be a legal tender in pay-
ment of all debts, public and private, except when expressly stipulated in the eon-
tract, and shall be receivable for customs taxes and all public dues, and such notes
when held by any national banking association may be counted as a part of its law-
ful reserve.
Sec. 3. That tho President shall, by and with the advice and consent of tho Sen-
ate, appoint three members of a commission, to be termed “the mint commission,”
who shall meet in Washington as often as the duties of their office may require, and
of which commission the Secretary of the Treasury shall bo a member, in addition
532
to the three named, and ex-officio chairman of said commission. The said commis-
sion shall, from time to time, ascertain the market or commercial value of silver per
ounce of pure metal, and in forming conclusions as to the market value they may
take into consideration the effect produced upon the current price by the existence
of combinations or speculative manipulation to the end and effect that the price
determined upon shall fairly and truly represent the actual market value as near as
it may be ascertained when unaffected by such combinations or manipulations. They
shall also have the power to increase or lower the price, or to suspend purchase of
silver bullion, when, in their judgment, the public interest demands such suspension :
Provided, however, That no arbitrary change in price shall be made. When once fixed
the price must so remain, unless purchases are suspended for cause or until the com-
mission shall become satisfied that the price previously adopted is either higher or
lower than the actual market value, judging from the production of silver and the
surplus thereof, or the lack of surplus, over and above the world’s demand. The
said commission shall also prepare and recommend for the consideration of Congress
a revised coinage plan, to include or replace all existing silver coinage laws, and
which plan may provide for full legal-tender silver coins that shall contain a stiffi-
cient quantity of pure metal, which at the commercial value thereof shall cause
such coins to be equal in value to gold coins of like denominations, and which coins
may be coined free at the mints the same as gold is now coined, it being the estab-
lished policy of the United States to uphold and maintain the bimetallic theory of
money, and also to maintain all kinds of money issued by the Government of the
United States or under its authority, whether the same be gold, silver, or paper, on
a parity with each other, upon the standard of value as now established in the
authorized coinage of gold. The said commissioners shall each receive a salary of
dollars per annum and their reasonable expenses while actually engaged
in the performance of the duties involved, to be approved by the Secretary of the
Treasury.
Sec. 4. That the silver bullion purchased under the provisions of this act shall be
subject to the requirements of existing laws and the regulations of the mint service
governing the methods of determining the amount of pure silver contained, and
there shall be deducted from all purchases one per centum of the amount thereof to
cover mint charges.
Sec. 5. That the Secretary of the Treasury is hereby authorized and directed in
his discretion to charge a tax or premium of such amount as he may deem proper
from time to time upon gold bars held by the mints.
Sec. 6. That all laws or parts of laws authorizing the purchase of silver bullion
or the coinage of legal-tender silver dollars, or which may in other respects be incon-
sistent with the provisions of this act, are hereby repealed: Provided, That the pur-
chase of silver bullion for coinage into subsidiary coins as now provided by law
shall not be affected by this act.
S. 4S4.
A BILL providing for the issuance of clearing-house certificates by clearing-house associations ot
central reserve cities, and the purchaso thereof by the Secretary of the Treasury, the issue of
Treasury notes, their redemption, and for other purposes.
Be it evaded by the Senate and House of Representatives of the United States of America
in Conyrc8s assembled, That tho Secretary of the Treasury is hereby authorized and
directed to purchase, at not more than par value thereof, clearing-house certificates
issued by the associated banks forming tho clearing-house association of any central
reserve city under tho national currency act, when the same shall be presented in
sums of one thousand dollars or multiples thereof, and to issue in payment of such
purchases Treasury notes of tho United States, to bo prepared by tho Secretary of
the Treasury in such form and in such denominations as ho may prescribe, and a sum
sufficient to carry into effect tho provisions of this act is hereby appropriated out of
any money in tho Treasury not otherwise appropriated.
Sec. 2. That the Treasury notes issued in accordance with the provisions of this
act shall bo redeemable on demand in coin, at tho Treasury of tho United States, or
at tho ollico of any assistant treasurer of the United States, and when so redeemed
may bo reissued, except when received in redemption of clearing -house certificates
purchased under this act; and such Treasury notes shall be legal tender in payment
Gf all debts, public and private, except where otherwise expressly stipulated in tho
contract, and shall be receivable for customs, taxes, and all public dues; and such
notes when hold by any national-banking association shall be counted as a part of
its lawful reserve.
Sec. 3. That the clearing-house certificates authorized to be purchased under this
act shall be made payable on demand, and shall draw interest at a rate not less than
six per centum per annum, and shall not be issued in an amount to exceed in tho
533
aggregate outstanding at any time the aggregate capital of the banks, members of the
association, issuing the same. The articles of such clearing-house associations shall
provide that the banks forming the association shall be jointly and severally liable
for the payment of the certificates issued by the associations, with the interest
thereon, and no detect in the corporate organization of such associations or the mem-
bers thereof shall relieve any bank appearing as a member thereof from its liability
for any of the certificates purchased under this act.
Sec. 4. That the banks composing said clearing-house associations shall have the
privilege of redeeming at anytime any or all of the certificates purchased under this
act by depositing with the Treasurer of the United States, or any assistnnt treasurer
of the United States, legal-tender notes to the amount of certificates desired to bo
redeemed, with interest thereon to date of deposit, and upon receipt of certificate of
said deposit the Secretary is authorized to deliver the certificates so redeemed to the
depositing bank.
Sec. 5. That the legal-tender notes received in redemption of clearing-house certifi-
cates shall be canceled and destroyed and not reissued, to the end and effect that
when all the certificates authorized to bo purchased under this act shall have been
redeemed, the volume of United States notes outstanding shall be the same as that
existing prior to the issue of the notes here authorized.
Sec. 6. That the Secretary of the Treasury is authorized to demand and enforce
the payment of any clearing-house certificates purchased under this act, when in his
opinion they should all be retired by the ending of the emergency justifying their
issue.
S. 4S5.
A BILL to authorize the purchase of gold and silver bullion, and to pay for the same in lagel-tender
paper.
Be it enacted by the Senate and Rouse of Representatives of the United. States of America
in Congress assembled. That the Director of the Mint, with the approval of the Secre-
tary of the Treasury, be, and they are, authorized to purchase all gold and silver bull-
ion and subsidiary coins offered at any price, less the cost of transportation and
mintage, without regard to the price in any foreign nation.
Sec. 2. That said gold and silver bullion so purchased, and that now owned by
the Government, shall be coined as speedily as possible into the different standard
coins of the United States at the present ratio of sixteen to one.
Sec. 3. That no gold or silver reserve shall be held for any purpose, except a suffi-
ciency to meet the indebtedness and general expenditures of the Government.
Sec. 4. That for every dollar of gold and silver coined the Government shall issue
two dollars in greenbacks, mostly in small denominations, to supply the place of
national-bank notes and all worn and mutilated bills of all kinds, and for other
purposes, as necessity may demand; and thereby reduce all circulating notes as soon
as possible to only three kinds of legal tender, namely, gold, silver, and greenbacks.
Sec. 5. That all such issues of greenbacks and all gold and silver coined, based as
they are on the faith and wealth of the nation, shall be a legal tender for all debts,
public and private, and interchangeable, one for the other, at any time, in any sum
not to exceed one hundred dollars to anyone, for the accommodation of businessmen
and laborers.
Sec. 6. That the Secretary of the Treasury shall pay out, on all demands against
the Government, gold, silver, and greenbacks, as nearly equally as possible without
making any special discrimination for or against any legal tender, except such Gov-
ernment bonds pledged to be paid in coin; all such bonds shall be paid one-half in
gold and the other half in silver. But if the bondholder prefers bullion it shall be
so paid, the price of the bullion to be determined by its mintage value in the United
States less the cost of mintage.
Sec. 7. That all gold and silver bullion purchased by the Government, namely,
gold bullion paid in gold coin, or, if preferred by the seller, any or all in greenbacks.
Silver bullion shall be paid for in silver coin, or any part or all in greenbacks, at the
seller’s option.
Sec. 8. That the Government shall not be required to purchase any given amount in
any certain time, but shall purchase anywhere any or all gold and silver bullion
offered at any price, less the cost of transportation and mintage, so, if possible, to keep
the mints of the Government constantly operated at their full capacity.
Sec. 9. That all laws and parts of laws in conflict with the provisions of thisbill
be, and are hereby, repealed.
534
S. 4S«.
A BILL to authorize the issue of six hundred million dollars of money, and for other purposes.
Whereas a nation which can make good bonds can make better money; and
Whereas a nation which can make a dollar on gold can make another dollar on
aluminum or paper; and
Whereas a nation which won’t or can’t pay its debts has no right to exist on this
earth ; and
Whereas Congress can coin enough money to pay the debts of the United States
within six months: Therefore,
Beit enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury he, and he is hereby,
authorized and instructed to prepare the sum of six hundred million dollars of the
declaratory (not promissory), full (not partial) legal-tender money of this republic,
in various denominations, on sheets of aluminum or silk-threaded paper, as the
people may prefer, and cover the same into the Treasury as soon as possible as sur-
plus money, and then forthwith call all of the outstanding interest-hearing bonds of
the United States for immediate redemption, at par, under the act of March third,
eighteen hundred and eighty-one, and as fast as said bonds are presented he shall
pay them with said surplus money.
Sec. 2. That all acts and parts of acts in conflict with this act be, and they are
hereby, repealed, and this act shall take effect when approved.
8. 545.
A BILL to provide for a more extended use of gold by the people of the United States.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That section two hundred and fifty-four of the Revised Stat-
utes of the United States he, and is hereby, amended by striking out the word
"twenty” after the words "in denominations of not less than,” and by inserting in
the place thereof the word “ five,” so that the first sentence of said section shall
read: "The Secretary of the Treasury is authorized to receive deposits of gold coin
and bullion with the Treasurer or any assistant treasurer of the United States, in
sums not less than twenty dollars, and to issue certificates therefor, in denomina-
tions of not less than five dollars each, corresponding with the denominations of the
United States notes.”
8. 570.
A BILL discontinuing the purchase of silver bullion.
Be it enacted by the Senate and House of Representatives of theUnited States of Am odea
in Congress assembled, That so much of the act approved July fourteenth, eighteen
hundred and ninety, entitled, "An act directing the purchase of silver bullion and
issue of Treasury notes thereon, and for other purposes,” as directs the Secretary of
the Treasury to purchase from time to time silver bullion to the aggregate amount
of four million five hundred thousand ounces, or so much thereof as may he offered
in each month at the market price thereof, not exceeding one dollar for three hun-
dred and seventy-one and twenty-five one-hundredths grains of pure silver, and to
issue in payment for such purchases Treasury notes of the United States, be, and the
same is hereby, repealed. And it is hereby declared to be the policy of the United
States to continue the use of both gold and silver as standard money, and to coin
both gold and silver into money of intrinsic and exchangeable value, such equality
to he secured through international agreement, or by such safeguards of legislation
as will insure the maintenance of the parity in value of the coins of the two metals,
and the equal power of every dollar at all times in the markets and hi the payment
of debts. And it is hereby further declared that the eff orts of the Government
should lie steadily directed to the establishment of such a safe system of bimetallism
as will maintain at all times the equal power of every dollar coined or issued by
the United States, in the markets and in the payment of debts.
8. 570.
AMENDMENTS intended to be proposed by Mr. raseo to the amendment introduced by the minority
of t lie Committee on finance lo tlio bill (S. f>70) discontinuing the purchase of silver bullion, viz :
Strike out section one and insert in lieu thereof the following:
"That a commission, to bo composed of three citizens of the United States, shall
be appointed by the President to ascertain and determine by the first day of January
next the fair and just ratio between the actual and intrinsic values of silver and
535
gold, as a basis for the future coinage of silver, as hereinafter provided, without
discrimination against either metal or charge for coinage, so that the dollar unit of
coinage of both metals may be of equal intrinsic value. And the said commission
shall report to the Secretary of the Treasury the result reached by them as soon as
practicable after the date hereinbefore named, and he shall thereupon fix and deter-
mine the weight of pure and standard silver to bo contained in the silver dollar, the
half dollar, the quarter dollar, and the dime authorized to be coined by this act,
according to the said report; and the said coins so authorized and thereafter coined
shall be of the standard and weight thus lixed and determined by the Secretary of
the Treasury.”
In section two strike out all after the second “of,” in line ten, and insert in lieu
thereof the following : “the fineness and weight fixed in accordance with the pro-
visions of the first section of this act.”
In section three insert after “ may,” in line two, “from and after the first day of
March, eighteen hundred and ninety-four.”
S. 570.
[ Amendment intended to be proposed by the minority of the Committee on Finance to the bill (S. 570)
discontinuing the purchase of silver bullion.]
A BILL to fix the number of grains of silver in the silver coins of the United States, and for other
purposes.
Be it evaded by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and after the passage of this act the silver coins of
the United Seates shall contain the following quantities of silver, that is to say:
Each dollar shall contain four hundred and sixty-four and four-tenths grains of pure
silver, and five hundred and sixteen grains of standard silver; each half-dollar shall
contain two hundred and thirty-two and two-tenths grains of pure silver, and two
hundred and fifty-eight grains of standard silver; and each quarter-dollar shall con-
tain one hundred and sixteen and one-tenth grains of pure silver, and one-hundred
and twenty-nine grains of standard silver; the dime, or ten-cent piece, shall con-
tain forty-six and four-tenths grains of pure silver, and fifty-one and six-tenths
grains of standard silver.
Sec. 2. That the coins mentioned in the previous section shall have on them the
devices and superscriptions provided for coins of like denominations now coined, and
shall be legal tender at their nominal value for all debts and dues, public and private,
except when otherwise expressly stipulated by contract; and any owner of silver
bullion may deposit the same at the mints of the United States at Pliildelphia, San
Francisco, and New Orleans to be coined into dollars, or into half dollars, or quarter-
dollars, at the option of the Secretary of the Treasury, of five hundred and sixteen
grains, two hundred and fifty-eight grains, and one hundred and twenty-nine grains,
respectively, for his benefit.
Sec. 3. That any holder of the coins authorized by this act may deposit the same
with the Treasurer or any assistant treasurer of the United States in sums of not
less than ten dollars and receive therefor certificates of not less than ten dollars each,
corresponding with the denominations of United States notes. The coin deposited
or representing the certificate shall be retained in the Treasury for the payment of the
same on demand. Said certificate shall be receivable for customs, taxes, and all
public dues, and when received may be reissued.
Sec. 4. That the Secretary of the Treasury shall, within two years from and after
the passage of this act, cause all the silver coins of the United States hitherto minted
of the denominations of one dollar, half-dollar, and quarter-dollar, as well as the
Treasury notes issued under the law of July fourteenth, eighteen hundredand ninety,
to be withdrawn from circulation by exchanging the same, or causing the same ito
be exchanged at their nominal value for silver certificates of like denominations,
repi’esenting silver coins of the weight and fineness provided for by this act; and
the silver certificates thus issued shall be in all respects similar to those provided for
in the preceding section, and shall, like them, be receivable for customs, taxes, and
public dues, and when received may be reissued ; and that on and after the expiration
of thetwo years above mentioned all the silver coins hitherto minted of the denomina-
tions of one dollar, half-dollar, and quarter-dollar, as well as the Treasury notes
issued under the law of July fourteenth, eighteen hundred and ninety, shall cease
to be legal tender.
Sec. 5. That all silver coins coined prior to the passage of this act shall be recoined
as early as practicable into coins of like denominations of tho weight and fineness
authorized by section one.
Sec. 6. That a sum sufficient to carry out the provisions of this act is hereby
appropriated out of any moneys in the Treasury not otherwise appropriated.
536
Sec. 7. That the Secretary of the Treasury is hereby authorized to adopt such
rules and regulations as may be necessary to enforce the provisions of this act.
Sec. 8. That section one of an act entitled “An act directing the purchase of sil-
ver bullion and the issue of Treasury notes thereon, and for other purposes,”
approved July fourteenth, eighteen hundred and ninety, be, and the same is hereby
repealed.
S. 570.
AMENDMENT intended to be proposed by Mr. Allen to the bill (S. 570) discontinuing the purchase
of silver bullion, viz : Add, after the repealing clause, the following:
Provided, That hereafter standard silver shall be coined at the several mints of the
United States into dollars, half-dollars, quarter-dollars, and dimes, at the present
ratio of sixteen grains of standard silver to one grain of standard gold, under the
same conditions as to mintage and other charges that are now or may hereafter be
in force writh reference to the coinage of gold. Aud it shall bo the duty of the Sec-
retary of the Treasury, without unnecessary delay, to cause all uncoined silver bul-
lion owned by the Government of the United States to be coined into standard silver
dollars. All money coined under the provisions of this act shall be a full legal tender
for all debts public and private.
8. 595.
A BILL to provide for the immediate issue and circulation of Treasury notes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury be, and he is hereby,
authorized and directed to cause to be prepared immediately Treasury notes to the
amount of two hundred and fifty million dollars, said notes to be in form, dimeusions,
and general appearance similar to those which have been prepared under the pro-
visions of the act of July fourteenth, eighteen hundred and ninety. They shall be
of the denominations one dollar, two dollars, five dollars, ten dollars, and twenty
dollars, one-fifth part in value of the total issue to be in each of said denominations;
they shall be made payable in lawful money; they shall be received by the Govern-
ment of the United States, and the officers thereof, for taxes and all public dues,
and they shall be lawful money and legal tender, at their face value, in payment of
debts to any amount whatever.
Sec. 2. That said notes shall be printed on paper of the same character, quality,
and grade as that now used for the United States notes ; they shall be prepared in
accordance with laws, rules, and regulations now in force applicable to such work,
and as fast as they are ready for delivery they shall be deposited in the Treasury aud
treated as so much available cash, and they shall be paid out the same as other public
moneys.
Sec. 3. That when any of said notes are received in the Treasury in the course of
business they shall be reissued and thus kept in circulation.
Sec. 4. That this act shall take effect immediately after its passage.
8. 751.
A BILL to provide a postal currency, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That on and after January first, eighteen hundred and ninety-
four, the issue by the Post-Office Department of postal notes shall cease, and there
shall be issued in their stead a postal fractional currency in denominations of five,
ten, twenty-five, fifty, and seventy-five cents.
Sec. 2. That the issue of said fractional currency shall be made under the super-
vision of the Post-Office Department and shall be furnished to all postmasters in
sums as the Postmaster-General shall deem proper, having due regard for the amount
of business transacted.
Sec. 3. That the said postal fractional currency shall be a legal tender for sums
less than oue dollar and shall be redeemable in the lawful money of the United States
at any post-office in the United States to the amount of one dollars; at any money-
order post-office of the fourth class to the amount of five dollars; at any post-office of
the first, second, or third class to an amount not exceeding ten dollars in any one
payment to any one individual on the same day.
Sec. 4. That such postal fractional currency shall be furnished to the public on
payment therefor at the face value in lawful money of the United State without
other cost or charges.
537
Sec. 5. That any person convicted of counterfeiting said fractional currency shall,
ou conviction thereof, ho fined in a sum not less than one thousand nor more than
live thousand dollars, or he subject to imprisonment for not less than live years nor
more than twenty years, as the judgment of the court having jurisdiction of the case
may decide.
8. 765.
A BILL to provide for the free and unlimited coinage of gold and silver bullion.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the standard for hotli gold and silver coins of the United
States shall hereafter he such that of one thousand parts by weight nine hundred
shall he of pure metal and one hundred of alloy; and the alloy of the silver coins
shall he of copper; and the alloy of the gold coins shall he of copper and silver:
Provided, That the silver do not exceed one-half of the whole alloy.
Sec. 2. That of the silver coins the dollar shall he of the weight of four hundred
and twelve and one-half grains; the half-dollar of the weight of two hundred and
six and one-fourth grains; the quarter-dollar of the weight of one hundred and three
and one-eighth grains; the dime, or tenth part of a dollar, of the weight of forty-
one and a quarter grains. And that dollars, half-dollars, and quarter-dollars, and
dimes shall be legal tenders of payment, according to their nominal value, for any
sums whatever.
Sec. 3. That of the gold coins the weight of the eagle shall he two hundred and
fifty-eight grains ; that of the lialf-eagle one hundred and twenty-nine grains; and
that of the quarter-eagle sixty-four and one-half grains. And that for all sums
whatever the eagle shall he a legal tender of payment for ten dollars, the half-eagle
for five dollars, and the quarter-eagle for two and a half dollars.
Sec. 4. That the silver coins heretofore issued at the Mint of the United States
and the golci coins issued since the thirty-first day of July, eighteen hundred and
thirty-four, shall continue to he legal tenders of payment for their nominal values
on the same terms as if they were of the coinage provided for by this act.
Sec. 5. That gold and silver bullion brought to the Mint for coinage shall be
received and coined, hv the proper officers, for the benefit of the depositor: Provided,
That it shall he lawful to refuse, at the Mint, any deposits of less value than oue hun-
dred dollars, and any bullion so base as to he unsuitable for the operations of the
Mint: And provided also, That when gold and silver are combined, if either of these
metals he in such small proportion that it can not he separated advantageously, no
allowance shall he made to the depositor for the value of such metal.
Sec. 6. That when bullion is brought to the Mint for coinage it shall he weighed
by the treasurer, in the presence of the depositor, when practicable, and a receipt
given which shall state the description and weight of the bullion : Provided, That
when the bullion is in such a state as to require melting before its value can be
ascertained the weight after melting shall be considered as the true weight of the
bullion deposited.
Sec. 7. That all provisions of existing laws relating to coinage which are not
inconsistent with the provisions of this shall be construed in aid of the execution of
this act.
Sec. 8. That all provisions of law in conflict with the provisions of this act are
hereby repealed.
Sec. 9. That this act shall take effect and be in force immediately.
8. S83.
A BILL to repeal sections one and two of the act of Congress, approved June ninth, eighteen hundred
and seventy-nine, “To provide for the exchange of coin for lawful money of the United States under
certain circumstances, and to make such coins a legal tender in all sums not exceeding ten dollars,
and for other purposes.”
Beit enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That sections oue and two of the act of Congress, approved
June ninth, eighteen hundred and seventy-nine, “ To provide for the exchange of
coins for lawful money of the United States under certain circumstances, and to
make such coins a legal tender in all sums not exceeding ten dollars, and for other
purposes,” be, and the same are hereby, repealed.
8. 916.
A BILL directing the purchase of silver bullion and the issue of United States Treasurynotes therefor.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury is hereby directed to pur-
chase all silver bullion mined in the United States that may be offered, in lots of the
538
value of not less than one hundred dollars each, at its par value of one dollar twenty-
nine and twenty-nine one-hundredths cents per ounce, less the usual charge for part-
ing, coining, and so forth, that prevailed prior to February twelfth, eighteen hun-
dred and seventy-three; that an additional charge of three cents per ounce shall be
made to cover expenses incurred in distributing the silver coin per express, through
the mails, or otherwise; that the Secretary of the Treasury shall keep an account of
the profits accruing from said charge, and also of the expenses incurred, and that said
charge shall be increased or decreased, as may be necessary, to meet the expenses of
distributing said silver coin.
Sec. 2. That gold or silver coin or full legal-tender United States notes, redeemable
in gold or silver coin, at the option of the Secretary of the Treasury, may be employed
in the purchase of said silver bullion; that when said notes are redeemed they may
be paid out again.
Sec. 3. That said bullion may be coined into dollars of four hundred and twelve
and one-half grains of standard silver, as per act of January eighteenth, eighteen
hundred and thirty-seven, usingthe samedevices on the coins that were then employed,
or the bullion may be cast into bars, at the option of the Secretary of the Treasury;
that said dollar coins shall be a legal tender for any amount; that a sufficient quan-
tity of the bullion (to be determined by the Secretary of the Treasury) shall be coined
into subsidiary coins, composed of half-dollars, quarters, and dimes, of the weight and
designs ordered by act of February twenty-first, eighteen hundred and fifty-three, to
serve the purpose of change, and that said coins be a legal tender for five dollars.
Sec. 4. That full legal-tender United States notes, receivable for all debts, public
aud private, redeemable in gold or silver coin, at the option of the Secretary of the
Treasury, shall be issued to eight times the value of the silver bullion that may have
been purchased: Provided, That the new issue of paper currency in any one month
shall not exceed fifty million dollars ; that the issuing of the new currency at said rate
shall continue for three years, unless sooner terminated by act of Congress; that the
notes when redeemed may be reissued.
Sec. 5. That loans will be made by the Government on real estate to two-thirds the
value thereof at the annual rate of two per centum, interest payable semiannually,
principal not to run longer than eight years, under such regulations as Congress may
order.
Sec. 6. That the funds necessary to carry this act into effect are hereby appropri-
ated out of any mouey in the Treasury not otherwise appropriated.
S. 1050.
A BILL to provide for tlic employment, of labor and the prosperity of the people of the United States
and for other purposes.
Whereas money is the tool of production that is used from commencement to fin-
ish, and for distribution ; and
Whereas Congress can create money (dollars) ; and
Whereas all means of enjoyment, comfort, and advancement come through the
development of resources; and
Whereas it is the duty of legislation to provide for the full development of all
resources for the enjoyment of our citizens: Therefore,
Be it enacted by the Senate and House of liepresentalires of the United States of America
in Congress assembled, That the Secretary of the Treasury of the United States is
hereby instructed and directed to have coined all of the gold and silver now in pos-
session of the Government, the gold to be coined into half-eagles, eagles, and double
eagles, the silver to be coined into dimes, quarters, halves, and dollars, and the ratio
of coinage shall be sixteen of silver to one of gold.
Sec. 2. That all of the gold and silver bullion offered at the mints of the United
States shall be coined free at the ratio of sixteen of silver to one of gold.
Sec. 3. That the Secretary of the United States Treasury shall have coined a suf-
ficient amount of full legal-tender paper money, in denominations of one dollar,
two dollars, five dollars, ten dollars, twenty dollars, and one hundred dollars to
make the whole amount of paper money gold money, and silver money six billion
dollars, and cover the same into the United States Treasury.
Sec. 4. That the sum of six hundred million dollars be, and is hereby, appropria-
ted to each and all of the different States and Territories of the United States in
pro rata rate of inhabitants, to be expended by the said States and Territories for
the improvement of public highways, public school-houses, and other needed public
improvements; and the construction and work shall be under the direction and
superintendence of competent persons, and the persons thus engaged shall give suf-
ficient surety for the honost and faithful discharge of all duties; that the compen-
sation for all services and labor shall be four dollars per day, and the hours of labor
shall be eight hours per day, and the same ratio of wages shall be paid for any num-
ber of hours to eight hours each day of labor actually performed. The Secretary
539
of tho Treasury shall have power to provide all further requirements for tlie opera-
tion and execution of this bill.
Sec. 5. That all citizens of the United States offering their labor shall be employed
under the conditions provided in this bill.
Sec. 6. That all acts or parts of acts in conflict herewith are hereby repealed, and
this act shall be in effect from and after its passage.
8. 1159.
A BILL to provide for flic free and unlimited coinage of silver.
Be it enacted by the Senate and House of Representatives of the United Slates of Amer-
ica in Congress assembled, That the silver coins of the United States shall be com-
posed of standard silver. That of the silver coins the dollar shall be of the weight
of four hundred and twelve and one-half grains; tho half dollar of the weight of
two hundred and six and one-fourth grains; the quarter dollar of the weight of one
hundred and three and one-eighth grains; and the dime, or tenth part of a dollar, of
the weight of forty-one and a quarter grains. And that dollars, half dollars, quarter
dollars, and dimes shall be legal tenders of payment, according to their nominal
value, for any sum whatever.
Sec. 2. That silver bullion brought to any mint of the United States for coinage
shall be received and coined by the proper officers for the benefit of the depositor:
Provided, That it shall be lawful to refuse, at the mint, any deposits of less value than
one hundred dollars and any bullion so base as to be unsuitable for the operations of
the mint.
Sec. 3. That the depositor of silver bullion at any mint of the United States for
coinage shall receive therefor silver coin or Treasury notes of the United States, to
be issued by the Secretary of the Treasury in such form and of such denominations,
not less than one dollar nor more than one thousand dollars, as he may prescribe.
The Treasury notes issued according to the provisions of this act shall be redeema-
ble on demand at the Treasury of tlie United States, or at the office of any assistant
treasurer of the United States, in silver coin; and such Treasury notes shall be a
legal-tender in payment of all debts, public and private.
RESOLUTIONS.
S. It. 4.
JOINT RESOLUTION to maintain the parity of gold and silver.
Resolved by the Senate and House of Representatives of the United States of America in
Congress assembled, That the American people from tradition and interest favor
bimetallism and the free and unlimited coinage of both gold and silver, without dis-
criminating against either metal; that it is also the established policy of the United
States to maintain the parity of the two metals, so that the debt-paying and pur-
chasing powei of every dollar shall be at all times equal; that it is the duty of Con-
gress to speedily enact such laws as will effectuate and maintain these objects.
8. R. 24.
JOINT RESOLUTION for tho issue of additional gold certificates.
Resolved by the Senate and House of Representatives of the United States of America in
Congress assembled, That the Secretary of the Treasury is hereby directed, in pursu-
ance of the provisions of section two hundred and fifty-four of the Revised Statutes
of the United States, to issue certificates, not at any time to exceed twenty per
centum beyond the amount of gold coin and bullion in the Treasury, and to use and
expend the same in payment of interest on the public debt and any other demands,
obligations, or liabilities of the United States.
[August 8, 1893.]
Mr. Lodge submitted the following resolution; which was read:
“ Whereas Congress has been called in extraordinary session on account of the
unfortunate condition of business ; and
“ Whereas some measure of relief can be obtained by the immediate and uncondi-
tional repeal of the purchasing clauses of the silver act of 1890: Therefore,
“ Resolved, That the Committee on Finance be instructed to report at once to the
Senate a bill to repeal the purchasing clauses of the silver act of 1890, and that a
vote be taken in the Senate on said bill on Tuesday, August 22, at 2 o’clock p. m.,
unless it is sooner reached.”
540
[August 14, 1893.]
THE FINANCIAL POLICY.
Mr. Gordon submitted the following resolutions; wliicli were read:
“Whereas in this Government of the people the popular will is sovereign in its
character, and when clearly expressed should he authoritative with Congress; and
“ Whereas certain financial reforms are demanded by the people, as shown at the
polls, in the formal methods provided by the Constitution and laws for expressing
the popular will ; and
“ Whereas bimetallism, as a means for increasing the volume of sound and stable
currency is demanded by all political parties in all recent natioual platforms, and
has thus been unmistakably indorsed by a substantially unanimous vote of the whole
people: Therefore,
“Resolved, That it is the right of the people to expect, and the duty of Congress to
enact, suitable legislation for restoring the metals of the Constitution to their coor-
dinate place in the monetary system of the Government, and upon a ratio or plau
that will secure their parity or exchangeability with each other.
“ Resolved, second, That pledges made to the people in order to secure power should
be religiously redeemed in good faith and in justice to the people, who, relying upon
those pledges, conferred that power.
“ Resolved, third, That in compliance with these promises made to the people, in
recognition of the demand made by the people, and in order to establish confidence
among the people, and to bring urgently needed relief to the business of the country,
the Committee on Finance be, and is hereby, instructed to report at the earliest day
practicable a bill or bills repealing the purchasing clause of the statutes called the
Sherman law; and providing for ‘ the use of both gold and silver as the standard
money of the country/ and for ‘the coinage of both gold and silver without dis-
criminating against either metal/ and for making ‘ the dollar unit of coinage of
both metals ’ * * * ‘ of equal intrinsic or exchangeable value.’
“ Resolved, fourth, That under proper guards and restrictions, so as to secure uni-
formity, the power of chartering and establishing banks of issue may be safely and
wisely restored to the States; that to deny this is to deny the capacity of the States
for self-government; and that the said Committee on Finance be, and is hereby,
instructed to report also a bill repealing ‘ the prohibitory 10 jier cent tax on State
bank issues.’ ”
[August 17, 1893.]
NATIONAL BANK CIHCULATION.
Mr. Kyle. I submit a resolution which I ask may lie on the table to be called up
hereafter.
The resolution was read and ordered to lie on the table, as follows:
“ Whereas it is currently reported that certain of the national banking associations
organized and carrying on business under and by virtue of the laws of the United
States have heretofore withdrawn from circulation their notes, and subsequently
secured an increase of their circulation under existing laws: Therefore, he it
“ Resolved, That the Secretary of the Treasury be requested to report to the Senate
what national banking associations have thus diminished and enlarged their circu-
lation, and the extent thereof, and also whether any and what national banking
associations have organized under the banking laws of the United States, and have
no outstanding notes in circulation.”
[September 4, 1893.]
REDEMPTION IN SILVER.
Mr. Allen submitted the following resolution; which was read:
“Resolved, That the Secretary of the Treasury be directed to furnish to the Sen-
ate,-without unnecessary delay, full information on the following subjects:
“ i. Whether the Treasury Department has, at any time, redeemed any portion of
the silver or coin certificates in silver coin, as provided by the act of July 14, 1890,
commonly known as the Sherman act; and, if so, when and what amount has been
thus redeemed.
“2. What amount, in coinage value, of silver bullion purchased by the Treasury
Department under the act of July 14, 1890, and subject to coinage, in the discretion
of the Secretary of the Treasury, remains uncoined: and why said silver bullion has
not been coined and paid out, in accordance with the provisions of said act.
541
“3. Whether any part, and, if so, what part, of the paper money redeemed in gold
by the Treasury Department since March 4, 1893, was canceled after redemption or in
any manner withheld from general circulation.”
[September 5, 1893.]
The joint resolution was read, as follows:
“ Resolved, etc., That the Secretary of the Treasury is hereby directed, in pursuance
of the provisions of section 254 of the Revised Statutes of the United States, to
issue certificates not at any time to exceed 20 per cent beyond the amount of gold
coin and bullion in the Treasury, and to use and expend the same in payment of
interest on the public debt and any other demands, obligations, or liabilities of the
United States.”
[September 6, 1893.]
JOINT COMMITTEE ON FINANCIAL QUESTIONS
The Vice-President laid before the Senate the concurrent resolution submitted yes-
terday by Mr. Morgan; which was read, as follows:
Concurrent resolution to raise a joint committee of the two Houses to consider questions of finance, etc.
Resolved by the Senate ( the House of Representatives concurring), That a committee of
the two Houses of Congress be raised, to consist of seven Senators, to be appointed by
by the President of the Senate, and seven Representatives, to bo appointed by the
Speaker of the House of Representatives, who together shall constitute a joint select
committee on finance, the chairman of which shall be chosen by the committee, by
ballot, and he shall appoint a clerk to said committee.
2. Said joint committee shall hold its sessions in the Capitol, and in such other
places as a majority thereof shall direct, and may employ a stenographer, and such
messengers as shall be found necessary, and shall have power to direct the adminis-
tration of oaths and to send for papers and persons. Eleven members of said j®int
committee shall constitute a quorum to do business.
3. Said joint committee shall examine into the financial and monetary condition
of the Government and people of the United States, with a view to devising means
for the betterment thereof, and, to this end, shall have full jurisdiction to examine
and report upon any financial or monetary question that concerns the people or the
Government of the United States.
4. Said committee shall make a special examination of the following subjects, and
report upon each, separately, in their recommendations to Congress, and may sub-
mit one bill or several bills to the respective Houses to carry their recommendations
into effect ; that is to say :
(1) The full or partial remonetization of legal-tender silver coins and the ratio of
legal value that shall be established between such coins and coins of gold.
(2) The revision of the laws relating to legal tender, so as to prevent unjust dis-
crimination in the legal-tender quality of any descriptions of money coined or issued
by the United States, or for the redemption of which the Government is pledged.
(3) The repeal of the taxes upon the issues of State banks that circulate as money,
and what restrictions upon the conduct of such banks are necessary for the public
security and welfare, and are within the competency of Congress to provide.
(4) The actual cause of the present embarrassed condition of the people and the
national banks, in reference to the character or the supply of circulating medium,
and the consequent paralysis of trade and industry. And what further legislation
is required to prevent the national banks from abusing their powers under the law,
either by their separate dealings, or in combination, concert, or conspiracy with
other banks or persons to the detriment of the Government or the people of the
United States.
(5) Said joint committee may appoint subcommittees, to consist of not less than
four members thereof, three members to constitute a quorum, who shall be empowered
to sit in any place in the United States and to take testimony on oath to be admin-
istered by the designated chairman of such subcommittee, to be reported to the gen-
eral committee. Such subcommittees shall be appointed under the resolution or
order of the general committee in such manner as they shall agree.
(6) The expenses incurred in the execution of the requirements of this concurrent
resolution shall be borne in equal sums by the respective Houses of Congress, to be
paid out of the contingent funds appropriated, or to be appropriated by Congress.
542
[September 11, 1893.]
NATIONAL BANK INTERESTS.
Mr. Stewart submitted tbe following resolution, which was read:
“Resolved, That a committee of five be appointed by tbe President of the Senate
to inquire if any Senator is, or has been, a stockholder of, or directly or indirectly
interested in, any national bank or the stock of such bank, and report all the facts
to the Senate with regard to such ownership and interest, the length of time that
any Senator shall have been so interested, and the amount of such interest. And
for the purpose of such investigation said committee is empowered to administer
oaths and send for persons and papers.”
[October 4, 1893.]
PROPOSED COMMITTEE ON BANKING SYSTEM.
Mr. Peffer. I submit a resolution, and ask that it may be read and lie over under
the rule.
The resolution was read, as follows:
“ Resolved, That a select committee of three Senators be appointed by the Vice-
President, whose duty it shall be to consider and report whether any and what leg-
islation is necessary to improve the banking system of the country, to the end that
greater steadiness may be maintained in currency circulation ; that there may be
less interruption in the business of exchange, that depositors may have better secu-
rity against loss, and that savings of the people may be more safely kept.
“Said committee shall hold its sessions in the city of Washington, its necessary
clerical work shall be performed by a person or persons then in the employ of the
Government — a committee clerk not then otherwise necessarily employed, or a per-
son to be detailed by the Secretary of the Senate.
“Said committee may sit during sessions and recesses of the Senate, but shall not
incur any expense to be provided for by the Senate without express authority first
had and obtained.”
The Vice-President. The resolution will go over under the ruje, and be printed.
[October 6, 1893.]
The Secretary read the resolution submitted on the 4th instant by Mr. Morgan,
as follows :
“ Resolved, That it be referred to the Committee on the Judiciary to inquire and
report what provisions, if any, of the act approved January 18, 1837, entitled “An
act supplementary to the act entitled ‘An act establishing a mint, and regulating
the coins of the United States,’ ” are now in force.”
Mr. Morgan. If the Senate is ready for a vote on the resolution I shall not occupy
any time in discussing it. I ask for a vote on the resolution.
The Vice-President. The question is on agreeing to the resolution.
The resolution was agreed to.
[October 6, 1893.]
PROPOSED FINANCIAL LEGISLATION.
Mr. Wolcott. I submit a resolution, which I ask may lie over until Monday.
The resolution was read, as follows:
“Resolved, That the Senate Committee on Finance be directed to report a bill for
the coinage of gold and silver, in accordance with the policy set forth in the bill
reported by the committee August 28, 1893, being II. K. 1.”
The Vice-President. The resolution will go over, and be printed.
[October 10, 1893.]
REDEMPTION OF SILVER DOLLARS, ETC.
Mr. Teller submitted the following resolution; which was considered, by unani-
mous consent, and agreed to:
“Resolved, That the Secretary of the Treasury be, and ho is hereby, directed to
inform the Senate whether silver dollarsor silver-coin certificates havebeen redeemed
by the Treasury Department or exchanged lor gold or paper that is by law or prac-
tice of the Government redeemable in gold.”
543
[October 25, 1893.]
JUDICIAL OPINION ON SILVER COINAGE.
Mr. Prffer. With the consent of the Senator from Nevada, I ask leave to offer a
resolution, and I will state the way in which it comes. There is some difference of
opinion on the part of members of this body, and also persons outside of the body,
who are discussing the matters pertaining to the financial situation, and they are
anxious to have the resolution I submit referred to the Committee on the Judiciary
in connection with the one referred there a few days ago, offered by the Senator
from Alabama (Mr. Morgan). I ask that the resolution may be read and then referred.
Mr. Hoar. Let it be read for information, the question of its reception being open
after it is read.
The Vice-President. Theresolution will be read for the information of the Senate.
The Secretary read the resolution, as follows :
“ Whereas a difference of opinion exists as to the legal effect of the repeal of a
part of the act of February 28, 1878, by the passage of the act of July 14, 1890; and
u Whereas some persons maintain that the free and unlimited coinage of the silver
dollar at the ratio of 16 to 1 is the law of the land and has been since the passage
of the act of February 28, 1878 : Therefore,
“ liesolved by the Senate, That the Committee on the Judiciary be, and it is hereby,
directed to investigate and report on this question at its earliest convenience.”
Mr. Peffer. I will state that the resolution comes from persons on the outside of
this Chamber. It is entirely respectful, and I hope it will be referred to the Com-
mittee on the Judiciary.
The Vice-President. The resolution will be referred to the Committee on the
Judiciary.
[November 1, 1893.]
BULLION PURCHASES.
Mr. Teller submitted the following resolution; which was considered by unani-
mous consent and agreed to:
“ Resolved , That the Secretary of the Treasury be, and he hereby is, directed to
furnish the Senate with a statement giving the aggregate amount of silver bullion
purchased under the act of July 14, 1890, during the month of October, 1893, together
with the cost thereof, the amount, date, and price of each purchase, and the name of
the vendor. Also the aggregate amount of silver bullion offered for sale during the
said month, the amount, date, and price of each offer, and the name of the person
making such offer, and how paid for.”
IIOUSE BILLS
H. It. — .
[Proposed substitute for H. E. No. 1.]
A BILL for free coinage of silver, and other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and after the passage of this act all holders of silver
bullion to the amount of one hundred dollars or more, of standard weight and ii lio-
ness, shall be entitled to have the same coined at the Mint of the United States into
silver dollars of the weight and idleness provided for in the second section of this
act.
Sec. 2. That the silver dollar provided for in this act shall consist of four hundred
and twelve and one-half grains of standard silver; said dollars to be a legal tender
for all debts, dues, and demands, both public and private.
Sec. 3. That the holder of the silver dollars herein provided for shall be entitled
to deposit the same and to receive silver certificates in the manner now provided by
law for the standard silver dollars.
Sec. 4. That so much of the act of July fourteenth, eighteen hundred and ninety,
entitled “An act directing the purchase of silver bullion and the issue of Treasury
notes thereon, and for other purposes,” as requires the monthly purchase of four
million five hundred thousand ounces of silver bullion, he, and the same is hereby,
repealed.
xi. it. :t.
A BILL to provide for the coinage of the seigniorage silver bullion in the Treasury.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury he, and is hereby, authorized
and required to cause to he coined into standard silver dollars of the weight and
fineness now provided by law, at the earliest time practicable, the silver bullion now
in the Treasury, belonging to the United States and known as seigniorage. Said
silver dollars, when coined, shall he placed in the Treasury and paid out on current
liabilities of the United States as other revenues, and they shall be subject to all the
provisions of law relating to standard silver dollars heretofore coined.
II. is. 1 1.
A BILL prohibiting the coinage in the mints of the United States of gold coin of a less denomination
than five dollar.% or the issue by t he Treasury of notes, certificates, or any kind of paper currency of
a less denomination than five dollars.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and after the passage of this act no gold coin of a
less denomination than five dollars shall he coined in the United States mints, nor
shall there be issued by the Treasury any hank note, legal-tender note, certificate of
deposit, or paper currency of any kind of a less denomination than five dollars.
II. It. iV>.
A BILL to amend an act to provent counterfeiting.
Be
in Con
e it enacted by the Senate and House of Representatives of the United States of America
... Congress assembled, That the act entitled “An act further to prevent counterfeit-
ing or manufacture of dies, tools, or other implements used in counterfeiting, and
providing penalties therefor, and providing for the issue of search warrants in cer-
tain cases,” approved February tenth, eighteen hundred and ninety-one, he, and tho
same is hereby, amended by adding thereto the following section:
544
545
“Sec. 6. That nothing herein contained shall be hold to apply to the publisher
or publishers of any newspaper, magazine, or other publication which, in the bona
tide conduct of its business and with no intent to violate the law, shall have in its
possession, sell, give away, or in any other manner use, whether by way of cartoon
or otherwise, any die, hub, mold, plate, card, notice, placard, token, device, print,
impression, or any other thing whatsoever, unless the same shall bear such likeness or
resemblance to some of the coins of the United States or of some foreign government,
or to the die, hubs, or molds from which said coins are made, as that the same would
tend to create the belief that they, or some of them, wore coins of the Uni ted States flr
some foreign government, or that such hub or mold could be used to produce an
impression which might be considered as such coin or coins.”
XI. It. 64.
A BILL providing for an increase in the circulating of national hanking associations notes.
Be it enacted by the Senate and House of Representatives of the Untied States of America
in Congress assembled, That the Comptroller of the Currency of the United States is
authorized, on and after the passage of this act. to issue to all national banking
associations circulating notes up to and equal to the par value of the bonds depos-
ited by such associations with the Treasurer of the United States as security for cir-
culating notes, instead of up to ninety per centum of such par value, as now pro-
vided by law.
11. R. 65.
A BILL providing for the opening of the mints of the United States by the President to the free
coinage of silver.
Be it enacted by the Senate and House of Representatives of the Untied States of America
in Congress assembled, That the President of the United States is authorized and
directed to open the mints of the United States to the free and unlimited coinage
of silver whenever he shall have been officially advised that not less than six of tile
nations of Europe, including Great Britain, Germany, and France, have opened their
mints to the free coinage of silver into legal-tender money, and in thus opening the
mints of the United States lie shall do so at the same ratio between silver and gold
as may prevail in the said six or more European nations: Provided, That nothing in
this act shall authorize the coinage of fractional parts of a dollar for the account of
the owners of silver bullion.
II. R. 66.
A BILL to amend the national-hanking laws and to provide for the issue of circulating notes upon
securities other than United States bonds.
Be it enacted by the Senate and House of Representatives of theUnited States of America
in Congress assembled, That hereafter national banking associations shall not be
obliged to deposit United States bonds as security for circulating notes, and asso-
ciations having such bonds on deposit with the Treasurer of the United States shall
be entitled to withdraw the same upon demand.
Sec. 2. That the United States shall have a first lien upon all the assets of every
national banking association, to secure it from loss growing out of its guaranty of
the notes of such banking association.
Sec. 3. That in every instance where the first lien, provided for in section two,
does not fully protect the United States from loss as guarantor, the Comptroller of
the Currency shall assess the other national banking associations located in the
State in which the failed banking association (the first lieu on whose assets proves
insufficient to protect the United States from loss) is located pro rata, according to
capital and surplus, for a sum large enough to make the United States whole upon
its guaranty of the circulating notes of the failed association; and all such assess-
ments shall be payable within thirty days after they are made.
Sec. 4. That each national banking association shall be permitted to issue and
circulate notes, as per section two of this act, equal to seventy-five per centum of
its paid in and unimpaired capital stock, and every national banking association
shall have the right to issue and circulate an additional amount of notes equal to
fifty per centum of its paid-in capital: Provided, That such additional notes are
secured by United States bonds as now required by law, and the rate of taxation
upon this additional or supplemental circulation, which shall be known as “ emer-
gency circulation,” shall be at the rate of six per centum per annum, and be payable
quarterly.
Sec. 5. That any existing law or laws which are in conflict with this act shall be,
and the same are hereby, repealed, to the extent that such existing law or laws in-
terfere with the terms of this act.
S. Bep. h>35 35
546
II. I«. 127.
A BILL for an increase in the issue of Treasury notes and the retirement of national-hank notes.
Be it enacted by the Senate and Souse of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury shall, ou the first day of
July, eighteen hundred and ninety-four, or as soon as practicable thereafter, increase
tiie issue of the United States Treasury notes to an amount equal to the total taxes
and revenues of the United States Government collected for the fiscal year ending
June thirtieth, eighteen hundred and ninety-four; and thereafter he shall annually,
on said day of eacli year, or as soon as practicable, further increase the issue of said
notes as the aggregate taxes and revenues may have been increased for the preceding
fiscal year.
Sec. 2. That whenever any national-bank notes shall be surrendered the Secretary
of the Treasury shall issue an equivalent amount of Treasury notes of the same
denominations, and deposit the same in the Treasury, to be paid out as other moneys
belonging to the Government. No national bank shall hereafter be allowed to issue
circulating notes of any kind whatever, and so much of the national-bank law as
authorizes the issue of bank notes is hereby repealed.
Sec. 3. That the Treasury notes provided for in this act, and all other Treasury
notes heretofore issued, shall be a legal tender for the payment of all debts and dues,
public and private, including import taxes, and when they shall be received into the
Treasury under any law from any source whatever, and shall belong to the United
States, they shall not be retired, canceled, or destroyed, but shall be reissued and
paid out again and kept in circulation.
Sec. 4. That a sum sufficient to carry out the provisions of this act is hereby
appropriated out of any money in the Treasury not otherwise appropriated.
Sec. 5. That all laws and parts of laws providing for the sale of bonds of the
United States and all other acts and parts of acts inconsistent with the provisions
of this act are hereby repealed.
II. K. 1*8.
A BILL for the free coinage of gold and silver and for the issue of gold and silver certificates.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and after the passage of this act the unit of value
in the United States shall be one dollar, and the same maybe coined of four hundred
and twelve and one-half grains troy of standard silver and of twenty-five and eight-
tenths grains troy of standard gold; and the said coins shall be a legal tender for all
debts or dues, public and private.
Sec. 2. That the provisions of section fourteen, section eighteen, section thirty,
and section thirty-one of an act supplementary to the act entitled “An act establishing
a mint and regulating the coins of the United States,” which became a law January
eighteenth, eighteen hundred and thirty-seven, are hereby made applicable to the
coinage in this act provided for.
Sec. 3. That the provisions of section three of “An act to authorize the coinage oi
the standard silver dollar and to restore its legal-tender character,” which became a
law February twenty-eighth, eighteen hundred and seventy-eight, is hereby made
applicable to the coinage in this act provided for.
Sec. 4. That the certificates provided for in the third section of this act shall be
in denominations of not less than one nor more than one hundred dollars, and such
certificates shall be redeemable in coin of standard value.
Sec. 5. That the owners of bullion deposited for coinage shall have the option to
receive coin as hereinbefore provided, or its equivalent in certificates provided for
in this act, and such bullion shall be coined.
Sec. 6. That the act entitled “An act directing the purchase of silver bullion and
the issue of Treasury notes thereon, and for other purpose,” approved July four-
teenth, eighteen hundred and ninety, be, and the same is hereby, repealed: Provided,
That the repeal of said act shall not impair the legal-tender quality of the Treasury
notes issued thereunder or the authority of the Secretary of the Treasury to redeem
the same in the manner prescribed by said act.
Sec. 7. That the uncoined bullion purchased under the authority of said act of
July fourteenth, eighteen hundred and ninety, shall be coined as fast as practicable
into standard silver dollars, and the same, except so much thereof as the Secretary
of the Treasury may deem necessary to bo held as a reserve for the purpose of
redeeming the outstanding Treasury notes issued for the purchase of said bulliou,
shall be covered into the general revenues of the Government.
Sec. 8. That all laws and parts of laws in conflict with the provisions of this act
be, and the same are hereby, repealed.
547
11. 1C. 1^5.
A BILL to authorize national hanking associations to loan money on real-estate security.
lie it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and after the approval of this act it shall he lawful
for any national hanking association to loan or advance money to any person or per-
sons upon real estate, secured by mortgage, not to exceed in any case fifty per
centum of the cash value thereof, at a rate of interest not to exceed that allowed
by law to be taken by such associations ; and the taking of any greater rate of
interest for the loan or use of money as aforesaid shall make the mortgage or other
obligation for the repayment of such loan null and void.
11. K. 136.
A BILL to suspend section thirty-four hundred and twolvo of the Revised Statutes of the United
States as to the circulating notes of certain State hanking associations.
Be it enacted by the Senate and House of Represen tatives of the United States of America
in Congress assembled, That section thirty-four hundrod and twelve of the Revised
Statutes of the United States, which reads as follows, to wit: “ Every national bank-
ing association, State bank, or State banking association shall pay a tax often per
centum on the amount of notes of any person, orof any State bank or State banking
association used for circulation and paid out by them,” be, and the same is hereby,
suspended as to all notes issued to circulate as money by any corporation or bank
ing association under the laws of the State where the same is located: Provided, That
there shall first be deposited by such corporation or association, with the State treas-
urer or other safe depository designated for that purpose by the law of such State,
an amount of the lawful money of the United States on the solvent bonds of par
value of such State, its counties, or municipalities, equal to one hundred per centum
of the aggregate amount of notes proposed to be issued by such corporation or asso-
ciation, which deposits are by the laws of such State made and held for the security
of the holders of such bills or notes and for the redemption of such notes or bills : Pro-
vided further, That the aggregate amount of such State bank issues shall in no case
exceed five dollars per capita of the population of such State as ascertained by the
last preceding census of the United States.
II. IS. 147.
«■
A BILL to repoal sections thirty-four hundred and twelve and thirty-four hundred and thirteen of
the Revised Statutes of the United States, and all other laws which impose a tax of ten per centum
on circulation of all other than national banks, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That sections thirty-four hundred and twelve and thirty-four
hundred and thirteen of the Revised Statutes of the United States, and all other laws
or parts of laws which impose a tax of ten per centum, or any other sum, on the cir-
culation of State banks or State banking associations, or which impose a tax on all
banks and banking associations which receive or pay out the notes or circulation of
other than national banks, or which discriminate in taxation against the circulat-
ing notes of State banks and State banking associations, be, and the same are hereby,
repealed.
II. R. 168.
A BILL to amend an act entitled “An act directing the purchase of silver bullion and the issue of
Treasury notes thereon, and for other purposes,” approved J uly fourteenth, eighteen hundrod and
ninety, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury shall proceed to have
coined into silver dollars of the present weight and fineness all the silver bullion
purchased under the operations of the act of July fourteenth, eighteen hundred and
ninety. This coinage shall be executed at the rate of not less than three million
dollars per month, and at a rate as much greater as the capacity of the mints will
permit. But he shall first and immediately estimate the amount of this bullion
necessary to coin as many silver dollars as there are dollars issued of the Treasury
notes authorized by the act aforesaid, taking into account and deducting from the
total of said notes an amount equal to the number of dollars already coined, other
than seigniorage, if any lias arisen from such coinage already done, out of this bul-
lion. He shall likewise estimate the amount of this bullion in excess of the amount
548
previously required to be estimated* He shall first have coined the latter part of
said bullion, as herein provided, and at the rate herein provided, and then he shall
immediately proceed to have the former amount of this bullion coined in the same
manner.
Sec. 2. That the silver dollars coined under the provisions of the preceding sec-
tion, other than those which are of gain of seigniorage, shall be kept in the Treasury
upon the same terms as are prescribed by law for those silver dollars which have
already been coined out of the bullion purchased under tkp operations of the act
mentioned in the first section of this bill.
II. R. 171.
A BILL to secure to the people the advantages accruing from the issue of circulating promissory
notes by hanks, to increase the volume of such notes, and to supervise and control banks by
officers of the United States.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That national banking associations organized for the transac-
tion of business under this act shall be subject to existing law excepting as is here-
inafter provided.
Sec. 2. That any bank incorporated by special law, or any banking institution
organized under a general law of any State, may become a national banking asso-
ciation under this act by the name prescribed in its organization certificate; and in
such case the articles of association and the organization certificate may be exe-
cuted by a majority of the directors of the bank or bankiug association; and the
certificate shall declare that the owners of two-thirds of the capital stock have
authorized the directors to make such certificate and to change and convert the
bank or banking institution into a national banking association. A majority of the
directors, after executing the articles of association and organization certificate,
shall have power to execute all other papers, and to do whatever may be required
to make the organization perfect and complete under this act. A majority of the
board of directors of each association organized under this act, and not less than three
in number, shall be of persons who perform no other regular service for the associa-
tion. Any banking association organized and doing business under existing law of
the United States by giving notice to the Comptroller of the Currency of its desire
so to do, may organize under this act, with the approval of the Comptroller of the
Currency.
Sec. 3. That every association organized under this act, before it shall be author-
ized to commence a banking business, shall deliver to the Treasurer ol the United
States, United States legal-tender notes, or coin, or coin and bullion certificates, or
mixed, as provided in section four, in amounts as follows:
First. Every association having a capital not exceeding two hundred and fifty
thousand dollars, an amount equal to not less than one-tenth of the capital stock.
Second. Every association having a capital in excess of two hundred and fifty
thousand dollars, an amount not less than twenty-five thousand dollars. The notes
issued in blank under section four shall never be less than fifty per centum of all
the promissory currency notes issued to the association.
Sec. 4. That, upon a delivery of coin, coin or bullion certificates, or United States
legal-tender notes, or mixed, to the Treasurer, the association making the same shall
be entitled to receive from the Comptroller of the Currency promissory currency
notes of different denominations, in blank, registered and countersigned as provided
by existing law, equal in amount to the coin, coin and bullion certificates, and
United States legal-tender notes delivered; but at no time shall the total amount of
all currency notes supplied to and issued by any association under this section and
section five exceed the amount of its capital stock at such time actually paid iu.
The lawful description of notes issued nuder this section shall be “ greenbacks.”
Sec. 5. That the Comptroller of the Currency may issue, in blank, to any associa-
tion, and the association may issue, promissory currency notes of different denomi-
nations, as provided in section nine, in addition to the promissory currency notes
described in section four, not to exceed in amount a sum equal to the sum ol its
reserve held during the first year of its corporate existence. Thereafter he may issue
to any association the notes described in this section to the amount of the average
reserve held by that association during any six consecutive months of the previous
year and recall the same from any association at any time in order to reduce the
volume of such notes held by any 'association to the amount of the reserve averaged
to be held during any six consecutive months of the previous year. The amount to
be issued to or retained by any association under this section shall be annually or
oftener at his discretion, ascertained and determined by the Comptroller of the
Currency. The promissory currency notes provided for by this section shall have
printed on them a different affirmation from those described in section four. The
lawful name and description of notes issued under this section shall be “reserve
549
notes.” Provided, That the notes issued in blank in compliance with this section
shall never he more than fifty per centum of all the promissory currency notes issued
in blank to the association.
Sec. 6. That the Treasurer shall forthwith redeem and destroy existing United
States legal-tender notes issued under acts passed before July fi<rst, eighteen hun-
dred and ninety, in such a manner as he may deem proper, equal in amount to ninety
per centum of the aggregate of the coin, coin certificates, and United States legal-
tender notes received for promissory currency notes, in blank, issued under section
four, and the Treasurer shall set aside ten per centum of such aggregate paid in for
the redemption fund, as described in section fourteen.
Sec. 7. That when there shall be no more in amount of the legal-tender notes
described in section six outstanding, then the amount of the reserve fund then held
by the Treasurer under existing law for the redemption of such notes, the reserve
fund so held shall then be set aside and used only to redeem and cancel such notes,
and from that date so much of all acts and parts of acts as authorize, require, or
permit the issue or reissue of such legal-tender notes shall have no force or validity,
and thereafter such notes shall not be held in the cash reserve fund of any national
banking association. Upon the execution of the preceding provisions of this sec-
tion, the provisions of section six concerning legal tender notes issued under acts
passed before July first, eighteen hundred and ninety, shall apply to Treasury notes
issued under the act of July fourteenth, eighteen hundred and ninety, so long as
such notes are paid into the Treasury or presented for redemption. Thereafter the
ninety per centum shall be covered into the Treasury as a miscellaneous receipt.
Sec. 8. That if any banking association organized under this act neglects or
refuses to take and issue currency notes, as provided for in section four, to the
amount averaged to be taken and issued by three-fifths of all national banking asso-
ciations organized under this act of like or nearly like capital and deposits, and
doing the same or nearly the same class of banking business done by such banking
associations when directed so to do by the Comptroller of the Currency upon a
notice issued by the Comptroller of the Currency and approved by the Secretary of
the Treasury, aud fails to take the currency circulating notes directed to be taken
by said officers for the period of three months, it shall be liable to and shall pay
into the Treasury of the United States a duty equivalent to twelve per centum per
annum upon the face value of the notes it is directed to take and fails to take so
long as the failure continues. The Comptroller of the Currency may classify and
reclassify or group together, in whole or in part, at any time he may deem proper,
banks organized under this act, for the purpose of executing the provisions of this
section, and the decision of the Comptroller as to what class or group any particular
bank belongs in shall be final, when approved in writing by the Secretary of the
Treasury, until such time as the bank shall be placed in a different class or gx-oup
by the Comptroller of the Currency.
Sec. 9. That in order to furnish suitable promissory currency notes for circulation
as money, under sections four and live, the Comptroller of the Currency, under the
direction of the Secretary of the Treasury, shall furnish such notes, in blank, to
banking associations entitled to receive them, and every piovision of this act shall
apply equally to the promissory currency notes issued under sections four and five:
Provided, however , That notes issued under section five shall not be counted in any
reserve fund; and the notes issued under section five shall be finally redeemed and
paid as provided in section seventeen ; and notes issued under section four shall be
finally redeemed and paid as provided in section thirteen.
Sec. 10. That the cashier of any association, with the approval cf the board of
directors in writing properly certified to the Comptroller, and with the approval of
the Comptroller, may appoint a deputy to affix the cashier’s signature to the circu-
lating notes issued to the association, but such deputy shall not be a regular
employee of the bank.
Sec. 11. That any association, upon giving to the Comptroller of the Currency
six months’ notice of its intention so to do, may, at the expiration of that period,
surrender its promissory currency notes, or any part of them, issued under section four,
in excess of the amount it is required to take, and receive coin or coin or bullion cer-
tificates or mixed therefor. Any association, upon giving to the Comptroller of the
Currency one year’s notice of its intention so to do, may close up its business, and,
dissolving its organization, may surrender such promissory currency notes and receive
coin or coin or bullion certificates or mixed therefor from the Treasury of the United
States upon surrendering the same to the Comptroller, and upon like notice in like
manner any association which reduces its capital stock may deposit a like propor-
tion of such promissory currency notes in excess of the amount it is required to have
in section three of this act, and receive coin or coin or bullion certificates or mixed
therefor, and the Treasurer of the United States is hereby authorized and directed
to pay the currency promissory notes herein described as they are presented, out of
any moneys in the Treasury not otherwise appropriated, and the Treasurer shall
550
forthwith destroy the some in the manner prescribed by law; and any association
may reduce its promissory currency notes issued to it under section live of this act
by surrendering them for destruction to the Treasurer of the United States, and the
Treasurer shall destroy the notes so surrendered in the manner prescribed by law.
The liability of any association for notes issued under section five shall neither be
canceled nor reduced in any other manner: Provided, however, That the doing by an
association or others of any one of the things provided for in this section must be
with the approval and permission of the Comptroller of the Currency.
Sec. 12. That any association, at any time within two years next previous to the
date of the expiration of its original or extended corporate existence under this act,
and with the approval of the Comptroller of the Currency, may, by amending its
articles of association, extend its period of succession for a term fixed by the Comp-
troller of not more than thirty years from the expiration of the period of succession
named in the articles of association, and shall have succession for such extended
period. But such amended articles of association shall not be valid until the Comp-
troller shall have given to the association a certificate of approval thereof. Every
association organized under this act shall have the right to extend its corporate
existence for a further period or periods, so that its whole life under this act shall
not be less than thirty years, and all certificates of authority shall be so issued by
the Comptroller of the Currency as to expire as nearly equal in number and amount
of capital as is practicable in each year of a period of thirty years.
Sec. 13. That upon the expiration of the corporate term of any association
organised under this act and its corporate existence not extended by the Comptroller
of the Currency, or upon the voluntary surrender of its currency notes, or upon the
insolvency of an association, or by the order or Avith the consent of the Comptroller,
approved by the Secretary of the Treasury, the Treasurer shall redeem the prom-
issory currency notes issued to the association under the provisions of section four of
this act. In redeeming the promissory currency notes issued under section four of
this act he shall do so in coin of the same intrinsic value as the nominal value of the
money deposited by the association for the issue of the notes in blank upon the date
of such deposit.
Sec. 14. That the Treasurer shall at all times keep and have on deposit in the
Treasury of the United States in coin, or coin and bullion certificates, for the redemp-
tion fund of each association, the ten per centum provided in section six, to be held
and used for the current redemption of both kinds of its promissory currency notes;
and when the currency notes of any association organized under this act, assorted
or unassorted, shall be presented for such redemption to the Treasurer of the United
States, in sums of five hundred dollars, or any multiple thereof, the same shall be
forthwith redeemed. The right to confer the duties and responsibilities of executing
the provisions of this section, and of other sections or parts of sections of this act
relating to the redemption fund provided for in section six, upon reserve banks,
under such regulations as he may deem safe and proper, and to deposit the redemp-
tion fund or funds provided for in section si± in such banks, taking ample security
therefor, is hereby conferred upon the Treasurer of the United States, with the
approval of the Secretary of the Treasury; but any such deposit shall not be counted
as a part of the reserve of such bank. The Secretary of the Treasury shall publish
in one of the three paper* having the largest circulation in business circles in New
York City a list of the securities and the amount of each kind accepted byr him to
secure any and all deposits made in any bank.
Sec. 15. That to enable the Treasurer of the United States to fund the circulating
promissory notes issued under section four, the redemption of which by him is
provided for in this act, and to enable him to execute the provisions of section sev-
enteen, the Secretary of the Treasury is hereby authorized to issue on the credit of
the United States coupon bonds or 'registered bonds, redeemable at the pleasure of
the United States after two years, and payable ten years from date, and bearing
interest at the rate of four per centum per annum, payable semiannually; and the
bonds herein authorized shall be of such denominations, not less than one hundred
dollars, as may be determined upon by the Secretary of the Treasury, and the Sec-
retary of the Treasury may dispose of such bonds at any time, at the market value
thereof, for coin or coin or bullion certificates or mixed.
Sec. 16. That any association designated by the Secretary of the Treasury as a
depositary of public money may be required by the Secretary to keep on hand on
account of such deposits such reserve fund as he may deem expedient; but such
deposits by the Secretary shall not be counted in computing the reserve required
under existing law.
Sec. 17. That whenever, in the opinion of the Comptroller of the Currency, the
complete redemption and retirement of all promissory currency notes issued to and
by any association is then necessary for the protection of the holders of such notes,
the Comptroller may take possession of all the assets of such association and proceed
to create a fund ample for the redemption of such notes by first setting aside for
551
sucli fund all the currency notes issued to associations under section four, and all
the coin or coin and bullion certificates field by tfie association. Tfie Comptroller
shall set aside and cover into such fund all or so much of all the assets of the
association as shall be necessary to make up such fund to redeem such notes, and
the Comptroller, after completing a fund sufficient for tfie complete redemption and
retirement of such notes, and not before, shall deliver tfie remaining assets to the
association; and tfie Treasurer of tfie United States .shall use tfie fund created as
above for the final redemption and the retirement of the promissory currency notes
issued to tfie association under section five of this act; and tfie balance of said fund
so created over and above the amount required for tfie final redemption and destruc-
tion of such notes, if there be any, shall be paid to tfie association from which it
was taken. In doing the things provided in this section the Comptroller is hereby
authorized to sell any part of the property of tfie association or to pledge the whole
or any part of the property or assets of the association at any time as security for
any loan he may elect to make in order to create tfie fund herein mentioned. If,
after complying with the preceding requirements of this section, there is not a
sufficient sum to redeem all tfie currency notes issued to the association uuder
section five of this act, the Secretary of the Treasury is hereby authorized and
directed to at any time make up the deficiency in the fund necessary to finally
redeem and cancel such notes out of any moneys in the Treasury not otherwise
appropriated, and from tfie proceeds of tfie sale of bonds in like manner as pro-
vided in tfie case of currency notes issued under section four and surrendered to the
Treasurer under section eleven of this act: Provided, however , That the accounts
kept by the Treasurer of the United States, of the moneys received by him under
section nineteen of this act, show at the time of making up such deficiency that the
money so received exceeds the money before paid out by him in tfie redemption of
such notes by a sum equal to or larger than the sum necessary to make up tfie sum
needed in the case, and not otherwise.
Sec. 18. That eaeh association shall increase its reserve on account of its issue of
circulating notes issued to and by it under section five of this act the same percent-
age it would be required by law to increase its reserve were its deposits increased
by a sum equal to the sum of such notes in circulation, all of which increase of its
reserve may be in balances due tfie association from approved reserve agents. Tfie
cash reserve required by laxy to be kept may be in coin, or in coin certificates, or in
promissory currency notes issued under section four of this act, or mixed ; but when
the daily total reserve of an association averages less for any month than tfie amount
required to be kept by it at all times by existing law, it shall pay into tfie Treasury
of tfie United States a duty for that month equivalent to interest, at the rate fixed
by law in tfie State where the association is located, on the amount of average
deficiency in such reserve for that month; and every association organized under
this act shall pay into the Treasury of the United States a duty on that part of its
average daily cash reserve required by law that is averaged to be kept, in any
month, in notes issued to banking associations under section four of this act, at the
rate of two per centum per annum; and whenever any association fails to pay in
coin certificates on demand the promissory currency notes signed and issued by it
such association shall pay an additional duty at tfie rate of four per cent per annum
on tfie whole of tfie sum of tfie lawful reserve it is required at all tiiues to have on
hand until such payment is resumed. Not less than fifty per centum of the coin and
coin or bullion certificate reserve provided for in this act shall be in gold coin or
gold certificates, and fifty per centum may be in silver coin or silver certificates, and
any excess of silver coin and silver certificates over gold coin and gold certificates
shall be counted as though they were promissory currency notes issued under sec-
tion four of this act. Nothing in this section and no action taken by any association
under this act shall bar any action taken or proposed to be taken by the Comptroller
under section seventeen of this act.
Sec. 19. That in addition to all other taxes or duties provided for in this act, each
association organized under this act shall pay into the Treasury of the United States
a tax equivalent to one-tenth of one per centum per annum on the average amount
of currency notes issued to and retained by it under section five of this act, for tfie
purpose of anticipating tfie redemption and destruction in certain cases of the cur-
rency promissory notes issued to associations under section five of this act. The
Treasurer of the United States shall keep an account of all moneys paid into the Treas-
ury under this section and all moneys paid out of the Treasury on account of the
redemption of such notes.
Sec. 20. That the Comptroller may at all times know the condition of each bank,
and what duty is due and collectible from it, each bank shall make such record at the
close of each day as tfie Comptroller shall request, in a book kept for that purpose,
which record shall show the total amount of its outstanding promissory currency
notes issued to it under section five of this act, and its total deposit account, and its
total reserve account, as shown by its books at tfie close of each business day, and of
552
what the reserve consisted, which daily record of deposits, reserve, and currency
notes, and other matter requested by the Comptroller, shall he made up for each
month, and a copy or report thereof transmitted to the Comptroller of the Currency
on or before the tenth day of the following month; and the duty upon the averages
of the kinds of money which made up the reserve during that month, and all taxes
and duties imposed by this act, shall be collected semiannually on the first day of
April and the first day of October in each year. The records and reports provided
for in this section, and any other facts and data he may request, shall be in such
form as the Comptroller shall direct.
Skc. 21. That before making the record for the day, as provided in section twenty
or required by the Comptroller, every transaction of that day pertaining thereto
shall be duly entered in the books of the bank. All moneys hereafter received from
the duty or taxes collected from banking associations over and above the cost to the
Government of maintaining the bureau of the currency shall be covered into the
Treasury as a miscellaneous receipt.
Sec. 22. That there is hereby created the office of national-bank examiner in
chief, who shall be appointed by and be under the direction of the Comptroller of
the Currency, and shall be paid the sum of three thousand dollars per annum, in
addition to the necessary expenses incurred by him in traveling. The examiner in
chief shall, under such direction, supervise and direct all other bank examiners, and
be paid out of the appropriations for the bureau of the currency. The national-
bank examiners shall be held to be employees in the office of the Comptroller of the
Currency when examining associations organized under this act, and their fees shall
be paid out of the appropriation for the bureau of the currency.
Sec. 23. That dividends to shareholders shall be payable by any association organ-
ized under this act semiannually on such day as the Comptroller shall approve.
Sec. 24. That all currency promissory notes received by any association shall be
carefully assorted, and of those issued under sections four and five of this act that
are paid out by it, those issued under section four shall be first paid out, excepting
as provided in section eighteen, and then those issued to other associations under
section five, and, lastly, those issued under section five to the association holding
them.
Sec. 25. That there is hereby constituted and appointed a board of advisors, of
experts, to the Comptroller of the Currency upon changes desirable in and methods
of executing existing law concerning banking, over which board the Comptroller of
the Currency shall preside. The president of the chief redemption bank in the five
chief redemption cities in the country, or such substitute for any one of the officers
named as he shall from time to time appoint, shall constitute the board, which board
of advisors shall meet once a year, or oftener if the Comptroller of the Currency or
a majority of the board so determines, and at such a time and place as the Comp-
troller shall appoint. The recommendations of such board, or a synopsis thereof,
shall be extended in the records of the board, and the decision of the Secretary of
the Treasury from time to time as to what person or persous are entitled to act under
this section shall be final.
Sec. 26. That every president, director, cashier, teller, clerk, or agent of any bank-
ing association organized under any law of the United States, or any other person
who embezzles, abstracts, or willfully misapplies any of the moneys, funds, credits,
or other assets of any such banking association, or who, without authority from the
directors, issues or puts in circulation any of the notes of the association, or who,
without such authority, issues or puts forth any certificate of deposit, draws any
order or bill of exchange, makes any acceptance, assigns any note, bond, draft, bill
of exchange, mortgage, judgment, or decree, or, without authority so to do, issues
or transfers any paper winch, were it authorized by the association, would make the
association liable for anything of value, or who willfully omits from any book,
record, or acconn t or any other paper any item or entry that is material to the accu-
racy of them, or any one of them, or customary or required to be entered or made in
such book, record, account, or paper, in order to make them or any one of them a
reasonably accurate showing of the facts the book, record, account, or paper was
made or kept to show, or that it was customary to include in them or any one of
them in order to show the facts which the book, record, account, or paper was nomi-
nally or really made or kept to exhibit, with or without intent, in either case, to
injure, defraud, or deceive the association or any other company, body politic or cor-
porate, or any individual person, or to deceive any officer of the association, or any
agent appointed to examine the affairs of any such association, or any other person,
or who abstracts or willfully destroys any book, paper, record, or statement of orig-
inal entry of the association, or any book, record, statement, or account, or any part
of any one of them, and made up directly or indirectly from any book, paper, or
record, or who willfully conceals or fails to immediately report any violations of the
provisions of this section that he has knowledge of to the officers of the bank and
to the board of directors, and also to the examiner when officially examining the
553
books, accounts, securities, or papers of tlie association, or when requested by any
officer, director, or examiner to do so, or fails to report any omission by any person
from, or any incorrect entry of, any item in any book, record, or account of the asso-
ciation which belonged therein by custom or by direction of the proper officer, or
who willfully conceals or fails to call the attention of the person officially examin-
ing the bank to any violation of the provisions of this act or order of the Comp-
troller of the Currency by any director, officer, or employee of the association or
other person, when requested to do so by the person officially examining the bank,
and every person who willfully aids or abets in any way in any violation of the pro-
visions of' this section, shall be deemed guilty of a misdemeanor and shall be impris-
oned not more than ten years or pay a fine of not more than ten thousand dollars,
or both; the condition of the account with the bank of the maker of a certified
check shall be presumed to have been known to the officer at the time he certified
the same, in the absence of proof to the contrary, and that it was not the official
duty of any officer, director, employee, examiner, or any other person to do or not to
do any one of the acts or things herein specified shall not be pleaded in any action
commenced or prosecuted against any of them.
A copy of so much of the provisions of this act as the Comptroller shall deem
applicable or pertinent in the case may, at his discretion, be served by the bank
examiner who is making, or is about to make, an official examination of the associa-
tion upon such officers, directors, and employees of the association as the Comptrol-
ler shall designate, at the time of or just previous to each examination.
And if any bank examiner willfully misrepresents the true condition of any asso-
ciation examined by him, or makes any error resulting from gross negligence on his
pai't, or if the examiner fails to exercise due care iu his examination of the condition
of a bank, or willfully fails to observe the methods or rules prescribed by the Comp-
troller of the Currency, and loss does or does not result therefrom, he shall be
deemed guilty of willfully misrepresenting the condition of the association for the
purposes of this act.
The first business transacted at the first meeting of the board of directors of each
association in each month shall be to hear and to enter upon the records of the board
of directors a statement from the cashier or other proper officer of the association of
the liabilities of each officer and director of the association to the association in the
following order, that is to say:
First, as maker of any paper, sole, or as an officer or director of any corporation,
or of a corporation of wfiiich he is a director or officer.
Second, as indorser of any paper.
Third, as surety for any loan or other obligation to the association.
Fourth, as to the amount and market value of any collateral the association holds
to secure any liability to the association by any one of them.
If at any time the board of directors of any association fails to meet for a period
of thirty consecutive days the record provided for in this section shall be made by
the cashier, or such employee as he may designate in the record book of the board
of directors, and a transcript thereof shall be sent to each member of such board of
directors and to the Comptroller of the Currency.
Sec. 27. That all existing laws affecting national banking associations and prom-
issory currency notes issued by them shall apply to those organized under this act
and to promissory currency notes issued under it which are not inconsistent with
the provisions thereof; but this act shall not be held to affect any national banking
association not organized under it, excepting as to section twenty-six of this act
and as to a national-bank examiner in chief, as provided in section twenty-two of
this act.
13. K. 172.
A BILL to provide for the issue of circulating notes to national hanks.
Be it cnacJe.d by the Senate and House of Representatives of the United States of America
in Congress assembled , That upon any deposit already or hereafter made of any United
States interest-bearing bonds in the manner required by law, any national banking
association Avliich has made or shall make such deposit shall be entitled to receive
from the Comptroller of the Currency circulating notes. of different denominations,
in blank, registered and countersigned as provided by law, not exceeding in the
whole amount, including circulating notes previously issued, the par value of the
bonds deposited: Provided, That at no time shall the amount of such notes issued lo
any association exceed the amount at such time actually paid in of its capital stock
ir. r. 181.
A BILL to authorize an increase of hank circulation.
Be it enacted by the Senate and House of Representatives of the United Stales of America
in Congress assembled, That all laws or parts of laws that place a tax upon the circu-
554
lation of banks chartered by States, or in any way restrict banks chartered by States
from issuing bills for circulation, be, and the same are hereby, repealed.
II. It. 211.
A BILL for tlie coinage of the products of the silver mines of the United States.
Whereas the actual amount of money which the Treasury Department has paid
for silver bullion under the Sherman act has been at a rate which would make live
hundred and ten grains of pure silver when coined equal in value to the gold in the
standard gold dollar : Therefore
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That all holders of silver bullion of the value of fifty dollars
or more, and not too base for the operations of the mints, said silver being the product
of the silver mines of the United States, shall be entitled to deposit the same at the
mints and to have the same coined into silver dollars containing five hundred and
ten grains of pure silver, together with the usual alloy making said dollar contain
five hundred and sixty-seven and six-tenths grains of standard silver, on same terms
and conditions as gold bullion is now deposited and coined. That said dollars shall
be a legal tender for all debts and dues, both public and private, and silver certifi-
cates shall be issued on said dollars in like manner as silver certificates are now
issued on standard silver dollars.
Sec. 2. That, under such regulations as the Secretary of the Treasury may pre-
scribe, agents of the Treasury Department shall be placed at each smelting furnace
in the United States, or shall visit said smelting furnaces from time to time, in order
to receive silver which the owners thereof desire to have coined and transmit the
same to the mint.
Sec. 3. That the expenses attending the reception of silver to be coined and its
transmission to the mint shall be paid by the owners thereof.
II. R. 246.
A BILL to authorize the issue of United States notes and for the redemption of the same.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury is hereby authorized
and directed to issue three hundred million dollars of United States notes, not bear-
ing interest, payable to bearer at the Treasury of the United States, and of such
denominations as he may deem expedient, not less than one dollar and not more than
one hundred dollars each, and said notes herein authorized to be issued shall be
receivable in payment of all taxes, internal dues, excises, debts, and demands of
every kind due to the United States, and shall be a legal tender in payment of all *
debts, public and private, within the United States.
Sec. 2. That the United States notes authorized to be issued by this act shall be
of the same form and design, and shall be printed, engraved, and signed in the same
manner as was by law provided for United States notes under the act of Congress
entitled “An act to authorize the issue of United States notes and for the redemp-
tion or funding thereof and for funding the floating debt of the United States,”
approved February twenty-fifth, eighteen hundred and sixty-two.
Sec. 3. That whenever there shall not be sufficient money in the general fund of
the United States Treasury to pay the current expenses and indebtedness of the
United States the Secretary of the Treasury shall pay off and discharge said expenses
and said indebtedness with the United States notes authorized to be issued by this
act.
Sec. 4. That for every three dollars of the United States notes, authorized by this
act, that shall be paid out and put into circulation by the Secretary of the Treasury
there shall, by said Secretary of the Treasury, be placed and deposited in the Treas-
ury of the United States one dollar in coin money of the United States, and said coin
money so deposited shall be kept and held as a special reserve fund with which to
pay off and discharge said notes when the same, or any of them, shall be presented
lor payment or offered for redemption ; and to carry into effect the provisions of this
section of the act the Secretary of the Treasury is authorized and directed to reserve
and retain out of the general revenues received by the United States, from what-
ever source, sufficient coin money of the United States to make the deposit, and pro-
vide and preserve the special reserve fund provided for in this act; and in the event
the Secretary of the Treasury is unable to obtain from the general revenues received
by the United States sufficient coin money of the United States to keep and main-
tain the special reserve fund herein provided for, then, and in that event, the Secre-
tary of the Treasury is authorized and directed to issue, on the credit of the United
States, registered bonds to an amount not exceeding one hundred million dollars,
555
redeemable at the pleasure of the United States after five years, and payable twenty
years from the date of said bonds, and bearing interest at the rate of per centum,
payable semiannually, and the bonds herein authorized shall be of such denomina-
tions, not less than fifty dollars, as may be determined on by the Secretary of the
Treasury; and the Secretary of the Treasury may sell such bonds, or such number
thereof, as may be necessary, at the par value thereof for the coin money of the
United States, and the coin money of the United States so received for said bonds
shall be kept as provided in this act as a special reserve fund with which to pay off
and redeem the United States notes authorized by this act.
Sec. 5. That whenever any of the United States notes authorized by this act shall
be mutilated or otherwise injured so as to be unlit for use, the same may be returned
to the Secretary of the Treasury, and said Secretary of the Treasury shall deliver to
the holder of such mutilated or injured notes new notes for the same, and said muti-
lated and injured notes shall be destroyed under such regulations as the Secretary ol
the Treasury may prescribe.
Sec. 6. That whenever any of the United States notes authorized by this act shall
be paid to and received by the United States, the same shall be paid out again when-
ever it is possible so to do, so that the circulation of said notes shall at no time be
decreased or diminished.
Sec. 7. That the faith and credit of the United States of America is hereby
pledged for the prompt payment of the notes authorized to be issued by this act,
when presented for redemption, and for the prompt payment, at maturity, of the
bonds, principal and interest, authorized to be issued by this act.
II. 11. 256.
A BILL to authorize national banking associations to lend money on real estate.
Beit enacted by the Senate and House of Representatives of the United Slates of America
in Congress assembled, That from and after the passage of this act any national-
bank association be, and is hereby, authorized to lend money on real-estate security.
Sec. 2. That all laws and parts of laws in conflict with this act be, and the same
are hereby, repealed.
II. R. 258.
A BILL to provide for the speedy and frequent redemption of United States paper currency and
national-bank notes which have become soiled, impure, unclean, or otherwise unfit for use.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury is authorized and directed
to make the necessary and proper regulations to secure the speedy and frequent
redemption of all United States paper currency, including all United States notes,
gold certificates, silver certificates, and Treasury notes of eighteen hundred and
ninety, and all national-bank notes which have become soiled, impure, unclean, or
otherwise unfit for use, when presented in sums of not less than one hundred dol-
lars, and for the preparation and issue of new United States paper currency in place
of such as shall have been redeemed on account of having become soiled, impure,
unclean, or otherwise unfit for use, and for the transportation of such United States
paper currency and of such national-bank notes to the Treasury of the United States
or any of the subtreasuries thereof, and for the transportation of the new United
States currency or new national-bank notes in return for the United States currency
or national-bank notes which have become so unfit for circulation : Provided, That
all national-bank notes which are redeemed because they have become unfit for use
shall be disposed of and replaced as now provided by law, except that the expenses
of all transportation shall be paid out of the Treasury of the United States.
II. U. 265.
A BILL to increase the circulation of national banks.
Be it enacted by the Senate and House of Representatives of the United Stales of America
in Congress assembled, That upon deposits by national banking associations of
United States bonds, bearing interest as provided by law under the provisions of
sections fifty-one hundred and fifty-nine and fifty- one hundred and sixty of the
Revised Statutes, such associations shall be entitled to receive from the Comptroller
of the Currency circulating notes of different denominations in blank, registered
and countersigned as provided by existing law, equal in face value to the full par
value of the bonds so deposited; and national banking associations now having
bonds on deposit for the security of circulating notes less in face value than the par
value of the bonds, or Avhich may hereafter have such bonds on deposit, shall be
556
entitled, npon due application to tlie Comptroller of the Currency, to receive addi-
tional circulating notes to an amount which will increase the aggregate value of the
circulating notes held bv such associations to the par value of the bonds deposited,
such additional notes to be held and treated in the same way as circulating notes of
national banking associations heretofore issued and subject to all the provisions of
existing law affecting such notes: Provided, That nothing herein contained shall
be construed to modify or repeal the provisions of sections iifty-one hundred and
sixty-seven and fifty-one hundred and seventy-one of the Revised Statutes, author-
izing the Comptroller of the Currency to require additional deposits of bonds or of
lawful money in case the market value of the bonds held to secure the circulating
notes shall fall below the par value of the circulating notes outstanding for which
such bonds may be deposited as security.
Sec. 2. That this act shall take effect upon its passage.
n. it. 2««.
A BILL for tlie coinage of legal standard silver dollars and to repeal so much of the act of July four-
teenth, eighteen hundred and ninety, as requires the purchase of four million live hundred thou-
sand ounces of silver bullion, or so much as may be offered each month, and to make such coin a
legal tender.
Be it enacted by the Senate and House of Representatives of the United Sta tes of America
in Congress assembled , That any owner of silver bullion may deposit the same at any
mint of the United States, andhave it coined into standard silver dollars of the weight
of four hundred twelve and one-lialf grains troy of standard silver, on which shall be
placed the devices and superscriptions provided by the act of January eighteenth,
eighteen hundred and thirty-seven, and the act of February twelfth, eighteen hun-
dred and seventy-three: Provided, however, That when the market price or value of
pure silver shall be less than the coin value thereof as herein provided, there shall
be levied a seigniorage for converting said silver bullion into standard silver dollars
in value equal to the difference between the coin value of three hundred seventy-one
and twenty-five one-hundredths grains troy of pure silver and the market value or
price thereof, which shall be paid by the depositor.
Sec. 2. That the seigniorage for the coinage of such silver bullion into standard
silver dollars shall be credited to a special fund to be denominated “ the silver seign-
iorage fund.”
Sec. 3. That it shall be the duty of the Director of the United States Mint, with
the concurrence of the Secretary of the Treasury, to proclaim each day the price of
silver bullion, which shall be the valuation of silver bullion upon which the super-
intendent of each mint shall make the computation of the coinage seigniorage herein
provided.
Sec. 4. That when the market price of silver bullion shall equal the coin value of
three hundred seventy-one and twenty-five one-hundredths grains troy of pure silver,
all silver bullion now owned by the Government of the United States which is uncoined
and against which no certificates have been issued, aud all silver bullion in the silver
seigniorage fund, shall be coined into standard silver dollars as herein provided.
Sec. 5. That such standard silver dollars, together with all standard silver dollars
of the same weight and fineness heretofore coined, shall be a legal tender for all debt s
and dues, public and private: Provided, however, That nothing herein contained shall
in any wise affect contracts entered into prior to the passage of this act.
Sec. 6. That so much of the .act of July fourteenth, eighteen hundred and ninety,
entitled “An act directing the purchase of silver bullion and the issue'of Treasury
notes thereon, and for other purposes,” as requires the purchase of silver bullion is
hereby repealed.
Sec. 7. That a sufficient amount. to pay the expenses of carrying this act into effect
is hereby appropriated out of any funds in the Treasury not otherwise appropriated.
Sec. 8. That all acts and parts of act inconsistent with this act are hereby
repealed.
Sec. 9. That this act shall take effect and bo in force from and after its passage.
II. It. 289.
A BILL for tlie free coinage of domestic silver, the issue of certificates thereon, and for other pur-
poses.
Be it enacted by the Senate aud House of Representatives of the United States of America
in Congress assembled, That from and after tin' passage of this act any holder of sil-
ver bullion suitable for coinage, which bullion is the product of mines within the
United States of America, and in amount one hundred dollars or more, shall be
entitled to have the same coined for bis benefit at any mint of the United States of
557
America into silver dollars of the weight and fineness hereinafter specified : Provided,
That whenever the United Kingdom of Great Britain and Ireland, France, and Ger-
many shall have opened their several mints to the free and unlimited coinage of sil-
ver, then all holders of silver bullion, whether the same he the product of foreign
or domestic mines, shall be entitled to have the same coined under the provisions ol
this act.
Sec. 2. That the silver dollar provided for in this act shall contain three hundred
and seventy-one and one-fourth grains of pure silver and four hundred and twelve
and one-half grains of standard silver. It shall have thereon the devices and super-
scriptions and he in the form of silver dollars now coined and shall be a legal ten-
der for all debts and demands, both public and private: Provided, however, That
nothing herein contained shall in anywise affect contracts entered into prior to the
passage of this act.
Sec. 3. That any holder of silver dollars authorized by this act may deposit the
same with the Treasurer of the United States of America in sums of not less than
ten dollars and receive therefor certificates in equal amount and corresponding in
denomination with silver certificates now issued. The silver dollars so deposited
shall be retained in the Treasury for the payment of said certificates on demand.
The certificates authorized by this act shall be a legal tender in all respects the same
as the silver dollars for which they were issued.
Sec 4. That the Secretary of the Treasury is hereby authorized and directed to
adopt and enforce such rules and regulations as may be necessary or proper to carry
into effect t*he provisions of this act.
Sec. 5. That a sum sufficient to carry out the provisions of this act is hereby
appropriated out of any moneys in the Treasury not otherwise appropriated.
Sec. 6. That so much of the act of July fourteenth, eighteen hundred and ninety,
entitled “An act directing the purchase of silver bullion and the issue of Treasury
notes thereon, and for other purposes,” as requires the purchase of silver bullion,
and all otlior acts and parts of acts in conflict herewith be, and the same are hereby,
repealed.
II. IS. 292.
A BILL making it a misdemeanor for any association doing business under the national banking laws
of the United States to charge or take an illegal rat e of interest, and to confer upon the States and
Territories concurrent jurisdiction with the United States.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That any association formed and doing business under the
national banking laws of the United States which shall take, receive, reserve, or
charge on any loan or discount made, or upon any note, bill of exchange, or other
evidence of debt, interest at a greater rate than is allowed by the laws of the State,
Territory, or District where the bank or association is located (except that they may
be allowed the same rate allowed to banks of issue organized under State laws or
when uo rate is fixed by the laws of the State or Territory or District, any such
association shall take, receive, or charge on any loan or discount made, or upon note,
bill of exchange, or other evidence of debt a rate of interest exceeding seven per
centum per annum) shall be guilty of a misdemeanor, and shall be punished upon
conviction by a fine of not less than three hundred dollars and not more than one
thousand dollars for each offense.
Sec. 2. That concurrent jurisdiction with the United States for the violation of
section one of this act is hereby conferred upon and given to the several States and
Territories, and they are empowered to pass such laws as will make its violation a
misdemeanor against the laws of said States or Territories and as will enable them to
effectively enforce the observance of this act against exorbitant, usurious, and illegal
rates of interest, discounts, reserves, or charges by said associations doing business
under the national banking laws of the United States. All laws or parts of laws in
conflict with this act are hereby repealed.
II. R. 293.
A BILL to make the bonds of tho Uuited States payable in any currency of the United States that is
a legal tender for any debt or purpose.
Whereas when the now outstanding obligations of the Government were created,
the original contract provided that their payment could be made in any current
money — gold, silver, or legal-tender paper money, commonly called greenbacks— that
might be issued by the Government for use as money; and
Whereas the action of the Government providing that these aforesaid obligations
should be payable only in coin was wrong in principle and unjust to the masses
thereby increasing the value of tho bonds and decreasing the ability of the people
to pay ; and
558
Whereas this wrong was farther enlarged when Congress demonetized silver and
destroyed its value as money, thus virtually taking from the people all ability to
pay off their national indebtedness except in gold: Therefore,
Beit enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That all bonds of the United States outstanding shall be pay-
able in any currency of the United States which is or shall hereafter be made a legal
tender tor any other debt or purpose of the Government by the United States, and
the kind of currency used in their payment shall be at the option of the Govern-
ment ; but in the exercise of said option the Secretary of the Treasury shall not pay
exceeding one-third of the face value of any bond or bonds in gold.
Sec. 2. That all laws or parts of laws in conflict with this act be, and the same
are hereby, repealed.
H. It. 333.
A BILL to provide for the coinage of standard silver dollars and to maintain their parity with the
gold dollars of the United States.
Be it enacted by the Senate and House of Representatives of the United States of America
In Congress assembled, That all holders of silver bullion of the value of one hundred
dollars or more, and fit for the operations of the mint, shall be entitled to deposit
the same for coinage at the mints of the United States and to have the same coined
into legal-tender standard silver dollars of six hundred and eighteen and three-
fourths grains of standard silver to the dollar on the same terms and conditions on
which gold, bullion is now deposited and coined.
Sec. 2. That whenever after the passage of this act the market value of six hun-
dred and eighteen and three-fourths grains of standard silver shall equal or exceed
in value twenty-five and eight-tenths grains of gold the coinage of standard silver
dollars shall begin and continue under the provisions of this act until the market
bullion value of said standard silver dollars shall fall to a point more than five per
centum below the gold dollar when the coinage of silver shall cease until the ratio
shall be restored.
Sec. 3. That all gold and silver coins of the United States of the value of one dol-
lar and upward shall be a legal tender for all debts, public and private, and be
interchangeable at the Treasury at the will of the holder, and the credit of the Gov-
ernment of the United States is hereby pledged to maintain this interchangeable
relation of said coins.
II. It. 339.
A BILL to repeal the portions of section fourteen of an act approved February twelfth, eighteen
hundred and seventy -three, which made the gold dollar the unit of value.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the words “ which at the standard weight,'’ occurring in
line two, and the words “shall be the unit of value,” occurring in line three, of
section fourteen of an act approved February twelfth, eighteen hundred and seventy-
three, are hereby repealed.
II. It. 3S4.
A BILL for the enlargement of the volume of currency and the distribution of the same.
Be it enacted by the Senate and House of Representatives of the United Stales of America
in Congress assembled, That upon the demand of any State of the United States, expressed
through any legally authorized officer of said State, the Secretary of the Treasury
be, and is hereby, authorized and directed to issue notes of the Government of like
denominations as the Treasury notes at present issued and in circulation, which
notes shall be a legal tender at their face value for all debts, public and private, and
noninterest-bearing, and an amount of said notes, not to exceed thirty dollars per
capita upon the population of such State according to the last census preceding the
application, shall, upon application to the Secretary of the Treasury by said officer,
be issued to such State upon the conditions hereinafter prescribed.
Sec. 2. The State making a demand in accord with the first section of this act shall
deliver to the Secretary of the Treasury the lawful bonds of said State to the full
amount of Government notes demanded, and such bonds shall be taxable at the rate
of one per centum per annum, said tax to be covered into the United States Treasury
on or before the first day of April of each year by the proper State authorities, said
bonds to fall due at the expiration of twenty years from their date: Provided, That
such State shall have the right at any time before the said bonds fall due to turn
over to the Secretary of the Treasury the full amount, or any part thereof, of Gov-
ernment notes issued to such State; or in lieu thereof said States may redeem and
559
recover such bonds, or any part of the amount thereof, with lawful money of the
United States. When such bonds are recovered by the return of said notes, the Sec-
retary of the Treasury shall destroy said notes.
Skc. 3. That each State to which said notes may be issued shall make provision
for the distribution of the same as it may deem best for the welfare of the inhabit-
ants thereof.
II. R. 393.
A BILL to increase the currency and to provide for the redemption thereof, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and after the passage of this act any bank organized
under the laws of the United States, and having on deposit with the Treasurer of
the United States bonds bearing interest at the rate of four per centum per annum,
may surrender said bonds to the Treasurer of the United States to be canceled, and .
receive in lieu thereof an amount of national bank notes which, added to the amount
of notes heretofore issued to said bank, shall be equal to one hundred and twenty
cents for each dollar specified in said bonds.
Skc. 2. That the United States hereby assume all notes issued under the first sec-
tion of this act, and all notes heretofore issued by such banks as shall surrender
their bonds in accordance with the first section of this act, and in order to provide
for the redemption of said notes the Secretary of the Treasury is hereby directed to
have coined into standard silver dollars all of the silver bullion now in the Treasury,
except so much thereof as may be sufficient to redeem the coin notes issued under
the act of July fourteenth, eighteen hundred and ninety, entitled “An act directing
the purchase of silver bullion and the issue of the Treasury notes thereon, and for
other purposes,” and the said silver dollars shall be reserved as a special fund to
redeem such of said notes as may be presented for redemption.
Sec. 3. That the Treasurer of the United States shall return to any bank which
has surrendered its bonds in accordance with the first section of this act the amount
which may be in the Treasury to the credit of such bank on account of its redemp-
tion fund.
Skc. 4. That any bank which shall surrender its bonds in accordance with the
first section of this act shall thereafter be and remain exempt from all tax upon its
circulation and all charges on account of the redemption of its notes.
Sec. 5. That the additional notes issued to any bank under the first section of this
act shall be uniform in all respects with the notes heretofore issued to the samebank,
and may be counted as a part of the lawful reserve which the law requires national
banks to hold; and the said additional notes shall be redeemable and receivable the
same as is now provided by law for the notes heretofore issued, and when received
by the Treasury shall be reissued the same as is now provided by law for United
States notes.
Sec. 6. That the sum of ten thousand dollars, or so much thereof as may be neces-
sary to carry into effect the provisions of this act, is hereby appropriated out of any
moneys in the Treasury not otherwise appropriated.
II. R. 1914.
A BILL to repeal section thirty-four hundred and twelve of the Revised Statutes of the United
States, the same being section one hundred and twenty-two of the national-bank act.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That section thirty-four hundred and twelve of the Revised
Statutes of the United States, the same being section one hundred and twenty-two
of the national-bank act, imposing a tax often per centum upon the amount of notes
of any person or of any State bank or State banking association used for circulation
and paid out by them, be, and the same is hereby, repealed.
Skc. 2. That this act shall take effect from and after its passage.
II. R. 1951.
A BILL to amend the national bank act.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury shall cause the affairs of
every banking association organized under the laws of the United States to be exam-
ined, during each period of two calendar months, by a suitable person or persons,
who shall immediately make a full and detailed report of the condition of the asso-
ciation to the Comptroller of the Currency, but no banking association shall be
examined twice by the same person during any period of twelve calendar months,
560
nor shall any person be appointed to examine the affairs of any banking association
who is a director or other officer in any hanking association organized under the
laws of the United States.
Sec. 2. That the president of the United States, by and with the advice and con-
sent of the Senato, shall appoint suitable persons, not over three-fifths of whom shall
be adherents of the same political party and not exceeding one hundred in number,
to make such examinations of said banking associations as may be directed by law,
and for that purpose the persons so appointed shall have power to make a thorough
examination into the affairs of any banking association, and in so doing to examine
any of the officers or agents thereof under oath.
Sj5C. 3. That all persons appointed, under the provisions of this act, to be exam-
iners of banking associations shall hold office during good behavior and shall receive
a compensation of three thousand dollars per annum, together with transportation
and three dollars per day for subsistence.
Sec. 4. That at the close of each fiscal year all moneys paid into the Treasury,
• under existing laws relating to’ national banking associations and not appropriated
to pay the expenses of the bureau of currency and the expenses of salaries in this
act provided for, shall be covered into a special fund to be known as the “bank
fund,” which the Secretary of the Treasury shall establish in the Treasury of the
United States.
Sec. 5. That all moneys covered into the said bank fund are hereby pledged and
appropriated to pay the loss caused to any person by depositing money with any
national banking association whose affairs may be placed in the hands of a receiver
as provided by law; but no depositor shall receive, under the provisions of this sec-
tion, a greater amount of money than the amount of such deposits due him after
the affairs of such banking association has been finally wound up.
Sec. 6. That upon a deposit of bonds as provided by sections fifty-one hundred
and fifty-nine and fifty-one hundred and sixty of the Revised Statutes, the associa-
tion making the same shall be entitled to receive, from the Comptroller of the Cur-
rency, circulating notes, of different denominations, in blank, registered and coun-
tersigned, as provided by law, equal in amount to the current market value of the
bonds so transferred and delivered, but not exceeding the par value of said bonds.
Sec. 7. That any banking association, organized under the laws of the United
States, may, at any time within one year after the passage of this act, comply with
the provisions hereof; but no banking association shall be entitled to receive circu-
lating notes exceeding ninety per centum of the par value of the bonds deposited by
it with the Treasurer of the United States unless such bonds exceed, in amount, one-
half the par value of the subscribed capital stock of such banking association.
Sec. 8. That an act entitled “ An act to amend section fifty-two hundred and forty
of the Revised Statutes of the United States, in relation to the compensation of
national bank examiners,” approved the nineteenth day of February, eighteen hun-
dred and seventy-five, and said section fifty-two hundred and forty of the Revised
Statutes and all other laws and parts of laws in conflict with this act are hereby
repealed.
II. IS. 1057.
ABILL to repeal sections thirty-four hundred and twelve and thirty-four hundred and thirteen of the
Revised Statutes of the United States, and to repeal all laws imposing taxation on State bank cir-
culation.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That sections thirty-four hundred and twelve and thirty-four
hundred and thirteen of the Revised Statutes of the United States be, and the same
are hereby, repealed.
Sec. 2. That hereafter no tax whatever shall be levied or collected on State bank
circulation issued according to the laws of the several States in which the banks
issuing the same are situated.
Sec. 3. That all laws in conflict with the provisions of this act are hereby repealed.
II. It. 1959.
A BILL to permit tho exchange of United States Treasury notes for gold coin.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That any owner of gold coin of the United States may, after
the passage of this act deliver the same at the Treasury of tho United States, or at
the office of any assistant treasurer of the United States in sums not less than ten
dollars and receive in exchange therefor an equivalent amount of United States
Treasury notes, to be prepared by the Secretary of the same character and denomi-
nations as prescribed ill the act of July fourteenth, eighteen hundred and ninety,
5G1
entitled "An act directing the purchase of silver bullion and the issue of Treasury
notes thereon, and for other purposes;” and a sum sufficient to carry into effect the
provisions of this act is hereby appropriated, out of any money in the Treasui'y not
otherwise appropriated.
II. IS. I960.
A BILL to amend an act entitled “An act to provide ways and means for the support of the Gov-
ernment.”
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That section live of the act entitled “ An act to provide ways
and means for the support of the Government,” approved March third, eighteen
hundred and sixty-three, be, and hereby is, amended by striking out the words “of
not less than twenty dollars each” in the sixth line of said section so that the sec-
tion shall read:
“ And be it further enacted, That llie Secretary of the Treasury is hereby authorized
to receive deposits of gold coin and bullion with the Treasurer or any Assistant
Treasurer of the United States in sums not less than twenty dollars, and to issue
certificates therefor in denominations corresponding with the denominations of the
United States notes. The coin and bulliou deposited for or representing the certifi-
cates of deposit shall be retained in the Treasury for the payment of the same on
demand. And certificates representing coin in the Treasury may be issued in pay-
ment of interest on the public debt, which certificate, together with those issued for
coin and bullion deposited, shall not at any time exceed twenty per centum beyond
the amount of coin and bullion in the Treasury, and the certificates for coin or bul-
lion in the Treasury shall be received at par in payment for duties on imports.”
H. K. 19SO.
A BILL for free coinage of silver and repeal of tariff laws.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury be, and he is hereby,
authorized and directed to coin all the silver bullion of the required fineness pre- •
sented at the Treasury, any subtreasury, Government mint, or assay office of the
United States, for the benefit of the person or persons presenting the same for coin-
age, as provided by law for the coinage of gold and silver bullion in force prior to
the year eighteen hundred and seventy-three, and for the purpose of carrying this
act into effect the mint laws in force prior to the year eighteen hundred and seventy-
three are hereby reenacted.
Sec. 2. That the Secretary of the Treasury is hereby authorized and directed to
coin all the gold and silver bullion now owned by the United States Government as
rapidly as possible and call in the interest-bearing obligations of the United States,
and pay the same at par value and accrued interest with the gold and silver coin
herein provided for, not less than ten million dollars of said interest-bearing obliga-
tions monthly, until all of the interest-bearing debt of the United States shall have
been paid off', and shall cancel and destroy said bonds as fast as the same shall have
been paid.
Sec. 3. That the Secretary of the Treasury is hereby authorized and directed to
call in at once not less than three hundred million dollars of the interest-bearing
bonds of the United States, bearing the highest rate of interest, and pay the same
at par value and accrued interest out of any gold and silver coin now in the Treas-
ury, any subtreasury, mint, or Government depository, and for the purpose of carry-
ing into effect the provisions of this section the one hundred million dollars gold
reserve held to redeem greenbacks is hereby released and made available, and said
bonds when so paid shall be immediately canceled and destroyed.
Sec. 4. That the Secretary of the Treasury is hereby authorized and directed to
have engraved and printed (coined) a sufficient amount of paper money to take up
all national-bank notes, Treasury notes of all kinds, gold certificates both coin and
bullion, silver certificates both coin and bulliou, and all other certificates of indebt-
edness issued by the United States and now outstanding; and the Secretary of the
Treasury is hereby directed to call in said national-bank notes, Treasury notes of all
kinds, gold certificates both coin and bullion, silver certificates both coin and bul-
lion, and all other certificates of indebtedness, as rapidly as possible, and exchange
at par value therefor the paper money herein provided, and he shall cancel and
destroy said notes and certificates as fast as the exchange herein provided for shall
have been made.
In addition to the amount above provided for, the Secretary is hereby authorized
and directed to issue from time to time a sufficient amount of said paper money
herein provided for, and shall pay all official salaries, expenditures, and all appro-
S. Eep. 235 36
562
priations made by Congress for purposes of carrying on the Government of the United
States. The paper money herein provided for shall be issued in denominations of
one, two, live, ten, twenty, fifty, one hundred, and five hundred dollars, and said
money is hereby made a legal tender at its face value for all debts, dues, and demands,
public and private, within the United States, and shall have printed on each bill,
“This is a legal tender at its face value for all debts, dues, and demands, public and
private, within the United States.”
Sec. 5. That there is hereby appropriated, out of any money now in the Treasury
not otherwise appropriated, the sum of three hundred thousand dollars, or so much
thereof as may be necessary, to carry this act into effect.
Sec. 6. That the act of J uly fourteenth, anno Domini eighteen hundred and ninety,
known as the silver bullion purchase act, is hereby repealed.
Sec. 7. That the national banking act and all acts amendatory or supplemental
thereto are hereby repealed.
Sec. 8. That all acts providing for the issue of Treasury notes, gold certificates
either coin or bullion, silver certificates either coin or bullion, or the issue of
national-bank notes, and all laws or parts of laws providing for issuing or refunding
the interest-bearing bonds, or other evidences of indebtedness of the United States,
are hereby repealed.
Sec. 9. That all tariff laws are hereby repealed, said repeal to take effect on Jan-
uary first, anno Domini eighteen hundred and ninety-four.
Sec. 10. That all internal-revenue laws are hereby repealed, said repeal to take
effect January first, anno Domini eighteen hundred and ninety-four, and all laws
and parts of laws in conflict with the provisions of this act are hereby repealed.
II. K. 3014.
A BILL to amend tlie national banking acts, to repeal the ten per centum tax on State bank issues,
and for other imrposes.
■Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the United States shall not hereafter guarantee the pay-
ment of circulating notes issued by any bank, banking association, or private
banker.
Sec. 2. That there shall be no limit to the amount of circulating notes which
any national banking association may issue, except that said notes shall at no time
exceed one hundred per centum of the par value of the bonds and coin deposited to
secure the same by such association.
Sec. 3. That State banks, State banking associations, and bankers expressly author-
ized under State statutes to issue circulating notes, shall pay no Federal or United
States tax upon such notes: Provided, That all such notes are secured in the same
manner and to the same extent as the notes of national banks; that is, by coin and
bonds of the precise character designated in this bill, which bonds and coin must be
duly deposited with a properly designated State officer in the State in which the issu-
ing bank or banking association or banker is domiciled, and provided the State charter
authorizing such bank of issuance contain provisions safeguarding issuance and
depositors identical with the provisions herein contained, except in so far as a change
of verbiage is necessary to adapt such provisions to State instead of national gov-
ernmental machinery. No circulation of any State bank or banking association, or
banker, not having complied with provisions identical with those of this act, is or
shall be hereby in any manner exempt from taxation as now established by law, and
every national banking association shall pay a tax upon the circulating notes issued
by it and in circulation of one per centum per annum upon the average amount of
the same. Such taxes shall be paid semiannually, anil shall be collected by the
internal-revenue collectors of the United States.
Sec. 4. That in addition to tlie»Uuited States bonds now required by law to be
deposited with the Treasurer of the United States to secure the circulating notes of
national banking associations, the Comptroller of the Currency is hereby authorized
and required to accept registered bonds issued by any State, county, municipal cor-
poration, or taxing district of a State, subject to the following restrictions:
First. The principal and interest of all such bonds shall in express terms be payable
in legal-tender coin of the United States.
Second. All such bonds must have been continuously for two years preceding the
date of their proposed deposit at par in the market, and in the opinion of the Comp-
troller reasonably certain to remain at par.
Third. No bond shall be accepted upon which payment of interest has at any time
within five years been in default, or which at any time within two years prior to
the date of its oiler for acceptance has sold publicly upon any stock exchange where
it was listed, or in market overt, for less than one hundred cents on the dollar of its
face value.
563
Fourth. No hontl shall he accepted if the total levy of the county, city, or taxing
district issuing it exceeds two per centum per annum, and if at any time subsequent
to the deposit of any bond the levy of the county, city, or taxing district issuing it
shall be increased so that the total levy shall exceed two per centum per annum,
the Comptroller shall have the right and it shall be his duty to call for new security,
in the stead of such bond, of the character of bonds herein required to be deposited.
Fifth. No banking association or banker shall be permitted to have more than
twenty per centum of its bonds on deposit in the bonds of any one State, any one
county, any one city, or any one taxing district.
Sixth. Whenever any class of bonds on deposit has been publicly sold below par
for the period of thirty days on any stock exchange where listed, or the Comptroller
learns and believes that its actual marked value for thirty days has been below par,
the Comptroller shall require a bond to be substituted which av ill in all respects
meet the requirements of this act.
Sec. 5. That the Comptroller, with the consent of the Secretary of the Treasury,
shall have the right to reject any class of bonds he sees lit, and to require proper
substitution for any already on deposit, considered not sufficient security, but this
discretion shall be a judicial and not an arbitrary discretion.
Sec. 6. That in addition to the bonds herein required to be deposited, there shall
be deposited by each national banking association for the issuance of notes as
required by this act gold and silver coin of the United States amounting to twenty
per centum of the total security required to be deposited by said banking associa-
tion. The coin so deposited shall, as nearly as practicable, consist of one-half in
gold coin and one-half in silver coin, and the Comptroller shall not accept a coin
deposit whereof more than sixty per centum shall consist of .silver coin of the
United States or whereof more than sixty per centum shall consist of gold coin of
the United States.
Sec. 7. That no national banking association shall be hereafter required to keep
on deposit with the Treasurer of the United States any further security or fund for
the payment of its circulating notes than that provided for in this act, towit,
twenty per centum of gold and silver legal-tender coin and eighty per centum of
bonds of the character hereinbefore provided.
Sec. 8. That for the further security of the holders of circulating notes, the
United States shall have a first lieu on all the assets of each national banking
association for the payment of its notes, in addition to the coin and bonds deposited
with the Treasurer of the United States as security.
Sec. 9. That a fund of one million dollars shall be created out of the taxes col-
lected under this act (after deducting the cost to the Government of the United
States of printing, engraving, and delivering the circulating notes), and the said
fund shall be maintained from the same source; and if the coin and the proceeds of
the bonds deposited to secure the circulation of any banking association and the
first lien upon its assets together are insufficient to reduce the outstanding notes of
the association, then the deficiency shall be made good out of this fund.
Sec. 10. That no officer or director of a national banking association can borrow
from said banking association on terms different from the terms extended to the
public; nor can any national bank lend on the security of its own stock, nor can
any oflicer or director of a national bank indorse for another in said bank, or bor-
row money from it on the indorsement of other officer, officers, director or directors.
Any director shall be individually liable for any losses accruing from an infraction
of the laws governing national banking associations by the board of directors, unless
he shall have voted against the same and caused his vote to be entered on the min-
utes, and notified the Comptroller of the Currency of such infraction within thirty
days after its occurrence; or, if not present at the meeting of the directors at which
the infraction occurred, then within thirty days after the fact of the infraction came
to his knowledge.
Sec. 11. That any director of a national bank going out of the State lor more than
sixty days of absenting himself from five successive meetings of the board shall be
deemed to have resigned and his place shall be filled at once. No person can be a
director of a national bank whose stock is pledged for debt.
Sec. 12. That the refusal or failure to pay coin for its own notes on presentation
at its counter, and on demand of coin therefor, at once or within ten days after such
demand, shall, if the bank so refusing or failing be a national bank, constitute cause
for the appointment of a receiver, and if the bank so refusing or failing be a State
bank or a State banking association, or a banker expressly authorized by the laws ofa
State to issue circulating notes, the said failure or refusal shall take the circulation
of said bankfrom within the provision for exemption in this act, and shall, ipso facto,
work a reimposition of the ten per centum tax on its circulating notes as heretofore
imposed by law, for the current fiscal year.
Sec. 13. That the present prohibition upon national banking associations prevent-
ing them from lending money on real estate security is hereby removed.
564
Sec. 14. That all parts of existing laws controlling national banking associations
not in conflict or inconsistent with the provisions of this act are hereby reenacted,
including all provisions for examination and for protection of depositors.
Sec. 15. That no State hank or banking association, or banker authorized by the
law of a State to issue circulating notes, shall be exempt from the operation of the
present existing Federal law taxing such notes, unless in the charter from the State
so authorizing it to issue circulating notes there be provisions complying with and
according with the requirements of each and every provision of this act, except sec-
tion nine hereof. The State banks and banking associations hereby intended to be
exempted are not exempt until they are chartered with provisious substantially
identical with the provisions of this act, such compliance of provisions being pre-
requisites to the exemption herein and hereby enacted.
Skc. 16. That all parts of existing laws which are in conflict with or are incon-
sistent with the provisions of this act shall be, and are hereby, repealed.
II. It. £344.
AN ACT for tlie better control of and to promote the safety of national banks.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That no national banking association shall make any loan to
its president, its vice-president, its cashier, directors, or any of its clerks, tellers,
bookkeepers, agents, servants, or other persons in its employ until the proposition
to make such a loan, stating the amount, terms, and security olfered therefor, shall
have been submitted in writing by the person desiring the same to a meeting of the
board of directors of such banking association, or of the executive committee of
such board, if any, and accepted and approved by a majority of those present con-
stituting a quorum. And then not in excess of the amount now allowed by law.
At such meeting the person making such application shall not be present. The said
acceptance and approval shall be made by a resolution, which resolution shall be
voted upon by all present at such meeting, answering to their names as called, and
a record of such vote shall be kept and state separately the names of all the per-
sons voting in favor of such resolution, and of all persons voting against the same,
aud how each of such persons voted, in case such proposition shall he submitted
to the executive committee the resolution and its vote thereou shall be read at the
next meeting of the board of directors and entered at length in the minutes of such
directors’ meeting. No such association shall permit its president, its vice-presi-
dent, its cashier, or any of its directors, or any of its clerks, tellers, bookkeepers,
agents, servants, or other persons in its employ to become liable to it by reason of
overdrawn account.
Sec. 2. That every president, vice-president, director, cashier, teller, clerk, or
agent of any such association wrho knowingly violates section one of this act, or who
aids or abets any officer, clerk, or agent in any such violation, shall be deemed
guilty of a misdemeanor and shall be punished by a line of not more than live thou-
sand dollars, or by imprisonment not more thau five years, or by both.
Sec. 3. That each report of every national banking association made to the Comp-
troller of the Currency in accordance with the provisions of section fifty-two hun-
dred and eleven of tiie Revised Statutes of the United States shall exhibit in a
schedule to be added thereto, under such classifications and in such forms as the
Comptroller of the Currency may direct, the amount of debts due or to become due
to such association from its president, vice-president, each of its directors, and
from its cashier and any of its clerks, tellers, bookkeepers, agents, servants, or
other persons in its employ, as principals, indorsers, sureties, guarantors, or other-
wise, iu a separate item from the other assets of said bank, and shall also state,
separately, the amount of all debts to such association which are past due and
remain unpaid, by the aforesaid parties: Provided, That nothing contained in this
act shall require or be deemed to require or permit the publication of such schedule
of the debts due or to become due to such association from each of its directors or
officers or employees in any statement published in a newspaper as now required by
law.
Passed the House of Representatives October 17, 1893.
Attest:
James Kekr, Clerk.
■I. It. £368.
A BILL to provide for the free coinage of silver bullion, and for other purposes.
Re it enacted by the Senate and House of Representatives of the United States o f America
in Congress assembled, That the owner of silver bullion may deposit the same at any
mint of the United States to be coined for his benefit, aud it shall be the duty of the
5G5
proper officers, upon the terms and conditions which are provided by law for the
deposit and coinage of gold, to coin such silver bullion into silver dollars of the
weight of four hundred and twelve and one-half grains troy, of standard silver, as
provided in the act of January eighteenth, eighteen hundred and thirty-seven, on
which shall he the devices and superscriptions provided by said act, and such coins
shall he a legal tender for all debts and dues, public and private.
II. 16. 2374.
A BILL to repeal all acts and parts of acts discriminating in taxation against the circulating notes
of State banks and State banking associations.
Be it enacted by the Senate and House of Representatives of the United Slates of America
in Congress assembled, That so much of section thirty-four hundred and twelve of the
Revised Statutes of the United States, and of sections nineteen, twenty, and twenty-
one of au act of Congress entitled “An act to amend existing customs and internal-
revenue laws, and for other purposes,” approved February eighth, anno Domini
eighteen hundred and seventy-live, as provides for a tax of ten percentum upon the
amount of circulation of notes of banks and banking associations chartered by or
under the laws of any State, be, and the same is hereby, repealed; and hereafter no
higher or other rate or percentage of taxation shall be imposed upon the issue and
circulation of the notes of State banks and State banking associations, by whomso-
ever issued, paid out, or circulated, than is or shall be imposed upon the issue and
circulation of the notes of national banking associations.
II. 16. 2659.
A BILL to repeal the tax of ten per centum on notes of State banks used as circulation.
Be it enacted by the Senate and House of Represen la ti ves of the United States of America
in Congress assembled, That section thirty-four hundred and twelve of the Revised
Statutes of the United States be, and the same is hereby, repealed.
II. 16. 2662.
A BILL to provide for the issuing of new United States notes in lieu of notes of national banks he~o-
after redeemed or canceled.
Be it enacted by the Senate and House of Representatives of the United States of A merica
in Congress assembled, That whenever any notes of national banks shall be redeemed,
canceled, or received into the Treasury, the Secretary of the Treasury shall thereupon
cause to be issued iu lieu thereof an equivalent amount of legal-tender United States
notes of the same denominations of the national-bank notes so redeemed, canceled,
or received into the Treasury. Such notes so issued shall not be retired, canceled,
or destroyed, but they shall be reissued and paid out again and kept in circulation.
The coin now held iu the Treasury for the redemption of legal tenders shall also be
applicable to the redemption of the new notes herein directed to be issued.
II. 16. 2S72.
A BILL to increase the circulation of national banks.
Be it enacted by the Senate and House of Representatives of the United Stales of America
in Congress assembled, That upon deposits by national banking associations of United
States bonds, bearing interest as provided by law under the provisions of sections
fifty-one hundred and fifty-nine and fifty-ono hundred and sixty of the Revised
Statutes, such associations shall be entitled to receive from the Comptroller of the
Currency circulating notes of different denominations in blank, registered and coun-
tersigned as provided by existing law, equal in face value to the full par value of
the bonds so deposited; and national banking associations now having bonds on
deposit for the security of circulating notes less in face value than the par value of
the bonds, or which may hereafter have such bonds on deposit, shall be entitled,
upon due application to the Comptroller of the Currency, to receive additional cir-
culating notes in blank to an amount which will increase the aggregate value of the
circulating notes held by such associations to the par value of the bonds deposited,
such additional notes to he held and treated in the same way as circulating notes of
national banking associations heretofore issued and subject to all the provisions of
existing law affecting such notes: Provided, That nothing herein contained shall be
construed to modify or repeal the provisions of sections iifty-one hundred and sixty-
seven and fifty-one hundred and seventy-oue of the Revised Statutes, authorizing
566
the Comptroller of the Currency to require additional deposits of bonds or of lawful
money in case the market value of the bonds held to secure the circulating notes
shall fall below the par value of the circulating notes outstanding for which such
bonds may be deposited as security.
II. R. 3S79.
A BILL to create a national currency based upon gold and silver approximately in equal values.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That all paper money of prior issue, which shall hereafter be
paid out by the United States Treasury, shall lie stamped thus: “Redeemable in
equal sums of gold and of silver or in United States Treasury notes thus redeema-
ble.”
Sec. 2. That the Secretary of the United States Treasury is authorized and required
to issue, prior to or on and after January tirst, auno Domini eighteen hundred and
ninety-four, a new series of Treasury notes, redeemable in gold coin and silver, in
equal sums of each, when oue hundred dollars or any multiple thereof is presented
for redemption.
Sec. 3. That in the month of January, anno Domini nineteen hundred, the Presi-
dent of the United States shall appoint a commission, approved by the Senate, to
adjust the “ money ratio ” of gold and silver to a practical equality with the “ com-
mercial,” present, past, and prospective, and thereafter, if need be, to conform to
said adjustment, there shall be a new coinage of silver dollars.
H. R. 323S.
A BILL for the bettor control of and to promote the safety of national banks, and for the protection
of depositors therein.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That no national banking association shall make any loan to
its president, its vice-president, its cashier, or any of its clerks, tellers, bookkeep-
ers, agents, servants, or any other persons in its employ until the proposition to make
such loan, stating the amount, terms, and security offered therefor, shall have been
submitted in writing, by the person desiring the same, at a meeting of the board of
directors of such banking association, or of the executive committee of such board,
if any, and accepted and approved by a majority of those present constituting a quo-
rum. At such meeting the person making such application shall not be present.
The said acceptance and approval shall be made by resolution, tvhich resolution
shall be voted upon by all present at such meeting answering to their names as
called; and a record of such vote shall be kept, and state separately the names of
all persons voting in favor of such resolution and of all persons voting against the
same, and how each of such persons voted. In case such proposition shall be sub-
mitted to the executive committee the resolution and its vote thereon shall be read
at the next meeting of the board of directors and entered at length in the minutes
of such directors’ meeting. No such association shall permit its president, its vice-
president, its cashier, or any of its directors, or any of its clerks, tellers, bookkeep-
ers, agents, servants, or any persons in its employ to become liable to it by reason
of an overdrawn account.
Sec. 2. Thatevery president, vice-president, director, cashier, teller, clerk, or agent
of any such association who knowingly violates section one of this act, or who aids
or abets any officer, clerk, or agent in any such violation, shall be deemed guilty of
a misdemeanor, and shall be punished by a fine of not more thau five thousand dol-
lars, or by imprisonment, of not more than five years, or both.
Sec. 3. That each report of every national banking association made to the Comp-
troller of the Currency, in accordance with the provisions of section fifty-two hun-
dred and eleven of the Revised Statutes of the United States, shall exhibit in a
schedule, to be added thereto, under such classifications and in such forms as the
Comptroller of the Currency may direct, the amounts of the debts due or to become
due to such association from its president, vice-president, eachof its directors, and
from its cashier, and any of the clerks, tellers, bookkeepers, agents, servants, or
other persons in its employ, as principals, indorsers, sureties, guarantors, or other-
wise, in a separate item from the other assets of said bank, and shall also state sepa-
rately the amount of all debts to such association which are past due and remain
unpaid: Provided , That nothing contained in this act shall require, or be deemed to
require, the publication of such schedule of the debts due or to become due to such
association from each of its directors, or officers, or employees in any statementpub-
lished in a newspaper as now required by law.
5G7
ii. ic. 3301.
A BILL to authorize redemption of two per centum bonds, and so forth.
Be it enacted by the Senate and House of Representatives of the United Stales of America
in Congress assembled, That the Secretary of the Treasury he, and is hereby, em-
powered and directed to call in and redeem, out of the funds in the Treasury, all
outstanding two per centum extended bonds of the United States, said bonds to be
paid in tho kind of money designated in the bonds, and after the bonds are called
tor the interest on tho same shall cease.
Sec. 2. That the Secretary of the Treasury is hereby authorized and directed to
prepare, issue, and deposit in the general fund of the Treasury, Treasury notes
similar to those authorized by act of February twenty-fifth, eighteen hundred and
sixty-two, as fast as money is drawn from the general fund to redeem bonds as afore-
said, and in amount equal to the sums paid out for such redemption, and the Treas-
ury notes issued under this act shall have all the legal-tender qualities of the notes
ssued under act of February twenty-fifth, eighteen hundred and sixty-two.
II. IC. 3378.
A BILL to secure the depositors in national banks against loss, and so i'orth.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That every national bunk organized under the laws of the
United States shall, on or before the first day of January of each year after the pas-
sage of this act, deposit with the Treasurer of the United States a sum equal to one-
fourth of one per centum on its average deposits for the three months preceding said
first day of January. Special notice shall be given immediately in case of default,
and any bank failing for sixty days after receiving special notice to deposit such tax
shall forfeit its charter: Provided, That whenever the Treasurer shall have on hand
in the special fund raised by such tax the sum of ten million dollars the Comptroller
of the Currency shall by order suspend the tax until the amount in the special
fund falls below the said sum often million dollars.
Sec. 2. That whenever the Comptroller of the Currency shall be advised of the
failure of any national bank he shall at once ascertain the amount due depositors
and creditors of the bank (not including stockholders, officers, or directors), and
from the special fund provided for in section one of this act shall, as soon as con-
venient, cause to be paid to such depositors and creditors (not including stockhold-
ers, officers, or directors) the amounts due them.
Sec. 3. That the assets of such failing banks shall be turned into cash as now pro-
vided and the amount realized shall be used, first, to satisfy all claims not provided
for in section two, and, second, the amount remaining shall be paid into the special
fund provided for in section one of this act: Provided, That nothing herein shall be
construed to exempt the stockholders from the liability of one hundred per centum
of their stock in addition to their stock, and no stockholder shall receive any pay-
ments on his stock from the assets of such failing bank until all debts due from the
bank have been paid and the special fund provided for in section one reimbursed to
the extent that it was drawn upon, as provided for in section two.
Sec. 4. That the United States hereby assumes no liability to depositors of
national banks except as a trustee to distribute the special fund in this act provided
for, and the Comptroller of the Currency shall pay out the money in the order in
which he receives notice of failure, paying all proper liabilities of one bank as afore-
said before any on liabilities of a bank whose failure is subsequently announced,
and in case the special fund is insufficient to pay all proper liabilities the Comp-
troller of the Currency shall cause such money to be expended in paying such proper
liabilities pro rata, and the amount remaining unpaid shall be made good as the
special fund is replenished, and in case the special fund is entirely exhausted banks
shall be cared for in order of failure as fund is renewed.
Sec. 5. That to provide against a contraction of the currency by the holding of
this special fund in trust, the Secretary of the Treasury is hereby empowered and
directed to issue and pay out, for the general expenses of the Government, United
States Treasury notes, commonly known as greenbacks, like those authorized -by the
law approved February twenty-fifth, eighteen hundred and sixty-two, equal to the
amount held in said special fund, and such Treasury notes shall have all the legal-
tender qualities possessed by the Treasury notes issued under said act of February
twenty-fifth, eighteen hundred and sixty-two.
568
II. R. 3424.
A BILL to authorize the coinago of the standard silver dollar, to repeal the act of July fourteenth,
eighteen hundred and ninety, providing for the purchase by the United States ot silver bullion, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That there shall be coined at the mints of the United States
dollars of the weight of four hundred and twelve and a half grains troy, of standard
silver, as provided in the act of January eighteenth, eighteen hundred and thirty-
seven, on which shall he the devices and superscriptions provided by said act; which
coins, together with all silver dollars heretofore coined by the United States of like
weight and lineness, shall be a legal tender at their nominal value for all debts and
dues, public and private: Provided, That not more than one hundred millions of
dollars shall be coined under the provisions of this act in any one liscal year: And
provided further , That when the total coinage under the act approved twenty-eighth
of February, eighteen hundred and seventy-eight, entitled “An act to authorize the
coinage of the standard silver dollar and to restore its legal-tender character,” and
under the act approved July fourteenth, eighteen hundred and ninety, entitled “An
act directing the purchase of silver bullion and the issue of Treasury notes thereon,
and for other purposes,” with that issued under the provisions of this act shall reach
the sum of one thousand million dollars, then tbe coinage herein provided for shall
cease and determine.
Sec. 2. That in lieu of the silver dollars hereby authorized, the person or persons
depositing the same with the Treasurer or Assistant Treasurer of the United States,
iu sums of not less than one hundred dollars, may receive therefor from the Treas-
urer of the United States certificates corresponding with the denominations of the
United States notes. The coin deposited for and representing the certificates
hereby authorized to be issued shall be retained in the Treasury for the payment of
the same, and the said certificates shall be a legal tender for all debts, public and
private, as fully as the coined dollars they represent.
Sec. 3. That the silver bullion now held in the Treasury of the United States,
purchased under the provisions of the act of July fourteenth, eighteen hundred and
ninety, entitled “An act directing the purchase of silver bullion,” and in excess of
the amount necessary to redeem the Treasury notes issued under the provisions of
said act, shall be coined into standard silver dollars of the weight and fineness pro-
vided by this act, and covered into the Treasury as a miscellaneous receipt.
Sec. 4. That saving and excepting so much of the act of July fourteenth, eighteen
hundred and ninety, as provides for the legal-tender quality of the Treasury notes
and silver dollars issued under its provisions, the same is hereby repealed.
Sec, 5. That the silver bullion coined under the provisions of this act shall be
subject to the requirements of existing laws and the regulations of the Mint service
governing the methods of determining the amount of pure silver contained and the
amount of charges or deductions, if any, to be made.
II. K. 3427.
A BILL to protect the lawful moneys of the United States against discriminations by contracts.
Be it enacted by the Senate and House of Representatives of the United Slates of America
in Congress assembled, That the United States Treasury notes, commonly called green-
backs, the standard silver dollar of the United States and the gold coins of the
United States shall hereafter be full and legal tender iu payment of all debts, notes
bonds, obligations, and contracts due or payable in the United States; and all
contracts or stipulations in any note, bond or obligation for payment in any par-
ticular kind of dollars shall be null and void and of no effect whatever: Provided,
That contracts made before the passage of this act shall not be affected by it.
II. It. 3430.
A BILL to provide for the issue of fractional currency.
Beit enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury is hereby authorized and
directed to issue fifty millions of dollars in fractional notes of the United States, as
provided by title thirty-eight, Revised Statutes.
Sec. 2. That it shall be the duty of each postmaster of the United States, whose
quarterly compensation as such equals or exceeds twenty-five dollars, to keep on hand
a sufficient quantity and assortment of such fractional notes to supply the demand
of the public therefor; and the said notes shall be delivered to a postmaster, free of
569
expense for transmission to liim, under sncli regulations ns may he jointly prescribed
by the Secretary of the Treasury and the Postmaster-General.
SEC. 3. That all acts or parts of acts inconsistent with this act are to that extent
hereby repealed.
II. It. 3134.
A BILL to prevent contraction of the currency by a withdrawal of national bank notes from circu-
lation.
Be it enacted by the Senate and House of Representatives of the United States of America
in Con gress assembled. That within thirty days after the- redemption by the United
States of the circulating notes of any national banking association organized under
the provisions of Title Sixty-two, National Banks, Revised Statutes, or acts
amendatory thereof, the Secretary of the Treasury shall issue United States notes,
as designated by section thirty-live hundred and seventy-one, Revised Statutes, of
the same denominations and amount of said redeemed circulating notes; and in
each case such issue of United States notes shall be additional to the total amount
of United States notes then in the Treasury and outstanding.
Sec. 2. That all acts or parts of acts inconsistent with this act are to that extent
hereby repealed.
II. IS. 3438.
A BILL to allow national banks to loan money on real estate.
% 4
Be it enacted by the Senate and House of Representatives of the United Stales of America
in Congress assembled, That the seventh subdivision of section fifty-one hundred and
thirty-six of the Revised Statutes of the United States be amended as follows :
“ Seventh. To exercise, by its board of directors or duly authorized officers or
agents, subject to law, all such incidental powers as shall be necessary to carry on
the business of banking, by discounting and negotiating promissory notes, drafts,
bills of exchange, and other evidences of debt; by receiving deposits ; by buying
and selling exchange, coin, and bullion ; by loaning money on personal security or
upon the security of real estate ; and by obtaining, issuing, and circulating notes
according to the provisions of this title.”
Sec. 2. That the second subdivision of section fifty-one hundred and thirty-seven
of the Revised Statutes of the United States be amended as follows:
“Second. Such as shall be mortgaged to it in good faith by way of security for
debts.”
II. R. 36-23
A BILL for tlie coinage of domestic silver, the issue of certificates thereon, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from aud after the passage of this act the holder of silver
bullion suitable for coinage, which bullion is the proved product of mines within
the United States of America and in amount one hundred dollars or more, shall be
entitled to have the same coined at any mint of the United States into standard sil-
ver dollars of the weight and fineness hereinafter specified: Provided, That when-
ever the United Kingdom of Great Britain and Ireland, France, and Germany shall
open their several mints to the free and unlimited coinage of silver, then and there-
after all holders of silver bullion suitable for coinage, whether the same be the prod-
uct of foreign or domestic mines, shall be entitled to have the samo coined under
the provisions of this act.
Sec. 2. That the standard silver dollars provided for in this act shall contain
three hundred and seventy-one and one-fourth grains of pure silver and four hun-
dred and twelve and one-half grains of standard silver. They shall have thereon the
devices and superscriptions and be in the form of standard silver dollars now coined,
and shall be legal tender for all debts and demands, both public and private, except
duties on imports from countries which do not admit silver to free and unlimited
coinage at their respective mints; and all duties on imports from countries refusing
to admit silver to free and unlimited coinage shall be payable in gold only : Pro-
rided, however, That nothing herein contained shall in anywise affect contracts
entered into prior to the passage of this act.
Sec. 3. That whenever the market value of silver bullion suitable for coinage
shall be less than the coinage value thereof, there shall be levied by and due to the
Government a seigniorage for converting such bullion into standard silver dollars,
which seigniorage shall equal the difference between such bullion andcoinage values,
and be paid by the holder of such silver. The seigniorage so earned shall be
accredited to a special fund, to be known as the seigniorage fund.
570
Sec. 4. That it shall he the duty of the Director of the United States Mint, with
the concurrence of the Secretary of the Treasury, to ascertain and proclaim each day
the true market price of such silver bullion in the principal markets therefor in the
United States, which proclaimed price shall be the valuation of silver bullion upon
which the proper officers shall make the computation of the coinage seigniorage
herein provided.
Sec. 5. That all silver bullion owned by the United States Government uncoined,
and against which no certificates have been issued, and all silvor bullion in the
silver-seigniorage fund, shall from time to time be coined into standard silver dollars,
as herein provided.
Sec. 6. That any holder of standard silver dollars authorized by this act may
deposit the same with the Treasurer of the United States of America, in sums of not
less than ten dollars, and receive therefor certificates in equal amount and corre-
sponding denomination with silver certificates now issued. The silver dollars so
deposited shall he retained in the Treasury for the payment of said certificates on
demand. The certificates authorized by this act shall be a legal tender in all respects
the same as the silver dollars for which they are issued.
Sec. 7. That the Secretary of the Treasury is hereby authorized and directed to
adopt and enforce such rules and regulations as may be necessary and proper to
carry into effect each provision of this act.
Sec. 8. That a sum sufficient to carry out the provisious of this act is hereby
appropriated out of any moneys in the Treasuay not otherwise appropriated.
Sec. 9. That so much of the act of July fourteenth, eighteen hundred and ninety,
entitled “An act directing the purchase of silver bullion, and the issue of Treasury
notes thereon, and for other purposes,” as requires the purchase of silver bullion,
and all other acts and parts of acts in conflict herewith, be, and the same are hereby,
repealed.
II. li. 3759.
A BILL to afford a rebate under prescribed conditions of tax upon notes issued by State banks.
Be it evaded by the Senate and House of Representatives of the United States of America
in Congress assembled, That in case any bank chartered by any State of the United
States shall furnish for notes issued by such bank such State or municipal bonds or
securities as may be approved by the governor and treasurer of the said State under
a law enacted by the State for that purpose, and shall file satisfactory evidence with
the Comptroller of the Currency that this provision has been strictly complied with,
and upon the certificate of said Comptroller of the Currency to that effeet, he being
satisfied that said securities are valid, and that the intent of this act has been com-
plied with, then the Commissioner of Internal Revenue shall cause a rebate of
eighty-five per centum to be made in the ten per centum tax now imposed by law on
all such issue of State banks, so secured and so certified ; and said notes thus secured
shall bear no tax whatever upon being paid out or received by any institution or
individuals.
Sec. 2. That all acts and parts of acts inconsistent with the provisions of this act,
so far as they are inconsistent, shall be, and the same are hereby, repealed.
II. R. 3700.
A BILL to authorize the coinage of standard half-dollars, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury is hereby authorized and
directed to purchase silver bullion to the amount of two and one-half million ounces
per month at the current market price, and cause the same to be coined, with any
silver bullion in the Treasury Department not otherwise appropriated or retained by
law, into half-dollars of the standard weight and fineness now prescribed bylaw:
Provided, That in case of any international agreement being entered into by the
United States with other countries, fixing the common parity of gold and silver, then
the Secretary of the Treasury is hereby authorized and directed to redeem coins issued
under this act in coins of value and fineness fixed thereupon by law: And provided
further, That this shall in nowise authorize any other purchase of silver bullion,
except for the coinage of subsidiary pieces authorized by law, any previous law to
the contrary notwithstanding.
Sec. 2. That the Secretary of the Treasury is hereby authorized and directed, for
the purposes set forth in section one of this act, to issue on the credit of the United
States sufficient Treasury notes or obligations to make such purchase, from time to
time ; but no Treasury note or obligation of the United States issued after the passage
of this act shall be of less denomination than five dollars.
Sec. 3. That the Secretary of the Treasury is hereby authorized and directed to
issue Treasury notes or obligations of denominations not less than live dollars to
such amount as may be required to redeem any Treasury note or obligation of the
United States of denominations under live dollars, to be redeemed on presentation in
sums of one hundred dollars or more, and such notes or obligations so redeemed shall
be publicly canceled and destroyed.
Sec. 4. That all acts and parts of acts inconsistent with the provisions of this act,
in so far as they are inconsistent, shall be, and the same are hereby, repealed.
nr. is. 3S25.
A BILL to suspend the operation of the laws imposing a tax of ten per centum upon notes issued
during the period therein mentioned.
Whereas certain banting associations, individuals and corporations, for the pur-
pose of relieving the financial stringency which has prevailed in all parts of the
country during the last few months, have issued what have been denominated clear-
ing-house certificates and other notes and forms of indebtedness which were designed
and intended to provide temporary relief for evils caused by a dearth of currency,
and which in many cases have been effectual to prevent greater calamities; and
Whereas it has been claimed that such certificates and notes are subject to the tax
imposed by Iuav upon all notes other than national-bank notes: Therefore,
Be it enacted by Vic Senate and House of Representatives of the United States of America
in Congress assembled, That the operation of sections thirty-four hundred and
twelve and thirty-four hundred and thirteen of the Revised Statutes of the United
States, and sections nineteen, twenty, and twenty-one of the act approved February
eighth, eighteen hundred and seventy-five, and of all other sections of said Revised
Statutes, and all acts and parts of acts imposing a penalty often per centum on the
amount of notes of any person or of any hank or banking association used for circu-
lation be, and the same hereby is, suspended, and nothing therein contained shall
be so construed as to impose any tax upon any certificates or notes which may have
been issued during the period between August first, eighteen hundred and ninety-
three, and October fifteenth, eighteen hundred and ninety-three, and no such tax
shall be collected.
II. IS. 4005.
A J51LL to provide for the coinage of silver dollars and for maintaining them at par.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That it shall he lawful for the owner of any silver bullion of
standard purity and fineness produced from any mines in the United States to deposit,
the same at any of the mints of the United States and receive therefor its market
value on the day of deposit in standard silver dollars of the United States. The
Secretary of the Treasury shall fix, each day, the market price of silver bullion,
basing it on the average market price thereof on the next preceding day in the
American market, and he shall not be required to receive or have on hand for coin-
age, under the provisions of this act, more than twenty-live million ounces of silver
bullion at any one time. The Secretary of the Treasury shall also prescribe and
enforce such rules and regulations as shall prevent purchase or coinage of any silver
bullion not the product of the mines of the United States.
Sec. 2. That all silver bullion deposited as hereinbefore provided shall, after
payment therefor, become the property of the United States, and of said bullion
there shall be coined into standard silver dollars, as provided in the act of July
nineteenth, eighteen hundred and thirty-seven, as r ipidly as practicable an amount
sufficient to pay the purchase price thereof at market value as hereinbefore pro-
vided; and any gain or seigniorage arising from coinage under this act shall he
coined into standard silver dollars, as specified, insufficient amount to redeem and
replace all the United States notes and Treasury notes of the denominations of one
and two dollars now outstanding, and such notes hereafter received by the Treasury
shall not he reissued, but shall 'be destroyed. Auy balance of said silver bullion
remaining after the coinage hereinbefore provided for shall be sold by the Secretary
of the Treasury from time to time at the market price for gold, which shall he
covered into the United States Treasury.
Sec. 3. That, the Secretary of the Treasury, under such regulations as he may
prescribe, is authorized and required -within two years from the approval of this
act to redeem and replace the one and two dollar certificates now outstanding either
with silver dollars or, at his discretion, by issuing silver certificates of not less
denomination than five dollars. And the one and two dollar silver certificates so
redeemed and replaced shall not be reissued, but shall be destroyed.
572
Sec. 4. That in case the silver dollar at any time declines below its face value and
ceases to circulate at par the Secretary of the Treasury is then authorized and
directed to redeem or exchange for gold said silver dollars on presentation until they
shall again be current at their face or par value; and to enable the Secretary of the
Treasury to do this, and for this purpose alone, he is hereby authorized to issue and
sell for gold United States three per centum bonds, interest payable semiannually in
gold and the principal payable in goblin twenty years, hut such issue of bonds shall
not exceed ten million dollars in any one month nor he more than one hundred mil-
lion dollars in all. In case said silver dollar at any time falls belorv par the receipt
of silver bullion at the mints and the coiuage of silver dollars shall at once cease
and not be resumed until the silver dollars shall again he freely current at par and
until the silver dollars received by the Secretary ot' the Treasury for gold shall have
been by him again paid out and gone into circulation.
Sec. 5. That no silver dollars coined under the provisions of this act shall he
receivable for deposit under the third section of the act of February twenty-eighth,
eighteen hundred and seventy-eight, and no certificates shall issue therefor.
Sec. 6. That a sum sufficient to carry out the provisions of this act is hereby
appropriated out of any money in the Treasury not otherwise appropriated.
Sec. 7. That so much of the act approved .July fourteenth, eighteen hundred and
ninety, entitled “An act directing the purchase of silver bullion and issue of Treas-
ury notes thereon, and for other purposes,” as directs the Secretary of the Treasury
to purchase from time to time silver bullion to the aggregate amount of four million
live hundred thousand ounces, or so much thereof as may he offered in each month
at the market price thereof, not exceeding one dollar for three hundred and seventy-
one and twenty-five one-hundredths grains of pure silver, and to issue in payment
for such purchases Treasury notes of the United States, be, and the same is hereby,
repealed, and all other acts or parts of acts inconsistent with the provisions of this
act are hereby repealed.
Sec. 8. That this act shall take effect thirty days from and after its approval.
II. K. 4010.
A BILL to repeal the ten per centum tax upon the circulating notes of State hanks.
Be it evaded by the Senate and House of Representatives of the Un ited Statesof America
in Conyress assembled, That the present tax upon State bank notes be reduced to one
per centum per annum upon all such notes as bear upon either the face or back
thereof the plainly printed and clearly stated agreement of the State in which the
bank issuing such notes is located, to redeem said notes in legal-tender money of the
United States upon presentation to some proper officer of said State.
Sec. 2. That this act shall take effect on and after thirty days from its approval,
and nothing in its terms shall be held to make any reduction in the tax upon any
note or notes intended to circulate as money which do not bear the agreement and
guaranty provided for in section one.
II. It. 4232.
A BILL to establish a gold and silver currency on a basis of interchangeable value.
Beit enacted by the Senate and House of Representatives of the United States of America
in Conyress assembled, That twenty-three and twenty-two one-hundredths grains of
pure gold, as established by law oil February twelfth, eighteen hundred and seventy-
three, is, and shall continue to be, the unit of value of the United States of America,
and shall be termed a dollar.
Sec. 2. That fine gold bullion, when presented in the amount of one hundred dol-
lars or more, may be deposited in the Treasury of the United States, or at any coin-
age mint or assay office that the Secretary of the Treasury may designate, and the
depositor shall receive therefor registered Treasury notes of such denominations as
he may desire, hereinafter called gold Treasury notes and hereinafter provided for,
equal in amount to the number of dollars deposited.
Sec. 8. That the Secretary of the Treasury shall cause to be prepared gold Treas-
ury notes of the following form, respectively, with such other formal additions
thereto as the Secretary of tlio Treasury may prescribe, in such amounts as may be
required for the purpose of section two, in twenty-dollar, fifty-dollar, one hnndred-
dollar five-hundred dollar, one thousand-dollar, five thousaml-dollar, ten thousand
dollar,' twenty thousand-dollar, and fifty thousand-dollar denominations, to wit: This
certifies that there has been deposited in the Treasury of the United States an amount
of gold equal to twenty dollars. This note is redeemable in an amount of gold equal
to twenty dollars on demand.
573
Sec. 4. That the gold Treasury notes issued under the provisions of this act shall
be redeemed upon demand at the Treasury of the United States, or at any coinage
mint or assay office of the United States that the Secretary of the Treasury may
designate, in an amount of iine gold bullion equal in value to the number of dollars
demanded. All notes so redeemed shall be canceled, registered, and destroyed.
Sec. 5. That the gold bullion received under the provisions of this act, the total
amount of which for the time being is hereinafter called the gold-redemption fund,
shall be deposited and kept at such place or places as the Secretary of the Treasury
may designate, and shall be used for no purpose other than the redemption of the
gold Treasury notes arising under the provisions of this act.
Sec. 6. That line silver bullion, when presented in the amount of oue hundred
ounces or more, may be deposited at the Treasury of the United States, or at any
coinage mint or assity office in the Uni ted States that the Secretary of the Treasury
may designate, and the depositor shall receive therefor registered Treasury notes of
such denominations as he may desire, hereinafter called silver Treasury notes and
hereinafter provided for, equal at the date of deposit to the net value of such silver
at its market price, such price to be determined by the Secretary of the Treasury
under rules and regulations prescribed in section seven of this act.
Sec. 7. That the Secretary of the Treasury is directed, on each business day, to
inquire into and ascertain the market price of line silver bullion in the several coun-
tries of the world with which we are principally connected in commerce. These
various market prices he shall translate at the gold par of exchange into terms of the
standard of value of the United States and shall take an average from them, which
average shall be the price at which the Government of the United States shall receive
or deliver line silver bullion on tlio following business day in exchange for the silver
Treasury notes arising under the provisions of this act. In determining the world’s
market price of silver, as aforesaid, no deductions, additions, or allowances for
freight, insurance, or any other charge shall be made.
Sec. 8. That the Secretary of the Treasury shall cause to be prepared silver Treas-
ury notes of the following form, respectively, and with such other formal additions
thereto as the Secretary of the Treasury may prescribe, in such amounts as may be
required for the purpose of section six, in five-dollar, ten-dollar, twenty- dollar, lifty-
dollar, one liundred-dollar, live liundred-dollar, one thousand-dollar, live thousaud-
dollar, ten thousand-dollar, twenty. thousand-dollar, fifty thousand-dollar denomina-
tions, to wit : This certilies that there has been deposited in the Treasury of the United
States an amount of silver equal to live dollars. This note is redeemable in an
amount of silver equal to five dollars on demand.
Sec. 9. That the silver Treasury notes issued under the provisions of this act shall
be redeemed upon demand at the Treasury of the United States, or at any coinage
mint or assay ofiice in the United States that the Secretary of the Treasury may
designate, in an amount of fine silver bullion equal in value, at the then prevailing
market price, to the number of dollars demanded, such an amount of fine silver
bullion to be determined as provided in section seven of this act. All notes so
redeemed shall be canceled, registered, and destroyed.
Sec. 10. That the silver bullion received under the provisions of this act, the total
amount of which for the time being is hereinafter called the silver-redemption fund,
shall be deposited and kept at such place or places as the Secretary of the Treasury
may designate, and shall be used for no purpose other than the redemption of tlie
silver Treasury notes arising under the provisions of this act.
Sec. 11. That when the market price of fine silver, as determined by the Secretary
of the Treasury, shall exceed one dollar and thirty-five cents per tine ounce, it shall
be the duty of the Secretary of the Treasury to refuse to receive deposits of silver
bullion for the purposes of this act.
Sec. 12. That whenever the total value of the silver-redemption fund, at the pre-
vailing market price, as determined by the Secretary of the Treasury under the pro-
visions of section seven, shall be less than the total amount of the silver Treasury
notes arising under the provisions of this act then outstanding, to the extent of two
to ten, ten to twenty, twenty to thirty, thirty to forty, or forty to fifty millions of
dollars or more, it shall be the duty of the Secretary of the Treasury to impose and
collect a charge in each event at the rate of one-quarter, one-lialf, one, two, and five
per centum, respectively, upon the face value of the silver and gold Treasury notes
thereafter issued under the provisions of this act; and the Secretary of the Treasury
shall from time to time invest the money so arising in the purchase of fine silver
bullion at the then prevailing market price, which said silver bullion shall be depos-
ited with the silver-redemption fund, and when so deposited shall lie a part and
applicable to the purpose thereof. Whenever the total value of the silver redemp-
tion fund, as determined in this section, shall equal or exceed the total amount of
the outstanding silver Treasury notes issued under the provisions of this act uo
charge shall be made.
Sec. 13. That the gold and silver Treasury notes issued under the provisions of
574
this act shall he a legal tender in payment of all debts and shall he receivable for
customs, taxes, and all public dues, and when received into the Treasury from these
sources may be paid out in accordance with lawr, and such notes, when held by any
national banking association, shall be counted as part of its lawful reserve.
Sec. 14. That the gold and silver Treasury notes issued under the provisions of
this act may be exchanged on demand, by the holder thereof, at the Treasury of the
United States, and at such other place or places as the Secretary of the Treasury
may designate, for an equal amount of new notes of the same character and of such
denominations as he may desire. The notes so presented for the purpose of exchange
shall he canceled, registered, and destroyed.
Sec. 15. That the President of the United States, upon the application of the
Secretary of the Treasury, may, by proclamation, designate and appoint redemption
agencies in any foreign empire, state, or country for the purpose of redeeming, by
conversion or otherwise as herein provided, the notes arising under the provisions
of this act. Prior, however, to the issuance of any such proclamation by the Presi-
dent of the United States, the Secretary of the Treasury shall be in receipt of a proper
bond of indemnity, the provisions of which said bond shall be such as the Secretary
of the Treasury may prescribe from the firm, banking house, corporation, or other
business institution with which such redemption agency is to be established, and
who shall be citizens of, or, in case of corporations or companies, organized under
and amenable to the laws of that country where such an agency is to be established.
The notes arising under the provisions of this act shall be redeemed at such redemp-
tion agency so established in the same manner and under the same regulations as
here prevail, or in such a manner and under such regulations as the Secretary of the
Treasury shall prescribe as will enable them to be converted into the money of that
country without loss, and when so redeemed or converted shall be canceled, regis-
tered, and destroyed. The Secretary of the Treasury, by requisition upon the Sec-
retary of the Navy, who is directed to cooperate, shall utilize the vessels of the
United States in establishing its various redemption agencies throughout the world
and in supplying them from time to time with such coined gold and silver bullion
bars or coins as may be necessary to redeem the notes arising under the provisions
of this act : Provided, That, in the event of war with any country where such agency
is established, the obligation of the United States to redeem the notes arising under
the provisions of this act at that redemption agency ceases. The Postmaster-Gen-
eral of the United States is directed to devise and establish a special system of reg-
istry for the purpose of enabling the owners thereof to send to or bring from such
countries where such redemption agencies have been established the notes arising
under the provisions of this act without charge other than a registry and a mailing
free, which registry charge shall be fixed by the Secretary of the Treasury and may
be changed by him from time to time, but which charge shall always be at- a less
rate per centum on the par value thereof than is the aggregate rate per centum of
cost of slipping gold bullion of the same value to that country wThere such redemp-
tion agency is established. In the event of the loss of the notes while in transit,
which have been duly registered as herein contemplated, the Secretary of the Treas-
ury is directed, upon sufficient proof of loss, which shall be made by the Postmaster-
General, and upon application of the owner thereof, to issue to the owner thereof
new notes of the same character and amount, taking a satisfactory bond of indem-
nity from the owner thereof. A description of all notes which have been registered
as herein contemplated and which have been lost while in transit shall be published
at least once a year in the report of the Secretary of the Treasury. All silver or
gold Treasury notes which have been registered as herein contemplated and which
have been lost while in transit and for which new notes shall have been issued shall
be considered as canceled.
Sec. 16. That coincident, as nearly as may be, with the passage of this act, the
Secretary of the Treasury, at his discretion as to duration and amount, may impose
and collect a tax, not to exceed one per centum ad valorem, on all silver or silver
Treasury notes imported to the United States,
Sec. 17. That so much of the act of July fourteenth, eighteen hundred and ninety,
entitled “An act directing the purchase of silver bullion and the issue of Treasury
notes thereon,- ” and so forth, as requires the monthly purchase by the Secretary of
the Treasury of four million five hundred thousand ounces of silver, or any part
thereof, at the market price, is hereby repealed.
Sec. 18. That the Treasury notes arising under the provisions of the act of July
fourteenth, eighteen hundred and ninety, entitled “An act directing the purchase of
silver bullion and the issue of Treasury notes thereon,” and so forth, may be ex-
changed upon demand, when presented in the amount of one hundred dollars or
more, lor an equal amount of the silver Treasury notes arising under the provisions
of the present act. An amount of line silver bullion equal in value at the then pre-
vailing market price, as determined in section seven, to the face value of the notes
so excnanged, shall be transferred from the silver-bullion fund of eighteen hundred
575
and ninety (which silver-bullion fund includes all the silver purchased under the act
of July fourteenth, eighteen hundred and ninety, and the dollars coined therefrom,
which dollars shall be parted, lined, cast into bars to be coined and stamped, and
returned thereto) to the silver-redemption fund, as contemplated in this act, and
shall thereupon become a part, and shall be applicable to the purpose thereof. All
notes so exchanged shall be destroyed. Any deficiency or surplus of said silver-bul-
lion fund arising under the law of July fourteenth, eighteen hundred and ninety, in
making the exchange as above contemplated, shall be carried to the general account
of the Treasury. After July first, eighteen hundred and ninety-five, the notes aris-
ing under the provisions of the act of July fourteenth, eighteen hundred and ninety,
shall not be a legal tender.
Sec. 19. That the act of June eighth, eighteen hundred and seventy-two, entitled,
“An act for the better security of bank reserves and to facilitate bank clearing-
house exchanges,” is hereby repealed, which said repeal shall take etl'ect on July
first, eighteen hundred and ninety-five.
Sec. 20. That any gain or seigniorage, not elsewhere specified arising under the
provisions of this act, shall he accounted for and paid into the silver or gold-redemp-
tion fund, as it respectively may arise.
Sec. 21. That the silver and gold bullion deposited under the provisions of this
act shall be subject to the requirements of existing law and the regulations of the
mint service governing the methods of receipt, determining the amount of pure
silver or pure gold contained, and the amount of charges or deductions, if any to be
made.
Sec. 22. That nothing in this act shall be construed to prevent the purchase from
time to time, as may be required, of zinc, nickel, copper, or other base alloy or bul-
lion, for the purpose of the subsidiary and other coinage, nor to affect the legal-ten-
der quality, except as specifically set forth in section eighteen, of any obligation
heretofore issued by the United States.
Sec. 23. That the Secretary of the Treasury is authorized to prepare and to issue
bonds of the United States herein provided for to the amount of fifty million dollars ;
said bonds to be payable, principal and interest, in standard money of the United
States in twenty years, with the option reserved to the United States to pay in ten
years from date thereof, which said bonds shall be prepared in denominations of
one hundred dollars and multiples thereof, and shall bear interest at the rate of two
per centum per annum, payable quarterly, and shall consist of registered and coupou
bonds which shall be available as a basis for national-bank note circulation under
existing law. The Secretary of the Treasury, at his discretion as to time and amount,
may offer for sale said bonds herein provided for, at par, and when sold shall carry
the proceeds thereof to the general account of the Treasury.
Sec. 24. That the term “standard money of the United States,” used in section
twenty-three of this act shall be interpreted to mean gold coin of the present standard
of weight and fineness, or an amount of pure silver bullion equivalent in value thereto,
as determined by the Secretary of the Treasury under the provisions of section seven
of this act.
Sec. 25. That a sum sufficient to carry out the provisions of this act in all its parts,
is hereby appropriated out of any money in the Treasury not otherwise appropriated.
Sec. 26. That all acts and parts of acts inconsistent with the provisions of this act
are hereby repealed.
Sec. 27. That this act shall take effect thirty days from and after its passage.
M. K. 4250.
A BILL to provide for the retirement of national-bank hills and the substitution of United States
notes in lieu thereof.
Beit enacted by the Senate and House of Representatives of the United States of America
in Conyress assembled, That no national bank which may hereafter be chartered, or
the charter of which may be hereafter renewed or extended, shall be required to
transfer to the Treasurer of the United States any United States registered bonds,
nor shall any such bank be permitted to issue notes to circulate as money.
Sec. 2. That whenever the notes of any national bank heretofore chartered shall
be retired in the manner provided by law, the Secretary of the Treasury shall cause
an equal amount of United States notes to be issued in lieu thereof, and shall pur-
chase therewith United States bonds.
576
II. R. 4310.
A BILL to provide a national circulating medium.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and alter the day of , eighteen
hundred and ninety , it shall be the duty of the United States Treasurer to issue
noninterest-bearing bonds in the following denominations: One thousand dollars,
two thousand dollars, five thousand dollars, ten thousand dollars, twenty thousand
dollars, thirty thousand dollars, forty thousand dollars, and fifty thousand dollars,
as may be called for from time to time.
Sec. 2. That such bonds of ten thousand dollars, and all larger denominations,
shall be legal tender for three years after date of issue for all dues, both public and
private, of equal or larger amounts, except the public debt now extant and interest
thereon. And all such bonds of a larger denomination than one thousand dollars
may be exchanged for those of the denomination of one thousand dollars, but no
such bonds shall be issued for a less denomination than one thousand dollars. Upon
transfer of such bonds from one party to another the buyer may, if he choose so to
do, have them registered at any United States post-office wherever he may be, giving
the number of such bond, with the date and amount and the names of seller and
buyer and their post-office address, to be reported to the United States Treasurer for
record, by paying to the postmaster five cents for each bond so registered.
Sec. 3. That any person owing allegiance to the United States and holding such
bond or bonds of any denomination may deposit the same with the United States
Treasurer and receive ninety per centum of their face A*alue in Treasury notes, of
such denomination as they may choose of not less than one dollar; and ten per
centum of such bonds shall bear interest at the rate of five per centum per annum
while so deposited.
Sec. 4. That such Treasury notes shall not bear interest, but shall be legal tender
for all dues, both public and private, except interest on the public debt now extant.
And any person obtaining Treasury notes in such manner may retain the same for
their own use for such time as they may choose, but not for less than two years, by
paying to the United States Treasurer a tax of one-half of one per centum per
annum, or such per centum only as from time to time may be found sufficient to pay
the United States Treasury’s expenses in connection with the same.
Sec. 5. That at their own option, after retaining such Treasury notes for two years
or longer, and paying the annual tax upon the same to the United States Treasurer,
they, or their legal representatives, may return a like amount of Treasury notes to
the United States Treasury and receive the bonds they so deposited, or should they
choose so to do, after they have retained such Treasury notes for the term of ten
years, and paid the annual tax upon the same to the United States Treasurer, they
may then retain the same forever as their own property by so notifying the United
States Treasurer, who shall then cancel and destroy such bond or bonds deposited by
them as security for such Treasury notes, and shall then issue to such person, or their
legal representatives, the balance of the face value of such bonds.
Sec. 6. That should any person neglect to pay the annual tax upon the Treasury
notes so obtained for more than six months after the same shall become due and
payable the Treasurer shall declare the bonds deposited as security for such Treas-
ury notes forfeited, and shall cancel and destroy the same, and shall not make fur-
ther payment for such bond or bonds.
Sec. 7. That all such bonds shall be issued by the Treasurer at their face value.
Sec. 8. That it shall be the duty of the United States Treasurer to purchase
monthly with such bonds gold and silver bullion, for the lowest offer, but not for
more than face value when coined, such amounts as when coined shall be ten million
dollars, and as near as may be equal amounts in face value when coined of each kind
of bullion until the amount of gold and silver coin shall be fifty dollars per capita
of the population, when the Treasurer shall thereafter annually purchase and coin
sufficient bullion to maintain that amount per capita near as may be: Provided
always, That the bullion shall be offered at a price that will be less than its face
value when coined. But in no event shall a greater price be paid for the bullion
than will equal its face value when coined. Such bonds may be used in payment for
public works by previous agreement with contractors of such works, but the aggre-
gate amount of such bonds tube used by the Government in payment for public
works shall not exceed ten dollars per annum per capita of the population except in
times of insurrection or invasion.
Sec. 9. That all bullion so purchased shall be coined soon as practicable and shall
be legal tender for all dues, both public and private, but shall not impair existing
contracts.
Sec. 10. That an additional amount of bullion shall be so purchased and coined
semiannually as will equal the amount of national-bank bills retired.
577
Sec. 11. Th at each kind of money shall ho interchangeable with the others for the
business needs of the people wherever the United States Treasury disburses and
receives money, hut the United States Treasurer shall have authority to at any time
refuse paper money in exchange for metallic money when the same is desired for
shipment to foreign countries or for causing fluctuations in the relative values of the
money of the United States by controlling a large part of any kind of money so as
to cause premiums or discounts thereby. Any part of such bonds or Treasury notes
that are to be paid and permanently retired and canceled shall he paid by taxes
raised in the usual manner. A sum to carry into effect the provisions of this act is
hereby appropriated out of any money in the Treasury not otherwise appropriated.
II. IS. 4320.
A BILL to subject to State taxation national-bank notes and United States Treasury notes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That all circulating notes of national banking associations and
all United States legal-tender notes and all other notes and certilicates of the United
States payable on demand and circulating as currency shall not be exempt from tax-
ation under the authority of any State or Territory : Provided, That any such taxation
shall he exercised in the same manner and at the same rate that any such State or
Territory shall tax other money within its jurisdiction.
Skc. 2. That the provisions of this act shall not be deemed or held to change exist-
ing laws in respect of the taxation of national banking associations.
II. IS. 4301.
A BILL to provide means to retire the twenty-five million dollars past due bonds, and a currency
adequate to the present exigencies of Government, and a sound, sufficient, and stable currency.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury be, and he is hereby, author-
ized and instructed to issue immediately on the passage of this hill one hundred
million dollars of the Treasury notes of the United States, payable in coin in denomi-
nations not less than ten nor more than one thousand dollars, and said notes shall be
receivable for all taxes and dues, excises, debts due to the United States, and shall
be a legal tender in payment of all debts, public and private, within the United
States; and the Secretary shall, every thirty days after the issue of said one hundred
million dollars, issue each mouth the sum of five million dollars of said notes of simi-
lar denominations and payable in coin, and have the same legal-tender quality as
herein provided for the issue of one hundred million dollars above provided for.
Sec. 2. That the Secretary of the Treasury be, and he is hereby, instructed to pay
out of the money hereby provided to be issued the past due bonds of the United
States now due and payable, and the current expenses and indebtedness of the Gov-
ernment of the United States as the same accrues from time to time.
Sec. 3. That the faith and credit of this Government is hereby pledged for the
prompt payment of the notes authorized under this act when presented for redemp-
tion ; and to further secure the same there shall be deposited in the vaults of the
Treasury of the United States one hundred millions of bonds, which the Treasurer is
authorized and instructed to sell to redeem said notes, should the same be necessary,
in sufficient quantities to discharge said notes.
II. R. 4392.
A BILL to repeal the tax on the circulation of banks other than national hanks.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That all laws and parts of laws imposing a tax on State bauks
and banking associations, and on the circulation of banks and banking institutions
other than national banks be, and the same are hereby, repealed.
II. R. 4412.
A BILL to provide for the issuing of gold and silver certificates, and other purposes.
Be it enacted by the Senate and House of Representatives of the United States of Amer-
ica in Congress assembled, That the Secretary of the Treasury is hereby directed to
purchase, from time to time, gold and silver bullion, so much thereof as may be offered
at the rate of one dollar for each three hundred and seventy-one and twenty-five oue-
S. Ke p. 235 37
578
hundredths grains of pure silver, or for twenty-three and twenty-two one-hundredths
grains of pure gold, and to issue in payment for such purchases of bullion silver cer-
tificates for silver bullion and gold certificates for gold bullion, and said certificates
to he prepared by the Secretary of the Treasury in such form and of such denomina-
tions, not less than one dollar nor more than one hundred dollars, as he may pre-
scribe.
Sec. 2. That the Secretary of the Treasury shall coin all the gold and silver bul-
lion held in the Un ited States Treasury, from time to time, to provide for the redemp-
tion of gold and silver certificates issued under this act.
Sec. 3. That whenever there shall be one hundred million dollars of gold or silver
in the Treasury of or subtreasury of the United States, that for every dollar of silver
so held the Treasurer shall issue two dollars in silver certificates, and for every dol-
lar of gold so held in the Treasury or subtreasury of the United States he shall issue
two dollars in gold certificates.
Sec. 4. That the certificates issued in accordance with this provision of this act
shall be redeemable on demand, the silver certificates in silver and gold certifi-
cates in gold, at the Treasury of the United States, or at the office of any assistant
treasurer of the United States, and when so redeemed they shall be issued ; but no
less amount of such certificates shall be outstanding at any time than cost of the
bullion purchased with said certificates, and the coin minted therefrom, then held
in the Treasury; and said certificates shall be a legal tender for all debts, public and
private, except urhere otherwise expressly stipulated in contract dated prior to the
passage of this act, and shall be receivable for customs and taxes and all public
dues, and when so received shall be reissued.
Sec. 5. That the bullion purchased under the provision of this act shall be subject
to the requirements of existing law and the regulations of the mint service governing
the methods of determining the amount of pure gold and silver contained and the
amount of charges or deductions, if any, to be made.
Sec. 6. That a sum sufficient to carry into effect the provisions of this act is hereby
appropriated out of any money in the Treasury not otherwise appropriated.
II. R. 4447.
A BILL to provide money for the use of the people of the United States.
Be it enacted by the Senate and House of Eeprescntatives of the United States of America
in Congress assembled, That the money of the United States shall consist of gold and
silver coin of the denominations and values as now by law established, and Treas-
ury notes, issued by the Treasurer of the United States, redeemable on demand in
gold and silver coin as hereinafter set forth, of the denominations of five, tec,
twenty, fifty, one hundred, and one thousand dollars.
Sec. 2. That the Treasury notes which shall be issued under and by virtue of this
act shall be redeemed by the Treasurer of the United States (when presented in sums
capable of such redemption) with fifty per centum of gold coin and fifty per centum
of silver coin of national mintage, and such redeemed notes may be reissued by him
in any transactions of the Treasury Department requiring the payment of money.
And whereas it is the purpose of the Government of tho United States (heretofore
declared by Congressional enactmen t) to maintain the parity of all the various forms
of paper money heretofore issued by its Treasury Department now in circulation and
tho redemption thereof in coin without discrimination; and whereas much labor
and expense may be saved, the accounts of the Department simplified, and liability
to error in the keeping thereof avoided by the adoption of one in substitution of all
such variant forms of paper money. Therefore it shall be the duty of the Treasurer
of tho United States, as rapidly as in the ordinary transactions of the Treasury
Department opportunity shall permit, to retire, cancel, and destroy all the aforesaid
various forms of paper money now in circulation and replace them with the one kind
and form of Treasury notes authorized by this act.
Sec. 3. That whenever any citizen of tho Unitetf States shall tender for coinage
or sale at any mint of tho United States gold and silver bullion the products of any
mine or mines within tho territory of the United States, of the qualities and in the
conditions required by the established rules of such mint, of the aggregate value of
not less than one hundred dollars, of which value not less than fifty per centum is
gold bullion, which values shall bo determined by and in accordance with the aver-
age rate of the official quotations of the stock exchange of the city of New York
during the last thirty days preceding the day of such tender, such citizen shall be
entitled to receive, and it shall be the duty of the Treasurer aforesaid to cause him
to be paid therefor, the full market value thereof so asaforesaid determined, together
with live per centum on the sum t hereof in addition thereto, in the Treasury notes
authorized by this act: Provided , That the market value of such silver bullion so
as aforesaid determined shall not exceed one dollar per ounce. And it is hereby
579
expressly declared that whenever and so long as the market value of such silver
bullion so determined as aforesaid shall exceed one dollar per ounce this section of
this act shall he, and concurrently remain, inoperative and of no effect.
Sec. 4. That gold and silver coin of national mintage, in equal parts as near as
may be (fractional parts only being in subsidiary coin), shall he full tender in dis-
charge of all obligations for the payment of money not otherwise specified.
Sec. 5. That duties on imports shall be paid in gold coin. Internal taxes levied
by the Congress of the United States shall be paid in equal parts of gold and silver
coin or in Treasury notes at the option of the payee.
Sec. 6. That any banking institution oi'gauized or which may hereafter be organ-
ized under the laws of any one of the United States, on making application thoi’efor
in conformity with the conditions hereinafter set forth, shall be entitled to receive
from the Treasurer of the United States any amount of the Treasury notes author-
ized by this act (not less than fifty thousand nor more than five million dollars by
any one such banking institution) upon tendering therefor fifty per centum thereof
in gold coin of national mintage and fifty per centum thereof in any of the following-
described securities, namely: Bonds of the United States, which shall be accounted
at the face value thereof; bonds of any one of the United States, which shall be
accounted at ten per centum less than the value thereof, as officially quoted by the
stock exchange of the city of New York ; bonds of any city within the United States,
the population whereof is not less than one hundred thousand, which shall be
accounted at fifteen per centum less thau the value thereof, as quoted by said srock
exchauge; first mortgage bonds of any incorporated railroad company within the
territory of the United States which, out of its legitimate actual earnings, is paying
and for the last preceding live years has so made and paid, annual dividends on its
common stock, which shall be accounted at fifteen per centum less than the current
official quotation thereof by said stock exchange, together with the corporate bond
of such applicant banking institution in penal sum equal to the whole sum of the
Treasury notes applied for to secure the payment of a sum equal to one-half thereof,
which last-mentioned corporate bond when delivered, and its accompanying collat-
eral bonded securities, duly assigned and transferred to the Treasurer of the United
States, shall be held by him in escrow to secure the final redemption of such an
amount of the Treasury notes as may have been exchanged therefor; and therefore,
whenever any such banking institution shall elect to recover to itself the legal pos-
session of such corporate bonds and accompanying collateral securities, and shall
tender the restoration of Treasury notes into the Treasury of tlieUnited States to the
full sum for which they shall be held, it shall be the duty of said Treasurer to restore
them to such banking institution by reassignment and transfer, as the case may
require, without charge or undue hindrance.
Sec. 7. That the banking institutions which shall have acquired Treasury notes as
in the next preceding section of this act set forth shall be liable to be assessed by
the Treasurer of the United States, as in his judgment occasion may require, not
more than one per centum in any one year on the whole sum so by them acquired to
reimburse depositors of defaulting associated banks. The moneys resulting from
the payment of such assessments shall be held by the Treasurer of the United'States
in separate account and used only for the benefit of such aggrieved depositors accord-
ing to their just claims in the order of their occurrence until fully reimbursed.
Sec. 8. That any and every such banking institution so acquiring Treasury notes
as in section six of this act set forth shall be subject to examination of the financial
condition thereof by the Treasurer of the United States, or by his commissioned
agents, at any and all times, and shall also make to him semiannual report thereof
by its president and cashier, under oath, on the first Mondays of January and July
in each and. every year. And if upon such examination or report it shall appear that
the securities pledged as in section six of this act set forth are of less value than
they were when so pledged, it shall be the duty of the Treasurer of the United
States to demand of the president thereof either the pledge of like additional secu-
rity or the restoration into the Treasury of the United States of such an amount of
Treasury notes as shall be equi valent to such lessened value. And if such bank or
banking institution shall refuse, or for more than ten days neglect, to comply with
the terms of such demand, it shall be the duty of the Treasurer aforesaid, and he is
hereby authorized and empowered to enforce such demand by action at law as of
debt.
A BILL for the coinage of silver mined in the United States.
Be it enacted by the Senate and House of Bepresenlatives of the United States of America
in Congress assembled, That any citizen of the United States may at anytime present
at any mint of the United States any amount of silver bullion in lots of one hundred
ounces or more, the same being the product of mines located anywhere in the United
States, and it shall be the duty of the officers in charge of such mint, as speedily as
580
practicable, to coin the said bullion into standard silver dollars of the present legal
weight and fineness for such citizen so presenting the same.
Sec. 2. That satisfactory proof shall be furnished to said officer as to such citizen-
ship and that said silver is the product of mines located in the United States.
Sec. 3. That the officers of said mints shall deduct from said bullion, or receive in
payment as a charge for such coinage, the difference in value between the coinage
value at the legal ratio and the market value of said silver bullion at date of such
presentation or deposit.
Sec. 4. That this law shall be and remain in force for three years from the date of
its passage.
Sec. 5. That the fixed purpose of the United States to maintain such coined stand-
ard dollars at a parity with all other coined standard money of the United States is
hereby declared and affirmed.
RESOLUTIONS.
II. Res. 15.
JOINT RESOLUTION authorizing the issuing of one hundred and twenty-fire million dollars of
Treasury notes under the acts of eighteen hundred and sixty-two and eighteen hundred and sixty-
three.
Whereas failures, bankruptcy, and business distress are witnessed throughout
every section of the United States in consequence of an inadequate volume of cur-
rency to maintain equitable prices and make necessary exchanges; and
Whereas under present statute laws the Secretary of the Treasury has ample
authority to issue United States notes in sufficient quantity to relieve the present
financial stringency : Therefore,
Resolved by the Senate and House of Representatives of the United States of America in
Congress assembled, That twenty-five million dollars of United States notes issued
under the several acts of eighteen hundred and sixty-two and eighteen hundred and
sixty-three be, and the same are hereby, declared lost or destroyed, and the Secre-
tary of the Treasury is directed to credit the redemption account with said amount.
That the Secretary of the Treasury at once cause to be prepared, signed, and
delivered to the Treasurer of the United States one hundred and twenty-five million
dollars of United States notes as authorized by the acts of eighteen hundred and
sixty-two and eighteen hundred and sixty-three, the same to be credited to the
general fund and to pay current expenses: Provided, That the amount so issued
shall not exceed four hundred and fifty million dollars, the amount authorized to be
issued under the several acts of eighteen hundred and sixty-two and eighteen hun-
dred and sixty-three.
II. Res. as.
JOINT RESOLUTION authorizing the appointment of a commission to inquire into and report on
the relative value of gold and silver, and the effect thereof upon finance, trade, commerce, agricul-
ture, and labor, and for other purposes.
Resolved by the Senate and House of Representatives of the United States of America in
Congress assembled, That a commission is hereby authorized and constituted, to con-
sist of three Senators to be appointed by the President of the Senate, three Repre-
sentatives to be appointed by the Speaker of the House of Representatives, and three
experts to be selected by the President of the United States, with authority to deter-
mine the time and place of meeting, and to take evidence in Washington or in any
other city of the United States before the whole committee or before subcommittees,
and to inquire into and report:
First. On the change which has taken place in the relative value of gold and silver,
and whether the change is due to the depreciation of silver or to the appreciation
of gold; cause of the change, whether permanent or temporary; the effect thereof
upon finance, trade, commerce, agriculture, labor, and other interests of the country,
and upon the standard of value in this and in other countries.
Second. On the policy of maintaining the double standard in the United States,
and what should be the legal ratio between silver and gold when coined.
Third. On the best means of reorganizing the banking system and of restoring
confidence in commercial and financial circles, aud promoting international bimet-
allism.
Fourth. The report of the commission shall be presented to the Senate and House
of Representatives not later than the first day of January, eighteen huudred and
ninety-four.
581
II. Kc». 37.
JOINT RESOLUTION to raise a joint committee of the two Houses to consider questions of finance
and so forth.
Resolved by the Senate and House of Representatives of the United States of America in
Congress assembled, That a committee of the two Houses of Congress be raised, to
consist of seven Senators, to be appointed by the President of the Senate, and seven
Representatives, to be appointed by the Speaker of the House of Representatives,
who, together, shall constitute a joint select committee on finance, the chairman ot
which shall be chosen by the committee, by ballot, and he shall appoint a clerk to
said committee.
That said joint committee shall hold its sessions in the Capitol, and in such other
places as a majority thereof shall direct; and may employ a stenographer and such
messengers as shall be found necessary; and shall have power to direct the adminis-
tration of oaths and to send for papers and persons. Nine members of said joint
committee shall constitute a quorum to do business.
That said joint committee shall examine into the financial and monetary condition
of the Government and people of the United States with a view to devising means
for the betterment thereof, and to this end shall have full jurisdiction to examine
and report upou any financial or monetary question that concerns the people or the
Government of the United States.
That said committee shall make a special examination of the following subjects
and report upon each, separately, in their recommendation to Congress, and may
submit one bill or several bills to the respective Houses to carry their recommenda-
tions into effect — that is to say :
First. The full or partial remonetization of legal-tender silver coins and the ratio
of legal value that shall be established between such coins and coins of gold.
Second. The revision of the laws relating to legal-tender, so as to prevent uujust
discrimination in the legal-tender quality of any descriptions of money coined or
issued by the United States or for the redemption of which the Government is
pledged.
Third. The repeal of the taxes upon the issues of State hanks that circulate as
money, and what restrictions upon the conduct of such banks are necessary for the
public security and welfare and are within the competency of Congress to provide.
Fourth. The actual cause of the present embarrassed condition of the people and
the national banks, in reference to the character or the supply of circulating medium,
and the consequent paralysis of trade and industry, and what further legislation is
required to prevent the national banks from abusing their powers, under the law,
either by their separate dealings or in combination, concert, or conspiracy with
other banks or persons to the detriment of the Government or people of the United
States.
Fifth. Said joint committee may appoint subcommittees, to consist of not less
than four members thereof, three members to constitute a quorum, who shall be
empowered to sit in any place in the United States and to take testimony, on oath
to be administered by the designated chairman of such subcommittee, to be reported
to the general committee. Such subcommittees shall be appointed under the resolu-
tion or order of the general committee in such manner as they shall agree.
II. Res. 63.
JOINT RESOLUTION requesting the governors of the several States to cause an election to be held
in their respective States, on the first Tuesday in November next, to ascertain the will of the people
upon the question of the coinage of money by the United States.
Whereas in the enactment of all laws the will of the majority of the people should
control; and
Whereas there is a divided opinion among the Congressmen of the United States
now assembled in legislative session as to the will of the people upon the question
of the coinage of money by the United States: Therefore, be it
Resolved by the Senate and House of Representatives of the United States of America in
Congress assemble That the governors of the several States are respectfully requested
to request or cause to be held an election in their respective States, on the first Tues-
day in November next, for the purpose of ascertaining the will of the people upon
the question of the coinage of money by the United States. And at said election
those in favor of the free coinage of both gold and silver without discriminating
against either metal shall have written or printed upon their tickets: “ For free
coinage,” and those opposed to the free coinage of both gold and silver without dis-
criminating against either metal shall have written or printed upon their tickets :
“ Against free coinage;” and said election shall be held and returns thereof made in
582
accordance with the laws of the respective States governing the election of repre-
sentatives to the legislatures of said States, and the returns and result of said elec-
tion certified to the Congress of the United States by the governors of the several
States.
[September 26, 1893. ]
ISSUE OE TREASURY NOTES.
Mr. Talbert, of South Carolina. Mr. Speaker, I ask to have the resolution which
I send to the Clerk’s desk read, aud then I will ask for its immediate consideration.
The resolution was read, as follows:
“Whereas Congress has been in extraordinary session to do something for the
relief of the people, and six weeks have elapsed without accomplishing anything;
and
“Whereas a discussion begins to-day on the repeal of a portion of the Federal
election laws, thus preventing for that lime any other action : Therefore,
“ Be it resolved, That immediately after the final vote of the House upon the above-
named question, the Committee on Banking and Currency be requested to bring for-
ward a report upon a bill introduced by Mr. McLaurin, of South Carolina, requiring
the issue of $125,000,000 Treasury notes to be put into circulation according to exist-
ing laws.”
EXTRACTS FROM INAUGURAL ADDRESSES, 1873 TO 1893,
INCLUSIVE.
583
EXTRACTS FROM INAUGURAL ADDRESSES, 1873 TO 1893,
INCLUSIVE.
[Ulysses S. Grant’s second inaugural address, March 4, 1873.]
*******
My efforts in tlie future will be directed to the restoration of good feeling between
the different sections of our common country; to the restoration of our currency to
a fixed value as compared with the world’s standard of values, gold, and, if possible,
to a par with it; to the construction of cheap routes of transit throughout the land, to
the end that the products of all may find a market and leave a living remuneration
to the producer; to the maintenance of friendly relations with all our neighbors and
with distant nations; to the reestablishment of our commerce and share in the
carrying trade upon the ocean; to the encouragement of such manufacturing
industries as can be economically pursued in this country, to the end that the exports
of home products and industries may pay for our imports — the only sure method of
returning to and permanently maintaining a specie basis. * * *
* * * * * * *
[Rutherford B. Hayes’ inaugural address, March 5, 1877.]
• * * * * * *
With respect to the financial condition of the country, I shall not attempt an
extended history of the embarrassment and prostration which we have suffered dur-
ing the past three years. The depression in all our Araried commercial and manu-
facturing interests throughout the country, which began in September, 1873, still
continues. It is very gratifying, however, to be able to say that there are indica-
tions all around us of a coming change to prosperous times.
Upon the currency question, intimately connected as it is with this topic, I may
be permitted to repeat here the statement made in my letter of acceptance, that in
my judgment the feeling of uncertainty inseparable from an irredeemable paper cur-
rency, with its fluctuation of values, is one of the greatest obstacles to a return to
prosperous times. The only safe paper currency is one which rests upon a coin
basis, and is at all times and promptly convertible into coin.
I adhere to the views heretofore expressed by me in favor of Congressional legis-
lation in behalf of an early resumption of specie payment, and I am satisfied not
only that this is wise, but that the interests as well as the public sentiment of the
country imperatively demand it.
* * * * * * •
[James A. Garfield’s inaugural address, March 4, 1881.]
*******
The prosperity which now prevails is without parallel in our history. Fruitful
seasons have done much to secure it, but they have not done all. The preservation
of the public credit and the resumption of specie payments, so successfully attained
by the administration of my predecessors, have enabled our people to secure the
blessings which the seasons brought.
By the experience of commercial nations in all ages it has been found that gold
and silver afford the only safe foundation for a monetary system. Confusion has
recently been created by variations in the relative value of the two metals. But I
confidently believe that arrangements can be made between the leading commercial
nations which will secure the general use of both metals. Congress should provide
that the compulsory coinage of silver now required by lawT may not disturb our mone-
tary system by driving either metal out of circuation. If possible, such an adjust-
585
586
ment should he made that the purchasing power of every coined dollar will be exactly
equal to its debt-paying power in all the markets of the world.
The chief duty of the National Government, in connection with the currency of
the country, is to coin money and declare its value. Grave doubts have been enter-
tained whether Congress is authorized by the Constitution to make any form of
paper money legal tender. The present issue of United States notes has been sus-
tained by the necessities of war, but such paper should depend for its value and cur-
rency upon its convenience in use and its prompt redemption in coin at the will of
the holder, and not upon its compulsory circulation. These notes are not money,
but promises to pay money. If the holders demand it, the promise should be kept.
The refunding of the national debt at a lower rate of interest should be accom-
plished without compelling the withdrawal of the national-bank notes, and thus
disturbing the business of the country.
I venture to refer to the position I have occupied on financial questions during a
long service in Congress, and to say that time and experience have strengthened
the opinions I have so often expressed on these subjects.
The finances of the Government shall suffer no detriment which it may be pos-
sible for my administration to prevent.
* * * * # # «
[Grover Cleveland’s inaugural address, March 4, 1885.]
» * * * # # *
A due regard for the interests and prosperity of all the people demand that our
finances shall be established upon such a sound and sensible basis as shall secure
the safety and confidence of business interests and make the wage of labor sure and
steady.
# # ■* * * *•
[Grover Cleveland’s inaugural address, March 4, 1893.]
#***#-¥#
Manifestly nothing is more vital to our supremacy as a nation and to the benefi-
cent purposes of our Government than a sound and stable currency. Its exposure
to degradation should at once arouse to activity the most enlightened statesmanship ;
and the danger of depreciation in the purchasing power of the wages paid to toil
should furnish the strongest incentive to prompt and conservative precaution.
In dealing with our present embarrassing situation as related to this subject we
will be wise if we temper our confidence and faith in our national strength and
resources with the frank concession that even these will not permit us to defy with
impunity the inexorable laws of finance and trade. At the same time, in our efforts
to adjust differences of opinion we should be free from intolerance or passion, and our
judgments should be unmoved by alluring phrases and unvexed by selfish interests.
I am confident that such an approach to the subject will result in prudent and
effective remedial legislation. In the meantime, so far as the executive branch of
the Government can intervene, none of the powers with which it is invested will be
withheld when their exercise is deemed necessary to maintain our national credit or
avert financial disaster.
##****»
V
EXTRACTS FROM ANNUAL MESSAGES OF THE PRESIDENT OF
THE UNITED STATES, 1874 TO 1893, INCLUSIVE.
587
EXTRACTS FROM ANNUAL MESSAGES OF PRESIDENTS OF THE
UNITED STATES, 1874 TO 1893, INCLUSIVE.
[Message of President IT. S. Grant.]
Executive Mansion, December 7, 1S74 .
*******
A great conflict for national existence made necessary, for temporary purposes,
the raising of large sums of money from whatever source attainable. It made it nec-
essary, in the wisdom of Congress — and I do not doubt their wisdom in the premises
regarding the necessity of the times — to devise a system of national currency, which
it proved to be impossible to keep on a par with the recognized currency of the civ-
ilized world. This begot a spirit of speculation involving an extravagance and lux-
ury not required for the happiness or prosperity of a people, and involving, both
directly and indirectly, foreign indebtedness. The currency being of fluctuating
value, and therefore unsafe to hold for legitimate transactions requiring money,
became a subject of speculation within itself. These two causes, howex^er, have
involved us in a foreign indebtedness, contracted in good faith by borrower and
lender which should be paid in coin, and according to the bond agreed upon when
the debt was contracted — gold or its equivalent. The good faith of the Government
can not be violated toward creditors without national disgrace. But our commerce
should be encouraged; American shipbuilding and carrying capacity increased;
foreign markets sought for products of the soil and manufactories, to the end that
we may be able to pay these debts
Where a new market can be created for the sale of our products, either of the soil,
the mine, or the manufactory, a new means is discovered of utilizing our idle capi-
tal and labor to the advantage of the whole people. But, in my judgment, the first
step toward accomplishing this object is to secure a currency of fixed stable value,
a currency good wherever civilization reigns; one which, if it becomes superabun-
dant with one people, will find a market with some other; a currency which has as
its basis the labor necessary to produce it, which will give to it its value. Gold and
silver are now the recognized medium of exchange the civilized world over, and to
this we should return with the least practicable delay. In view of the pledges of
the American Congress when our present legal -tender system was adopted and debt
contracted, there should be no delay — certainly no unnecessary delay — in fixing, by
legislation, a method by which we will return to specie. To the accomplishment of
this end I invite your special attention. I believe firmly that there can be no pros-
perous and permanent revival of business and industries until a policy is adopted,
with legislation to carry it out, looking to a return to a specie basis. It is easy to
conceive that the debtor and speculative classes may think it of value to them to
make so-called money abundant until they can throw a portion of their burdens upon
others. But even these, I believe, would be disappointed in the result if a course
should be pursued which will keep in doubt the value of the legal-tender medium
of exchange.
A revival of productive industry is needed by all classes; by none more than the
holders of property, of whatever sort, with debts to liquidate from realization upon
its sale. But, admitting that these two classes of citizens are to be benefited by
expansion, would it be honest to give it? Would not the general loss be too great
to justify such relief? Would it not be just as honest and prudent to authorize
each debtor to issue his own legal-tenders to the extent of his liabilities? Than to
do this would it not be safer — for fear of over issues by unscrupulous creditors — to
say that all debt obligations are obliterated in the United States, and now we com-
mence anew, each possessing all he has at the time free from incumbrance? These
propositions are too absurd to bo entertained for a moment by thinking or honest
689
590
people. Yet every delay in preparation for final resumption partakes of this dis-
honesty, and is only in degree as the hope is held out that a convenient season will
at last arrive for the good work of redeeming our pledges to commence. It will
never come, in my opinion, except by positive action by Congress, or by national
disasters which Avill destroy, for a time at least, the credit of the individual and the
state at large. A sound currency might be reached by total bankruptcy and dis-
credit of the integrity of the nation and of individuals. I believe it is in the power
of Congress at this session to devise such legislation as will renew confidence, revive
all the industries, start us on a career of prosperity to last for many years, and to
save the credit of the nation and of the people. Steps toward the return to a specie
basis are the great requisites to this devoutly to-be-souglit-for end. There are oth-
ers which I may touch upon hereafter.
A nation dealing in a currency below that of specie in value labors under two
great disadvantages: First, having no use for the world’s acknowledged medium of
exchange, gold and silver, these are driven out of the country because there is no
need for their use; second, the medium of exchange in use being of a fluctuating
value — for, after all, it is only worth just what it will purchase of gold and silver;
metals having an intrinsic value just in proportion to the honest labor it takes to
produce them — a larger margin must be allowed for profit by the manufacturer and
producer. It is months from the date of production to the date of realization.
Interest upon capital must be charged, and risk of fluctuation in the value of that
which is to be received in payment added. Hence, high prices, acting as a protec-
tion to the foreign producer, who receives nothing in exchange for the products of
his skill and labor, except a currency good, at a stable value the world over. It
seems to me that nothing is clearer than that the greater part of the burden of
existing prostration, for the want of a sound financial system, falls upon the work-
ingman, who must, after all, produce the wealth, and the salaried man, who super-
intends and conducts business. The burden falls upon them in two ways, by the
deprivation of employment and by the decreased purchasing power of their sala-
ries. It is the duty of Congress to devise the method of correcting the evils which
are acknowledged to exist, and not mine. But I will venture to suggest two or
three things which seem to me as absolutely necessary to a return to speciepayments,
the first great requisite in a return to prosperity.
The legal- tender clause to the law a uthorizing the issue of currency by the national
Covernment should be repealed, to take effect as to all contracts entered into after a
day fixed in the repealing act; not to apply, however, to payments of salaries by
Government, or for other expenditures now provided by law to be paid in currency
in the interval pending between repeal and final resumption. Provision should be
made by which the Secretary of the Treasury can obtain gold as it may become nec-
essary from time to time from the date when specie redemption commences. To this
might, and should be, added a revenue sufficiently in excess of expenses to insure an
accumulation of gold in the Treasury to sustain permanent redemption.
I commend this subject to your careful consideration, believing that a favorable
solution is attainable, and if reached by this Congress that the present and future
generations will ever gratefully remember it as their deliverer from a thraldom of
evil and disgrace.
With resumption, free banking may be authorized with safety, giving the same
full protection to bill-holders which they have under existing laws. Indeed, 1 would
regard free banking as essential. It, would give proper elasticity to the currency.
As more curreucy should be required tor the transaction of legitimate business, new
banks would be started, and, in turn, banks would wind up their business when it
was found that there was a superabundance of currency. The experience and judg-
ment of the people can best decide just how much currency is required for the trans-
action of the business of the country. It is unsafe to leave the settlement of this
question to Congress, the Secretary of the Treasury, or the Executive. Congress
should make the regulation under which banks may exist, but should not make
banking a monopoly by limiting the amount of redeemable paper currency that shall
lie authorized. Such importance do I attach to this subject, and so earnestly do I
commend it to your attention, that I give it prominence by introducing it at the
beginning of this message. * * *
[Message of President IT. S. Grant-.]
Exkcutivb Mansion, December 7, 1S75.
» « * * * * *
The report of the Secretary of the Treasury also shows a complete history of the
workings of the Department for the last year, and contains recommendations for
reforms and for legislation which I concur in, but can not comment on so fully as I
should like to do if space would permit, but will confiue myself to a few suggestions
591
whi eh I look upon as vital to the best interests of the whole people — coming within the
purview of “ Treasury” — I mean specie resumption. Too much stress can not be
laid upon this question, and I hope Congress may bo induced, at the earliest day prac-
ticable, to insure the consummation of the act of the last Congress at its last session,
to bring about specie resumption “ ou and after the. 1st of January, 1879,” at fur-
thest. It would be a great blessing if this could be consummated even at an earlier
day.
Nothing seems to me more certain than that a full, healthy, and permanent reac-
tion can not take place in favor of the industries and financial welfare of the coun-
try until we return to a measure of values recognized throughout the cizilized world.
While we nso a currency not equivalent to this standard, the world’s recognized
standard, specie becomes a commodity like the products of the soil, the surplus
seeking a market wherever there is a demand for it.
Under our present system we should want none, nor would we have any, were it
not that customs dues must be paid in coin, and because of the pledge to pay inter-
est on the public debt in coin. The yield of precious metals would How out for the
purchase of foreign productions and leave the United States “hewers of wood and
drawers of water” because of wiser legislation on the subject of finance by the
nations with whom we have dealings, i am not prepared to say that I can suggest
the best legislation to secure the end most heartily recommended. It will be a source
of great gratification to me to be able to approve any measure of Congress looking
effectively toward securing “resumption.”
Unlimited inflation would probably bring about specie payments more speedily
than any legislation looking to the redemption of the legal tenders in coin. But it
would be at the expeuse of honor. The legal tenders would have no value beyond
settling present liabilities, or, properly speaking, repudiating them. They would
buy uotliiug after debts were all settled.
There are a few measures which seem to me important in this connection, and
which I commend to your earnest consideration:
A repeal of so much of the legal-tender act as makes these notes receivable for
debts contracted after a date to be fixed in the act itself, say not later than the 1st
of January, 1877. We should then have quotations at real values, not fictitious ones.
Gold would no longer be at a premium, but currency at a discount. A healthy reac-
tion would set in at once, and with it a desire to make the currency equal to what
it purports to be. The merchants, manufacturers, and tradesmen of every calling
could do business on a fair margin of profit, the money to be received having an
unvarying value. Laborers and all classes who work for stipulated pay or salary
would receive more for their income, because extra profits would no longer be
charged by the capitalist to compensate for the risk of a downward fluctuation in
the value of the currency.
Second, that the Secretary of the Treasury be authorized to redeem, say, not to
exceed two millions ($2,000,000) dollars monthly of legal-tender notes by issuing in
their stead a long bond, bearing interest at the rate of 3-65 per cent per annum, of
denominations ranging from $50 up to $1,000 each. This would in time reduce the
legal-tender notes to a volume that could be kept afloat without demanding redemp-
tion in large sums suddenly.
Third, that additional power be given to the Secretary of the Treasury to accu-
mulate gold for final redemption, either by increasing revenue, curtailing expenses,
or both — it is preferable to do both; and I recommend that reduction of expendi-
tures be made wherever it can be done without impairing Government obligations
or crippling the due execution thereof. * * *
[Message of President U. S. Grant, December 5, 1876.]
* * * It is confidently believed that the balance of trade in favor of the United
States will increase, not diminish, and that the pledge of Congress to resume specie
payments in 1879 will be easily accomplished, even in the absence of much-desired
further legislation on the subject. * * *
[Message of President it. B. Hayes.]
Washington, D. C., Decembers, 1877.
*******
Among the other subjects of great and general importance to the people of this
country, I can not be mistaken, I think, in regarding as preeminent the policy and
measures which are designed to secure the restoration of the currency to that normal
and healthful condition in which, by the resumption of specie payments, our internal
trade and foreign commerce may be brought into harmony with the system of
exchanges which is based upon the precious metals as the intrinsic money of the
world. In the public judgment that this end should he sought and compassed as
speedily and securely as the resources of the people and the wisdom of their Govern-
ment can accomplish, there is a much greater degree of unanimity than is found to
concur in the specific measures which will bring the country to this desired end or
the rapidity of the steps by which it can be safely reached.
Upon a most anxious and deliberate examination which I have felt it my duty
to give to the subject, I am but the more confirmed in the opinion which I
expressed in accepting the nomination for the Presidency, and again upon my
inauguration, that the policy of resumption should be pursued by every suitable
means, aud that no legislation would be wise that should disparage the importance
or retard the attainment of that result. I have no disposition, and certainly no
right, to question the sincerity or intelligence of opposing opinions, and would
neither conceal nor undervalue the considerable difficulties, and even occasional
distresses, which may attend the progress of the nation toward this primary con-
dition to its general and permanent prosperity. I must, however, adhere to my
most earnest conviction that any wavering in purpose or unsteadiness in methods, so
far from avoiding or reducing the inconvenience inseparable from the transition
from an irredeemable to a redeemable paper currency, would only tend to increased
and prolonged disturbance in values, and, unless retrieved, must end in serious dis-
order, dishonor, and disaster in the financial affairs of the Government and of the
people.
The mischiefs which I apprehend and urgently deprecate are confined to no class
of people indeed, but seem to me most certainly to threaten the industrious masses,
whether their occupations are of skilled or common labor. To them, it seems to me,
it is of prime importance that their labor should be compensated in money which
is itself fixed in exchangeable value by being irrevocably measured by the labor
necessary to its production. This permanent quality of the money of the people is
sought for and can only be gained by the resumption of specie payments. The rich,
the speculative, the operating, the money-dealing classes may not always feel the
mischiefs of, or may find casual profits in, a variable currency, but the misfortunes
of such a currency to those who are paid salaries or wages are inevitable and rem-
ediless.
Closely connected with this general subject of the resumption of specie payments
is one of subordinate but still of grave importance. I mean the readjustment of
our coinage system by the renewal of the silver dollar as an element in our specie
currency, endowed by legislation with the quality of legal tender to a greater or
less extent.
As there is no doubt of the power of Congress under the Constitution “ to coin
money and regulate the value thereof,” and as this power covers the whole range of
authority applicable to the metal, the rated value, and the legal-tender quality
which shall be adopted for the coinage, the considerations which should induce or
discourage a particular measure connected with the coinage belong clearly to the
province of legislative discretion and of public expediency. Without intruding
upon this province of legislation in the least, I have yet thought the subject of such
critical importance, in the actual condition of our affairs, as to present an occasion
for the exercise of the duty imposed by the Constitution on the President of recom-
mending to the consideration of Congress “such measures as he shall judge neces-
sary and expedient.”
Holding the opinion, as I do, that neither the interests of the Government nor of
the people of the United States would be promoted by disparaging silver as one of
the two precious metals which furnish the coinage of the world, and that legislation
which looks to maintaining the volume of intrinsic money to as full a measure of
both metals as their relative commercial values will permit would be neither unjust
nor inexpedient, I must ask your indulgence to a brief and definite statement of
certain essential features in any such legislative measure which I feel it my duty to
recommend.
I do not propose to enter the debate, represented on both sides by such able dis-
putants in Congress and before the people and in the press, as to the extent to which
the legislation of any one nation can control this question, even within its own bor-
ders, against the unwritten laws of trade or the positive laws of other governments.
The wisdom of Congress in shaping any particular law that may be presented for
my approval may wholly supersede the necessity of my entering into these consid-
erations, and I willingly avoid either vague or intricate inquiries. It is only certain
plain and practical traits of such legislation that I desire to recommend to your
attention. . ......
In any legislation providing for a silver coinage, regulating its value, and impart-
ing to it the quality of legal tender, it seems to me of great importance that Congress
should not lose sight of its action as operating in a twofold capacity and in two dis-
tinct directions. If the United States Government were free from a public debt, its
legislative dealing with the question of silver coinage would be purely sovereign
593
and governmental, under no restraints but those of constitutional power and the
public good as affected by the proposed legislation. But in the actual circumstances
of the nation, with a vast public debt distributed very widely among our own citizens,
and held in great amounts also abroad, the nature of the silver-coinage measure, as
affecting this relation of the Government to the holders of the public debt, becomes
an element, in any proposed legislation, of the highest concern. The obligation of
the public faith transcends all questions of prolit or public advantage otherwise.
Its unquestionable maintenance is the dictate as well of the highest expediency as
of the most necessai’y duty, and will ever be carefully guarded by Congress and
people alike.
The public debt of the United States, to the amount of $729,000,000, bears interest
at the rate of 6 per cent, and $708,000,000 at the rate of 5 per cent, and the only
way in which the country can be relieved from the payment of these high rates of
interest is by advantageously refunding the indebtedness. Whether the debt is
ultimately paid in gold or in silver coin is of but little moment compared with the
possible reduction of interest one-third by refunding if at such reduced rate. If the
United States had the unquestioned right to pay its bonds in silver coin, the little
benefit from that process would be greatly overbalanced by the injurious effect of
such payment if made or proposed against the honest convictions of the public
creditors.
All the bonds that have been issued since February 12, 1873, when gold became
the only unlimited legal-tender metallic currency of the country, are justly payable
in gold coin or in coin of equal value. During the time of these issues the only
dollar that could be or was received by the Government in exchange for bonds was
the gold dollar. To require the public creditors to take in repayment any dollar of
less commercial value would be regarded by them as a repudiation of the full obli-
gation assumed. The bonds issued prior to 1873 were issued at a time when the gold
dollar was the only coin in circulation or contemplated by either the Government or
the holders of the bonds as the coin in which they were to be paid. It is far better
to pay these bonds in that coin than to seem to take advantage of the uuforseen fall
in silver bullion to pay in a new issue of silver coin thus made so much less valu-
able. The power of the United States to coin money and to regulate the value
thereof ought never to be exercised for the purpose of enabling the Government to
pay its obligations in a coin of less value than that contemplated by the parties
when the bonds were issued. Any attempt to pay the national indebtedness in a
coinage of less commercial value than the money of the world would involve a vio-
lation of the public faith and work irreparable injury to the public credit.
It was the great merit of the act of March, 1869, in strengthening the public credit,
that it removed all doubt as to the purpose of the United States to pay their bonded
debt in coin. That act was accepted as a pledge of public faith. The Government
has derived great benefit from it in the progress thus far made in refunding the pub-
lic debt at low rates of interest. An adherence to the wise and jxist policy of an
exact observance of the public faith will enable the Government rapidly to* reduce
the burden of interest on the national debt to an amount exceeding $20,000,000 per
annum, and effect an aggregate saving to the United States of more than $300,000,000
before the bonds can be fully paid.
I respectfully recommend to Congress that in any legislation providing for a silver
coinage, and imparting to it the quality of legal tender, there be impressed upon the
measure a firm provision exempting the public debt heretofore issued and now out-
standing from payment, either of principal or interest, in any coinage of less com-
mercial value than the present gold coinago of the country.
In adapting the new silver coinage to the ordinary uses of currency in the every-
day transactions of life and prescribing the quality of legal tender to be assigned to
it, a consideration of the first importance should be so to adjust the ratio between
the silver and the gold coinage which now constitutes our specie currency, as to
accomplish the desired end of maintaining the circulation of the two metallic cur-
rencies, and keeping up the volume of the two precious metals as one intrinsic money.
It is a mixed question for scientific reasoning and historical experience to determine
how far, and by what methods, a practical equilibrium can be maintained which will
keep both metals in circulation in their appropriate spheres of common use.
An absolute equality of commercial value free from disturbing fluctuations is
hardly attainable, and without it an unlimited legal tender for private transactions
assigned to both metals would irresistibly tend to drive out of circulation the dearer
coinage and disappoint the principal object prosposed by the legislation m view. I
apprehend, therefore, that the two conditions of a near approach to equality of com-
mercial value between the gold and silver coinage of the same denomination and of a
limitation of the amounts for which the silver coinage is to be a legal tender are essen-
tial to maintaining both in circulation. If these conditions can ho successfully observed
the issue from the mint of silver dollars would afford material assistance to the com-
munity in the transition to redeemable paper money, and would facilitate the resuiup-
S. Rep. 235 38
594
tion of specie payment and its permanent establishment. Without these conditions
I fear that only mischief and misfortune would flow from a coinage of silver dollars
with the quality of unlimited legal tender, even in private transactions.
Any expectation of temporary ease from an issue of silver coinage to pass as a legal
tender, at a rate materially above its commercial value, is, I am persuaded, a delu-
sion. Nor can I think that there is any substantial distinction between an original
issue of silver dollars at a nominal value materially above their commercial value,
and the restoration of the silver dollar at a rate which once was, but has ceased to
be, its commercial value. Certainly, the issue of our gold coinage, reduced in weight
materially below its legal-tender value, would not be any the less a present debase-
ment of coinage by reason of its equaling or oven exceeding in weight a gold coinage
which at some past time had been commercially equal to the legal-tender value
assigned to the new issue.
In recommending that the regulation of any silver coinage which may be author-
ized by Congress should observe these conditions of commercial value and limited
legal tender, I am governed by the feeling that every possible increase should be
given to the volume of metallic money which can be kept in circulation, and thereby
every possible aid afforded to the people in the process of resuming specie payment.
It is because of my Arm conviction that a disregard of these conditions would frus-
trate the good results which are desired from the proposed coinage, and embarrass
with new elements of confusion and uncertainty the business of the country, that I
urge upon your attention these considerations. * * *
[Message of President R. B. Hayes.]
Executive Mansion, December 2, 1S78.
##**■¥**
In accordance with the provisions of the act of February 28, 1878, three commis-
sioners were appointed to an international conference on the subject of adopting a
common ratio between gold and silver, for the purpose of establishing, internation-
ally, the use of bimetallic money, and securing flxity of relative value between those
metals.
Invitations were addressed to the various governments which had expressed a
willingness to participate in its deliberations. The conference held its meetings in
Paris in August last. The report of the commissioners, herewith submitted, will
show its results. No common ratio between gold and silver could be agreed upon by
the conference. The general conclusion was reached that it is necessary to maintain
in the world the monetary functions of silver as well as of gold, leaving the selection
of the use of one or the other of these two metals, or of both, to be made by each
state.
#***###
The coinage of gold during the last fiscal year was $52,798,980. The coinage of
silver dollars, under the act passed February 28, 1878, amounted on the 23d of Novem-
ber, 1878, to $19,814,550, of which amount $4,984,947 are in circulation, and the bal-
ance, $14,829,603, is still in the possession of the Government.
With views unchanged with regard to the act under which the coinage of silver
proceeds, it has been the purpose of the Secretary faithfully to execute the law and
to afford a fair trial to the measure.
In the present financial condition of the country, I am persuaded that the welfare
of legitimate business and industry of every description will be best promoted by
abstaining from all attempts to make radical changes in the existing financial legis-
lation. Let it be understood that during the coming year the business of the coun-
try will be undisturbed by governmental interference with the laws affecting it, and
we may confidently expect that the resumption of specie payments, which will take
place at the appointed time, will be successfully and easily maintained, and that it
will be followed by a healthful and enduring revival of business prosperity.
Let the healing influence of time, the inherent energies of our people, and the
boundless resources have a fair opportunity and relief from present difficulties will
surely follow.
« « « • » * *
[Message of President R. B. Hayes.]
Executive Mansion, December 1, 1879.
The most interesting events which have occurred in our public affairs since my
last annual message to Congress are connected with the financial operations of tbe
Government directly affecting the business interests of the country. I congratulate
Congress on the successful execution of the resumption act. At the time fixed, and
595
in the manner contemplated by law, United States notes began to be redeemed in
coin. Since the 1st of January last they have been promptly redeemed on presenta-
tion, and in all business transactions, public and private, in all parts of the country,
they are received and paid out as the equivalent of coin. The demand upon the
Treasury for gold and silver in exchange for United States notes has been compara-
tive small, and the voluntary deposit of coin and bullion in exchange for notes has
been very large. The excess of the precious metals deposited or exchanged for
United States notes over the amount of the United States notes redeemed is about
$40,000,000.
The resumption of specie payments has been followed by a very great revival of
business. With a currency equivalent in value to the money of the commercial
Avorld, we are enabled to enter upon an equal competition with other nations in
trade and production. The increasing foreign demand for our manufactures and
agricultural products has caused a large balance of trade in our favor, which has
been paid in gold, from the 1st of July last to November 15, to the amount of about
$59,000,000. Since the resumption of specie payments there lias also been a marked
and gratifying improvement of the public credit. The bonds of the Government
bearing only 4 per cent interest have been sold at or above par, sufficient in amount
to pay off all of the national debt which was redeemable under present laws. The
amount of interest saved annually by the process of refunding the debt since March
1, 1877, is $14,297,177. The bonds sold were largely in small sums, and the number
of our citizens now holding the public securities is much greater than ever before.
The amount of the national debt which matures within less than two years is
$792,121,700, of which $500,000,000 bear interest at the rate of 5 per cent, and the
balance is in bonds bearing 6 per cent interest. It is believed that this part of the
public debt can be refunded by the issue of 4 per cent bonds, and, by the reduction
of interest which will thus be effected, about $11,000,000 can be annually saved to
the Treasury. To secure this important reduction of interest to be paid by the
United States, further legislation is required, which, it is hoped, will be provided
by Congress during its present session.
The coinage of gold by the mints of the United States during the last fiscal year
was $40,986,912. The coinage of silver dollars, since the passage of the act for that
purpose, up to November 1, 1879, was $45,000,850, of whicn $12,700,344 have been
issued from the Treasury and are now in circulation, and $32,300,506 are still in pos-
session of the Government.
The pendency of the proposition for unity of action between the United States and
the principal commercial nations of Europe to effect a permanent system for the
equality of gold and silver in the recognized money of the world, leads me to recom-
mend that Congress refrain from new legislation on the general subject. The great
revival of trade, internal and foreign, will supply during the coming year its own
instructions, which may well be awaited before attempting further experimental
measures with the coinage. I would, however, strongly urge upon Congress the
importance of authorizing the Secretary of the Treasury to suspend the coinage of
silver dollars upon the present legal ratio. The market value of the silver dollar
being uniformly and largely less than the market value of the gold dollar, it is
obviously impracticable to maintain them at par with each other if both are coined
without limit. If the cheaper coin is forced into circulation it will, if coined with-
out limit, soon become the sole standard of value, and thus defeat the desired object,
which is a currency of both gold and silver, which shall be of equivalent value,
dollar for dollar, with the universally recognized money of the world.
The retirement from circulation of United States notes, with the capacity of
legal tender in private contracts, is a step to be taken in our progress towards a safe
and stable currency, which should be accepted as the policy and duty of the Govern-
ment, and the interest and security of the people. It is my firm conviction that the
issue of the legal-tender paper money based wholly upon the authority and credit of
the Government, except in extreme emergency, is without warrant in the Constitu-
tion and a violation of sound financial principles. The issue of United States notes
during the late civil war, with the capacity of legal tender between private individ-
uals, was not authorized except as a means of rescuing the country from imminent
peril. The circulation of these notes as paper money, for any protracted period of
time after the accomplishment of this purpose, was not contemplated by the
framers of the law under which they were issued. They anticipated the redemp-
tion and withdiawal of these notes at the earliest practicable period consistent
with the attainment of the object for which they were provided.
[Message of President fi. B. Hayes, December 6, 1880. j
# # # * * * *
The condition of the financial affairs of the Government, as shown by the report
of the Secretary of the Treasury, is very satisfactory. It is believed that the pres-
ent financial situation of tho United States, whether considered with respect to trade
596
currency, credit, growing wealth, or the extent and variety of our resources, is more
favorable than that of any other country of our time, and has never been surpassed
by that oi any country at any period of its history. All our industries are thriving;
the rate of interest is low; new railroads are being constructed; a vast immigration
is increasing our population, capital, and labor; new enterprises in great number
are in progress, and our commercial relations with other countries are improving.
* * * * # #
I he continuance ot specie payments has not been interrupted or endangered since
the date of resumption. It has contributed greatly to the revival of business and to
our remarkable prosperity. The fears that preceded and accompanied resumption
have proved groundless. No considerable amount of United States notes have been
presented for redemption, while very large sums of gold bullion, both domestic and
imported, are taken to the mints and exchanged for coin or notes. The increase in
coin and bullion inthe United States since January 1,1879, is estimated at $227,399,428.
There are still in existence, uncanceled, $346,681,016 of Unjted States legal-tender
notes. These notes were authorized as a war measure, made necessary by the exi-
gencies of the conflict in which the United States was then engaged. The preserva-
tion of the nation’s existence required, in the judgment of Congress, an issue of
legal-tender paper money. That it served well the purpose for which it was created
is not questioned, but the employment of the notes as paper money indefinitely, after
the accomplishment of the object for which they were provided, was not contem-
plated by the framers ofthe law under which they were issued. These notes long since
became, like any other pecuniary obligation of the Government, a debt to be paid,
and when paid to be canceled as mere evidence of an indebtedness no longer exist-
ing. I therefore repeat what was said in the annual message of last year, that the
retirement from circulation of United States notes, with the capacity of legal-tender
in private contracts, is a step to be taken in our progress towards a safe and a stable
currency which should be accepted as the policy and duty of the Government and
the interest and security of the people.
At the time of the passage of the act now in force requiring the coinage of silver
dollars, fixing their value and giving them legal-tender character, it was believed
by many of the supporters ofthe measure that the silver dollar which it authorized
would speedily become, under the operations of the law, of equivalent value to the
gold dollar. There were other supporters ofthe bill who, while they doubted as to the
probability of this result, nevertheless were willing to give the proposed experi-
ment a fair trial, with a view to stop the coinage if experience should prove that
the silver dollar authorized by the bill continued to be of less commercial value
than the standard gold dollar.
The coinage of silver dollars, under the act referred to, began in March, 1878, and
has been continued as required by the act. The average rate per month to the pres-
ent time has been $2,276,492. The total amount coined prior to the 1st of November
last was $72,847,750. Of this amount $47,084,450 remain in the Treasury, and only
$25,763,291 are in the hands of the people. A constant effort has been made to keep
this currency in circulation, and considerable expense has been necessarily incurred
for this purpose, but its return to the Treasury is prompt and sure. Contrary to the
confident anticipation of the friends of the measure at the time of its adoption, the
value of the silver dollar containing 412^ grains of silver has not increased. During
the year prior to the passage of the bill authorizing its coinage the market value of
the silver which it contained was from 90 to 92 cents as compared with the standard
gold dollar. During the last year the average market value of the silver dollar has
been 88| cents.
It is obvious that the legislation of the last Congress in regard to silver, so far as
it was based on an anticipated rise in the value of silver as a result of that legisla-
tion, has failed to produce the effect then predicted. The longer the law remains in
force, requiring as it docs the coinage of a nominal dollar, which, in reality, is not
a dollar, the greater becomes the danger that this country will be forced to accept
a single metal as the sole legal standard of value in circulation, and this a standard
of less value than it purports to be worth in the recognized money of the world.
The Constitution of the United States, sound financial principles, and our best
interests all require that tho country should have its legal-tender money, both gold
and silver coin, of an intrinsic value, as bullion, equivalent to that which, upon its
face, it purports to possess. The Constitution, in express terms, recognizes both gold
and silver as the only true legal-tender money. To banish either of these metals
from our currency is to narrow and limit the circulating medium of exchange to the
disparagement of important interests. The United States produces more silver than
any other country, and is directly interested in maintaining it as one of the two
precious metals which furnish tho coinage of the world. It will, in my judgment,
contribute to this result if Congress will repeal so much of existing legislation as
requires the coinage of silver dollars containing only 412£ grains of silver, and in its
597
stead will authorize the Secretary of the Treasury to coin silver dollars of equivalent
value, as bullion, with gold dollars. This will defraud no man, and will he in accord-
ance with familiar precedents. Congress, on several occasions, has altered the ratio
of value between gold and silver, in order to establish it more nearly in accordance
with the actual ratio ot value between the two metals.
In financial legislation e\rery measure in the direction of greater fidelity in the
discharge of pecuniary obligations has been found by experience to diminish the
rates of interest which debtors are required to pay, and to increase the facility with
Avhich money can be obtained for every legitimate purpose. Our own recent finan-
cial history shows how surely money becomes abundant Avhenever confidence in the
exact performance of moneyed obligations is established.
# * * •* * * #
[Mcssago of President Chester A. Arthur.]
Washington, December, 6, 1881.
X X X X X X X
I approve the recommendation of the Secretary of the Treasury, that provision bo
made for the early retirement of silver certificates, and that the act requiring"their
issue be repealed. They Avere issued in pursuance of the policy of the Government
to maintain sil\rer at or near the gold standard, and were accordingly made receiv-
able for all customs, taxes, and public dues. About sixty-six millions of them are
noAv outstanding. They form an unnecessary addition to the paper currency, a suf-
ficient amount of which may readily be supplied by the national banks.
In accordance Avith the act of February 28, 1878, the Treasury Department has,
monthly, caused at least two millions in value of silver bullion to be coined into
standard silver dollars. One hundred and tAA O millions of these dollars have been
already coined, Avliile only about thirty-four millions are in circulation.
For the reasons Avhich he specifies, I concur in the Secretary’s recommendation
that the provision for coinage of a fixed amount each month be repealed, and that
hereafter only so much be coined as shall bo necessary to supply the demand.
The Secretary ad Arises that the issue of gold certificates should not for the present
be resumed, and suggests that the national banks may properly be forbidden bylaw
to retire their currency except upon reasonable notice of their intention so to do.
Such legislation would seem to be justified by the recent action of certain banks on
the occasion referred to in the Secretary’s report.
Of the 15,000,000 of fractional currency still outstanding, only about 80,000 has
been redeemed the past year. The suggestion that this amount may properly bo
dropped from future statements of the public debt seems Avorthy of approval.
[Message of President Chester A. Arthur, December 4, 1882.]
xxx X x x X-
During the year there have been organized 171 national banks, and of those insti-
tutions there are uoav in operation 2,269, a larger number than eArer before. The
value of their notes in active circulation on July 1, 1882, Avas $324,656,458.
I commend to your attention the Secretary’s Ariews in respect to the likelihood of
a serious contraction of this circulation, and to the modes by which that result may,
in his judgment, be averted.
In respect to the coinage of silver dollars and the retirement of silver certificates,
I have seen nothing to alter, but much to confirm, the sentiments to which I gaAre
expression last year.
A comparison betAveen therespective amounts of silver-dollar circulation on No\rem-
ber 1, 1881, and on November 1, 1882, shows a slight increase of a million and a half
of dollars. But during the interval there had been in tbe whole number coined an
increase of twenty-six millions. Of the one hundred and twenty-eight, millions thus
far minted, little more than thirty-five millions are in circulation. Tbe mass of accu-
mulated coin has grown so great that the vault room at present available for storage
is scarcely sufficient to contain it. It is not apparent why it is desirable to continue
this coinage, uoav so enormously in excess of the public demand.
As to the silver certificates, in addition to the grounds which seemed last year to
justify their retirement may be mentioned the effect Avhich is likely to ensue from
the supply of gold certificates, for whose issuance Congress recently made provision,
and Avhich are now in active circulation.
598
[Message of President Chester A. Arthur.]
Washington, December 4, 18SS.
*#*#*##
Immediately associated with the financial subject just discussed is the important
question what legislation is needed regarding the national currency.
The aggregate amount of bonds now on deposit in the Treasury to support the
national bank circulation is about $350,000,000. Nearly $200,000,000 of this amount
consists of three per cents, which, as already stated, are payable at the pleasure of
the Government and are likely to he called in within less than four years unless
meantime the surplus revenues shall be diminished.
The probable effect of such an extensive retirement of the securities which are the
basis of the national-bank circulation would be such a contraction of the volume of
the currency as to produce grave commercial embarrassments.
How can this danger be obviated? The most effectual plan, and one whose
adoption at the earliest practicable opportunity I shall heartily approve, has already
been indicated.
If the revenues of the next four years shall be kept substantially commensurate
with the expenses, the volume of circulation will not be likely to suffer any material
disturbance.
But if, on the other hand, there shall be great delay in reducing taxation, it will
become necessary either to substitute some other form of currency in the place of
the national-bank notes or to make important changes in the laws by which their
circulation is now controlled.
In my judgment the latter course is far preferable. I commend to your attention
the very interesting and thoughtful suggestions upon this subject which appear in
the Secretary’s report.
The objections which he urges against the acceptance of any other securities than
the obligations of the Government itself as a foundation for national-bank circu-
lation seem to me insuperable.
For averting the threatened contraction two courses have been suggested, either
of which is probably feasible. One is the issuance of new bonds, having many years
to run, bearing a low rate of interest, and exchangeable upon specified terms for
those now outstanding. The other course, which commends itself to my own judg-
ment as the better, is the enactment of a law repealing the tax on circulation and
permitting the banks to issue uotes for an amount equal to 90 per cent of the market
value, instead of as now the face value of their deposited bonds. I agree with the
Secretary in the belief that the adoption of this plan would afford the necessary
relief.
The trade dollar was coined for the purpose of traffic in countries where silver
passed at its value as ascertained by its weight and fineness. It never had a legal-
tender quality. Large numbers of these coins entered, however, into the volume of
our currency. By common consent, their circulation in domestic trade has now
ceased, and they have thus become a disturbing element. They should not be longer
permitted to embarrass our currency system. I recommend that provision be made
for their reception by the Treasury and the mints, as bullion, at a small percentage
above the current market price of silver of like fineness.
[Message of President Chester A. Arthur, December 1, 1881.]
# # # * + * #
I concur with the Secretary of the Treasury in recommending the immediate sus-
pension of the coinage of silver dollars and of the issuance of silver certificates.
This is a matter to which, in former communica tions, I have more than once invoked
the attention of the National Legislature.
It appears that annually tor the past six years there have been coined, in compli-
ance with the requirements of the act of February 23. 1878, more than 27,000,000
silver dollars. The number now outstanding is reported by the Secretary to bo nearly
185,000,000, whereof but little more than 40,000,000, or less than 22 per cent, are in
actual circulation. The more existence of this factseems to me to furnish of itself a
cogent argument for the repeal of the statute which has made such a fact possible.
But there are other and graver considerations that tend in the same direction.
The Secretary avows his conviction that unless this coinage and the issuance of
silver certificates be suspended silver is likely at no distant day to become our sole
metallic standard. The commercial disturbance and the impairment of national
credit that would be thus occasioned can scarcely bo overestimated.
I hope that the Secretary’s suggestions respecting the withdrawal from circulation
of the ono-dollar and two-dollar notes will receive your approval. It is likely that
599
a considerable portion of the silver now encumbering the vaults of the Treasury
might thus iind its way into the currency.
While trade- dollars have ceased, for the present at least, to be an element of active
disturbance in our currency system, some provision should be made for their sur-
render to the Government. In view of the circumstances under which they were
coined and of the fact that they have never had a legal-tender quality, there should
be offered for them only a slight advance over their bullion value.
The Secretary, in the course of his report, considers the propriety of beautifying
the designs of our subsidiary silver coins and of so increasing their weight that
they may bear their due ratio of value to the standard dollar. Iiis conclusious in
this regard are cordially approved.
**-*•'(*#*
The three per cent bonds of the Government to the amount of more than $100,000,000
have, since my last annual message, been redeemed by the Treasury. The bonds of
that issue still outstanding amount to little over $200,000,000, about one-fourth of
which will be retired through the operations of the sinking fund during the coming-
year. As these bonds still constitute the chief basis for the circulation of the
national banks, the question how to avert the contraction of the currency, caused by
their retirement, is one of constantly increasing importance.
It seems to be generally conceded that the law governing this matter exacts from
the banks excessive security, and that, upon their present bond deposits, a larger
circulation than is now allowed may be granted with safety. I hope that the bill
which passed the Senate at the last session, permitting the issue of notes equal to
the face value of the deposited bonds, will commend itself to the approval of the
House of Representatives.
# # *• * # # #
The countries of the American continent and the adjacent islands are for the United
States the natural marts of supply and demand. It is from them that we should
obtain what we do not produce or do not produce iir sufficiency, and it is to them
that the surplus productions of our fields, our mills, and our workshops should flow,
under conditions that will equalize or favor them in comparison with foreign compe-
tition.
Four paths of policy seem to point to this end.
* * * * * # *
Fourthly, the establishment of an uniform currency basis for the countries of
America, so that the coined products of our mines may circulate on equal terms
throughout the whole system of commonwealths. This would require a monetary
union of America, whereby the output of the bullion-producing countries and the
circulation of those which yield neither gold nor silver could be adjusted in con-
formity with the population, wealth, and commercial needs of each. As many of
the countries furnish no bullion to the common stock, the surplus production of our
mines and mints might thus be utilized and a step taken toward the general remone-
tization of silver.
* i ****##
[Message of President Grover Cleveland, December 8, 1885.]
During the year ended November 1, 1885, 145 national banks were organized, with
an aggregate capital of $16,938,000, and circulating notes have been issued to them
amounting to $4,274,910. The whole number of these banks in existence on the day
above mentioned was 2,727.
The very limited amount of circulating notes issued by our national banks com-
pared with the amount the law permits them to issue, upon a deposit of bonds for
their redemption, indicates that the volume of our circulating medium may be largely
increased through this instrumentality.
Nothing more important than the present condition of our currency and coinage
can claim your attention.
Since February, 1878, the Government has, under the compulsory provisions of
law, purchased silver bullion and coined the same at the rate of more than 2,000,000
of dollars every month. By this process up to the present date 215,759,431 silver
dollars have been coined.
A reasonable appreciation of a delegation of power to the General Government
would limit its exercise, without express restrictive words, to the people’s needs and
the requirements of the public welfare.
Upon this theory tho authority to “ coiu money” given to Congress by the Consti-
tution, if it permits the purchase by the Government of bullion for coinage in any
event, does not justify such purchase and coinage to an extent beyond the amount
needed for a sufficient circulating medium.
600
The desire to utilize the silver product ol' the country should not lead to a misuse
or the perversion of this power.
The necessity for such an addition to the silver currency of the nation as is com-
pelled by the silver-coinage act is negatived by the fact that up to the present time
only about 50,000,000 of the silver dollars so coined have actually found their way
into circulation, leaving more than 165,000,000 in the possession of the Government,
the custody of which lias entailed a considerable expense for the construction of
vaults for its deposit. Against this latter amount there are outstanding silver cer-
tificates amounting to about $93,000,000.
Every month two millions of gold in the public Treasury are paid out for two
millions or more of silver dollars, to be added to the idle mass already accumulated.
If continued long enough, this operation will result in the substitution of silver
for all the gold the Government owns applicable to its general purposes. It will not
do to rely upon the customs receipts of the Government to make good this drain of
gold, because the silver thus coined having been made legal tender for all debts and
dues, public and private, at times during the last six months 58 per cent of the
receipts for duties has been in silver or silver certificates, while the average within
that period has been 20 per cent. The proportion of silver and its certificates
received by the Government will probably increase as time goes on, for the reason that
the nearer the period approaches when it will be obliged to offer silver in payment
of its obligations the greater inducement there will be to hoard gold against depre-
ciation in the value of silver or for the purpose of speculating.
This hoarding of gold has already begun.
AVhen the time comes that gold has been withdrawn from circulation, then will be
apparent the difference between the real value of the silver dollar and a dollar in
gold, and the two coins will part company. Gold, still the standard of value, and
necessary in our dealings with other countries, will be at a premium OArer silver;
banks which have substituted gold for the deposits of their customers may pay them
with silver bought with such gold, thus making a handsome profit; rich speculators
will sell their hoarded gold to their neighbors who need it to liquidate their foreign
debts, at a ruinous premium over silver, and the laboring men and women of the
land, most defenseless of all, will find that the dollar received for the wage of their
toil has sadly shrunk in its purchasing power. It may be said that the latter
result will be but temporary, and that ultimately the price of labor will be adjusted
to the change; but even if this takes place the wage Avorker can not possibly gain,
but must inevitably lose, since the price he is compelled to pay for his living will
not only be measured in a coin heavily depreciated and fluctuating and uncertain
in its value, but this uncertainty in the value of the purchasing medium Avill be
made the pretext for an advance in prices beyond that justified by actual deprecia-
tion.
The words uttered in 1834 by Daniel Webster in the Senate of the United States
are true to-day: “The very man of all others Avho has the deepest interest in a sound
currency, and who suffers most by mischievous legislation in money matters, is the
man aa'Iio earns his daily bread by his daily toil.”
The most distinguished advocate of bimetalism, discussing our sil\rer coinage, has
lately written:
“No American citizen’s hand has yet felt the sensation of cheapness, either in
receiving or expending the silver-act dollars.”
And those Avho live by labor or. legitimate trade never will feel that sensation of
cheapness. However plenty silver dollars may become, they Avill not bo distributed
as gifts among the people; and if the laboring man should receive four depreciated
dollars where he now receives but two, he will pay in the depreciated coin more
than double the price he now pays for all the necessaries and comforts of life.
Those who do not fear any disastrous consequence arising from the continued com-
pulsory coinage of silver as hoav directed by law, and who suppose that the addition
to the currency of the country intended as its result, will be a public benefit, and
reminded that history demonstrates that the point is easily reached in the attempt
to float at the same time two sorts of money of different excellence, when the better
Avill cease to be in general circulation. The hoarding of gold, which has already
taken place, indicates that we shall not escape the usual experience in such cases.
So if this silver coinage be continued avc may reasonably expect that gold and its
equivalent will abandon the field of circulation to silver alone. This, of course, must
produce a severe contraction of our circulating medium, instead of adding to it.
It will not be disputed that any attempt on the part of the Government to cause
the circulation of silver dollars worth eighty cents, side by side Avith gold dollars
Avorth one hundred cents, even Avithin the limit that legislation does not run counter
to the laws of trade, to be successful must bo seconded by the confidence of the peo-
ple that both coins Avill retain the same purchasing power and be interchangeable
at will. A special effort has been made by the Secretary of the Treasury to increase the
amount of our silver coin in circulation ; but the fact that a large share of the limited
601
amount thus put out lias soon returned to the public Treasury in payment of duties,
leads to the belief that the people do not now desire to keep it in hand; and this,
with the evident disposition to hoard gold, gives rise to the suspicion that there
already exists a lack of confidence among the people touching our financial processes.
There is certainly not enough silver now iu circulation to cause uneasiness; and the
whole amount coined and now on hand might, after .a time, be absorbed by the peo-
ple without apprehension; but it is the ceaseless stream that threatens to overflow
the land which causes fear and uncertainty.
What has been thus far submitted upon this subject relates almost entirely to con-
siderations of a home nature, unconnected with the bearing which the policies of
other nations have upon the question. But it is perfectly apparent that a line of
action in regard to our currency can not wisely be settled upon or persisted in, with-
out considering the attitude on the subject of other countries with whom we main-
tain intercourse through commerce, trade, and travel. An acknowledgment of this
fact is found in the act by virtue of which our silver is compulsorily coined. It pro-
vides that “the President shall invite the governments of the countries composing
the Latin Union, so called, and of such other European nations as he may deem
advisable, to join the United States in a conference to adopt a common ratio between
gold and silver for the purpose of establishing internationally the use of bimetallic
money and securing fixity of relative value between these metals.”
This conference absolutely failed, and a similar fate has awaited all subsequent
efforts in the same direction. And still we continue our coinage of silver at a ratio
different from that of any other nation. The most vital part of the silver-coinage
act remains inoperative and unexecuted, and without any ally or friend, we battle
upon the silver field in an illogical and losing contest.
To give full effect to the design of Congress on this subject I have made careful
and earnest endeavor since the adjournment of the last Congress.
To this end I delegated a gentleman vrell instructed in fiscal science, to proceed to
the financial centers in Europe, and, in conjunction to our ministers to England,
France, and Germany, to obtain a full knowledge of the attitude and intent of those
governments in respect of the establishment of such an international ratio as w ould
procure free coinage of both metals at the mints of those countries and our own. By
my direction our consul-general at Paris has given close attention to the proceedings
of the congress of the Latin Union, in order to indicate our interest in its objects
and report its action.
It may be said, in brief, as the result of these efforts, that the attitude of the lead-
ing powers remains substantially unchanged since the monetary conference in 1881, nor
is it to be questioned that the views of these governments are in each instance sup-
ported by the weight of public opinion.
The steps thus taken have therefore only more fully demonstrated the uselessness
of further attempts at present, to arrive at any agreement on the subject with other
nations.
In the meantime we are accumulating silver coin, based upon our own peculiar
ratio, to such an extent, and assuming so .heavy a burden to be provided for in any
international negotiations, as will render us au undesirable party to any future mon-
etary conference of nations.
It is a significant fact that four of the five countries composing the Latin Union
mentioned in our coinage act, embarrassed with their silver currency, have just
completed an agreement among themselves, that no more silver shall be coined by
their respective governments, and that such as has been already coined and in circu-
lation shall be redeemed in gold by the country of its coinage. The resort to this
expedient by these countries may well arrest the attention of those who suppose
that wre can succeed without shock or injury in the attempt to circulate upon its
merits all the silver we may coin under the provisions of our silver-coinage act.
The condition in which our Treasury may be placed by a persistence in our present
course, is a matter of concern to every patriotic citizen who does not desire \his Gov-
ernment to pay in silver such of its obligations as should be paid in gold. Nor should
our condition be such as to oblige us, in a prudent management of our affairs, to
discontinue the calling in and payment of interest-bearing obligations, which wre
have the right now to discharge and thus avoid the payment of further interest
thereon.
The so-called debtor class, for whose benefit the continued compulsory coinage of
silver is insisted upon, are not dishonest because they are in debt; and they should
not be suspected of a desire to jeopardize the financial safety of the country, in order
that they may cancel their present debts by paying the same in depreciated dollars.
Nor should it be forgotten that it is not the rich nor the money-lender alone that
must submit to such a readjustment, enforced by the Government and their debtors.
The pittance of the widow and the orphan and the incomes of helpless beneficiaries
of all kinds would be disastrously reduced. The depositors in savings banks and
in other institutions which hold in trust the savings of the poor, when their little
602
accumulations are scaled down to meet the new order of things, would, in their dis-
tress, painfully realize the delusion of the promise made to them that plentiful money
would improve their condition.
We have now on hand all the silver dollars necessary to supply the present needs
of the people and to satisfy those who from sentiment wish to see them in circula-
tion; and if their coinage is suspended they can he readily obtained by all who
desire them. If the need of more is at any time apparent their coinage may^be
renewed.
That disaster has not already overtaken us furnishes no proof that danger does not
wait upon a continuation of the present silver coinage. We have been saved by the
most careful management and unusual expedients, by a combination of fortunate
conditions, and by a con li dent expectation that the course of the Government in regard
to silver coinage would be speedily changed by the action of Congress.
Prosperity hesitates upon our threshold because of the dangers aud uncertainties
surrounding this question. Capital timidly shrinks from trade, and investors are
unwilling to take the chance of the questionable shape in which their money will
be returned to them, while enterprise halts at a risk against which care and saga-
cious management do not protect.
As a necessary consequence labor lacks employment, and suffering and distress are
visited upon a portion of our fellow-citizens especially entitled to the careful con-
sideration of those charged with the duties of legislation. No interest appeals to
us so strongly for a safe and stable currency as the vast army of the unemployed.
I recommend the suspension of the compulsory coinage of silver dollars, directed
by the law passed in February, 1878.
# * # * * * #
[Message of President Grover Cleveland, December 3, 1888.]
* # • * ^ * * #
At the close of the fiscal year ended June 30, 1887, there had been coined under
the compulsory-silver-coinage act $266,988,280 in silver dollars, $55,50-1,310 of which
were in the hands of the people.
On the 30tli day of June, 1888, there had been coined $299,708,790; and of this
$55,829,303 was in circulation in coin, and $200,387,376 in silver certificates, for the
redemption of which silver dollars to that amount were held by the Government.
On the 30th day of November, 1888, $312,570,990 had been coined, $60,970,990 of
the silver dollars were actually in circulation, and $237,418,346 in certificates.
The Secretary recommends the suspension of the further coinage of silver, and in
such recommendation I earnestly concur.
For further valuable information and timely recommendations I ask the careful
attention of Congress to the Secretary’s report.
• # * -Jf # # #
[Message of President Benjamin Harrison, December 3, 1889.]
# # * * * # *
A table presented by the Secretary of the Treasury, showing the amount of money
of all kinds in circulation each year from 1878 to the present time, is of interest. It
appears that the amount of national-bank notes in circulation has decreased during
that period $114,109,729, of which $37,799,229 is chargeable to the last year. The
withdrawal of bank circulation will necessarily continue under existing conditions.
It is probable that the adoption of the suggestions made by the Comptroller of the
Currency, viz, that the minimum deposit of bonds for the establishment of banks be
reduced, and that an issue of notes to the par value of the bonds be allowed, would
help to maintain the bank circulation. But, while this withdrawal of bank notes
has been going on, there has been a large increase in the amount of gold and silver
coin in circulation and in the issues of gold and silver certificates.
The total amount of money of all kinds in circulation on March 1, 1878, was
$805,793,807, while on October 1,1889, the total was $1,405,018,000. There was an
increase of $293,417,552 in gold coin, of $57,554,100 in standard silver dollars, of
$72,311,249 in gold certificates, of $276,619,715 in silver certificates, and of $14,073,-
787 in United States notes, making a total of $713,976,403. There was during the
same period a decrease of $114,109,729 in bank circulation, and of $642,481 in sub-
sidiary silver. The net increase was $599,224,193. The circulation per capita has
increased about five dollars during the time covered by the table referred to.
The total coinage of silver dollars was, on November 1, 1889, $343,638,001, of which
$283,539,521 were in the Treasury vaults and $60,098,480 were in circulation. Of
603
the amount in the vaults, $277,319,944 were represented by outstanding silver cer-
tificates, leaving $6,219,577 not Jta circulation and not represented by certificates.
The law requiring the purchase, by the Treasury, of two million dollars’ worth of
silver bullion each month, to be coined into silver dollars of four hundred and
twelve and one-half grains, has been observed by the Department; but neither the
present Secretary nor any of his predecessors has deemed it safe to exercise the
discretion given by law to increase the monthly purchases to four million dollars.
When the law was enacted (February 28, 1878) the price of silver in the market was
$1.20^ per ounce, making the bullion value of the dollar 93 cents. Since that time
the price has fallen as low as 91.2 cents per ounce, reducing the bullion value of the
dollar to 70.6 cents. . Within the last few months the market price has somewhat
advanced, and on the 1st day of November last the bullion value of the silver dollar
was 72 cents.
The evil anticipations which have accompanied the coinage and use of the silver
dollar have not been realized. As a coin it lias not had general use, and the public
Treasury has been compelled to store it. But this is manifestly owing to the fact
that its paper representative is more convenient. The general acceptance and use
of the silver certilicate show that silver has not been otherwise discredited. Some
favorable conditions have contributed to maintain this practical equality, in their
commercial use, between the gold and silver dollars. But some of these are trade
conditions that statutory enactments do not control and of the continuance of which
we cannot be certain.
I think it is clear that if we should make the coinage of silver at the present
ratio free, we must expect that the difference in the bullion values of the gold and
silver dollars will be taken account of in commercial transactions, and I fear the
same result would follow any considerable increase of the present rate of coinage.
Such a result would be discreditable to our financial management and disastrous to
all business interests. We should not tread the dangerous edge of such a peril.
And, indeed, nothing more harmful could happen to the silver interests. Any safe
legislation upon this subject must secure the equality of the two coins in their com-
mercial uses.
I have always been an advocate of the use of silver in our currency. We are
large producers of that metal, and should not discredit it. To the plan which will
be presented by the Secretary of the Treasury for the issuance of notes or certifi-
cates upon the deposit of silver bullion at its market value, I have been able to give
only a hasty examination, owing to the press of other matters and to the fact that it
has been so recently formulated. The details of such a law require careful consid-
eration, but the general plan suggested by him seems to satisfy the purpose — to con-
tinue the use of silver in connection with our currency, and at the same time to
obviate the danger of which I have spoken. At a later day I may communicate
further with Congress upon this subject.
n * ?■*#***
[Message of President Benjamin Harrison, December 1, 1890.]
The act “directing the purchase of silver bullion and the issue of Treasury notes
thereon,” approved July 14, 1890, has been administered by the Secretary of the
Treasury with an earnest purpose to get into circulation at the earliest possible
dates the full monthly amounts of Treasury notes contemplated by its provisions
and at the same time to give to the market for silver bullion such support as the
law contemplates. The recent depreciation in the price of silver has been observed
with regret. The rapid rise in price which anticipated and followed the passage of
the act was influenced in some degree by speculation, and the recent reaction is in
part the result of the same cause and in part of the recent monetary disturbances.
Some months of further trial will be necessary to determine the permanent effect of
the recent legislation upon silver values, but it is gratifying to know that the
increased circulation secured by the act has exerted and will continue to exert a
most beneficial influence upon business and upon general values.
While it has not been thought best to renew formally the suggestion of an inter-
national conference looking to an agreement touching the full use of silver for coin-
age at a uniform ratio, care has been taken to observe closely any change in the
situation abroad, and no favorable opportunity will be lost to promote a result
which it is confidently believed would confer very large benefits upon the commerce
of the world.
The recent monetary disturbances in England are not unlikely to sugges a reex-
amination of opinions upon this subject. Our very large supply of gold will, if not
lost by impulsive legislation in the supposed interest of silver, give us a position of
advantage in promoting a permanent and safe international agreement for the free
use of silver as a coin metal.
The efforts of the Secretary to increase the volume of money in circulation by
604
keeping down the Treasury surplus to tlio lowest practicable limit have been unre-
mitting and in a very high degree successful. The tables presented by him, show-
ing the increase of money in circulation during the last two decades, and especially
the table showing the increase during the nineteen months he has administered the
affairs of the Department, are interesting and instructive. The increase of money
in circulation during the nineteen months has been in the aggregate $93,866,813, or
about $1.50 per capita, and of this increase only $7,100,000 was due to the recent
silver legislation. That this substantial and needed aid given to commerce resulted
in an enormous reduction of the public debt and of the annual interest charge is
matter of increased satisfaction. There have been purchased and l’edeemed since
March 4, 1889, 4 and 4$ per cent bonds to the amount of $211,832,450, at a cost of
$246,620,741, resulting in the reduction of the annual interest charge of $8,967,609
and a total saving of interest of $51,576,706.
[Message of President lieuj. Harrison, December 9, 1891.]
* **##*&
Under the law of J uly 14, 1890, the Secretary of the Treasury has purchased (since
August 13) during the fiscal year 48,393,113 ounces of silver bullion at an average
cost of $1,045 per ounce. The highest price paid during the year was $1.2025, and
the lowest, $0.9636. In exchange for this silver bullion there have been issued
$50,577,498 of the Treasury notes authorized by the act. The lowest price of silver
reached during the fiscal year was $0.9636 on April 22, 1891; but on November 1 the
market price was only $0.96, which would give to the silver dollar a bullion value
of 74$ cents.
Before the influence of the prospective silver legislation was felt in the market
silver was worth in New York about 0.955 per ounce. The ablest advocates of free
coinage in the last Congress were most confident in their predictions that the pur-
chases by the Government required by law' would at once bring the price of silver
to 1.2929 perounce, which would make the bullion value of a dollar 100 cents and
hold it there. The prophesies of the anti-silver men of disasters to result from the
coinage of $2,000,000 per month were not wider of the mark. The friends of free
silver are not agreed, I think, as to the causes that brought their hopeful predictions
to naught. Some facts are known. The exports of silver from London to India
during the first nine months of this calendar year fell off over 50 per cent, or
$17,202,730, compared with the same months of the preceding year. The exports of
domestic silver bullion from this country, which had averaged for the last ten years
over $17,000,000, fell in the last fiscal year to $13,797,391 ; while, for the first time in
recent years, the imports of silver into this country exceeded theexports bythe sum
of $2, 745, 365. In the previous year the net exports of silver from the United States
amounted to $8,545,455. The production of the United States increased from 50,000,000
ounces in 1889 to 54,500,000 in 1890. The Government is now buying and putting
aside annually 54,000,000, which, allowing for 7,140,000 ounces of new bullion used
in the arts, is 6,640,000 more than our domestic product available for coinage.
I hope the depression in the price of silver is temporary and that a further trial of
this legislation will more favorably affect it. That the increased volume of currency
thus supplied for the use of the people was needed and that beneficial results upon
trade and prices have followed this legislation I think must be very clear to every-
one; nor should it be forgotten that for every dollar of these notes issued a full dol-
lar’s worth of silver bullion is at the time deposited in the Treasury as a security for
its redemption. Upon this subject, as upon the tariff, my recommendation is that
the existing law's be given a full trial and that our business interests be spared the
distressing influence which threats of radical changes always impart. Under exist-
ing legislation it is in the power of the Treasury Department to maintain that essen-
tial condition of national finance as well as of commercial prosperity — the parity in
use of the coin dollars and their paper representatives. The assurance that these
powers would be freely and unhesitatingly used has done much to produce and sus-
tain the present favorable business conditions.
I am still of the opinion that the free coinage of silver under existing conditions
would disastrously affect our business interests at home and abroad. We could not
hope to maintain an equality in the purchasing power of the gold and silver dollar
in our own markets, and in foreign trade the stamp gives no added value to the bul-
lion contained in coins. The producers of the country, its farmers and laborers,
have t he highest interest that every dollar, paper or coin, issued by the Government
shall be as good as any other. If there is one less Valuable than another its sure
and constant errand will be to pay them for their toil and for their crops. The
money-lender will protect himself by stipulating for payment in gold, but the
laborer has never been able to do that. To place business upon a silver basis would
mean a sudden and severe contraction of the currency, by the withdrawal of gold
and gold notes, and such an unsettling of all values as would produce a commercial
605
panic. I can not believe that a people so strong and prosperous as ours will promote
such a policy.
The producers of silver are entitled to just consideration, but they should not for-
got that the Government is now buying and putting out of the market what is the
equivalent of the entire product of our silver mines. This is more than they them-
selves thought of asking two years ago. 1 believe it is the earnest desire of a great
majority of the people, as it is mine, that a full coin use shall be made of silver just
as soon as the cooperation of other nations can be secured and a ratio fixed that
will give circulation equally to gold and silver. The business of the world requires
the use of both metals; but I do not see any prospect of gain, but much of loss, by
giving up the present system, in which a full use is made of gold and a large use of
silver, for one in which silver alone will circulate. Such an event would be at once
fatal to the further progress of the silver movement. Bimetallism is the desired
end, and the true friends of silver will be careful not to overrun the goal and bring
in silver monometallism, with its necessary attendants, the loss of our gold to Europe
and the relief of the pressure there for a larger currency. 1 have endeavored by
the use of official and unofficial agencies to keep a close observation of the state of
public sentiment in Europe upon this question, and have not found it to be such as
to justify me in proposing an international conference. There is, however, I am sure,
a growing sentiment in Europe in favor of a larger use of silver, and I know of no
more effectual way of promoting this sentiment than by accumulating gold here. A
scarcity of gold in European reserves will be the most persuasive argument for the
use of silver.
The exports of gold to Europe, which began in February last and continued until
the close of July, aggregated over $70,000,000. The net loss of gold during the fiscal
year was nearly $68,000,000. That no serious monetary disturbance resulted was
most gratifying, and gave to Europe fresh evidence of the strength and stability of
our financial institutions. With the movement of crops the outflow of gold was
speedily stopped, and a return set in. Up to December 1 we had recovered of our
gold loss at the port of New York $27,854,000, and it is confidently believed that dur-
ing the winter and spring this aggregate will be steadily and largely increased.
The presence of a large cash surplus in the Treasury has for many years been the
subject of much unfavorable criticism, and has furnished an argument to those who
have desired to place the tariff upon a purely revenue basis. It was agreed by all
that the withdrawal from circulation of so large an amount of money was an embar-
rassment to the business of the country, and made necessary the intervention of the
Department at frequent intervals to relieve threatened monetary panics. The sur-
plus on March 1, 1889, was $183,827,190.29. The policy of applying this surplus to
the redemption of the interest-bearing securities of the United States was thought
to be preferable to that of depositing it without interest in selected national banks.
There have been redeemed since the date last mentioned of interest-bearing securities
$259,079,350, resulting in a reduction of the annual interest charge of $11,684,675.
The money which has been deposited in banks without interest has been gradually
withdrawn and used in the redemption of bonds.
The result of this policy, of the silver legislation, and of the refunding of the 4-J-
per cent bonds has been a large increase of the money in circulation. At the date
last named the circulation was $1,404,205,896, or $23.03 per capita; while on the 1st
day of December, 1891, it had increased to $1,577,262,070, or $24.38 per capita. The
offer of the Secretary of the Treasury to the holders of the 44 per cent bonds to
extend the time of redemption, at the option of the Government, at an interest, of 2
per cent, was accepted by the holders of about one-half the amount, and the unex-
tended bonds are being redeemed on presentation.
* * * * * * *
[Message of President Benjamin Harrison, December G, 1802.]
# * *****
The public confidence in the purpose and ability of the Government to maintain
the parity of all of our money issues, whether coin or paper, must remain unshaken.
The demand for gold in Europe and the consequent calls upon us are in a consider-
able degree the result of the efforts of some of the European governments to increase
their gold reserves, and these efforts should be met by appropriate legislation on our
part. The conditions that have created this drain of the Treasury gold are in an
important degree political and not commercial. In view of the fact that a general
revision of our revenue laws in the near future seems to be probable, it would be
better that any changes should bo a part of that revision rather than of a temporary
nature.
During the last fiscal year the Secretary purchased under the act of July 14, 1890,
54,355,748 ounces of silver, and issued in payment therefor $51,106,608 in notes. Tho
606
total purchases since the passage of the act have been 120,479,981 ounces, and the
aggregat e o f notes issued $116,783,590. The average price paid for silver during the
year was 94 cents per ounce, the highest price being $1.02f, July 1, 1891, and the
lowest 83 cents, March 21, 1892. In view of the fact that the monetary conference
is now sitting and that no conclusion has yet been reached, I withhold any recom-
mendation as to legislation upon this subject.
###***#
The Congress has been already advised that the invitations of this Government for
the assembling of an International Monetary Conference to consider the question of an
enlarged use of silver were accepted by the nations to which they were addressed.
The conference assembled at Brussels on the 22d of November and has entered upon
the consideration of this great question. I have not doubted, and have taken
occasion to express that belief, as well in the invitations issued for this conference
as in my public messages, that the free coinage of silver upon an agreed interna-
tional ratio would greatly promote the interests of our people and equally those of
other nations. It is too early to predict what results may be accomplished by the
conference. If any temporary check or delay intervenes, I believe that very soon
commercial conditions will compel the now reluctant governments to uuite with us
in this movement to secure the enlargement of the volume of coined money needed
for the transaction of the business of the world.
[Message of President Grover Cleveland, December, 1893.]
# * # * * # #
On the 1st day of November, 1893, the amount of money of all kinds in circula-
tion, or not included in Treasury holdings, was $1,718,544,682, an increase for the
year of $112,404,947. Estimating our population at 67,426,000 at the time men-
tioned the per capita circulation was $25.49. On the same date there was in the
Treasury gold bullion amounting to $96,657,273 and silver bullion which was pur-
chased at a cost of $126,261,553.
The purchases of silver under the law of Julyl4, 1890, during the last fiscal year
aggregated 54,008,162.59 fine ounces, which cost $45,531,374.53. The total amount
of silver purchased from the time that law became operative until the repeal of its
purchasing clause, on the 1st day of November, 1893, was 168,674,590.46 tine ounces,
which cost $155,930,940.84. Between the 1st day of March, 1873, and the 1st day
of November, 1893, the Government purchased under all laws 503,003,717 fine ounces
of silver, at a cost of $516,622,948. The silver dollars that have been coined under
the act of July 14, 1890, number 36,087,285. The seigniorage arising from such coin-
age was $6,977,098.39, leaving on hand in the mints 140,699,760 fine ounces of silver,
which cost $126,758,218.
Our total coinage of all metals during the last fiscal year consisted of 97,280,875
pieces valued at $43,685,178.80, of which there was $30,038,140 in gold coin, $5,343,715
in silver dollars, $7,217,220.90 in subsidiary silver coin, and $1,086,102.90 in minor
coins.
During the calendar year 1892 the production of precious metals in the United
States was estimated to be 1,596,375 fine ounces of gold of the commercial and coin-
age value of $33,000,000, and 58,000,000 fine ounces of silver of the bullion or market
value of $50,750,000, and of the coinage value of $74,989,900.
It is estimated that on the 1st day of July, 1893, the metallic stock of money in
the United States, consisting of coin and bullion, amounted to $1,213,559,169, of
which $597,697,685 was gold, and $615,861,484 was silver.
One hundred and nineteen national banks were organized during the year ending
October 31, 1893, with a capital of $11,230,000. Forty-six went into voluntary
liquidation and 158 suspended. Sixty-five of the suspended banks were insolvent,
86 resumed business, and 7 remain in the hands of bank examiners, with prospects
of speedy resumption. Of the new banks organized 44 were located in the Eastern
States, 41 west of the Mississippi River, and 34 in the Central and Southern States.
The total number of national banks in existence on the 31st day of October, 1893,
was 3,796, having an aggregate capital of $695,558,120. The net increase in the
circulation of these banks during the year was $36,886,972.
The recent repeal of the provision of law requiring the purchase of silver bullion
by the Government as a feature of our monetary scheme has made an entire change
in the complexion of our currency affairs. I do not doubt that the ultimate result
of this action will be most salutary and far-reaching. In the nature of things,
however, it is impossible to know at this time precisely what conditions will be
brought about by the change, or what, if any, supplementary legislation may, in
the light of such conditions, appear to be essential or expedient. Of course, after
607
the recent financial perturbation, time is necessary for the reestablishment of busi-
ness confidence. When, however, through this restored confidence the money which
has been frightened into hoarding places is returned to trade and enterprise, a
survey of the situation will probably disclose a safe path leading to a permanently
sound currency abundantly sufficient to meet every requirement of our increasing
population and business.
In the pursuit of this object we should resolutely turn away from alluring and tem-
porary expedients, determined to be content with nothing less than a lasting and
comprehensive financial plan. In these circumstances I am convinced that a reason-
able delay in dealing with this subject instead of being injurious, will increase the
probability of wise action.
The Monetary Conference which assembled at Brussels upon our invitation was
adjourned to the 30th day of November in the present year. The considerations
just stated and the fact that a definite proposition from us seemed to be expected
upon the reassembling of the conference, led me to express a willingness to have the
meeting still further postponed.
It seems to me that it would be wise to give general authority to the President to
invite other nations to such a conference at any time when there shall be a fair pros-
pect of accomplishing an international agreement on the subject of coinage.
# * * * # # #
EXTRACTS FROM ANNUAL REPORTS OF SECRETARIES OF THE
TREASURY, 1874 TO 1893, INCLUSIVE.
S. Rej). 235 30
609
EXTRACTS FROM ANNUAL REPORTS OF SECRETARIES OF THE
TREASURY, 1874 TO 1893, INCLUSIVE.
[Report of the Secretary of the Treasury, December 7, 1874.]
# # # # # * #
RESUMPTION OF SPECIE PAYMENT.
So ranch has been spoken and written within the last decade, and especially at the
last session of Congress, on the financial questions relating to and growing out of
our currency system, that further extended discussion of the subject at this time
would scarcely seem to be necessary. The opinions entertained and expressed by
public men and communities of people, as well as the sense of Congress as heretofore
indicated by the votes of the two Houses, must be accepted as one of the factors of
the financial problem. Nevertheless the great and paramount importance of arriv-
ing at an ultimate solution of the matter, and of restoring to the Government and
the people a sound and stable currency, induces the Secretary to bring the subject
again to the attention of Congress, and to ask that decisive steps be now taken by
the law-making power for return to a specie basis.
To attempt an enumeration of the complicated mischiefs which flow from an
unstable or inconvertible currency would carry this report to inexcusable length,
and, after all, would be but a repetition of what has been often said. No nation
can long neglect the wholesome maxims, founded upon universal experience, that
uphold public credit without suffering financial disturbances and bringing serious
consequences upon its people. It will not be denied that the existing issue of legal-
tender notes, as a circulating medium, would never have been made except in the great
emergency of a war involving no less an issue than the preservation of a nation.
Whether the argument in support of the validity of the legal-tender acts be rested
upon the war powers conferred on the Government by the Constitution or on other
provisions of that instrument, it is clear that Congress could not have been induced
to pass such acts under any other circumstances than iu a time of the most pressing
and urgent need, such as a state of war only produces. The most earnest defenders
of the power to issue Government obligations and make them by law legal tender
for all debts, public and private, would scarcely be found to advocate the exercise of
the power except under circumstances of extreme necessity, and then only for the
time of the emergency ; and there is abundant evidence in the debates and proceedings
of Congress, and in the statutes themselves, that it was not intended to make the
legal-tender notes the permanent currency of the country. The acts authorizing
the issue of such notes provided for their conversion into bonds of the United
States bearing interest at the rate of 6 per centum per annum.
The act of March 18, 1869, in terms declares that “the faith of the United States
is solemnly pledged to the payment in coin or its equivalent of all obligations of the
United States not bearing interest, known as United States notes.” The same act
further affirms that “the United States solemnly pledges its faith to make provision
at the earliest practicable period for the redemption of the United States notes in
coin.”
The purpose of the act is well expressed in its title, which declares it to be “ An
act to strengthen the public credit;” and that such was the effect of the act can not
be doubted, for it is an unconditional assurance on the part of the Government, not
only that its notes shall be paid in coin, but that this shall be done at the earliest
practicable period. The faith of the Government could not be more clearly or abso-
lutely pledged than is done by this act of Congress, to say nothing of previous legis-
lation.
The length of time that has now elapsed since the final overthrow of the rebellion,
as well as proper regard for the faith of the nation, admonish us that initiatory
611
612
steps toward the redemption of its pledges ought not to he longer postponed. It is
not unworthy of remark that the era of the war will not he closed until the period
of redemption shall have been reached.
It is sometimes urged by the advocates of a continuance of our paper circulation
that, its amount now being definitely fixed by law, it is not liable to the fluctua-
tions in volume which attach to a currency that may be increased or diminished at
the will of the Secretary; but this suggestion leaves out of view entirely the fact
that it is of little consequence where the power to change the volume of currency
rests, the difference being only in the degree of probability of its use. The exist-
ence of the power at all, and the apprehension of its being called into exercise, is
the evil from which mischievous consequences are likely to flow. The quality of
flexibility governed by the law of trade and commerce, and which regulates the
increase or diminution of the volume of the circulating medium according to the
requirements of legitimate business, is of value; but that which is controlled by
the legislative will and may depend upon party exigencies or the supposed necessi-
ties of the Treasury, or the demand of speculative enterprises, is objectionable in
the highest degree. Such a currency is liable to sudden and violent expansion or
contraction, having no necessary connection with the legitimate demands of trade
and commerce.
In a country like ours, with varied industries and extensive commercial relations
among its different sections and with other nations and peoples, stability of the cir-
culating medium is indispensable to the general prosperity. Credit, which necessa-
rily enters largely into commercial transactions, can only be steady and secure when
it has for its foundation a stable currency. The quality of stability in money
attaches only to coin, which, by common consent of mankind, is the medium of
exchange, and to a paper currency representative of coin, because convertible into
it at the will of the holder. The reason is obvious; for coin, besides being recog-
nized throughout the world as a medium of exchange, has a high intrinsic value, can
be procured only by labor and in limited quantities, which can not be increased by
statutory laws, nor suddenly by other means, while inconvertible paper money may
be produced in indefinite quantities at a nominal cost, a note of the highest denomi-
nation costing no more than the lowest, and its volume depending solely on legisla-
tive enactment.
The history of irredeemable paper currency repeats itself whenever and wherever
it is used. It increases present prices, deludes the laborer with the idea that he is
getting higher wages, and brings a fictitious prosperity from which follow inflation
of business and credit and excess of enterprise in ever-increasing ratio, until it is
discovered that trade .and commerce have become fatally diseased, when confidence
is destroyed, and then comes the shock to credit, followed by disaster and depres-
sion, and a demand for relief by further issues.
A dollar legal-tender note, such as is now in circulation, is neither more nor less
than the promise of the Government to pay a dollar to the bearer, while no express
provision is made by law for paying the dollar at any time whatever; nor is there
any existing provision for converting it into anything that stands in a tangible ratio
to "a coin dollar. As far as existing laws go, there is no reason why the legal-tender
note of the denomination of a dollar should pass for 1 cent of gold, except so far
as the Government compels creditors to accept it in discharge of obligations to pay
money, and obliges the wealth and commerce of the country to adopt it as a medium
of exchange. To this may be added, as an element of the value of the legal-tender
dollar, the hope that the Government will sometime or other redeem its paper prom-
ises according to their import. The universal use of, and reliance upon, such a cur-
rency tends to blunt the moral sense and impair the natural self-dependence of tlie
people, and trains them to the belief that the Government must directly assist their
individual fortunes and business, help them in their personal affairs, and enable
them to discharge their debts by partial payment. This inconvertible paper cur-
rency begets the delusion that the remedy for private pecuniary distress is in legis-
lative measures, and makes the people unmindful of the fact that the true remedy is
in greater production and less spending, and that real prosperity comes only from
individual effort and thrift. When exchanges are again made in coin, or in a cur-
rency convertible into it at the will of the holder, this truth will be understood and
acted upon.
It is not intended to call in question the constitutional validity of the legal-tender
acts, nor the wisdom of those who, in the midst of a rebellion which taxed the utmost
resources and energies of the nation, deemed the issue of such notes essential to suc-
cess. Repeated adjudications of the highest judicial tribunal of the land sustaining
their validity must be accepted as conclusive of the question. Allthat is now meant
to be asserted is that the exigencies which required the issue of such notes have
passed away and the time has come for taking such steps as may be necessary to
redeem the jdedge then made. The power to do so, as well as the selection of means
613
to that end, is with Congress. The Secretary can do neither more nor less than obey
and execute such laws as Congress may enact.
While it seems to be very generally conceded that resumption of specie payment
is essential to tbe honor of the Government and to the general welfare, the views of
intelligent and well-informed persons as to the best method of resumption are so
widely divergent, and tbe plans that have been suggested so multifarious, that tbe
Secretary feels embarrassment in suggesting a plan the details of which will com-
mend themselves to Congress. But there are one or two fundamental ideas under-
lying the subject which, it is believed, must be the basis of any practical plan for
resumption, and are, therefore, submitted for the consideration of Congress.
It is obvious that there can be no resumption by the Government so long as the
volume of paper currencyis largely in excess of the possible amount of coin available
for that purpose which may come into the Treasury in any year and while no pro-
vision is made for the conversion of this paper money into anything having a nearer
relation to coin, nor is it possible for the banks or people to resume so long as the
large amount of irredeemable paper now in circulation continues to be by law legal
tender for all private debts with reference both to the past and the future. While
this state of things lasts gold will continue to How from us and find employment
where the natural laws of trade, unobstructed by restraining legislation, make its
daily use indispensable.
The Secretary, therefore, recommends Congress to provide by law that after an
early and lixed day United States notes shall cease to be legal tender as to contracts
thereafter made. But this provision should not apply to official salaries or to other
ordinary expenditures of the Government under then existing contracts or appropri-
ations. Between the day thus to be fixed and the time of final resumption a suffi-
cient period should elapse to enable the people and banks to prepare for the latter
by such gradual processes in business as will neither lead to violent contraction in
credit and values nor suddenly increase the obligations of debtors. The sudden and
immediate appreciation of the paper dollar to its par value in gold is not only no
necessary element of redemption, but, as far as practicable, should be avoided. If
during the period of the war the legal-tender acts operated as a bankrupt law, com-
pelling creditors to give acquittances upon the receipt of less than the full amount
of their debts, this is no reason why the law for resumption should now compel debt-
ors at once to pay essentially more than they have contracted to pay. The adoption
of such measure as will not suddenly increase the obligations of debtors will go far
to allay and disarm whatever popular opposition to resumption of specie payment
may now exist, and, besides, would be but just to the debtor class. The day from
Avhich new contracts must be discharged in coin should be lixed sufficiently far in
advance to give the people and the banks time to understand it and to prepare them-
selves for it. It is believed that not many months will be necessary for that pur-
pose; but, to avoid the mischiefs already indicated, this day should precede the day
of final resumption by a longer period. The time should not, in the opinion of the
Secretary, be extended beyond three years, and might safely he made as much less
as, in the judgment of Congress, would sufficiently protect the interest of debtors and
avoid the evils of too sudden contraction.
The law should also authorize the immediate conversion of legal-tender notes into
bonds bearing a low rate of interest, which, while inviting conversion, should not
be so high as to appreciate the legal-tender notes rapidly, and thereby operate
oppressively on the debtor class. As an additional inducement to the conversion of
United States notes into these bonds at a low rate of interest authority should be
given for making them security for the circulation of national banks. The law
should further provide the means for the redemption of such notes as may be pre-
sented for that purpose when the period of resumption shall have been reached.
To this end the Secretary should be authorized to make a loan not exceeding the
total amount of notes remaining unconverted at the time of resumption, less the
surplus revenue to be made applicable to such resumption. It is probable that the
gradual and continual revival of business will so far increase the revenues that
a large loan will not be required for this purpose; but it is advisable that the Sec-
retary be authorized to make it in order to meet the contingency of a failure of
sufficient surplus revenues. Such a loan should be made by issuing bonds to run
for such a time as the wisdom of Congress may suggest, and to be disposed of from
time to time as the necessities of the case may require. In the opinion of the Sec-
retary these bonds should run for a long period, and should bear interest at a rate
not exceeding the lowest rate which the Government may then be paying in refund-
ing it,s 6 per cent securities. Any substantial or useful movement for resumption
necessarily involves supplying the Treasury with increased amounts of coin, cither
by increased revenues or an adequate loan. The present condition of the credit of
the Government, which would be further enhanced by the adoption of measures for
return to a specie basis, leaves no room for doubt that a loan for such purpose would
614
be readily taken at a low rate of interest. Measures should also be adopted requir-
ing the banks to hold gold reserves preparatory to resumption on their part.
But the Secretary does not deem it proper to pursue the matter into further detail.
If Congress shall conclude, as he earnestly hopes it will, that the time has arrived
for the enactment of a law having for its object resumption of specie payments, its
own wisdom will supply the necessary methods. That which is of the highest impor-
tance is the adoption of the definite policy of resumption. In view of the great and
pressing importance of the speediest return to specie payment consonant with steadi-
ness of business and avoidance of violent and sudden contraction, discussion of mere
details in advance becomes of little practical consequence. What is demanded by
the best interests of the government and the people, and by the highest considera-
tions of virtue and morality, is that Congress shall undo that state of things which
only the necessities of war justified or required in this respect. A wise modification
of existing statutes, which neither enable nor permit the executive branch of the
Government to effect the restoration of a sound currency, will leave the laws of trade
free to resume their operations, and many matters of detail will adjust themselves.
When the Government shall have resumed specie payment it may be expected that
gold will flow into the country in obedience to the law of supply and demand, the
export of our gold product wili greatly diminish, and the millions of gold which now
constitute only a commodity of trade will resume its proper functions by becoming
again a part of the circulating medium. With the adoption of the policy of resump-
tion free banking may safely be allowed, and the deficit of the actual amount of
coin available for circulation can be supplied by bank notes convertible into coin
in lieu of an inconvertible paper currency.
The business of the country has not yet recovered from the disasters of the last year’s
financial panic, the causes of which it is by no means difficult to trace. It was the
direct and immediate result of that excessive development of speculative enterprises,
overtrading, and inflation of credit which invariably follow large issues of inconvert-
ible paper currency. The almost boundless resources and energies of the country
must compel the gradual reestablishment of business, but capital, with its accus-
tomed sensitiveness to danger, is slow to return to the avenues of trade. Values are
fluctuating and uncertain. Labor receives its reward in a currency that is unsteady
and whose purchasing power changes almost daily. Neither the reward of labor nor
the value of commodities is measured by any certain standard.
The enactment of a law having for its purpose the substitution of a sound and
stable medium of exchange for an irredeemable paper currency will tend to restore
confidence, and thus cause a revival of industries and general business.
There will be no better time in the future to enter upon the work of returning to
a specie basis, and the Secretary feels that he caunot too strongly urge the adoption
of the measure he has indicated, or such others as will more certainly lead to the
desired end. * * *
if # +■ # * * *
The trade dollar has been successfully introduced into the oriental markets with
advantage to American commerce.
A 20-cent silver coin being required for the purpose of convenience in making
change, the enactment of a law authorizing the coinage of a piece of the denomina-
tion is recomended.
The estimate of the Director of the Mint shows a gain in specie and bullion in the
lasttwo fiscal years of about $38,000,000, and the stock of specie in the country to be
about $166,000,000.
The estimated increase of coin and bullion is gratifying, being one of the evi-
dences of a gradual recuperation of the country from the effects of a destructive
civil strife, and in connection with an annual production of about $70,000,000 of the
precious metals, affords encouragement that a stock of coin may, within a reasonable
time, and with favorable legislation, accumulate to an extent sufficient to enable
resmn])tion of specie payments to be undertaken and maintained.
There would appear to be no doubt that bullion converted into coin will, as a
general rule, remain longer in the country than if left in an uncoined condition to
seek foreign markets. Our policy should, therefore, be to encourage the coinage of
both gold and silver.
With respect to the charge made under existing laws for the coinage of gold,
which in this country is the standard metal, it no doubt tends to create an adverse
exchange, and causes bullion to be exported to London, where no charge for coinage
of gold is made.
The expediency of continuing the charge in the present financial condition of the
country may well be doubted.
The attention of Congress is invited to the explanations of the Director of the Mint
in connection with the course of silver bullion.
With a view to the resumption of specie payments, it is important to manufacture
a large quantity of silver coin to take the place of fractional notes, and as its prep-
aration at the mints will require considerable time, it is recommended that authority
615
bo given the Secretary to commeneo the manufacture of such -coinage, beginning
with the smallest denomination, and to gradually withdraw the fractional notes.
The system of computing sterling exchange on the tictitious or assumed par ol 4
shillings and sixpence to the dollar, and the equivalent, $4.44^ to the pound, which
had been in use for a long period, ceased on the 31st of December last, under the
provisions of the act of March 3, 1873, which fixed the par of exchange between the
United States and Great Britain at $4,804 to the pound, that sum being the value in
United States money of a standard sovereign, compared with the pure gold contained
in the standard gold dollar of the United States.
The new system has many advantages over the old one, especially in simplicity,
and having an absolutely correct basis.
###*#*•
[Report of tlie Secretary of the Treasury, December 6, 1875.]
»#**■**»
RESUMPTION OP SPECIE PAYMENT.
The depression of business and general contraction of values which followed the
financial panic of 1873 have continued to a greater or less degreo in all parts of the
country. Similar financial convulsions have occurred in other countries, and their
effects are now being felt to a degree as great, perhaps, as in this country. These
disastrous disturbances have been brought about in our own country by overtrad-
ing, overcredit, and excessive enterprise of a speculative character, stimulated by
too great abundance of promises to pay, existing in the form of currency not based
upon or convertible into the only actual money of the world and of the Constitu-
tion, gold and silver. Other commercial countries which have suffered and are now
suffering from financial depression have felt the influence of like causes, while in some
of them the temptation to carry prosperous times to excess has, as has often happened
before, led to overproduction and that superfluity of trade and credit which must inevi-
tably, sooner or later, be followed by a collapse and a corresponding period of depres-
sion. Although there are gratifying indications of increased activity in certain
branches of business in the United States, it must be admitted that confidence has not
yet been restored to the extent necessary to bring about a general revival, or to put
the trade and industries of the country upon a basis of activity and permanent pros-
perity. Nor is it reasonable to expect that this will be done until there shall be a
nearer approach to resumption of specie payment, and consequent improvement in
the character of the currency. The constant disturbance of exchange and fluctua-
tion of values, the uncertainties of business, the want of confidence between individ-
uals, corporations, and communities, which all experience proves to be the inevitable
result of the use of a medium of exchange possessing no intrinsic value, representing
no considerable amount of labor in its production, and not convertible into that
which is recognized as money throughout the commercial world, are considerations
which should claim the attention of every thoughtful representative of the people.
However rapid may be our increase in population, wealth, and material strength
we can not take the rank as a commercial or business people, to which we are entitled
by superior natural advantages and the productive energies of our population, or
attract to us the surplus capital of the world, so long as we have fluctuating stand-
ards of value and such uncertainty in our fiscal legislation as makes the assembling
of Congress and our frequent elections occasions of anxiety and apprehension not
only with the holders of our securities abroad but with business men at home.
Great Britain has kept the value of her pound sterling substantially unvarying
for two hundred years, and, in consequence of this steadiness, it lias" become" the
basis of the transactions not only of British commerce and trade but of all the
world. In all civilized countries government negotiations with foreign money-
lenders are made upon this basis, and, as a general rule, the only foreign bills current
all over the world are those which are expressed in pounds sterling, payable in
London, which city thus becomes the great center where a true measure of property
and debts can be found; and hence the commerce of the world revolves around it
and pays tribute to its commercial standard. With an unsteady and varying cur-
rency, having no fixed relation to the money of the world, but always much below
its par value, we can never attain that commercial independence to which our great
resources and active population entitle us.
Every branch of industry and all classes of people are alike interested in the
restoration of a sound and stable circulating medium, the laborer and producer no
less than the merchant, bondholder, and banker. The present unequal and fluctuating
currency oppresses and injures laborers and producers, who constitute a great
616
majority of our people, far more than it affects injuriously dealers in money. The
difference between gold and our paper currency is a margin upon which experienced
money-dealers do business, and it is this that gives the opportunity for artificial
combinations whereby values are increased or reduced at pleasure. The purchasing
power of the currency is increased or diminished by the manipulations of large
operators united for that purpose, and producers and laborers are often made to suff er
without effective power of resistance. Restoration of a sound and unvarying cur-
rency must bring better relative wages with more constant employment, because
the value of labor, as of that which it produces, will be measured by a more certain
standard; and with the return of confidence there must come activity, prosperity,
larger markets, and greater demand, which, as both reason and experience prove,
do not tend to lower wages or make employment less certain.
The claim that the largo issue of inconvertible paper currency has been beneficial
to producers is, perhaps, sufficiently disproved by reference to the reports of sales
ot leading articles of produce, such as wheat, corn, and pork, before and since the
issue of such currency. The most trustworthy statistics show that such articles were
sold in New York during the five years from 1870 to 1874, inclusive, for about the same
price that they brought in the five years from 1856 to 1860, inclusive.
On the other hand it is equally certain that the farmer has paid increased prices
during the period from 1870 to 1874 for articles imported for consumption, upon all
of which the difference between gold and currency must be paid by the consumer,
who pays in the latter. Thus the producer of domestic articles is constantly sub-
jected to loss in exchanging his products for such articles as coffee, tea, sugars, and
other imported goods, which enter into daily consumption. In this connection it
should be borne in mind that a greater volume of currency is required for the trans-
action of business when it consists of inconvertible paper, which does not circulate
abroad, than when the currency in general use is gold, which flows through every
artery of commerce. The statistics of our foreign trade illustrate this proposition.
For every imported article the consumer must pay to the importer, besides the cost
in gold, increased by his percentage of profit, as much more as the difference between
gold and the currency with which payment is made. This difference, commonly
called the premium on gold, increases by many millions the total amount which
would otherwise be required to complete all such transactions.
The proper office of currency, whether it be gold or paper, is to serve as a medium
of exchange for the adjustment of transactions between buyers and sellers. When
it is sound and stable, receivable in all yarts of the commercial world, the amount
which actually passes from hand to hand in business transactions is far below the
volume of business. A small per cent thereof is adjusted by the actual handling of
money. Exchanges are, for the most part, made by transfers of credits through
banks and other agencies. Wherever exchanges and business transactions are con-
ducted on the basis of coin, and paper convertible into it, the volume will be regu-
lated by natural causes. Money, like merchandise, will go where there is a demand
for it and where something of value can be obtained in exchange for it. When the
financial panic of 1857 created a demand for gold in this country a ready and con-
tinued supply came steadily from abroad to meet the necessities of our people and
brought speedy relief. Now, the enforced use of inconvertible paper currency not
only obstructs the flow of gold from abroad but drives from the country the precious
metals yielded by our mines.
Good and bad currency can not be retained in anything like equal proportions in
a country having commercial relations with other powers and peoples. The latter
will drive away the former. Gold and silver will flow steadily to those parts of the
commercial world where business is done on the basis of an unvarying standard of
values, and where every issue of paper is convertible into the precious metals at the
option of the holder, because they are needed there. Such is the inevitable opera-
tion of the law of supply and demand; and the present limited and inadequate sup-
ply of coin in this country is chiefly due to this cause. Gold has become a commod-
ity of trade, the price of which from day to day depends largely upon the will of
those who have combined to control the market. This preseuts a, serious obstruction
to all productive industries and commerce, and introduces into business transactions
an element of uncertainty, which often unsettles the most intelligent calculations,
and tends to destroy confidence, without which there can be no real or permanent
prosperity. Apparent but fictitious prosperity has often followed large issues of
irredeemable paper currency, but no result is more certain to flow from a given
cause than disaster and financial distress to follow an inflation of business and
credit caused by excessive issues of paper currency. The philosophy which teaches
by example as well as the deductions of reason establishes conclusively that there
is no effective remedy for the evil but the removal of its cause.
The circumstances attending the issue of the United States notes now in circula-
tion impose upon the Government a peculiar obligation to provide for their speedy
and certain redemption in coin. They were issued in the exercise of a power which
617
can be called into use only in a time of supreme necessity, and were paid out for the
support of an army composed of brave and patriotic citizens who had responded to
the call of their country in the hour of its extreme peril. To suffer a promise, made
atsuch atimeand under such circumstances, to be dishonored by subsequent indiffer-
ence or nonperformance, would be little better than open repudiation, and would
affect injuriously our national name and credit.
It is worthy of note that for the most part those who now oppose the redemption
of legal-tfender notes, and who ask for a further issue and continued and indefinite
reissue of the notes now in circulation, were most strenuous in their opposition to
such issues during the civil war. The acts authorizing such issues were denounced
as in violation of sound principles of finance and not warranted by the Constitution.
Their constitutional validity was resisted at every point and subjected to the test
of judicial decision in almost every court in the country, both State and national.
The supreme judicial tribunal of the nation upheld the acts as measures of necessity
in a time of great exigency, but it has neither decided nor intimated that such power
may be exercised by Congress in time of public tranquillity. Indeed, it is fairly
inferable, from all the court has said in the various cases in which the question has
been before it, that the issue of such notes in time of peace is not within the consti-
tutional power of Congress. The language and argument of the court leave no rea-
son to believe that it would sustain the claim of power to increase the volume of
such issues or to reissue such as have been redeemed in obedience to law when the
public exigency no longer exists. Those who opposed such issues at a time of supreme
necessity, and insist upon further issues when the emergency has passed away, put
themselves in the attitude of opposing war measures in the midst of war and advo-
cating them in a time of profound peace. Congress carefully confined the operation
of the act to the period of necessity by authorizing “ the reissue from time to time,
as the exigencies of the public interests shall require.”
The Government is bound not only by economic considerations and proper regard
for the interest of the people but by express and repeated promises to provide for
the redemption in coin of all its issues of legal-tender notes. The original legal-
teinler act was regai'ded and treated at the time of its adoption as a temporary
measure, made necessai'y and justifiable only by the exigency of war, which taxed
all the resources and energies of the nation. The fii’st act authorizing such issues
(February 25, 1862) is entitled “An act to authorize the issue of United States notes,
and for the redemption or funding thereof, and for funding the floating debt of the
United States” — language that significantly expresses the views of the Congress by
which it was passed. It authorized the issue of $150,000,000 legal-tender notes, and
made provision for funding them in bonds issued on the credit of the Government,
bearing interest in gold and payable at a future day. This was the best the Gov-
ernment could do in the midst of its struggle for existence and rightful supremacy.
The state of the public credit did not admit the possibility of the immediate pro-
curement of a sufficient amount of coin to redeem the notes absolutely. A well-
settled principle of political economy forbade the issue of paper currency without
providing for its redemption, and in obedience thereto Congress made the only prac-
ticable provision for the redemption of the notes which it authorized to be issued
and stamped with the quality of legal tender. The act of July 11, 1862, which
authorized a further issue of $150,000,000, contained a like provision, and further
provided that any notes issued thereunder might be paid in coin, instead of being
converted into bonds, at the discretion of the Secretary of the Treasury. The notes
thus authorized were issued and accepted by the people upon the assurance that
they had the right to fund them in gold-bearing bonds of the United States, and
this consideration undoubtedly constituted an important element of their value, and
gave them a quality in aid of their circulation and free acceptance in all business
transactions. In the opinion of wise and patriotic men, avIio, as the representatives
of the people, were charged with maintaining the indissolubility and supremacy of
our national Union, it was necessary to resort to this extraordinary measure for the
purpose of carrying the Avar to a successful termination. It was, in substance and
effect, a national Avar loan, based upon the credit of the Government and coupled
Avitb a pledge for redemption, but the period of payment was to be thereafter deter-
mined when the public exigency would permit. It Avas not, in the minds of those
who devised and consummated the seheme, that the Government was about to enter
upon the issue of an irredeemable paper currency, which should permanently take,
the place of the world’s measure of values. Nor was it claimed by the most earnest
advocate of the measure that the Constitution had ghren to Congress power to issue
a permanent paper currency as a substitute for, and stamped by law Avitb, the quali-
ties which, in the estimation of political economists, could exist only in the precious
metals. In the light of the experience of the civilized Avorld such a purpose would
have been regarded as little better than financial madness, and its avowal by the
authors of the legal-tender acts Avould surely have caused the defeat of the 'plan
for exerting the borroAving power of the Government by means of such issues.
618
But the purpose and meaning of the acts in question are not left open for forensic
discussion, having been authoritatively settled by the unanimous opinionof the high-
est judicial tribunal knoAvn to our constitution. As soon alter the termination of
the war as 1868, it was argued before the Supreme Court that the legal-tender notes
of the United States were issued as money, a substitute for metallic currency, and
that, having been made legal tender in payment of all debts, including (with cer-
tain exceptions) the Government’s own, of course, when presented for payment, if
similar notes, being legal tender, were offered in exchange for them, tne debt would
he discharged by a delivery of new notes of the same kind, and so on ad ivfinitum.
To this argument the court replied:
"Apart from the quality of legal-tender impressed upon them by acts of Congress,
of which we now say nothing, their circulation as currency depends upon the extent
to which they are received in payment on the quantity in circulation and on the
credit given to the promises they hear. In other respects they resemble the bank
notes formerly issued as currency.
"But on the other hand it is equally clear that these notes are obligations of the
United States. Their name imports obligation. Every one of them expresses upon
its face an engagement of the nation to pay the hearer a certain sum. The dollar
note is an engagement to pay a dollar and the dollar intended is the coin dollar of
the United States — a certain quantity in weight and fineness of gold or silver, authen-
ticated as such by the stamp of the Government.”
This authoritative declaration of the Supreme Court defines clearly and precisely
the meaning and intent of (^’ongress in the acts which authorized the issue, and
should he accepted as conclusive of the obligation and duty of the Government to
provide for the payment in specie of all such issues.
Nor is this all. Subsequent to this decision, and for the purpose of putting a
quietus upon the mischievous discussion of the subject, Congress, on the 18th day
of March, 1869, declared by public act that " the United States solemnly pledges its
faith to make provision at the earliest practicable period for the redemption of the
United States notes in coin.”
These provisions of the various acts of Congress, which were passed with the
approval of the Executive, the clear adjudication of the Supreme Court, as well as
the plainest principles of political economy and proper regard for the public wel-
fare, commit the Government to the redemption in coin of the notes issued under
the circumstances before stated. National faith and honor could not be more dis-
tinctly or unequivocally pledged to the performance of a plain duty.
In view of these solemn and repeated pledges, it seems idle to resort to the con-
sideration of elementary principles of finance to prove the evils of an irredeem-
able paper currency. In the face of such pledges, disregard of which would bring
national dishouor, and serious, if not irreparable, Injury to the public credit, it can
hardly he necessary to discuss questions of expediency, or to point out the ills which
the experience of the civilized world shows must follow a violation of well-known
laws of political economy.
It is among the first and most important functions of Government to give to its
people a sound and stable currency, having a fixed relation to the standard of values
in general use among nations. The true matter with which Government has to do
is not so much a question of the volume as of soundness and stability of the currency.
When it has established a currency of fixed and stable value, having a known rela-
tion to that of other powers, and furnishing a uniform medium of exchange, the
volume may and should be left to be determined by the wants of trade and business.
Natural causes, aided by individual effort and enterprise, will regulate the volume
of currency far more wisely and with greater safety to business than acts of Con-
gress imposing artificial limits, subject to increase or diminution at every session.
The existing provision of law making United States notes legal tender for all
debts, both public and private, with certain exceptions relating to transactions with
Government, is an artificial barrier to the use of gold and silver, tending not only to
prevent the flow of gold toward this country, but promoting the shipment abroad
of our own production of the precious metals. For this reason Congress should
abolish the legal-tender quality of the notes, as to all contracts made and liabilities
arising alter a fixed day. The first day of January, 1879, being already fixed by law
as th<T time when the redemption of United States notes then outstanding shall
.begin, it would bo proper and safe to provide that such notes shall not be legal
tender for contracts made, or liabilities incurred after the first day of January, 1877.
Such an act would not too suddenly change the value of the notes, and would not
affect injuriously either debtors or creditors, but would remove a present obstruc-
tion to the retention of our gold and silver production, and create a demand for the
return of gold now abroad, thus promoting final resumption by preparing the coun-
trv for it.
In furtherance of the purpose of the act of the last Congress to provido for the
resumption of specie payments, the Secretary recommends that authority bo given
619
for funding legal-tender notes into bonds bearing a low rate of interest. Such bonds
should run for a longer period of time than those now authorized for refunding the
interest- bearing debt’, and should be made available to national banks for deposit to
secure their circulation and other liabilities to the Government, and should bear a
rate of interest so low as not to cause too rapid absorption of the notes. It seems
probable that a bond bearing interest at the rate of 4 per cent would invite the fund-
ing of sufficient amount of legal-tender notes to lessen materially the sum of gold
which, in the absence of such provision, must be accumulated in the Treasury by
the 1st of January, 1879, to carry out the imperative requirements of the act of Jan-
uary 14, 1875. If it be apprehended that authority to the Secretary to fund an
unlimited amount of notes might lead to too sudden contraction of the currency,
Congress could limit the amount to be funded in any given period of time. The
process being in no sense compulsory as to the holders of United States notes, and
the rate of interest on the bonds being made low, it is not probable that cur-
rency which could find profitable employment would be presented for redemption in
such bonds. Only the excess of notes above the business would seek such conver-
sion. Authority to the Secretary of the Treasury to redeem and cancel two million
of legal-tender notes per month by this process would greatly facilitate redemption
at the time now fixed by law, and besides would bave the advantage of publicity as
to the exact amount to be withdrawn in any given month. Bonds issued for this
purpose should be of the denomination of fifty and one hundred dollars, and any
multiple thereof, in order to meet the convenience of all classes of holders of United
States notes.
The faith of the Government now stands pledged to resumption on and after January
1, 1879, and to the final redemption and removal from the currency of the country
of the legal-tender notes as fast as they shall be presented for redemption, according
to the provisions of the act of January 14, 1875. To resume on the 1st of January,
1879, without further legislation, would require the accumulation of a large amount
of gold in the Treasury in order to avert the possibility of failure of the plan.
Such an amount of gold can be procured with difficulty, and not without more or
less embarrassing effect upon the trade and commerce of our own and other coun-
tries. The present abundance and cheapness of both currency and capital presents
a favorable opportunity for the withdrawal and redemption of a considerable part
of the outstanding legal-tender notes, thereby making easy and effectual the
redemption now pledged. Such withdrawal of iegal-tender notes, thus dispensing
with the necessity for accumulating gold in the Treasury in proportion to the amount
withdrawn, would tend to appreciate those remaining outstanding and make it
easier to protect and keep in circulation the silver coin now authorized to be issued.
The act last referred to is an express recognition of the duty and obligation of the
Government to resume specie payment at the day therein named, and, however
widely different may be the views of intelligent persons upon the means adopted by
Congress, it is gratifying to know that the end sought to be reached has met the
concurrence of the country, and that a majority of the people, wherever the matter
has been publicly and fully discussed, have signified their approval of the determina-
tion of Congress to be faithful to its pledges, and to relieve them of the ills of an
irredeemable paper currency.
The act in question not only makes express provision for resumption at a fixed
date, but commits the Government to the use of all such means as may be needful to
that end. If experience shall show that the means provided by Congress need to be
supplemented by further legislation for the easier and more certain accomplishment
of the end, it must be assumed that Congress will not suffer the great purpose to be
impeded for want of such additional legislation. The act confers large powers on
the Secretary of the Treasury, touching the issue of United States bonds for the pur-
pose of procuring the supply of gold necessary to execute such of its provisions as
go into immediate operation, and- to provide for the redemption in gold of United
States notes outstanding on and after the 1st of January, 1879. In this respect the
power conferred on the Secretary is ample; but if, for any cause, it should be found
impracticable to accumulate in the Treasury a sufficient amount of gold to carry out
the provisions of the act, the Secretary is left without the choice of other means to
accomplish the end. It may, perhaps, be doubted whether the process of accumu-
lating a large amount of gold by a given time could go on Avithout meeting opposi-
tion from the financial powers of the world. It is safe to say that so large an amount
of gold as would lie required to carry out the purpose and direction of the act can
not be suddenly acquired. It can be done only by gradual processes, and by taking
advantage of favorable conditions of the money market from time to time.
The loss of interest on large sums hoarded in the Treasury for a considerable period
in advance of January, 1879, is a consideration not to be disregarded, although it
should not be permitted to outweigh the benefits to result from full and complete
execution of the a^t.
The Secretary regrets that the condition of the Treasury has been such as to ren-
620
der it necessary to make sales of gold coin from time to time to meet current expen-
ditures payable in currency. Such sales have been made in New York City, upon
public notice, in accordance with the plan previously adopted, and have been lim-
ited from month to month to the amount necessary to keep on hand a sufficiency of
currency to meet probable demands upon the Treasury under existing appropria-
tions. It is the desire of the Secretary to retain in the Treasury, so far as practica-
ble, the gold received from customs, and sales are discontinued whenever the bal-
ance of currency in the Treasury is sufficient to meet currency payments. * * *
* * * * * * *
The diminished use of silver coin in various European countries, and the increas-
ing production of our silver mines, would appear to render the present a very favor-
able time for procuring supplies of bullion for the manufacture of silver coin to be
used in the redemption of the fractional currency.
So much of the act of January 14, 1875, as relates to the purchase and coinage of
silver for redemption of fractional currency has been put into partial operation, and
is now being executed as rapidly as the exigencies of the case will admit. Since
the passage of the act 8,242,642 ounces of silver bullion have been purchased at an
average price of 111-rV cents per standard ounce. The mints have been put into act-
ive operation and the aggregate amount of silver coin now in the Treasury is
$10,000,000.
The Secretary has been urged to begin the work of resumption by issuing silver
coin in redemption of outstanding currency, and it has been insisted that, under
the first section of the act, he has no discretion, but must issue the silver coin as
fast as it can be turned out from the mints'. While the act requires the coinage to
proceed as rapidly as practicable, it does not, in terms, require the Secretary to
issue it at once; nor does it fix the period of time when the issue must begin. For
obvious reasons it has been, and yet is, impracticable to put or keep silver coin in
circulation. The present depreciation of currency below gold precludes the proba-
bility that silver would remain in circulation, and, therefore, it has been deemed
impracticable to issue it for the present, or until, by the nearer approach of, or
greater preparation for, general resumption, there shall be such an appreciation of
the circulating currency of the country as would give assurance that the silver coin
to be issued would not be hoarded for shipment abroad, or converted into plate and
jewelry, or reduced to bullion.
# * *****
[Report of lion. Lot M. Morrill, Secretary of tlio Treasury, December 4, 1S76.]
*******
RESUMPTION OF SPECIE PAYMENTS.
In March, 1860, by an act entitled “An act to strengthen the public credit,” the
faith of the United States was “solemnly pledged to the payment, in coin or its
equivalent, of all the obligations of the United States not bearing interest, known
as United States notes, and of all the interest-bearing obligations of the United
States,” and, further, “to make provision, at the earliest practicable period, for the
redemption of the United States notes in coin.”
By the act of January, 1875, Congress declared the purpose of resumption of specie
payments on January i, 1879, and to that end, and in execution of the pledge of the
act of 1869, provided for the redemption of the United States notes and for the issue
of national-bank notes in lien thereof, and thus, amid conflicting theories, declared,
in effect, a monetary system combined of coin and national-bank notes, redeemable
in coin at the demand of the holder, in harmony with the Constitution and the
traditional policy of the American people.
By this legislation it will be perceived that the United States is fully committed
to tiie resumption of specie payments on a given day in January, 1879, by the method
of redemption of United States notes current as lawful money and the substitution
therefor of national-bank currency, the equivalent of money by its convertibility
into coin on demand. The popular favor with which this enactment was hailed,
looking to the consummation, of an exigent measure of public necessity, was modi-
fied oidy by an apprehension of the possible inadequacy of its terms to accomplish
its end. A return to the constitutional standard of values at any time will doubt-
less, to some extent, involve a reduction in nominal prices and consequent contrac-
tion' of the volume of currency, but this is not of itself a necessary evil, and if it
were it would be an evil incident to a vicious system, not to be cured by its contin-
uance, while the measure itself is demanded by the highest economic considerations
and principles of honest dealing among men. Besides, the troubles likely to grow
out of enforced resumption are believed to bo greatly exaggerated. Restoration of
621
the constitutional standard of values by resumption, and the extinction of irredeem-
able notes current as money, and the enforcement of payment in coin on demand, of
the national-bank notes treated as the equivalent of money, are obviously alike of
national obligation and public necessity. The suspension was the act of theNational
Government, and to theNational Government the people properly look to take the
initiative in resumption. Having, under its authority to coin money, assumed to
regulate the currency of the country, and as the States are inhibited “to make
anything but gold and silver coin a tender in payment of debts,” and as irre-
deemable and inconvertible paper currency is essentially repugnant to the prin-
ciples of the Constitution and the traditional policy of the American people, it is
obviously incumbent on the Government to maintain and preserve the money
standard of values of the Constitution and to enforce the obligation of payment
in coin on demand, at the option of the holder, of all paper money. Now, as for a
long time heretofore it has been, a largo proportion of the national currency, as
prescribed by the Government of the United States, is alike irredeemable, incon-
vertible, and depreciated paper money ; but it has been enforced as a substitute
for the money of the Constitution — coin. The United States notes, commonly known
as legal tender, regarded as a substitute for money, are an anomaly in our mon-
etary system, tolerable and possible only in the exigencies of civil war — the off-
spring of its perils and limited to its necessities. To allow their continuance as
such, after the cause which justified their existence had ceased, is to violate the con-
ditions of their inception and to sanction what was only tolerable as a necessity, by
impressing upon it the stamp of legitimacy. The purport of the legal-tender note
was and is a promise to pay. Its legal characteristic has been definitely settled by
the Supreme Court. Justice Bradley, in speaking of it, says:
“ It is not an attempt to coin money out of a valueless material, like the coinage
of leather or ivory or kowrie shells. It is a pledge of the national credit. It is a
promise by the Government to pay dollars. The standard of value is not changed.
The Government simply demands that its credit shall be accepted and received by
public and private creditors during the pending exigency. * * * No one sup-
poses that these Government certificates are never to be paid — that the day of specie
payment is never to return. And it matters not in what form they are issued. * * *
Through whatever changes they pass, their ultimate destiny is to be paid.”
Dealing with this question, Senator Sherman, chairman of the Committee on
Finance, in a recent speech in the Senate, says :
“I might show you, from the contemporaneous debates in Congress, that at every
step of the war the notes were regarded as a temporary loan, in the nature of a
forced loan, but a loan cheerfully borne, and to be redeemed soon after the war was
over. * * * No one then questioned either the policy, the duty, or the obliga-
tion of the United States to redeem these notes in coin.”
These notes did not and do not purport to be money, they are rather the symbolic
expression of the Government’s authority in its extremity to supply its needs. The
quality of legal tender with which they were impressed should have been coexist-
ent only with the necessities of which they were the offspring.
Having served their end, they existed properly only as evidence of Government
indebtedness, to be provided for as other debt obligations. Indeed, this was the
logic and the law of the legal-tender notes in their inception and treatment as inter-
preted by the provisions of the acts by which issued, by the provisions of law for
their payment as a part of the public debt, and by the judgment of the Supreme
Court of the United States. At the close of the war they were a portion of the pub-
lic debt, and they are a constituent element in our currency to-day only because the
original provisions for their funding have not been enforced and that fanciful and
speculative theories have proposed their permanent incorporation into our monetary
system as not incompatible with the hard money of the Constitution and the hard-
money traditions of our people. That policy which tolerated the continuance of
these notes as money after the close of the war must be regarded as a public mis-
fortune. At that time they were, according to original design and by the logic of
their existence, to be funded as an obligation of indebtednesss — to be embodied with
the public debt, and not to be treated or tolerated as an element of the national
currency. They were to pass out of the category of currency and to take their place
with the public debt. Congress, in 1869, treated them as a portion of the public
debt and pledged the faith of the nation in their redemption, as such, at the earliest
practicable period, and the act of 1875 contemplated their redemption in January, 1879.
By this latter act the policy of speedy resumption of specie payments is not only
declared, but a monetary system for the United States clearly indicated, with pro-
visions for the redemption of irredeemable paper current as money, and the issue in
lieu thereof of national-bank notes redeemable in coin at the option of the holder
and a return by that method to the metallic standard of the Constitution.
It remains only to consider the adequacy of the provisions of the measure for
resumption in 1879 to accomplish its object.
622
Ab a further provision deemed essential to the purpose of resumption, it is recom-
mended that in addition to the authority of the Secretary of the Treasury already
conferred, to provide for redemption of legal-tender notes on and after the day
provided for resumption, by the accumulation of an adequate amount of gold
to meet the volume of $300,000,000 of legal-tender notes, which will then be
outstanding, by the sale of United States bonds, authority be given him from time
to time, as he may deem expedient and the state of the finances admit, to fund these
notes into a bond bearing a rate of interest not more than per cent, with
not less than thirty years to run, with such limitations as to the amount to be so
funded in any given period as Congress, in its discretion, may determine.
A sudden accumulation of gold in amounts sufficient to meet so large a demand
as that contemplated in January, 1879, is deemed impracticable; while to accumu-
late in advance of that time would be attended with necessary loss of interest, would
be likely to disturb money exchange, and embarrass the funding of our national
securities. The present time is regarded as opportune for the gradual withdrawal
of these notes. It is believed they would not be greatly missed from the circulating
medium, as their place will readily be supplied by the issue of national-bank notes
under this act.
The act of January 14, 1875, entitled “An act to provide for the resumption of
specie payments,” as methods of its accomplishment, requires the redemption of the
outstanding fractional currency in silver coin ; the increase of the volume of gold
coin by cheapening the coinage of gold bullion; the substitution, as the business
demands of the country may require, of national-bank notes for the legal-tender
notes of the United States in excess of $300,000,000; and the ultimate redemption
of the entire legal-tender notes on and after January 1, 1879, as they shall be pre-
sented.
In pursuance of these provisions the issue of subsidiary silver coin and the redemp-
tion of fractional currency are successfully progressing; $22,000,000 of silver change
has been issued and $13,000,000 of fractional currency redeemed. The capacity ot
the mints is believed to be equal to the coinage, in the present fiscal year, of the
balance of the fractional currency outstanding, and they are now working at their
full capacity.
The coinage of gold bullion for the past year has been 1,949,468 pieces, of the value
of $38,178,962.50 — an increase of $4,624,997.50 over the operations of the previous
year, which is an increase compared with the previous year of the amount of gold
operated on of $14,327,686.
Legal-tender notes have been reduced by redemption and the issue of national-
bank notes to the amount of $14,464,284, leaving the amount of legal tenders
$367,535,716. As the demand for national-bank currency is limited, with slight proba-
bility of its immediate increase, the contemplated reduction of these notes in excess of
$300,000,000 prior to January, 1879, is not likely to be realized. It is believed that
the larger portion of them will at that time remain outstanding. It will be observed
that, in contemplation of the act, the Secretary is limited in the issue of silver coin
by the sum of fractional currency to be redeemed by it and a reduction of the legal
tenders to the amount in excess of $300,000,000. Besides this he is required to make
adequate preparation and provision for the redemption, in coin, of legal-tender notes
outstanding at the prescribed period of resumption. It is apparent that the silver
coin may be substituted for the fractional currency and the gold coin increased,
while there is little probability of retiring the entire amount of legal teuders in
excess of the $300,000,000. It will be observed that it is incumbent on the Secretary
to prepare to provide for the redemption of all legal-tender notes which maybe pre-
sented on and after that date, and that the means at his command, to this end, are
the surplus revenues existing at that time not otherwise appropriated, and the pro-
ceeds of the issue, sale, and disposal of certain descriptions of United States bonds
at par in coin to the extent necessary to carry this act into effect. This involves the
necessity of the accumulation of coin to the amount of the actual demand for redemp-
tion of these notes on that day and any day thereafter. There will likely be at that
time not less than $300,000,000 outstanding, and probably no inconsiderable amount
in excess of that sum.
Here, it will be seen, is an imperative requirement of the Secretary to redeem in
coin, on a giveu day, the legal-tender notes amounting to $300,000,000, and author-
ity to prepare and provide for it. He may sell United States bonds to obtain the
needful coin to the extent necessary to carry this act fully into effect. The act con-
templates the accumulation of the needful amount of coin against the day of resump-
tion. but, as the necessary amount on a given day is determinate only at the option
of the holders of the notes to be redeemed, the amount to be provided for is neces-
sarily uncertain, and, as it will depend upon events or a condition of things over
which he has little or no control, impossible for him to determine. He is author-
ized, if iu his judgment deemed necessary, to carry the act into effect, to accumulate
an amount of gold equal to the entire amount of the legal tenders outstanding on
623
that day; bnt this, if it were not morally impossible, would be so inexpedient, as a
financial measure, that it is not to bo presumed to have been contemplated by Con-
gress, and so not incumbent on the Secretary. Still lie is expected and required
to meet the demand of redemption by the accumulation of coin adequate in amount,
at his discretion, with no certain data for his guidance in the exercise of it. What
is essential for him to know, in order to the performance of the duty, is what
amount of notes will certainly be presented for redemption on the 1st of January,
1879. As this is clearly not attainable, he is left to deal with what is probable,
determinable upon the condition of such general causes as will be likely to attend
that event. It would not be difficult in the present state of monetary affairs to make
a probable estimate of the amount required if the redemption were to take place in
January next; and it is probable that accumulation of an amount of coin equal
to a moiety of the sum total of these notes would be an ample preparation ; but,
while it is to be hoped that the credit of our bonds may not be less in 1879, it may not
be known that in other respects the situation will favor such result. It is, how-
ever, deemed probable in any supposable condition of monetary affairs that, if no
inconsiderable reduction of the volume of these notes should be made in anticipa-
tion of the redemption of 1879, the preparation required by accumulation of coin for
demands of January, 1879, and immediately thereafter, must be at least an equal pro-
portion of the sum total of the notes outstanding. As to the surplus revenues as a
measure of redemption such is the present and probable future of these revenues
and the demands upon them that it is not deemed at all probable that any consid-
erable sum not otherwise appropriated could be devoted to this end. In this con-
nection, however, it is proper to observe that now, for the first time in many years,
owing to the large reduction of currency payments, the sales of gold, to obtain the
equivalent currency therefor, are no longer necessary, and thus a considerable
accumulation of gold may be anticipated from the surplus from the customs revenue.
By the act of January 14, 1875, the limitation upon the issue of national-bank notes
was repealed and the volume of currency left to be determined by the business
demands of the country. The Secretary of the Treasury was required to retire of
legal-tender notes 80 per cent of the sum of national-bank notes then issued in
excess of $300,000,000. The amount of additional currency issued since the passage
of this act is $18,080,355, and legal-tender notes to the amount of $14,464,282 have
been retired.
By the act of June 20, 1874, national banks might withdraw their circulation in
whole or in part by depositing lawful money with the Treasurer and withdraw a
proportional amount of the bonds ; and it was made the duty of the Secretary to
retire legal tender notes to the extent of 80 per cent of the bank notes thereafter
issued. Under this act $52,853,560 of legal-tender notes have been deposited in
the Treasury, and $37,122,069 of bank notes, accordingly, have been redeemed and
destroyed.
The amount of legal-tender notes outstanding November 1, 1876, was $367,535,716.
The amount of said notes on deposit for the purpose of retiring circulation was
$20,910,946. The amount of national-bank notes in circulation on that day was
$29,143,464 less, and of legal tender $14,464,284 less, than on January 14, 1875 — a
total decrease in circulation, under the operation of the act, of $43,607,748.
From these facts, as well as from the large accumulations of money at the money
centers and the lack of demand for it, it is apparent that the volume of currency is
largely in excess of the real demand of legitimate business, and that a portion of
the legal tenders might be gradually withdrawn without embarrassment to the
business of the country.
In the interest of permanent redemption, and as a means of maintaining the same,
it is deemed important also, if not quite indispensable, that provision" should be
made requiring the national banks to gradually provide coin in such ratio as the
Secretary of the Treasury may direct, and to hold the same as a part of their legal
money reserve, so that said reserve on the 1st day of January, 1879, shall be equal
in amount to the entire reserve required by law. To the same end, as the fractional
currency is withdrawn, it is deemed expedient that not only the vacuum caused
thereby in the matter of change should be made good, but that, as additional change,
the volume of silver should be increased to the amount of at least $80,000,000 and
silver made a legal tender to the amount of $10 in all cases, except the obligations
of the Government of the United States and the customs dues.
PAYMENT OF GOVERNMENT OBLIGATIONS IN COIN.
The report of the Director of the Mint shows that, notwithstanding the silver dol-
lar occupied in law prior to April 1, 1873, the position of an unlimited legal tender,
gold has, for many years past, been the money of payment in this country.
It appears that but a comparatively small sum in silver dollar pieces was ever
coined, and that it at no time constituted an appreciable part of the circulation.
624
This was due to the fact that silver was more valuable as bullion than its stamped
or legal-tender value in the form of dollars. Since the fall of silver propositions for
the revival of the silver dollar have been made, and the position which it would
occupy with reiereuce to unexpired coin obligations, should its coinage with unlim-
ited tender he again authorized, has been the subject of considerable discussion.
The question whether the pledged faith of the United States to pay its obligations
in coin would justify their payment in the silver dollar is of no small importance as
affecting public securities of the United States. In any discussion of the question
itmust be conceded in the outset that the silver dollar was the unit of value, havingthe
quality of legal tender for all sums and in all cases, and that the terms of the
United States obligations do not exclude payment therein, and that the act of 1869,
in which is the pledge of payment in coin, does not, in terms, discriminate against
silver. These provisions are broad enough, in terms, to include payment in either
gold or silver, and compels an inquiry into the history, production, issue, and sub-
sequent treatment of these obligations, and the relative condition of gold and silver
coin as money of payment in order to a correct interpretation of the meaning of the
language “payment to be made in coin.”
Not long after the close of the civil war, which gave rise to these obligations, doubts
arose as to the kind of money in which these securities were payable aud which led
to the passage of the act of 1869, entitled “ An act to strengthen the public credit,”
and it was intended to dispel all hesitation or doubt as to the purpose of the Gov-
ernment upon the question, and by which the faith of the United States was pledged
to the payment in coin of all its obligations except those expressly otherwise pro-
vided for. This legislative action was in harmony with that of the executive admin-
istration.
What, then, was intended and understood to be intended by this pledge of the Gov-
ernment? Was it that the public securities were to be paid in gold coin or in silver,
or might be in either?
It will not be questioned by anyone conversant with the question at that time that
the popular impression, not to say general conviction, was that the pledge was for
payment in gold. This belief may have been obtained from the fact that the interest
on this class of obligations, payable in coin, had uniformly been paid in gold, that
the customs receipts had been set apart to this end, and that these were paid in
gold, and that the silver dollar had, as money of payment, theretofore gone into
general disuse, especially in all large transactions, and should scarcely be consid-
ered as contemplated in any measure having for its object to provide for payment
of sums so ample as the interest on the public debt, at that time amounting to the
sum of $130,000,000. This view of the subject receives no inconsiderable support
also in the legislation of Congress in 1873, by which the legal-tender quality of the
silver coin was limited to $5. By force of the laws of trade, quite independent of
those of Congress, the legal-tender silver dollar had actually disappeared from cir-
culation as money, and, although not abolished by act of Congress, it did not, as a
matter of fact, exist for commercial purposes, and did not enter into money payments.
The object and intent of the act of 1873 was confessedly to give to gold the preced-
ence in the statutes of the country it held in the commercial world practically, and
to declare the gold dollar in law to be what it was in fact — the representative of the
money unit. Gold had for many years beeu treated as the principal money of coin
payments in legislation and in the transactions of the Treasury Department.
By the act of 1863 the Treasury was authorized to receive deposits of gold coin
and bullion aud to issue certificates therefor redeemable in gold coin, thus indicat-
ing that its obligations called for payment in gold and not in silver. This provision,
it will be seen, is in consonance with the fact that our foreign exchanges for many
years have been made upon the gold basis, and thus it is apparent that the general
understanding has been of late years, for the consideration stated, that the money
of coin payments was gold, and an obligation to pay in coin required payment in
gold coin.
As was contemplated by Congress in the policy declared in 1869, the public securi-
ties then depressed immediately arose to par in gold, and have since maintained an
enviable position at the money centers of the world. The 5-20 6 per cent bonds*
then selling at 88 cents on the dollar, soon arose to par in gold coin, and have since
borne the average premium of 5 per cent at home and abroad. At the present time
the borrowing power of the Government is something less than 4^ per cent. Its 4$
per cent bonds, on short time, are readily taken at par in gold, and sold at a premium
in this country and in Europe. If no disturbing element enters into our present
monetary system, affecting the present policy of the Government, it is believed that
it will be found practicable, at no remote period, to fund the national debt into a
4 per cent bond having from thirty to fifty years to run, and this at an annual sav-
ing in the interest of the public debt of $25,800,000, a sum which, if invested in a
sinking fund at 4 per cent annually, would pay off the present national funded debt
in a fraction over thirty years.
625
It is a matter of deep public concern that a policy so beneficent in results and
advantageous to the future should receive no detriment from conflicting interests,
policies, or theories. Whatever may be thought of the right to pay these public
securities in cheaper money, it will remain true that it is lawful to pay them in gold
coin, that the belief that they were to be so paid has a practicable value in the
probable reduction of the public debt equal to one-fourth of the amount of the annual
interest thereon.
It is respectfully submitted that the coin payment to which the faith of the nation
was pledged in 1869 was gold and not silver, and that any other view of it, what-
ever technical construction the language may be susceptible of, would be regarded
as of doubtful good faith and its probable effect prejudicial to the public credit.
ISSUE OF SILVER COIN.
Immediately upon the passage of the act of April 17, 1876, the Department, through
its several independent-treasury offices, began to issue, in redemption of the out-
standing fractional currency, the subsidiary silver which has been coined under the
authority of the resumption act of January 14, 1875. To further relieve the pressing
demand throughout the country for money of small denominations, the silver coin
in the Treasury, previous to the passage of the act above mentioned, was also issued
in payment of currency obligations of the Government.
Under the authority for the issue of silver coin granted by the act of July 22, 1876,
the Department, in addition to redeeming fractional currency, whenever presented
for that purpose, has also issued silver coin in exchange for legal-tender notes as
rapidly as the coinage at the mints would permit.
From the date first mentioned, to and including October 30, 1876, there has been
issued of silver coin, as aboved stated, $22,096,712.16, of which amount there has
been issued for fractional currency redeemed and destroyed $12,953,259.43.
The demand for silver coin for circulation, though growing less urgent, still con-
tinues fully equal to the capacity of the mints to supply it. Until this demand
shall have ceased the coinage wTill be continued as rapidly as practicable to the
limit authorized by law.
# * * * # • •
[Report of the Secretary of the Treasury, December 3, 1877.]
• # * * # «* #
RESUMPTION OF SPECIE PAYMENTS.
By the resumption act approved January 14, 1875, the Secretary of the Treasury
is required to redeem legal-tender notes to the amount of 80 per centum of the sum
of national-bank notes issued, and to continue such redemption, as circulating notes
are issued, until there shall be outstanding the sum of $300,000,000 of such legal-
tender United States notes and no more.
In obedience to this act there have been issued since March 1, 1877, to national
banks, $16,123,995 of circulating notes and there have been redeemed, retired, and
canceled $12,899,196 of United States notes, leaving outstanding on the first
instant the sum of $351,340,288.
By the same act it is provided that, on and after the first day of January, 1879,
the Secretary of the Treasury shall redeem, in coin, the United States legal-tender
notes then outstanding, on their presentation for redemption at the office of the
assistant treasurer of the United States in the city of New York, in sums of not
less than $50. “And, to enable the Secretary of the Treasury to prepare and
provide for the redemption in this act authorized or required, he is authorized to
use any surplus revenues, from time to time, in the Treasury not otherwise appro-
priated, and to issue, sell, and dispose of, at not less than par, in coin, either of the
descriptions of bonds of the United States described in the act of Congress
approved July 14, 1870, entitled ‘An act to authorize the refunding of the national
debt/ with like qualities, privileges, and exemptions, to the extent necessary to
carry this act into full effect, and to use the proceeds thereof for the purposes afore-
said.”
In obedience to this provision the Secretary has sold at par, for coin, $15,000,000
per cent bonds, or $5,000,000 during each of the months of May, June, and July
last, and has sold $25,000,000 at par, in coin, of 4 per cent bonds, or $5,000,000 for
each of the months of August, September, October, November, and December. Of
the coin thus received $4,000,000 have been sold for the redemption of United States
notes and the residue is in the Treasury. The surplus revenue has also, under the
same authority, been applied to the redemption of the residue of United States notes
Eep. 235 40
626
not redeemed by tbe sale of coin as above stated, and the balance is held in the
Treasury in preparation for resumption.
These operations, aided greatly, no doubt, by the favorable condition of our for-
eign commerce, have advanced the market value of United States notes to 97f per
cent, or within nearly 24 per cent of coin. They have also conclusively demon-
strated the practicability of restoring United States notes to par, in coin, by the
time fixed by law, and that without disturbing either domestic or foreign trade or
commerce. Every step has been accompanied with growing business, with the
advance of public credit, and the steady appreciation of United States notes. • The
export of bullion has been arrested and our domestic supply has accumulated in the
Treasury. The exportation of other domestic products has been largely increased,
with great advantage to all industries. The course adopted under the resumption
act, as herein set forth, if pursued, will probably be followed with like favorable
results, and a sufficient fund for the maiutenance of resumption will doubtless
accumulate in the Treasury at or before the date fixed by law. The provision for
free banking has aided this process by allaying imaginary fears that would other-
wise have been aroused by the withdrawal of United States notes.
The Secretary can not too strongly urge the firm maintenance of a policy that
will make good the promise contained in the United States notes when issued — a
promise repeated in the act “to strengthen the public credit,” approved March 18,
1869, and made definite and effective by the resumption act.
Dishonored notes, less valuable than the coin they promise, though justified by the
necessity which led to their issue, should be made good as soon as practicable. The
public credit is injured by failure to redeem them. Every holder who was com-
pelled by law to receive them has been deprived of a part of his just due. Now,
when our uational resources are ample, when the process of appreciation is almost
complete, when the wisdom of the existing law has been demonstrated, it is the
dictate of good policy and good faith to continue this process of preparation, so that
at or before the time fixed by law every United States note will have equal purchas-
ing power with coin. To reverse this policy in the face of assured success will
greatly impair the public credit, arrest the process of reducing the interest on the
public debt, and cause anew the financial distress our country has recently suffered.
The resumption act contemplates the reduction by the 1st day of January, 1879,
of the amount of United States notes to $300,000,0 D, by the cancellation of such
notes to the extent of 80 per cent of the circulation issued to national banks.
The amount of circulation so issued may not be sufficient to accomplish the reduc-
tion contemplated. The Secretary, therefore, recommends that authority be given to
gradually fund into 4 per cent bonds all United States notes in excess of $300,000,000,
the bonds to be issued at par for coin or its market equivalent in United States notes.
This will be in harmony with the declared object of existing law, and will open an
easy way by which the people may invest their savings in a public security. Or the
reduction of United States notes to the maximum of $300,000,000 may be accom-
plished if Congress will authorize the coinage of the silver dollar, to be exchanged
for United States notes on the demand of the holder, such notes to be retired and
canceled.
Existing laws do not clearly define whether United States notes, when redeemed
after January 1, 1879, may be reissued. The first section of the resumption act
plainly provides for the permanent substitution of silver coin for the whole amount
of fractional currency outstanding Section 3 plainly provides for the permanent
reduction of United States notes to an amount not exceeding $300,000,000. No dis-
tinct legislative declaration is made in the resumption act that notes redeemed after
that limit is reached shall not be reissued, but section 3579 of the Revised Statutes
of the United States provides that “when any United States notes are returned to
the Treasury they may be reissued, from time to time, as the exigencies of the public
interest may require.”
The Secretary is of the opinion that, under this section, notes, when redeemed after
the 1st of January, 1879, if the amount outstanding is not in excess of $300,000,000,
may bo reissued as the exigencies of the public service may require. A note redeemed
with coin is in the Treasury and subject to the same law as if received for taxes, or as
a bank note when redeemed by the corporation issuing it. The authority to reissue
it does not depend upon the mode in which it is returned to the Treasury. But this
construction is controverted, and should be settled by distinct provisions of law. It
should not be open to doubt or dispute. The decision of this question by Congress
involves, not merely the construction of existing law, but the public policy of maintain-
ing in circulation United States notes, either with or without the legal-tender clause.
These notes are of great public convenience; they circulate readily; are of universal
credit; area debt of the people without interest; are protected by every possible safe-
guard against counterfeiting, and, when redeemable in coin at the demand of the holder,
form a paper currency as good as has yet. been devised. It is conceded that a certain
amount can, with the aid of an ample reserve in coin, be always maintained in circula-
627
tion. Should not the benefit of this circulation inure to the people, rather than to cor-
porations, either State or national? The Government has ample facility for the col-
lection, custody, and care of the coin reserves of the country. It is a safer custo-
dian of such reserves than a multitude of scattered banks can be. The authority
to issue circulating notes by banks is not given to them for their benefit, but for the
public convenience and to enable them to meet the ebb and How of currency caused
by varying crops, productions, and seasons. It is indispensable that a power should
exist somewhere to issue and loan credit money at certain times and to redeem it
at others. This function can be performed better by corporations than by the Gov-
* eminent. The Government can not loan money, deal in bills of exchange, or make
advances on property.
The Secretary ventures to express the opinion that the best currency for the peo-
ple of the United States would be a carefully limited amount of United States notes,
promptly redeemable on presentation in coin, and supported by ample reserves of
coin, and supplemented by a system of national banks organized under general
laws, free and open to all, with power to issue circulating notes secured by United
States bonds deposited with the Government, and redeemable on demand in United
States notes or coin. Such a system will secure to the people a safe currency of equal
value in all parts of the country, receivable for all dues, and easily convertible into
coin. Interest can thus be saved on so much of the public debt as can be conven-
iently maintained in permanent circulation, leaving to national banks the proper
business of such corporations, of providing currency for the varying changes, the
ebb and flow of trade.
The legal-tender quality given to United States notes was intended to maintain
them in forced circulation at a time when their depreciation was inevitable. When
they are redeemable in coin this quality may either be withdrawn or retained with-
out affecting their use as currency in ordinary times. But all experience has shown
that there are periods when, under any system of paper money, however carefully
guarded, it is impracticable to maintain actual coin redemption. Usually contracts
will be based upon current paper money, and it is just that, during a sudden panic
or an unreasonable demand for coin, the creditor should not be allowed to demand
payment in other than the currency upon which the debt was contracted. To meet
this contingency it would seem to be right to maintain the legal-tender quality of
the United States notes. If they are not at par with coin it is the fault of the Gov-
ernment and not of the debtor, or, rather, it is the result of unforeseen stringency not
contemplated by the contracting parties.
In establishing a system of paper money designed to be permanent, it must be
remembered that heretofore no expedient has been devised, either in this or other
countries, that in times of panic or adverse trade has prevented the drain and
exhaustion of coin reserves, however large or carefully guarded. Every such sys-
tem must provide for a suspension of specie payment. Laws may forbid or ignore
such a contingency, but it will come; and when it comes it can not be resisted, but
should be acknowledged and declared, to prevent unnecessary sacrifice and ruin. In
our free Government the power to make this declaration will not be willingly
intrusted to individuals, but should be determined by events and conditions known
to all. It is far better to fix the maximum of legal-tender notes at $300,000,000, sup-
ported by a minimum reserve of $100,000,000 of coin, only to be used for the redemp-
tion of notes not to be reissued until the reserve is restored. A demand for coin to
exhaust such a reserve may not occur, but, if events force it, its existence would be
known and could be declared, and would justify a temporary suspension of specie
payments. Some such expedient could no doubt be provided by Congress for an
exceptional emergency. In other times the general confidence in these notes would
maintain them at par in coin, and justify their use as reserves in banks and for the
redemption of bank notes.
*******
COINS AND COINAGK.
The Secretary calls the attention of Congress to the report of the Director of the
Mint. The general management of the mints and assay offices and the amount,
accuracy, and perfection of their work are highly satisfactory. The coinage of gold
and silver, their relative value to each other, and their legal-tender qualities are
now the subjects of discussion and legislation in all civilized countries. These ques-
tions are especially important to the United States, now in transition from an irre-
deemable paper currency to a mixed currency redeemable in coin, ancl will justify
the Secretary in a fuller presentation of these topics than is usual in his annual
' report.
The resumption act of January 14, 1875, provided for the exchange and substitu-
tion of silver coin for fractional currency. To facilitate this exchange, the joint
resolution approved July 22, 1876, provided that such coin should be issued to an
628
amount not exceeding $10,000,000 for an equal amount of legal-tender notes. It
also provided that the aggregate amount of such coin and fractional currency out-
standing should not exceed, at any time, $50;000,000. That limit would have been
reached sometime since if the whole amount of fractional currency issued and not
redeemed had been held to be “ outstanding.” It was well known, however, that
a very large amount of fractional currency issued had been destroyed, and could
not be presented for redemption, and could hardly be held to be “ outstanding.”
The Treasurer of the United States, the Comptroller of the Currency, and the Direc-
tor of the Mint concurred in estimating the amount so lost and destroyed to be not
less than $8,083,513.
As it was evident that Congress intended to provide an aggregate issue of$50,000,000
of such coin and currency in circulation, the Secretary directed the further issue of
silver coin equal in amount to the currency estimated to have been lost and destroyed.
It is submitted that the limitation upon the amount of such fractional coin to be
issued in exchange for Uuited States notes should be repealed. This coin is readily
taken, is in great favor with the people, its issue is profitable to the Government,
and experience has shown that there is no difficulty in maintaining it at par with
United States notes. The estimated amount of such coin in circulation in the United
States in 1860, at par with gold, was $43,000,000. Great Britain, with a population
of 32,000,000, maintains an inferior fractional coin to the amount of $92,463,500* at
par with gold, and other nations maintain a much larger per capita amount. The
true limit of such coin is the demand that may be made for its issue, and if only
issued in exchange for United States notes there is no danger of an excess being
issued.
By the coinage act of 1873 any person may deposit silver bullion at the mint to
be coined into trade-dollars of the weight of 420 grains troy upon the payment of
the cost of coinage. This provision was made at a time when such a dollar was
worth in the market $1.02-,iu3crin gold, and was designed for the use of trade in China,
where silver was the only standard. By the joint resolution of July 22, 1876, passed
when the trade-dollar in market value had fallen greatly below one dollar in gold,
it was provided that it should not be thereafter a legal tender, and the Secretary
of the Treasury was authorized “ to limit the coinage thereof to such an amount as
he may deem sufficient to meet the export demand for the same.” Under these laws
the amount of trade-dollars issued, mainly for exportation, was $30,710,400. In
October last it became apparent that there was no further export demand for trade-
dollars, but deposit's of silver bullion were made, and such dollars wrere demanded of
the mint for circulation in the United States, that the owner might secure the differ-
ence between the value of such bullion in the market and United States notes. At the
time, the mints were fully occupied by the issue of fractional and other coins on
account of the Government. Therefore, under the authority of the lawr referred to,
the Secretary directed that no further issues of trade-dollars should be made until
necessary again to meet an export demand. In case another silver dollar is author-
ized, the Secretary recommends that the trade-dollar be discontinued.
The question of the issue of a silver dollar for circulation as money has been much
discussed and carefully examined by a commission organized by Congress, wTiich
has recommended the coinage of the old silver dollar. With such legislative pro-
vision as will maintain its current value at par with gold, its issue is respectfully
recommended. A gold coin of the denomination of one dollar is too small for con-
venient circulation, while such a coin in silver would be convenient for a multitude
of daily transactions, and is in a form to satisfy the natural instinct of hoarding.
Of the metals, silver is of most general use for coinage. It is a part of every sys-
tem of coinage even in countries where gold is the sole legal standard. It best
measures the common wants of life, but, from its weight and bulk, is not a con-
venient medium in the larger exchanges of commerce. Its production is reasonably
steady in amount. The relative market value of silver and gold is far more stable
than that of any other two commodities — still, it does vary. It is not in the power
of human law to prevent the variation. This inherent difficulty has compelled all
nations to adopt one or the other as the sole standard of value, or to authorize an
alternative standard of either, or to coin both metals at an arbitrary standard, and
to maintain one at par with the other by limiting its amount and legal-tender
quality and receiving or redeeming it at par with the other.
It has been the careful study of statesmen for many years to secure a bimetallic
currency not subject to the changes of market value and so adjusted that both
kinds can be kept in circulation together, not alternating with each other. The
growing tendency has been to adopt, for coins, the principle of “ redeemability”
applied to different forms of paper money. By limit ing tokens, silver, and paper
money to the amount needed for business, and promptly receiving or redeeming all
* As estimated by Mr. I’reemantle, deputy master of the lioyal Mint, December, 1875.
629
that may at any time be in excess, all these forms of money can he kept in circula-
tion, in large amounts, at par with gold. In this way tokens of inferior intrinsic
value are readily circulated, hut do not depreciate below the paper money into
which they are convertible. The fractional silver coin now in circulation, though
the silver of which it is composed is of less market value than the paper money,
passes readily among all classes of people anil answers all the purposes for which
it was designed. Anil so the silver dollar, if restored to our coinage, would
greatly add to the convenience of the people. But this coin should be subject to the
same rule, as to issue and convertibility, as other forms of money. If the market
value of the silver in it were less than that of gold coin of the same denomination,
and it were issued in unlimited quantities, and made a legal tender for all debts, it
would demonetize gold and depreciate our paper money.
The importance of gold as the standard of value is conceded by all. Since 1834 it
has been practically the sole coin standard of the United States, and since 1815 has
been the sole standard of Great Britain. Germany has recently adopted the same
standard. France and other Latin nations have suspended the coinage of silver,
and, it is supposed, will gradually either adopt the sole standard of gold or provide
for the convertibility of silver coin, on the demand of the holder, into gold coin.
In the United States several experiments have been made with the view of retain-
ing both gold and silver in circulation. The Second Congress undertook to estab-
lish the ratio of fifteen of silver to one of gold, with free coinage of both metals.
By this ratio gold was undervalued, as one ounce of gold was worth more in the
markets of the world than fifteen ounces of silver, and gold, therefore, was ex-
ported. To correct this, in 1837 the ratio was fixed at sixteen to one ; but sixteen
ounces of silver were worth in the market more than one ounce of gold, so that
silver was demonetized.
These difficulties in the adjustment of gold and silver coinage were fully consid-
ered by Congress prior to the passage of the act approved February 21, 1853. By
that act a new and it was believed a permanent policy was adopted to secure the
simultaneous circulation of both silver and gold coins in the United States. Silver
fractional coins were provided for at a ratio of 14.88 in silver to one in gold, and
were only issued in exchange for gold coin. The right of private parties to deposit
silver bullion for such coinage was repealed, and these coins were issued from bullion
purchased by the treasurer of the miut, and only upon the account and for the profit
of the United States. The coin was a legal tender only in payment of debts for all
sums not exceeding five dollars. Though the silver in this coin was worth in the
market 3.13 cents on the dollar less than gold coin, yet its convenience for use as
change, its issue by the Government only in exchange for, and its practical convert-
ibility into, gold coin maintained it in circulation at par with gold coin. If the
slight error in the ratio of 1792 prevented gold from entering into circulation for
forty-five years, and the slight error in 1837 brought gold into circulation anil ban-
ished silver until 1853, how much more certainly will an error now of nine per cent
cause gold to be exported and silver to become the sole standard of value? Is it
worth while to travel again the round of errors, when experience has demonstrated
that both metals can only be maintained in circulation together by adhering to the
policy of 1853?
The silver dollar was not mentioned in the act of 1853, but from 1792 until 1874 it
was worth more in the market than the gold dollar provided for in the act of
1837. It was not a current coin contemplated as being in circulation at the passage
of the act of February 12, 1873. The whole amount of such dollars issued prior to
1853 was $2,553,000. Subsequent to 1853, and until it was dropped from our coinage
in 1873, the total amount issued was $5,492,838, or an aggregate of $8,045,838, and
this was almost exclusively for exportation.
By the coinage act approved February 12, 1873, fractional silver coins were author-
ized similar in general character to the coins of 1853, but with a slight increase of
silver in them, to make them conform exactly to the French coinage, and the old
dollar was replaced by the trade-dollar of 420 grains of standard silver.
Much complaint has been made that this was done with the design of depriving
the people of the privilege of paying their debts in a cheaper money than gold, but
it is manifest that this is an error. No one then did or could foresee the subsequent
fall in the market value of silver. The silver dollar was an unknown coin to the
people, and was not in circulation even on the Pacific slope, where coin was in com-
mon use. The trade-dollar of 420 grains was substituted for the silver dollar of
4124 grains because it was believed that it was better adapted to supersede the
Mexican dollar in the Chinese trade, and experiment proved this to bo true. Since
the trade-dollar was authorized $30,710,400 have been issued, or nearly four times
the entire issue of old silver dollars since the foundation of the Government. Had
not the coinage act of 1873 passed, the United States would now be compelled to
suspend the free coinage of silver dollars, as the Latin nations (lid, or to have silver
as the sole coin standard of value.
630
Since February, 1873, great changes have occurred in the market value of silver.
Prior to that time the silver in the old dollar was worth more than a gold dollar, while
at present it is worth about 92 cents. If by law any holder of silver bullion might
deposit it in the miut and demand a full legal-tender dollar for every 412^ grains of
standard silver deposited, the result would be inevitable that as soon as the mints
could supply the demand the silver dollar would, by a financial law as fixed and
invariable as the law of gravitation, become the only standard of value. All forms
of paper money would fall to that standard or below it, and gold would be demone-
tized and quoted at a premium equal to its value in the markets of the world. For
a time the run to deposit bullion at the mint would give to silver an artificial value,
of which the holders and producers of silver bullion would have the sole benefit.
The utmost capacity of the mints would be employed for years to supply this de-
mand at the cost of and without profit to the people. The silver dollar would take
the place of gold as rapidly as coined, and be used in the payment of customs duties,
causing an accumulation of such coius in the Treasury. If used in paying the
interest on the public debt, the grave questions already presented would arise with
public creditors, seriously affecting the public credit.
It is urged that the free coinage of silver in the United States will restore its
market value to that of gold. Market value is fixed by the world, and not by the
United States alone, and is affected by the whole mass of silver in the world. As
the enormous and continuous demand for silver in Asia has not prevented the fall in
silver, it is not likely that the limited demand for silver coin in this country, where
paper mouey is now and will be the chief medium of exchange, will cause any con-
siderable advance in its value. This advance, if any, will be secured by the demand
for silver bullion for coin to be issued by and for the United States, as well as if it
were issued for the benefit of the holder of the bullion. If the financial condition
of our country is so grievous that we must at every hazard have a cheaper dollar in
order to lessen the burden of debts already contracted, it is far better, rather than to
adopt the single standard of silver, to boldly reduce the number of grains in the
gold dollar or to abandon and retrace all efforts to make United States notes equal
to coin. Either expedient will do greater harm to the public at large than any
possible benefit to debtors.
The free coinage of silver will also impair the pledge made of the customs duties,
by the act of February, 1862, for the payment of the interest of the public debt.
The policy thus far adhered to, of collecting these duties in gold coin, has been
the chief cause of upholding and advancing the public credit and making it possi-
ble to lessen the burden of interest by the process of refunding.
In view of these considerations, the Secretary has felt it to be his duty to ear-
nestly urge upon Congress the- serious objections to the free coinage of silver on
such conditions as will demonetize gold, greatly disturb all the financial operations
of the Government, suddenly revolutionize the basis of our currency, throw upon
the Government the increased cost of coinage, arrest the refunding of the public
debt, and impair the public credit, with no apparent advantage to the people at
large.
The Secretary believes that all the beneficial results hoped for from a liberal
issue of silver coin can be secured by issuing this coin, in pursuance of the general
policy of the act of 1853, in exchange for United States notes, coined from bullion
purchased in the open market by the United States, and maintaining it by redemp-
tion, or otherwise, at par with gold coin. It could be made a legal tender for such
sums and on such contracts as would secure to it the most general circulation. It
could be easily redeemed in United States notes and gold coin, and only reissued
when demanded for public convenience. If the essential quality of redeemability
given to United States notes, bank bills, tokens, fractional coin, and currency main-
tains them at par, how much easier it would be to maintain the silver dollar, of
intrinsic market value, nearly equal to gold, at par with gold coin, by giving to it
the like quality of redeemability. To still further secure a fixed relative value of
silver and gold, the United States might invite an international convention of com-
mercial nations. Even such a convention, while it might check the fall of silver,
could not prevent the operation of that higher law which places the market value
of silver above human control. Issued upon the conditions here stated, the Secre-
tary is of opinion that the silver dollar will be a great public advantage, but that
if issued without limit, upon the demand of the owners of silver bullion, it will be
a great public injury.
[Report of tlio Secretary of the Treasury, December 2, 1878.]
RESUMPTION OF SPECIE PAYMENTS.
The important duty imposed on this Department by the resumption act approved
January 14, 1875, has been steadily pursued during the past year. The plain purpose
631
of tho act is to secure to all interests and all classes tho benefits of a sound currency,
redeemable in coin, with the least possible disturbance of existing rights and con-
tracts. Three of its provisions have been substantially carried into execution by the
gradual substitution of fractional coin for fractional currency, by tho free coinage of
gold and by free banking. There remains only the completion of preparations for
resumption in coin on the 1st day of January, 1879, and its maintenance thereafter
upon the basis of existing law.
At the date of my annual report to Congress in December, 1877, it was deemed
necessary as a preparation for resumption to accumulate in tho Treasury a coin reserve
of at least 40 per cent of the amount of United States notes outstanding. At that time
it was anticipated that under the provisions of the resumption act the volume of
United States notes would bo reduced to $300,000,000 by the 1st day of January,
1879, or soon thereafter, and that a reserve in coin of $120,000,000 would then be
sufficient. Congress, however, in view of the strong popular feeling against a con-
traction of the currency, by the act approved May 31, 1878, forbade the retirement
of any United States notes after that date, leaving the amount in circulation
$346,681,016. Upon the principle of safety upon which the Department was acting,
that 40 per cent of coin was the smallest reserve upon which resumption could pru-
dently be commenced, it became necessary to increase the coin reserve to $138,000,000.
At the close of the year 1877 this coin reserve, in excess of coin liabilities, amounted
to $63,016,050.96, of which $15,000,000 were obtained by the sale of 44 per cent
and $25,000,000 by the sale of 4 per cent bonds, the residue being surplus revenue.
Subsequently, on the 11th day of April, 1878, the Secretary entered into a contract
with certain bankers in New York aud London — the parties to the previous contract
of June 9, 1877, already communicated to Congress — for the sale of $50,000,000
per cent bonds for resumption purposes. The bonds were sold at a premium of 1£
per cent and accrued interest, less a commission of one-half of 1 per cent. The con-
tract has been fulfilled, and the net proceeds, $50,500,000, have been paid into the
Treasury in gold coin. The $5,500,000 coin paid on the Halifax award have been
replaced by the sale of that amount of 4 per cent bonds sold for resumption purposes,
making the aggregate amount of bonds sold for these purposes $95,500,000, of which
$65,000,000 were per cent bonds and $30,500,000 4 per cent bonds. To this has been
added the surplus revenue from time to time. The amount of coin held in the Treas-
ury on the 23d day of November last in excess of coin sufficient to pay all accrued
coin liabilities was $141,888,100, and constitutes the coin reserve prepared for
resumption purposes. This sum will be diminished somewhat on the 1st of January
next by reason of the large amount of interest accruing on that day in excess of the
coin revenue received meanwhile.
In anticipation of resumption, and in view of the fact that the redemption of United
States notes is mandatory only at the office of the assistant treasurer in the city of New
York, it was deemed important to secure the cooperation of the associated banks of that
city in the ready collection of drafts on those banks and in the payment of Treasury
drafts held by them. A satisfactory arrangement has been made by which all drafts
on the banks held by the Treasury are to be paid at the clearing-house and all drafts
on the Treasury held by them are to be paid to the clearing-house at the office of the
assistant treasurer in United States notes; and after the 1st of January United States
notes are to be received by them as coin. This will greatly lessen tho risk aud labor
of collection, both to the Treasury and the banks.
Every step in these preparations for resumption has been accompanied with
increased business and confidence. The accumulation of coin, instead of increasing
its price, as was feared by many, has steadily reduced its premium in the market!
The depressing and ruinous losses that followed the panic of 1873 had not diminished
in 1875, when the resumption act passed; but every measure taken in the execution
or enforcement of this act has tended to lighten these losses and to reduce the pre-
mium on coin, so that now it is merely nominal. The present condition of our trade
industry, and commerce, hereafter more fully stated, our ample reserves, and the gen-
eral confidence inspired in our financial condition seem to justify the opinion that we
are prepared to commence and maintain resumption from and after the 1st dav of
January, A. D. 1879.
The means and manner of doing this are left largely to the discretion of the Secre-
tary, but, from the nature of the duty imposed, he must restore coin aud bullion
when withdrawn in the process of redemption, either by the sale of bonds or the
use of surplus revenue, or of the notes redeemed from time to time.
The power to sell any of the bonds described in the refunding act continues after
as well as before resumption. Though it may not be often used, it is essential to
enable this Department to meet emergencies. By its exercise it is anticipated that
the Treasury at any time can readily obtain coin to reinforce tho reserve already
accumulated. United States notes must, however, be the chief means under exist-
ing law with which the Department must restore coin and bullion when withdrawn
in process of redemption. The notes when redeemed must necessarily accumulate
632
:n the Treasury until their superior use and convenience for circulation enables the
Department to exchange them at par for coin or bullion.
The act of May 31, 1878, already referred to, provides that when United States
notes are redeemed or received in the Treasury under any law, from any source what-
ever, and shall belong to the United States, they shall not be retired, canceled, or
destroyed, but shall be reissued and paid out again and kept in circulation.
The power to reissue United States notes was conferred by section 3579, Revised
Statutes, and was not limited by the resumption act. As this, however, was ques-
tioned, Congress wisely removed the doubt.
Notes redeemed are like other notes received into the Treasury. Payments of them
can be made only in consequence of appropriations made by law, or for the pur-
chase of bullion, or for the refunding of the public debt.
The current receipts from revenue are sufficient to meet the current expenditures
as well as the accruing interest on the public debt. Authority is conferred by the
refunding act to redeem 6 per cent bonds, as they become redeemable, by the proceeds
of the sale of bonds bearing a lower rate of interest. The United States notes
redeemed under the resumption act are, therefore, the principal means provided for
the purchase of bullion or coin with which to maintain resumption, but should only
be paid out when they can be used to replace an equal amount of coin withdrawn
from the resumption fund. They may, it is true, be used for current purposes like
other money, but when so used their place is lilled by money received from taxes or
other sources of revenue.
In daily business no distinction need be made from moneys from whatever source
received, but they may properly be applied to any of the purposes authorized by
law. No doubt coin liabilities, such as interest or principal of the public debt, will
be ordinarily paid and willingly received in United States notes, but, when demanded,
such payments will be made in coin; and United States notes and coin will be used
in the purchase of bullion. This method has already been adopted in Colorado and
North Carolina, and arrangements are being perfected to purchase bullion in this
way in all the mining regions of the United States.
By the act approved June 8, 1878, the Secretary of the Treasury is authorized to
constitute any superintendent of a mint, or assay er of any assay office, an assistant
treasurer of the United States to receive gold coin or bullion on deposit. By the
legislative appropriation bill approved June 19, 1878, the Secretary of the Treasury
is authorized to issue coin certificates in payment to depositors of bullion at the
several mints and assay offices of the United States. These provisions, intended to
secure to the producers of bullion more speedy payment, will necessarily bring into
the mints and Treasury the great body of the precious metals mined in the United
States, and will tend greatly to the easy and steady supply of bullion for coinage.
United States notes, when at a par with coin, will be readily received for bullion
instead of coin certificates, and with great advantage and convenience to the pro-
ducers.
Deposits of coin in the Treasury will, no doubt, continue to be made after the 1st
of January, as heretofore. Both gold and silver coin, from its weight and bulk, will
naturally seek such a safe deposit, while notes redeemable in coin, from their supe-
rior convenience, will be circulated instead. After resumption the distinction
between coin and United States notes should be, as far as practicable, abandoned in
the current affairs of the Government; and therefore no coin certificates should be
issued except where expressly required by the provisions of law, as in the case of
silver certificates. The gold certificates hitherto issued by virtue of the discretion
conferred upon the Secretary will not be issued after the 1st of January next. The
necessity for them during a suspension of specie payments is obvious, but no longer
exists when by law every United States note is, in effect, a coin certificate. The only
purpose that could be subserved by their issue hereafter would be to enable persons
to con vert their notes into coin certificates, and thus contract the currency and hoard
gold in the vaults of the Treasury without the inconvenience or risk of its custody.
For convenience, United States notes of the same denomination as the larger coin
certificates will be issued.
By existing law customs duties and the interest of the public debt are payable in
coin, and a portion of the duties was specifically pledged as a special fund for the
payment of the interest, thus making one provision dependent upon the other. As
we can not, with due regard to the public honor, repeal the obligation to pay coin,
we ought not to impair or repeal the means provided to procure coin. When, hap-
pily, our notes are equal to coin, they will be accepted as coin, both by the public
creditor and by the Government; but this exception should be left to the option of
the respective parties, and the legal right on both sides to demand coin should be
preserved inviolate.
The Secretary is of the opinion that a change of the law is not necessary to
authorize this Department to receive United States notes for customs duties on and
after the 1st day of January, 1879, while they are redeemable and are redeemed on
633
demand in coin. After resumption it would seem a useless inconvenience to require
payment of such duties in coin rather than in United States notes. The resumption
act, by clear implication, so far modifies previous laws as to permit payments in
United States notes as well as in coin. The provision for coin payments was made
in the midst of war, when the notes were depreciated and the public necessities
required an assured revenue in coin to support the public credit. This alone justi-
fied the refusal by the Government to take its own notes for the taxes levied by it.
It has now definitely assumed to pay these notes in coin, and this necessarily implies
the receipt of these notes as coin. To refuse them is only to invite their presenta-
tion for coin. Any other construction would require the notes to be presented to
the assistant treasurer in New York for coin, and, if used in the purchase of bonds,
to be returned to the same officer, or, if used for the payment of customs duties, to
be carried to the collector of customs, who must daily deposit in the Treasury all
money received by him. It Is not to be assumed that the law requires this indirect
and inconvenient process after the notes are redeemable in coin on demand of the
holder. They are then at a parity with coin, and both should be received indis-
criminately.
If United States notes are received for duties at the port of New York, they
should be received for the same purpose in all other ports of the United States, or
an unconstitutional preference would be given to that port over other ports. If
this privilege is denied to the citizens of other ports, they could make such use of
these notes only by transporting them to New York and transporting the coins to
their homes for payment; and all this not only without benefit to the Government,
but with a loss in returning the coin again to New York, where it is required for
redemption purposes.
The provision in the law for redemption in New York was believed to be practical
redemption in all parts of the United States. Actual redemption was confined to a
single place from the necessity of maintaining only one coin reserve and where the
coin could be easily accumulated and kept.
With this view of the resumption act, the Secretary will feel it to be his duty,
unless Congress otherwise provides, to direct that after the 1st day of January next,
and while United States notes are redeemed at the Treasury, they be received the
same as coin by the officers of this Department in all payments in all parts of the
United States.
If any further provision of law is deemed necessary by Congress to authorize the
receipt of United States notes for customs dues or for bonds, the Secretary respect-
fully submits that this authority should continue only while the notes are redeemed
in coin. However desirable continuous redemption maybe, and however confident
we may feel in its maintenance, yet the experience of many nations has proven
that it may be impossible in periods of great emergency. In such events the public
faith demands that the customs duties shall be collected in coin and paid to the
public creditors, and this pledge should never be violated or our ability to perform
it endangered.
Heretofore the Treasury, in the disbursement of currency, has paid out bills of
any denomination desired. In this way the number of bills of a less denomination
than $5 is determined by the demand for them. Such would appear to be the true
policy after the 1st of January. It has been urged that, with a view to place in
circulation silver coins, no bills of less than $5 should be issued. It would seem to
be more just and exj>edient not to force any form of money upon a public creditor,
but to give him the option of the kind and denomination. The convenience of the
public, in this respect, should be consulted. The only way in which moneys of dif-
ferent kinds and intrinsic values can be maintained in circulation at par with each
other is by the ability, when one kind is in excess, to readily exchange it for the
other. This principle is applicable to coin as well as to paper money. In this way
the largest amount of money of different kinds can be maintained at par, the dif-
ferent purposes for which each is issued making a demand for it. The refusal or
neglect to maintain this species of redemption inevitably effects the exclusion from
circulation of the most valuable, which thereafter, becomes a commodity, bought
and sold at a premium.
When the resumption act passed, gold was the only coin which by law was a legal
tender in payment of all debt. That act contemplated redemption in gold coin only.
No silver coin of full legal tender could then be lawfully issued. The only silver
coin provided was fractional coin, which was a legal tender for $5 only. The act
approved February 28, 1878, made a very important change in our coinage system.
The silver dollar provided for was made a legal tender for all debts, public and
private, except where otherwise expressly stipulated in the contract. The amount
of this coin issued will more properly be stated hereafter, but its effect upon the
problem of resumption should be here considered.
The law itself clearly shows that the silver dollar was not to supersede the gold
dollar j nor did Congress propose to adopt the single standard of silver, but only to
634
create a bimetallic standard of silver and gold, of equal value and equal purchasing
power. Congress, therefore, limited the amount of silver dollars to he coined to
not less than two millions nor more than four millions per month, but did not limit
the aggregate Amount nor the period of time during which this coinage should con-
tinue. The market value of the silver in the dollar, at the date of the passage of
the act, was 93£ cents in gold coin. Now it is about 86 cents in gold coin. If it
was intended by Congress to adopt the silver instead of the gold standard, the
amount provided for is totally inadequate for the purpose. Experience, not
only iu this country, but in European countries, has established that a cer-
tain amount of silver coin may be maintained in circulation at par with gold,
though of less intrinsic bullion value. It was, no doubt, the intention of Con-
gress to provide a coin in silver which would answer a multitude of the purposes of
business life, without banishing from circulation the established gold coin of the
country. To accomplish this it is indispensible either that the silver coin be limited
in amount, or that its bullion value be equal to that of the gold dollar. If not, its
use will be limited to domestic purposes. It can not be exported except at its com-
mercial valuo as bullion. If issued in excess of demands for domestic purposes, it
will necessarily fall in market value, and, by a well-known principle of finance, will
become the sole coin standard of value. Gold will be either hoarded or exported.
When two currencies, both legal, are authorized without limit, the cheaper alone will
circulate. If, however, the issue , ot the silver dollars is limited to an amount
demanded for circulation, there will be no depreciation, and their convenient use
will keep them at par with gold, as fractional silver coin, issued under the act
approved February 21, 1853, was kept at par with gold.
The amount of such coin that can be thus maintained at par with gold can not be
fairly tested until resumption is accomplished. As yet paper money has been depre-
ciated, and silver dollars being receivable for customs dues have naturally not
entered into general circulation, but have returned to the Treasury in payment of
such dues, and thus the only effect of the attempt of the Department to circulate
them has been to diminish the gold revenue. After resumption these coins will cir-
culate in considerable sums for small payments. To the extent that such demand
will give employment to silver dollars their use will be an aid to resumption rather
than a hindrance, but if issued in excess of such demaud they will at once tend to
displace gold and become the sole standard, and gradually, as they increase in
number, will fall to their value as bullion. Even the fear or suspicion of such an
excess tends to banish gold, and, if well established, will cause a continuous drain
of gold until imperative necessity will compel resumption in silver alone. The seri-
ous effects of such a radical change in our standards of value can not be exaggerated;
and its possibility will greatly disturb confidence in resumption, and may make
necessary larger reserves and further sales of bonds.
The Secretary, therefore, earnestly invokes the attention of Congress to this sub
ject, with a view that either during the present or the next session the amount of
silver dollars to be issued bo limited, or their ratio to gold for coining purposes be
changed.
Gold and silver have varied in value from time to time iu the history of nations,
and laws have been passed to meet this changing value. In our country, by the act
of April 2, 1792, the ratio between them was fixed at 1 of gold to 15 of silver. By
the act of June 28, 1834, the ratio was changed to 1 of gold to 16 of silver. For
more than a century the market value of the two metals had varied between these
two ratios, mainly resting at that fixed by the Latin nations, of 1 to 15-J.
But wo can not ovorlook the fact that within a few years, from causes frequently
discussed in Congress, a great change has occurred in the relative value of the two
metals. It would seem to be expedient to recognize this controlling fact— one that
no nation alone can change — by a careful readjustment of the legal ratio for coinage
of 1 to 16.80 as to conform to the relative market values of the two metals. The
ratios heretofore fixed were always made with that view, and, when made, didconform
as near as might be. Now that the production and use of the two metals have greatly
changed in relative value, a corresponding change must bo made in the coinage ratio.
There is no peculiar force or sanction in the present ratio that should make us hesi-
tate to adopt another when in the markets of the world it is proven that such ratio is
not now the true one. The addition of one-tenth or one-eighth to the thickness of the
silver dollar would scarcely be perceived as an inconvenience by the holder, but
would inspire confidence and add greatly to its circulation. As prices are now based
on United States notes at par with gold," no disturbance of values would result from
the change.
It appears that the recent conference at Paris, invited by us, that other nations
will not join with us in fixing an international ratio, and that each country must
adapt its laws to its own policy. The tendency of late among commercial nations is
to the adoption of a single standard of gold and the issue of silver for fractional
coin. We may, by ignoring this tendency, give temporarily-increased value to the
635
stores of silver held in Germany and France until our market absorbs them, but by
adopting a silver standard as nearly equal to gold as practicable, we make a mar-
ket for our large production of silver, and furnish a full, honest dollar that will be
hoarded, transported, or circulated, without disparagement or reproach.
It is respectfully submitted that the United States, already so largely interested
in trade with all parts of the world, and becoming, by its population, wealth, com-
merce, and productions, a leading member of the family of nations, should not adopt
a standard of less intrinsic value than other commercial nations. Alike interested
in silver and gold, as the great producing country of both, it should coin them at
such a ratio and on such couditions as will secure the largest use and circulation of
both metals without displacing either. Gold must necessarily be the standard of
value in great transactions, from its greater relative value, but it is not capable of
‘ the division required for small transaction ; while silver is indispensable for a mul-
titude of daily wants, and is too bulky for use in the larger transactions of busi-
ness, and the cost of its transportation for long distances would greatly increase the
present ratio of exchange. It would, therefore, seem to be the best policy for the
present, to limit the aggregate issue of our silver dollars, based on the ratio of 16
to 1, to such sums as can be clearly maintained at par with gold, until the price
of silver in the market shall assume a delinite ratio to gold, when that ratio should
be adopted, and our coins made to conform to it; and the Secretary respectfully
recommends that he be authorized to discontinue the coinage of the silver dollar
when the amount outstanding shall exceed $50,000,000.
The Secretary deems it proper to state that in the meantime, in the execution of
the law as it now stands, he will feel it to be bis duty to redeem all United States
notes presented on and after January 1, next, at the office of the assistant treasurer
of'the United States, in the city of New York, in sums of not less than $50, with
either gold or silver coin, as desired by the holder, but reserving the legal option of
the Government; and to pay out United States notes for all other demands on the
Treasury, except when coin is demanded on coin liabilities.
It is liis duty as an executive officer to frankly state his opinions, so that if he is
in error Congress may prescribe such a policy as is best for the public interests.
* # * * * * *
It is manifest, from the proven capacity of the several mints, that our coinage
facilities are ample for all purposes.
The present production of bullion from the mines of the United States appears to
approximate $100,000,000 in value. All the gold bullion produced in the country
contains more or less silver, and the greater portion of the silver bullion from our
mines contains a percentage of gold, making it difficult to determine with accuracy
the proportion of each. It is safe, however, to state that the production of the two
metals, calculated at their coining rates, is nearly equal.
During the year 1877 and the first few months of the present year trade dollars to
the amount of probably 4,000,000 pieces were placed in circulation in the States
east of the Rocky Mountains, with a full knowledge on the part of the parties
engaged in the business that the coin was not a legal tender.
This coin is in no sense money of the United States which the Government is
bound to redeem or care for. The Government stamp upon it is to certify to its
weight and fineness for the convenience of dealers in silver bullion. It is precisely
like any other silver bullion assayed at any assay office or mint. The limited legal-
tender quality originally given to it was taken away before any of the coins were
put into domestic circulation, and it should not now be given any value or a tribute
at the expense of the public that is not incident to any other silver bullion. The
Government has received no benefit from this coinage, and has neither received it
nor paid it out. The whole connection of the Government with this bullion was to
perform the mechanical work of assaying and dividing it into convenient form for
the merchant, at his cost and for his benefit, for exportation only.
Recent advices from our minister to China indicate that a considerable amount of
trade dollars is now being hoarded in that empire, and will be returned to us if a
discrimination is made in their favor over other bullion. No distinction can be
made between trade dollars in the United States and those out of the United States,
but if redeemed at all they must all be redeemed alike. The bullion in 35,853,860
trade dollars outstanding can now be jmrchased from our miners for $31,256,050. It
would be a manifest injustice to deprive them of our market for their bullion in order
to discriminate in favor of bullion coined for exportation and held chiefly in foreign
countries. # * *
636
[Report of tlie Secretary of the Treasury, December, 1, 1879.]
#
«
*
*
*
«
RESUMPTION OF SPECIE PAYMENTS.
At the da.te of my last annual report, December 2, 1878, the preparation for the
resumption of specie payments, provided for by the act approved January 14, 1875,
had been substantially completed. On the 1st day of January, 1879, the day fixed for
the resumption of specie payments, the reserve of coin, over and above all matured
liabilities, was $133,508,804.50.
Previous to that time, in view of resumption, United .States notes and coin were
freely received and paid in private business as equivalents. Actual resumption »
commenced at the time fixed by law, without any material demand for coin and
without disturbance to public or private business. No distinction has been made
since that time between coin and United States notes in the collection of duties or in
the payment of the principal or interest of the public debt. The great body of coin
indebtedness has been paid in United States notes at the request of creditors. The
total amount of United States notes presented for redemption from January 1 to
November 1, 1879, was $11,256,678. But little coin has been demanded on the coin
liabilities of the Government during the same period, though the amount accruing
exceeded $600,000,000. Meantime coin was freely paid into the Treasury, and gold
bullion was deposited in the assay office and paid for in United States notes. The
aggregate gold and silver coin and bullion in the Treasury increased during that
period from $167,558,734.19 to $225,133,558.72, and the net balance available for
resumption increased from $133,508,804.50 to $152,737,155.48.
In accordance with the position taken in the last annual report, United States
notes have been received since January 1 last in payment of duties on imports.
To meet the local demand for coin in places other than New York City, persons
applying have been paid silver coin for United States notes, the coin being delivered
to them on established express lines free of expense; and for some time gold and
silver coin has been freely paid out at the several subtreasuries upon current obliga-
tions of the Government. There has been, however, but little demand for coin, and
United States notes and the circulating notes of national banks have been received
and paid out at par with coin in all business transactions, public or private, in all
parts of the country.
The specie standard, thus happily secured, has given an impetus to all kinds of
business. Many industries, greatly depressed since the panic of 1873, have revived,
while increased activity has been shown in all branches of production, trade, and
commerce. Every preparation for resumption was accompanied with increased busi-
ness and confidence, and its consummation has been followed by a revival of pro-
ductive industry unexampled in our previous history.
It is made the duty of this Department to maintain resumption, and for this pur-
pose, in addition to the use of surplus revenue and the fund for resumption purposes,
the Secretary is authorized to issue, sell, and dispose of, at not less than par in coin,
either 4, 4^, or 5 per cent bonds of the description set out in the refunding act,
approved July 14, 1870. This act is based upon the idea .that all the necessary expend-
itures of the Government appropriated for by Congress, will be met by the current
revenues, leaving the surplus revenues and the reserve fund available for resumption.
It is also provided by that act that the amount of United States notes to be redeem-
able on demand in coin shall be gradually reduced to the sum of $300,000,000. The
act approved May 31, 1878, increases the maximum of United States notes, upon
which resumption is to be maintained, to the sum of $346,681,016, the amount out-
standing at the date of the passage of the act. It also provides as follows :
“And when any of said notes may be redeemed or be received into the Treasury
under any law from any source whatever and shall belong to the United States, they
shall not be retired, cancelled, or destroyed, but they shall be reissued and paid out
again and kept in circulation.”
This act must bo construed in connection with the provision of the Constitu-
tion, that “no money shall be drawn from the Treasury but in consequence of appro-
priations made by law.” The reserve fund created by the resumption act could not
without further legislation be applied to the payment of current appropriations.
Nor is it to be presumed that Congress will omit to provide ample revenues to meet such
appropriations. Therefore, under existing law the notes received into the Treasury
in exchange for coin will always be available for the purchase of or exchange for coin
or bullion. Any United States notes in the Treasury may be exchanged for coin
under the authority of section 3700, Revised Statutes. When notes can not be used at
par for that purpose they must necessarily remain in the Treasury. To avoid all uncer-
tainty, it is respectfully recommended that by law the resumption fund be specific-
ally defined and set apart for the redemption of United States notes, and that the
notes redeemed shall only bo issued in exchange for or purchase of coin or bullion.
637
The great cbnvenience and easy transportation of notes has thus far enabled the
Treasury to exchange them for coin or bullion at all the centers of production of
gold and silver in this country, and also to pay for large sums of foreign coin at the
assay office in New York without any material draft on the resumption fund; and it
is believed that this voluntary exchange will in ordinary times furnish the Treasury
with all the coin necessary. It would be only in an emergency not easy to foresee,
and not likely to arise, that the power to sell bonds for resumption purposes would
be exercised, but it should be preserved to meet any extraordinary demand for the
redemption of notes which might possibly occur.
The Secretary is, therefore, of opinion that the provisions of existing law are
ample to enable the Department to maintain resumption even upon the present vol-
ume of United States notes. In view, however, of the large iuflow of gold into the
country and the high price of public securities, it would seem to be a favorable time
to invest a portion of the sinking fund in United States notes, to be retired and can-
celed, and in this way gradually to reduce the maximum of such notes to the sum of
$300,000,000, the amount fixed by the resumption act.
The Secretary respectfully calls the attention of Congress to the question whether
United States notes ought still to be a legal-tender in the payment of debts. The power
of Congress to make them such was asserted by Congress during the war, and was
upheld by the Supreme Court. The power to reissue them in time of peace, after
they are once redeemed, is still contested in that court. Prior to 1862, only gold and
silver were a legal-tender. Bullion was deposited by private individuals in the mints
and coined in convenient forms and designs, indicating weight and fineness. Paper
money is a promise to pay such coin. No constitutional objection is raised against
the issue of notes not bearing interest to be used as a part of the circulating medium.
The chief objection to the emission of paper money by the Government grows out
of the legal-tender clause, for without this the United States note would be meas-
ured by its convenience in use, its safety, and its prompt redemption. In war, and
during a grave public exigency, other considerations may properly prevail ; but it
would seem that during peace, and, especially, during times of prosperity and sur-
plus revenue, the promissory note of the United States ought to stand like any other
promissory note. It should be current money only by being promptly redeemed in
coin on demand. The note of the United States is now received for all public dues,
it is carefully limited in amount, it is promptly redeemed on demand, and ample
reserves in coin are provided to give confidence in and security for such redemption.
With these conditions maintained, the United States note will be readily received
and paid on all demands. While they are maintained, the legal-tender clause gives
no additional credit or sanction to the notes, but tends to impair confidence and to
create fears of overissue. It would seem, therefore, that now and during the main-
tenance of resumption, it is a useless and objectionable assertion of power, which
Congress might now repeal on the ground of expediency alone. When it is consid-
ered that its constitutionality is seriously contested, and that from its nature it is
subject to grave abuse, it would now appear to be wise to withdraw the exercise of
such power, leaving it in reserve to be again resorted to in such a period of war or
grave emergency as existed in 1862.
The Government derives an advantage in circulating its notes without interest,
and the people prefer such notes to coin, as money, for their convenience in use and
their certain redemption in coin on demand. This mutual advantage may be secured
without the exercise of questionable power; nor need any inconvenience arise from
the repeal of the legal-tender clause as to future contracts. Contracting parties
may stipulate for either gold or silver coin or current money. In the absence of an
express stipulation for coin, the reasonable presumption would exist that the parties
contemplated payment in current money, and such presumption might properly be
declared by law and the contract enforced accordingly.
The Secretary, therefore, respectfully submits to Congress whether the legal-tender
clause should not now be repealed as to all future contracts, and parties be left to
stipulate the mode of payment. United States notes should still be receivable for
all dues to the .Government, they should be properly redeemed on demand and ample
provision made to secure such redemption.
# * * * * * *
The gold coinage since 1862, about which time it disappeared from circulation,
has been principally in double-eagles, but during the last year over 9 per cent of
the gold coins struck were in pieces of smaller denomination. The coinage of eagles
and of half-eagles will be continued until the demand for small gold coin is sup-
plied.
The coinage of standard silver dollars has been kept fully up to the requirements
of law, notwithstanding the difficulty experienced in procuring silver bullion for the
mints at .San Francisco and Carson, at market rates.
638
The amount of silver coin of less than a dollar provided for by law having been
executed, the coinage of this money has been suspended.
The demand for minor coins, particularly for the 1-cent piece, has been pressing.
The bullion production from the mines of the United States for the last year is
estimated by the Director to be nearly $80,000,000, the proportions of gold and silver
being about equal. The year’s total production is less than that of the preceding
year, caused by a diminution in the yield of the mines of Nevada, which was not
compensated by increased production in other places.
The Director estimates the coin in the country on October 31, 1879, at $305,750,497
of gold, and $121,456,355 of silver. The bullion in the mints and New York assay
office at that date awaiting coinage amounted to $49,931,035 of gold, and $4,553,182
of silver, making the total amount of coin and bullion $481,691,069.
The estimating of the specie in the country at any given time is always difficult;
but this estimate appears to have been carefully prepared from coinage reports and
statistics of recoinage, export, and import. The amount of gold and silver annually
used in the arts and manufactures forms no inconsiderable factor in estimating the
production of the mines or the specie available for circulation, and an attempt has
been made to arrive at the amounts so used from the records of the New York assay
office, which furnishes the principal part of the metals consumed for these purposes,
and from reports of the manufacturers. The general result, while incomplete in
details, indicates that the total consumption for purposes other than coinage is in
excess of estimates heretofore made.
In the last annual report the Secretary stated :
“It would seem to be the best policy for the present to limit the aggregate issue
of our silver dollars, based on the ratio of 16 to 1, to such sums as can clearly
be maintained at par with gold, until the price of silver in the market shall assume
a definite ratio to gold, when that ratio should be adopted and our coins made to
conform to it ; and the Secretary respectfully recommends that he be authorized to
discontinue the coinage of the silver dollar when the amount outstanding shall
exceed $50,000,000.”
He again respectfully calls the attention of Congress to the importance of further
limiting the coinage of the silver dollar. The market value of the bullion in this
coin has been during the past year from 10 to 16 per cent less than the market value
of the bullion in the gold dollar. The total amount of silver dollars coined to
November 1, 1879, under the act of February 28, 1878, was $45,206,200, of which
$13,002,842 was in circulation, and the remainder, $32,203,358, in the Treasury at that
time. No effort has been spared to put this coin in circulation. Owing to its
limited coinage it has been kept at par; but its free coinage would soon reduce its
current value to its bullion value, and thus establish a single silver standard. The
inevitable result would be to exclude gold coin from circulation. It is impossible to
ascertain what amount of silver coin, based upon the ratio of 16 of silver to 1 of gold,
can be maintained at par with gold, but it is manifest that this can only be done by
the Government holding in its vaults the great body of the silver coin. It would
seem that nothing would be gained by an unlimited coinage unless it is desirable to
measure all values by the silver standard. The Secretary can not too strongly urge
the importance of adjusting the coinage ratio of the two metals by treaties with
commercial nations, and, until this can be done, of limiting the coinage of the silver
dollar to such a sum as, in the opinion of Congress, would enable the Department to
readily maintain the standard dollars of gold and silver at par with each other.
„ # * # * * #
[Report of the Secretary of the Treasury, December 6, 1880.]
• * * • • •
RESUMPTION.
Nothing has occurred sinco my last annual report to disturb or embarrass the
easy maintenance of specie payments. United States notes are readily taken at
par with coin in all parts of this country and in the chief commercial marts of the
world. The balance of coin in the Treasury available for their redemption on the
first day of November last was $141,597,013.61, and the average during the year
has not materially varied from that sum. The only noticeable change in the reserve
is the gradual increase of silver coin caused by the coinage of the silver dollar and
the redemption of fractional silver coin, more fully stated hereinafter.
The amount of notes presented for redemption for one year prior to November 1,
1880, was $706,658. The amount of coin or bullion deposited in the Treasury, assay
office, and the mints during the same period was $71,396,535.67. These deposits have
usually been paid for in coin, through the clearing house, but at times, when the cur-
639
rency in the Treasury would allow, and at the request of the depositors, they have
been paid for in United States notes anil silver certi ficates. Gold coin now enters largely
into general circulation. Of the revenue from customs collected in New York for one
year, ending November 1, 1880, '57,475 per cent was paid in gold coin, '00,125 percent
in silver coin, '31,087 in silver certificates, and '11,313 per cent in United States notes.
While no distinction as to value is made between coin and notes in business transac-
tions, a marked preference is shown for notes, owing to their superior convenience in
counting and carrying. Many of the current payments from the Treasury are neces-
sarily made in coin, and much of the funds held for the redemption of national-bank
notes and of notes of banks that have failed or suspended is in coin. The total coin
in the Treasury at the close of business November 1 was $218,710,154, of which
$141,597,013.61 constituted the reserve fund for the redemption of United States notes,
as above stated.
All the requirements of the resumption act have thus far been executed, and its
wisdom lias been fully demonstrated. It only remains to inquire whether any further
measures are necessary or expedient to secure the maintenance of resumption. The
Secretary expresses the utmost confidence that without new legislation the entire
amount of United States notes now authorized and outstanding can be easily main-
tained at par in coin, even if the present favorable financial condition should change;
but in order to accomplish this the coin reserve must be kept unimpaired, except by
such payments as maybe made from it in redemption of notes. Notes redeemed should
be temporarily held in place of the coin paid out, especially if it appears that the call
for coin is greater in amount than the coin coming in due course into the Treasury or
the mints.
Ordinarily the superior convenience of notes will, as at present, make a greater
demand for them than for coin; but in case of an adverse balance of trade or a sud-
den panic, or other unforeseen circumstances, the ample reserve of coin on hand
becomes the sure safeguard of resumption, dispelling not only imaginary fears, but
meeting any demand for coin that is is likely to arise. In a supreme emergency, the
power granted to sell bonds will supply any possible deficiency.
It is suggested that Congress might define and set apart the coin reserve as a special
fund for resumption purposes. The general available balance is now treated as such
a fund, but as this balance may, at the discretion of the Secretary of the Treasury, be
unduly drawn upon for the purchase or payment of bonds, it would appear advisable
that Congress prescribe the maximum and minimum of the fund.
United States notes are now, in form, security, and convenience, the best circulating .
medium known. The objection is made that they are issued by the Government, and
that it is not the business of the Government to furnish paper money, but only to coin
money. The answer is. that the Government had to borrow money, and is still in
debt. The United States note, to the extent that it is willingly taken by the people,
and can, beyond question, be maintained at par in coin, is the least burdensome form
of debt. The loss of interest in maintaining the resumption fund and the cost of
printing and engraviug the present amount of United States notes is less than one-
half the interest on an equal sum of 4 per cent bonds. The public thus saves over
$7,000,000 of annual interest, and secures a safe and convenient medium of exchange,
and has the assurance that a sufficient reserve in coin will be retained in the Treasury
beyond the temptation of diminution, such as always attends reserves held by banks.
Another objection to the issue of United States notes is that they are made a legal
tender in the payment of debts. The question of the constitutional power of Congress
to make them such is one for another branch of the Government. The Secretary of
the Treasury is still of the opinion that this quality of legal tender does not add to
the usefulness, safety, or circulation of United States notes. So far as it excites dis-
trusfand opposition to this form of circulating notes it is a detriment. The fear that
a withdrawal of this attribute will contract the currency is as delusive as was the
fear that resumption would have a like effect. The notes would still be received and
paid out by the Government, and, like bank notes, would not be refused in payment
for debt while they were redeemable and promptly redeemed in coin on presentation.
As the quality of legal tender was attached to these notes when lirst issued, and
was then essential to their value and circulation, the public mind is sensitive when
any proposition is made that by possibility might impair their value, but it is their
redemption in coin that makes them now equal to coin and ojfready circulation in all
the marts of the world. While this is maintained it becomes comparatively imma-
terial whether they are a legal tender or not, and if by the action of Congress or
the courts they are deprived of this quality they will still be the favorite money of
the people.
Another objection to United States notes is, that the amount of the issue may be
enlarged by Congress, and that this power is liable to abuse. This objection may be
made to all the great essential powers of the Government. A sufficient answer is
that, since their first issue, they have been carefully limited in amount, and invested
with every quality to improve their value and circulation. Every effort to increase
640
tlie amount, made during a period of great depression, failed. Now that they are
redeemable in coin there is no temptation for over-issue.
These objections will, no doubt, in due time receive the careful consideration of
Congress, and any practical difficulties in maintaining resumption will be met by
new legislation. But the Secretary ventures to express the opinion that the present
system of currency, the substantial features of which are a limited amount of United
States notes (with or without the legal-tender quality), promptly redeemable in
coin, Avith ample reserves in coin and ample power if necessary to purchase coin
with bonds, supplemented by the circulating notes of national bank issued upon
conditions that guarantee their absolute security and prompt redemption, and all
based on coin of equal value, generally distributed throughout the country, is the
best system ever devised, and more free from objection than any other, combining
the only safe standard with convenience for circulation and security and equality of
value.
*■ *■ # * # * #
The coin circulation of the country on January 1, 1879, the date fixed for resump-
tion, is estimated from the statistics of coinage and excess of imports of coin over
exports, to ha\re been —
United States gold coin $273, 271, 707
United States gold bullion «. 5, 038, 419
United States silver coin 95, 516, 712
United States silver bullion 11, 057, 091
Total 384,883,929
This had increased, on the 30th of June last, by coinage and impoits of coin, to —
United States gold coin $358, 958, 691
United States silver coin 142, 597, 020
Total 501,555,711
This was further increased from coinage and imports, during the four months,
to November 1, by —
Coinage of gold $14, 544, 599
Excess of imports OA*er exports of United States gold coin 1, 820, 591
Total 16,365,190
Coinage of silver 9, 113, 000
Excess of imports over exports of United States silver coin 567, 524
Total 9,680,524
There was iu the mints and assay offices on the 1st of November, bullion held for
coinage amounting to $78,558,811.55 of gold, and $6,043,367.37 of silver, making the
total coin circulation and bullion available for coinage in the country of —
Gold $453,882,692
Silver 158,320,911
Total 612,203,603
STANDARD SILVER DOLLAR.
In compliance with the provisions of the act of February 28, 1878, during the last
fiscal year 24,262,571-38 standard ounces of silver bullion, costing $24,972,161.81 (an
average of $2,081,013.48 per month), were purchased, of Avhicli 24,005,566*41 ounces
Avere coined into 27,933,750 standard silver dollars. The total coinage of stand-
ard silver dollars since the passage of the act, up to November 1, 1880, has been
$72,847,750, at Avhicli 'date $47,084,450 Avere in the Treasury. Of the latter amount
$19,780,241 Avere represented by outstanding silver certificates, the amount in
actual circulation at that date being $25,763,291.
Since the passage of that act, the Department has issued numerous circulars and
notices to the public, in which it has offered every inducement, which it could under
the law, to facilitate the general distribution and circulation of these coins. It has
required U. S. disbursing officers to pay them out in payment for salaries and
for current obligations, and it has offered to place the silver in the hands of the
people throughout the United States without expense for transportation, Avhen sent
by express, and at an expense for registration fee only when sent by registered mail.
NotAvithstanding these efforts, it is found to bo dilficult to maintain in circulation
641
more than 35 per cent of the amount coined. While at special seasons of the year,
and for special purposes, this coin is in demand, mainly in the South, it returns again
to the Treasury, and its reissue involves an expense for transportation at an aver-
age rate of one-third of 1 per cent each time. Unlike gold coin or United States
notes, it does not, to the same extent, form a part of tlio permanent circulation,
everywhere acceptable, and, when flowing into the Treasury, easily paid out with
little or no cost of transportation. The reasons for this popular discrimination
against the silver dollar are:
1st. It is too bulky for large transactions, and its use is confined mainly to pay-
ments for manual labor and for market purposes or for change. The amount needed
for these purposes is already in excess of the probable demand.
2d. It is known to contain a quantity of silver of less market value than the gold
in gold coin. This fact would not impair the circulation of such limited amount as
experience shows to be convenient for use, but it does prevent its being held or
hoarded as reserves, or exported, and pushes it into active circulation, until it returns
to the Treasury, as the least valuable and desirable money in use.
For these reasons the Secretary respectfully but earnestly recommends that the
further compulsory coinage of the silver dollar be suspended, or, as an alternative,
that the number of grains of silver in the dollar be increased so as to make it equal
in market value to the gold dollar, and that its coinage be left as other coinage to
the Secretary of the Treasury or the Director of the Mint, to depend upon the demand
for it by the public for convenient circulation.
The continued coinage of the silver dollar necessarily involves the expenditure
of $2,000,000 per month of the current revenue, the proceeds of which must, as
experience shows, mainly lie idle in the Treasury, involving a large expense for
storage and custody. When issued, a considerable expenso for its transportation is
involved, it is taken reluctantly by the people, and is soon returned to the vaults of
the Treasury. The tendency of this process is to convert into silver coin the reserve
of gold coin held in the Treasury to maintain United States notes at par.
The inevitable effect of the continuance of this coinage for a few years more will be
to compel the Department to maintain its specie reserve in gold coin, irrespective of
the silver on hand, or to adopt the single silver standard for all Government pur-
poses. The object manifestly designed by the passage of the act for the coinage of
the silver dollar was to secure to the people of the United States the benefits of a
bimetallic standard of value. It was forcibly urged that to demonetize silver would
increase the burden of debts, and rest the value of all property upon the quantity
on hand of a single metal. It was not the intention of the framers of the act to
demonetize gold, but to maintain both gold and silver as standards of value. This
has been done for thousands of years; but onty by adopting, as nearly as possible,
the relative market value of the two metals as the ratio for coinage, and by chang-
ing the ratio adopted whenever for a period of years it was demonstrated that the
market ratio had changed. The United States has conformed to this custom of civ-
ilized nations, and the Constitution recognized it by authorizing Congress to coin
money and to regulate its value.
Under this authority Congress provided, in 1793, that the ratio should be 1 ounce
of gold to 15 ounces of silver; and on the 28th of June, 1834, it changed the ratio
to 1 ounce of gold to 16 ounces of silver.
It would appear that Congress somewhat overrated silver in 1793, and underrated
it in 1834, but it is now certain that 16 ounces of silver are not worth 1 ounce of
gold, and if silver were coined without limit on that basis, it would eventually
bring us to a single silver standard, and reduce gold to a commodity, or drive it to
foreign countries — a result not intended by the act of February 28, 1878.
The average cost of the silver in a standard dollar, as shown by the purchases for
the Government from the date of the resumption act to this time, measured by the
gold standard, is $0,906, or in a ratio of 1 to 17-64. Upon this ratio a silver dollar,
in order to be of equal value to a gold dollar, should contain 455'3 grains. As the
expense of coining a silver dollar is equal to the value of about 5 grains of standard
si 1 ver bull ion, it is confidently believed that a silver dollar containing 450 grains, based
upon a ratio of 1 of gold to about 17-5 of silver, could be safely coined, as demanded
for use or exportation, without demonetizing gold or disturbing contracts or busi-
ness, and with great advantage to the silver-mining interests of our country. Upou
the facts stated, it would seem to be wise policy now, in the spirit of the Constitu-
tion, to regulate by law the coin value of th« two metals so as to conform to the
market ratio.
The cost of recoining the silver dollars already issued into dollars of the weight
suggested is estimated at about 1 per cent, or $728,477.50. Much confusion and
delusion have arisen from treating as a profit the difference between the cost of the
silver bullion coined into silver dollars and tho face value of the dollars cofried
therefrom. This difference, from February 28, 1878, the date of the act authorizing
S. Rep. 235 41
642
their coinage, to November, 1880, is $8,520,871.45. From this should be deducted
the expense already incurred in distributing the coin and by wastage, which amounts
to $262,008.01, leaving as the net nominal profit the sum of $8,258,863.44, of which
$7,198,294.56 have been deposited in the Treasury, and $1,060,568.88 remain in the
mints. This nominal profit is burdened with the necessity of receiving, and thus
practically redeeming, these dollars at their nominal value in gold coin, and of reis-
suing, transporting, and maintaining them in circulation. This burden will soon
exhaust the nominal profit. When held by the Government the coins are of no more
real value than an equal weight of standard silver bullion. To the extent of the
difference between their bullion and nominal value, they are purely fiat money.
This nominal profit applied to the purchase of silver bullion would be sufficient
to meet the entire cost of converting the present dollars into an equal number of
the proposed dollars; or, in other words, if the present dollars were converted into
the less number of the proposed dollars, the nominal loss would be fully covered by
the nominal profit now in the Treasury and the mints.
It may be better for Congress at the present time to confine its action to the sus-
pension of the coinage of the silver dollar, and to await negotiations with foreign
powers for the adoption of an international ratio ; but, compelled by official duty to
report upon this subject, the Secretary feels bound to express his conviction that it
is for the interest of the United States now, as the chief producer of silver, to
recognize the great change that has occurred in the relative market value of silver
and gold in the chief marts of the world, to adopt a ratio for coinage based upon
market value, and to conform all existing coinage to that ratio, while maintaining
the gold eagle of our coinage at its present weight and fineness. He confidently
believes that the effect of this measure will be to make our gold and silver coins the
best international standards of value known.
Already the double-eagle, issued without cost for coinage, and in greater sums
than any other gold coin, and of equal value to any other coin, whether measui’edby
weight or tale, is received without question in all commercial countries as the most
convenient medium of exchange. It is belierred that a silver dollar of the weight
and ratio of the proposed coinage would be the best silver standard for international
exchange, and that it would tend to fix the market value of silver bullion at the
ratio proposed, and would thus, as far as practicable, avoid the changing relative
value of the two metals, while giving a steady market for the silver product of our
country.
In this connection, the attention of Congress is respectfully invited to the opera-
tion of the act approved June 9, 1879, requiring the redemption in lawful money, at
the office of the Treasurer or any assistant treasurer of the United States, of the
silver coins of the United States of smaller denominations than $1.
When fractional silver coins were authorized by the act approved February 21,
1853, they were made to contain 384 grains of standard silver to the dollar. This was
subsequently changed by the coinage act of 1873 to 25 grammes or 385-8 grains.
They thus contain 26-7 grains, or nearly 64 per cent less than the standard dollar.
Prior to 1853, by reason of the large production of gold in California, the silver
dollar and its fractional parts had risen in market value above par in gold, and were
largely exported. To prevent their exportation, and in accordance with the example
of Great Britain, the policy was adopted, by that act, of reducing the weight of
the minor silver coin, and this policy operated well until, in the spring of 1862, both
gold and silver ceased to circulate as money. During the suspension of specie pay-
ments a remarkable decrease in the value of silver occurred, and now the market
value of the silver in a dollar of the fractional coin is only 82J- cents.
The amount coined prior to November 1, 1880, under the provisions of the resump-
tion act which substituted silver coin for fractional currency, was $42,974,931. To
this has been added a very large sum issued before the war, and again introduced
into circulation since the resumption of specie payments. It is difficult to deter-
mine the amount of such old coinage in circulation, but it is believed to exceed
$22,000,000. Prior to the act of June 9, 1879, this fractional coin filled the channels
of circulation, especially in commercial cities, and gave rise to the passage of that
act. At that date there was in the Treasury $6,813,589 fractional coin; on the
1st of November, 1880, the amount was $24,629,489, from which it appears that
$17,815,900 has been redeemed with lawful money.
The whole amount in the Treasury i&counted as a part of its reserve, although it
is a legal-tender only in sums not exceeding $10, and is, therefore, not available as
cash for general purposes. It would seem wise that the excess not needed for change
should bo coined into standard dollars, and that any further fractional coin, hereafter
needed, should contain silver of.approximate relative value to the standard coin.
The nominal profit heretofore derived from this coinage is quite sufficient 1o cover
the cost of this change. It is also respectfully suggested that the act of July 9,
1879, should be repealed. When fractional coin is issued as money, it should be
treated like other coin, to be received by the Government upon the samo conditions
643
as by the people, but hot, like paper money, to be redeemed. If it. must be classed
as money to be redeemed, it should be supported by a reserve, like other redeem-
able money.
*******
[Report of the Secretary of the Treasury, Docembor 5, 1881.]
# * # * # * *
RESERVE.
4
Previous to the resumption of specie payments, a reserve was accumulated iu
the Treasury by the sale of $95,500,000 of bonds, and by the retention of an additional
amount of about $40,000,000 from surplus revenues. The policy pursued by this
Department, as repeatedly announced to Congress, has been to retain as reserve for
the redemption of United States notes about 40 per cent of the notes outstanding,
and, in addition thereto, to have sufficient money in the Treasury to meet all other
demand obligations outstanding. This policy lias been adhered to as rigidly as
practicable. The reserve has never fallen below 36 per cent, nor been above 45 per
cent of outstanding notes. The silver certificates issued are payable only in silver
coin, and the gold received for these certificates is now available for resumption
purposes. There is now in the Treasurer’s cash about $25,000,000 of fractional sil-
ver coin having only a limited legal tender value, and not available for resumption
purposes. The remainder of this reserve consists chiefly of gold coin. It is gener-
ally conceded that, for safe banking, a reserve of 40 per cent to meet current obliga-
tions is necessary. The Government, by the issue of its notes, payable on demand,
and its obligation to meet them when presented, is in a position analogous to that
of banking, and should, therefore, act upon principles found to be sound and safe in
that business.
SILVER CERTIFICATES.
The Department has issued silver certificates at the several subtreasury offices
upon a deposit of gold coin in like amount with the assistant treasurer at New York,
and through this means certificates have been issued for nearly all the silver held by
the Treasury. These certificates amount to about $66,000,000, and are now outstanding.
About $34,000,000 of silver dollars are now in circulation. The total result of this
silver coinage is to increase the currency of the country to the extent of about
$100,000,000, and to require the Treasurer of the United States to hold the silver coin
in which the certificates are payable. On November 1, 1881, the Department held in
its cash about $7,000,000 of the certificates, and about $250,000 of the coin for which
certificates had not been issued.
The act of February 28, 1878, requiring the issue of silver certificates upon the
deposit of standard silver dollars, was a part of the policy of the Government to
maintain the standard of the silver dollar at or near the value of the standard gold
dollar. The same act provided that such certificates should be receivable “ for
customs, taxes, and all public dues.”
The liberal purchase of bullion and coinage of silver dollars by this Government,
and the receipt of them by it for public dues, has failed to raise the price of silver
bullion to any great extent in the markets of the world.
As is said elsewhere herein, the circulation of some 66,000,000 of silver cer-
tificates seems an inexpedient addition to the paper currency. They are made a legal
tender for the purpose named, yet have tor their basis about 88 per cent only of their
normal value. There is no promise from the Government to make good the differ-
ence between their actual and nominal value.
There need be no apprehension of a too limited paper circulation. The national
banks are ready to issue their notes in such quantity as the laws of trade demand,
and as security therefor the Government will hold an equivalent in its own bonds.
The embarrassments which are certain to follow from the endeavor to maintain
several standards of value in the form of paper currency, are too obvious to need
discussion.
It is recommended, therefore, that measures be taken for a repeal of the act requir-
ing the issue of such certificates, and the early retirement of thorn from circulation.
GOLD CERTIFICATES.
Immediately preceding resumption the issue of certificates upon deposit of gold
was discontinued. It was feared that parties might present legal-tender notes based
U2>on a 40 per cent reserve, obtain the gold therefor, and immediately deposit it l'or
644
the certificates for which, by law, the Department was required to hold 100 per cent.
Though often requested, the Department has ever since refused to make any further
issue of these certificates. By consent of the Comptroller of the Currency these cer-
tificates are allowed to form a part of the lawful reserve of national banks, much of
which reserve is now in gold coin. Should the certificates be issued they would at
once take the place of this coin, and the Treasury would hold the coin instead of the
banks. In view of any possible demand for the redemption in coin of legal-tender
notes, the issue of these certificates is very objectionable.
Retirement of National-Bank Notes.
Under existing law a national bank can at anytime, upon' a deposit of legal-
tender notes or coin with the Treasurer of the United States, withdraw the bonds
held as security therefor, and leave the Treasury to redeem an equal amount of its
notes. This privilege was given to the bauks, evidently for the purpose of securing
a proper elasticity of the currency; and in view of the rapid payment of the public
debt, it would seem that this privilege is necessary for the purpose of facilitating
the redemption of bonds held by the banks, but should many of the bauks, through
apprehension of adverse legislation, or from any other cause, desire to retire their
circulation, the deposit of such an amount of money writh the Treasurer might cause
a serious and sudden contraction of the currency and grave embarrassments in busi-
ness. That the apprehension of such action is not groundless is shown by what
took place on the passage of the 3 per cent refunding bill by Congress at its last
session. If it is thought advisable, Congress can enact that national banks be pro-
hibited from retiring their currency, except on a previous notice of intention so to
do, the length of that notice to be fixed by law.
LEGAL-TENDER NOTES.
This Department has little to add to what has been said in former reports from it
on the subject of the notes known as legal-tender notes. That they are convenient
and safe for the community is without doubt. That it is for the profit of the Gov-
ernment to continue them is also without doubt. Yet there is one consideration
that should have notice, and that is, whether the Government can continue to claim
for them the quality of being a legal tender for debts. This Department under-
stands that the constitutionality of making them a solvent of contracts was found
in the exigencies of the Government raised by the civil war. Whether, now that
that war lias now sometime since ceased, and the Government has resumed pay-
ment of its debts in gold and silver coin, notes of the United States shall be main-
tained as currency with the legal-tender quality is a question worthy of attention.
FRACTIONAL PATER CURRENCY.
Of the $15,000,000 of fractional paper currency outstanding, only about. $80,000
has bo' n redeemed this year and this amount is likely to grow less each succeeding
year. It is suggested that Congress authorize the Department to drop this amount
from any statement of public debt hereafter issued, and make a permanent appro-
priation for the redemption of such small amount of notes as may hereafter be pre-
sented. In this connection, attention is called to the fact that of the public debt
that matured before the year 1860, there remains outstanding and unpaid the sum of
about $100,000. It is suggested that authority may well be given to treat this amount
in the same manner.
PAYMENT OF UNITED STATES RONDS IN GOLD.
The gold dollar at the standard weight of 25'8 grains is by law the unit of value,
while the standard silver dollar by this standard is now worth about 88 cents.
Although the act of July 14, 1870, provides for the issue of United States bonds,
“redeemable in coin of the present standard value,” whereby were included both
gold and silver coin of that value, yet as by the act of February 12, 1873, the fur-
ther coinage of silver dollars was prohibited, and the Revised Statutes declared gold
coin only to be legal tender for sums exceeding $5, equity, if not strict construction
of law, requires that the holders of such bonds should receive payment thereof in
gold or its equivalent.
By act of February 28, 1878, silver dollars of the standard weight and fineness
were again made a legal tender at the nominal value for all debts and dues, public
and private, except where otherwise expressly stipulated in the contract.
645
Between the adoption of the Revised Statutes, June 22, 1874, and 1878, silver coin
was not a tender in payment of United States bonds, and it might fairly be regarded,
especially by foreign holders who had acquired bonds during this interval, as a
breach of faith if bond creditors were compelled to receive payment in a coin worth
in the markets of the world but 88 per cent of our own standard of value.
This Government is abundantly able to discharge all its obligations at home and
abroad in money which is everywhere accepted as a true standard of value.
STANDARD SILVER DOLLARS.
As required by the act of February 28, 1878, the Department has caused to be
coined into standard silver dollars each month at least $2,000,000 in value of bullion
of that metal.
Constant efforts have been made to give cirfiulation to this coin, the expense of
transferring it to all points where it was called for kaviug been paid by the Govern-
ment.
Only about thirty-four millions are now in circulation, leaving more than sixty-
six millions in the vaults, and there is no apparent reason why its circulation should
rapidly increase.
The silver question is involved in some embarrassments. The monetary confer-
ence, to which a commission was sent the past year, after elaborate discussion,
reached no conclusion, except to adjourn to meet again for a further discussion next
April. Whether a renewal at the present time of the consideration of the subject
by it is likely to lead to any practical or acceptable results seems doubtful. That
most of the European nations have a deep interest in a proper adjustment of the
ratio between gold and silver coinage, if not deeper than the United States, admits
of no doubt. We furnish the world with the largest portion of both gold and sil-
ver, and our exports command the best money of the world, as they ever should do
and will, unless we bind ourselves to accept of a poorer. We need not appear any-
where as supplicants when we clearly may be the controllers. Some of the European
nations, whose concurrent action is necessary to any result that is sought, do not
yet appear ready to accept bimetallism, and when ready they may ask for a ratio
that it will be incouvenicnt for us to adopt, and reduce the ratio of silver below the
standard of our coinage, while the market or intrinsic value of silver indicates the
propriety of a considerably increased ratio. That an agreement of the principal
nations of Europe with us, for the larger use of silver coinage would furnish a larger
market for silver, and to that extent increase its value, is certain, but the excess of
it over the supply for that purpose would only command the price of a commodity
on the market. Therefore, the hxing of any ratio is a matter of extreme delicacy,
to be fully considered.
The most potential means of bringing about any concert of action among diff erent
nations, would appear to be for the United States to suspend for the present the further
coinage of silver dollars. This is the decided opinion, in both France and America, of
the highest authorities on bimetallism, and of those who wish to bring silver into
general use and raise its value; and it is believed that a cessation of coinage would,
at a very early day, bring about a satisfactory consideration of the whole subject
among the chief commercial nations.
The silver question, obviously, is one that demands the early attention of our law-
makers, or the subject may drift beyond our control unless control is retained at a
great sacrifice. A continuance of the monthly addition to our silver coinage will
soon leave us no choice but that of an exclusive silver coinage, and tend to reduce us
to a place in the commercial world among the minor and less civilized nations.
It may be assumed that a people as enterprising and progressive as that of the
United States, holding a leading position among nations, will not consent to the
total abandonment of the use of gold as one of the metals to be employed as money,
and we can not consent to be placed in the very awkward position of paying for all
that we buy abroad on a gold standard, and selling all that we have to sell on a
silver standard.
It is therefore recommended that the provision for coinage of a fixed amount each
month be repealed, and the Secretary be authorized to coin only so much as will be
necessary to supply the demand.
The effect of storing large amounts of silver coin in the Treasury vaults, with
the present law requiring the issue of silver certificates, is to furnish a paper cur-
rency not payable in gold or its equivalent. This policy is open to most of the
objections that can be urged against the increase of United States notes or of gold
certificates, and to this additional objection that it furnishes a currency depreciated
from the very nature of the basis on which it rests — that is, silver coin of a debased
value as compared with gold coin.
There is no objection to supplying fully a demand for silver dollars for actual uso
at home and in some few foreign markets, but so long as generally, in the markets
646
of the world, they are of leas value than the gold dollar, which is our legal standard
of value, they must be regarded as subsidiary coin. It is believed that the amount
in circulation will be steadily increased, but not so fast as to require, for some
months, or perhaps years, any addition to the amount already coined.
In answer to the inquiry, it is well to say that what are the profits on the coinage
is shown from year to year by the report of the Register of the Treasury. The
receipt of them into the Treasury is acknowledged in the item of miscellaneous
receipts, and they are put to the same uses as any other receipts into the Treasury,
that is, to the payment of the expenses or debts of Government.
* * * * * • #
[Report of the Secretary of the Treasury December 4, 1882.]
##**##*
STANDARD SILVER DOLLARS AND SILVER CERTIFICATES.
There had been coined, on November 1, 1882, under the act of February
28, 1878, of standard silver dollars $128, 329, 880
There were in the Treasury at that date 92, 946, 094
And in circulation 35, 383, 786
There were in circulation November 1, 1881, about 34, 000, 000
Increase 1, 383, 786
The increase in the circulation of standard silver dollars between November 1,
1881, and November 1, 1882, was less than a million and a half of dollars. The
amount coined during the same time was $27,772,075. The supply in the aggregrate,
and furnished yearly, is much more than the demand.
Of the above amount held by the Treasury November 1, 1882, there were in the
subtreasury at New York about $19,000,000, and in the vaults of the assistant
treasurer at San Francisco nearly $14,000,000, and in the mint at that place nearly
$27,000,000, making nearly $41,000,000 in San Francisco. This large accumulation at
San Francisco is useless; the call for silver dollars for use as money there is little.
The reason for the accumulation there is this: The mints this side the mountains
could not do the needed coinage of gold, and coin also the minimum amount of silver
dollars required by law. After the silver dollars had been coined there, there was
not good policy in bringing them away, for there was no unsatisfied call for them on
this coast, and the expense of carriage is great, never less than 1 per cent. Besides
that, the vaults on this side are inconveniently taxed in the storage of what is here.
Indeed, the storage capacity of the mints and other vault room of the Government is
everywhere severely taxed. There were onhand in the subtreasury on November 1,
1882, " $26,884,337.62 of fractional silver coin. In all, there were 2,400 tons of silver
coin stored in the public vaults. If the coinage of standard silver dollars is kept
up, and the demand for them for circulation is as dormant as now, it will be a seri-
ous question where the Treasury Department will find, in public receptacles, storage
room therefor.
Another reason for the coinage at San Francisco is, that all the bullion for the
monthly coinage required by law could not be bought ou this side of the mountains
at the market rate, as required by law, and that portion bought on the Pacific side
was coined there because it would cost so much to bring it to this side for coinage,
even if there had been mint facilities therefor.
The amount of silver certificates outstanding November 1, 1881, was about
$66,000,000, and the amount outstanding November 1, 1882, about $65,500,000. The
Treasury holds nearly all the standard silver dollars coined during the year ended
November 1, 1882. The amount of silver certificates outstanding has lessened during
the same time. Judging from past experience, we need not expect an increased
demand for silver dollars.
Inasmuch as by recent legislation the Secretary is required to issue gold certifi-
cates, it is to be looked for that the place of the silver certificates will be to a great
extent supplied by gold certificates, as the latter are furnished in convenient denom-
inations; and it is just to suppose that a certificate payable in a coin worth but 88
per cent of its nominal value will be displaced by one worth fully its nominal value.
Is the idea vain that the continued coinage of silver dollars is not now required
for circulation of them, or as a basis for the issue of such certificates, and that the
policy of the Government, so far as it was meant to increase the price of silver, lias
not been successful ?
As was stated in the report of last year, the act requiring the issue of silver certi-
fiontes, making tliom receivable for customs and all public dues, was a part of the
policy of Congress to maintain the standard of the silver dollar at or near that of
the gold dollar.
The objections then urged to the issue of silver certificates, viz, that they form an
inexpedient addition to the paper currency ; that they are made a legal tender for
tho purposes named for more than their real value; that there is no promise on tho
part of the Government to pay the difference between their actual and nominal
value; and the embarrassments which arise from the endeavor to maintain several
standards of value, still have their force.
There is just now a seemingly greater demand for silver dollars. It is only in
seeming. The process is this : Gold is deposited in New York. For that, by arrange-
ment, silver dollars are taken from the mint at New Orleans. They are not put into
circulation. They are deposited at once in the subtreasury there, and silver certifi-
cates taken to meet immediate pressing needs for currency. As gold certificates are
now going into business hands in New Orleans, the process above stated will prob-
ably cease, as it is not looked for that silver certificates will bo sought rather than
the gold certificates. That process keeps the silver dollars out of the Treasury but
a short time, and does not put them into general circulation.
I refer, for a more full discussion of this subject, to my report of last year, and
repeat my recommendation that the provision for the coinage of a fixed amount of
standard silver dollars each month be repealed and the Department be authorized
to coin only so much as will be necessary to supply the demand.
The recommendation is renewed for the repeal of the act requiring the issue of
silver certificates, and for a law authorizing measures for their early retirement from
circulation.
The international monetary conference met in April last, on the day to which it
had adjourned, and adjourned again sine die. It is not understood that it effected
any important practical result.
GOLD CERTIFICATES.
Under the act of the last session of Congress, gold certificates have been prepared
and have been issued, as is shown in this table:
Denominations.
Gold certifi-
cates ready
for issue.
Gold certifL
cates issued
November
27, 1882.
Twenty- dollar *
$3, 920. 000
5, 000, 000
7, 600, 000
10, 000, 000
12, 000, 000
20, 000, 000
80, 000, 000
$2, 240, 00C
2, 200, 000
3, 000, 000
5, 050, 000
4, 300, 000
4, 500, 000
10, 000, 000
One hundred -dollar
Five hundred-dollar
One thousand-dollar
Five thousand-dollar
Ten thousand-dollar
Total
138, 520, 000
31, 290, 000
i
[Report of tlie Secretary of the Treasury, December 3, 1883.]
*#**##*
STANDARD SILVER DOLLARS.
On November 1, 1883, under the act of February 28, 1878, there had been a coinage
of standard silver dollars amounting to $156,720,949. There were in the Treasury at
that date $116,386,017. There were then in circulation and in the mints on account
of profits on the coinage not yet deposited in the Treasury, $40,334,932. There were
in circulation on November 1, 1882, $35,383,786. The coinage between the 1st of
November, 1882, and the same date in 1883, had increased $28,391,069. The amount in
circulation for the same time had increased $4,136,321, thus keeping up the great
disproportion between the amount ready to be supplied and the demand for them,
heretofore noted in the reports of this Department.
****»##
THE TRADE DOLLAR.
V
Here I am speaking of “ tho trade dollar,” the debased coin to which the attention
has been drawn by public clamor and discussion. Doubtless tho legislative purpose
648
in creating it was to make a piece of money that would find favor with Asiatic
people, and not for use at home. That purpose was not made known, however, by
the letter of the law under which it issued from the mint. The act of 1873, ‘under
which the coinage of it began, has these words: “The silver coins of the United
States shall be a trade dollar; a half-dollar, or fifty -cent piece; a quarter- dollar, or
twenty-five-cent piece ; a dime, or ten-cent piece.” The act further declares that
the relative proportion of pure metal and alloy in the trade dollar, and the devices
and legends upon it, shall be the same as those of the other coins of the United States.
That act, and a later one of 1877, made it a crime to counterfeit any of our coins, and
as the trade dollar was declared to be a coin, made it a crime to counterfeit it. The
act of 1873 made the silver coins of the United States, and hence the trade dollars,
a legal tender at their nominal value for any amount not over $5. Thus the reading
ol the laws taught the people that the trade dollar was a coin of their sovereignty,
and lor the redemption of which, at an unabated value, their Government was bound.
The real legislative purpose, is to bo blindly sought for in tradition or in the record
of Congressional discussion, and is indicated in the joint resolution of 1876, which
took away from this coin the legal-tender quality of it, and held down the coinage
of it to the call for it for exportation. It is plain that a busy people, finding this
coin alloat in the channels of business, styled a coin of the United States, would
readily believe that it was an authentic issue of the Government, and to be redeemed
by the Government, the same as other money put out by it. From time to time,
however, as it suits scheming men and the occasion fits, a hue and cry is raised
against it, it is discredited in the marts, and unwary holders suffer Joss or incon-
venience.
As it is a coin of the United States, having the image and superscription thereof,
sanctioned as such by penalties upon the counterfeiting of it, and once dignified as
a legal tender in payment of debts and dues, it should be restored to its first state,
or called in at its nominal value and melted. And why not? First, it has been
claimed officially that it did not go into home circulation until after the passage of
the joint resolution above spoken of whereby the legal-tender quality of it was taken
from it. Hence, it is said, it is no duty to our people to redeem it at more than the
value of it as silver bullion. Secondly, on the other hand, it is assented that the
act of 1878 gave back to it the legal-tender quality. That act declares that “ there
shall be coined * * * silver dollars * * * of four hundsed and twelve and'
one-half grains, * * * which, with all silver dollars heretofore coined * * *
of like weight and fineness, * * * shall be legal tender * * * As the trade
dollar is greater in weight and as great in fineness as the silver, dollar thus author-
ized, and as the greater includes the less, it is argued that the phrase’*' of like weight
and fineness ” takes in the trade dollar, makes it again a legal tender for debts and
dues, and that there needs but a declaration thereof by this Department to put it in
the same rank and acceptability as tho standard silver dollar, and so there is no
need of redeeming it. The first of these conditions is too technical and close for use
in dealing with so practical a matter, and one in which tho prime action and con-
tinued silent sufferance of the Government has been so misleading. The second of
these contentions is not well founded. The phrase “of like weight and fineness,”
may properly be said to take in only silver dollars issued under the acts of 1792 and
1837. They contained exactly the same amount of pure metal as the dollar author-
ized by the act of 1878, and had no distinctive name, such as the trade dollar. This
Department has been and still is of tho opinion that a correct legal interpretation
of that act, in connection with tho joint resolution of 1876, denies to the trade
dollar a legal-tender quality.
It is possible to make an estimate of the amount that would come to the Treasury
for redemption if authority were given thei'efor. The whole issue of the coin has
been $35,960,416. Some of that has disappeared in manufactured articles; it is esti-
mated from one to two millions. It is calculated that five-sixths thereof went
abroad in the beginning, and it is believed that but a small part of that has come
back, and that there is now held by our people but from five to eight millions. Of
that which remained abroad there is good authority for saying that much of it found
its way from China to India and into the melting pot at the mint in Calcutta, and
has been there cast into the coin of that country. The overweight and value of the
trade dollar by the side of tho Mexican and Spanish dollar, with which it was
cocurrent in China, brought much of it to the crucible there. It is understood in
business circles that in China, silver coin is used by weight and not by count save
in a few ports, where Mexican dollars and a few other coins are taken by tale. It
is tho practice of Chinese bankers, so it is reported, to stamp with their own mark
the coin which they take and pay out. The coin thus defaced soon comes to the
state and repute of bullion, and the presumption is that our trade dollars have,
many of them, been so treated and so suffered.
Bear i-u mind, too, that from time to time for some years past, until of a compara-
tively late date, there lias been inducement to reship this coin from China hither,
649
because it has been free in circulation in most parts of the land and for most of the
time at a par with gold and silver money. There is reason to believe, then, that
besides the sum of it in the hands of our own people an embarrassing amount will
not come upon us from abroad.
A thorough and effective redemption of it can be brought about in this way: Let
authority be given by Congress to the Treasury Department to barter for trade
dollars at their nominal value, and melting trado dollars to recoin them into stand-
ard silver dollars, counting the trade dollars got in this way as a part of the silver
bullion which the act of 1878 empowers and directs to be bought and coined
monthly. Should the trade dollars have been so abraded in use as to have lost a
material part of their original weight, which is not much to be apprehended, a
deduction might be made from the price and fractional payments made in subsid-
iary and minor silver coin.
The agitation of this matter has led out some objections to the redemption above
suggested. As the standard silver dollar, because of its unlimited legal-tender
quality, it is said, that thus to enable the holders of the trade dollars to get them
for standard dollars would be to raise the trade dollars in popular esteem and in
practical value to a par with standard dollars, and thus to keep them all oat rather than
to bring them in, and thus, also, to swell the volume of legal-tender silver money in
circulation by so much as is the sum of the trade dollars in the hands of the people.
This effect may be prevented by setting a bound to the time during which the
exchange may be made. If a law authorizing the exchange should run but for a twelve-
month holders of the coin would haste to rid themselves of it, and at the end of the
time little of it would be found at large, and that little would fall back to its bull ion
value and cease to disturb in the way apprehended. It is not proposed to increase
by this means the coinage of the standard silver dollar, but as the trade dollars are
taken in to count them as so much silver bullion and make them meet by so much
the direction to buy silver bullion for dollar coinage.
Nor is the fear well grounded that there would be caused a large influx of trade
dollars from abroad, to a cost to the Government in the redemption of more than the
value of them as bullion. It has been stated above that there is cause for belief that
much which has gone abroad has put off its character of a coin of the United States,
and so is not able in that guise to come back for exchange. If, however, a serious
apprehension is felt that it will return in embarrassing volume, the time for the
exchange might have a narrower limit, and instead of a twelvemonth a quarter of
a year be the period fixed. This Department would rather see all the trade dollars
that are afloat anywhere brought in and made bullion of, even at a cost to the Gov-
ernment, if thus we may be rid of a discredited and debased coin; but if this may not
be, it still wall wish that those in the hands of our people be redeemed in the mode
recommended, with safeguards against foreign holders. If it be urged that, what-
ever be the sum redeemed, there will be a loss to the Treasury in recoining the trade
dollars as bullion into standard dollars rather than in purchasing bullion in the
market at ruling rates and coining it under existing law, it may be answered that
the excess of silver in the one over that in the other will be nearly, if not fully,
enough to pay the cost of the manipulation; and again, that the seigniorage or
profit now got from buying bullion at, for example, 99-8 per standard ounce, and
issuing the same in nominal dollars at the rate of, say, llfi/V per standard ounce, is
only a seeming total profit of the difference ; for in the redemption of the coin, which
must be looked for and provided for as to sooner or later come, the Government
must, as a rule, take it back at the same nominal value at which it was put forth.
If it be apprehended that by the proposed exchange the sum of the standard dol-
lars will be enlarged and more of them will be forced into circulation to the inflation
of the currency, the disturbance of the relative bearing of executory contracts and
the jostling of values, it is to be said that a desirable part of the plan suggested
guards from an increase of the monthly purchase of silver bullion and of the coinage
of the standard dollar. That part is that as the trade dollar is taken in for the
standard dollar paid out the former be counted as so much silver bullion, and by so
much abate from the purchase in the market under the act of 1878. And if the
receipt of the trade dollars by the exchange in any month shall be, when treated as
bullion, more in sum than would be a purchase of tAvo millions’ worth of bullion,
then the excess thereon can be carried forward from month to month, so far as need
be, to keep within the direction of the act of 1878 for monthly purchase. And this
would be more or less likely to come into play as the limit of time for redemption is
shorter or longer. If, indeed, no limit of time Avas fixed, or it was made as long as a
tAvelvemonth, this Department could be empoAvered to refuse redemption in one
mouth of a sum more than enough to meet the requirement of that act and still
make full redemption of all that is likely to be brought in therefor.
If it be said that much of this coin, discredited and practically debased, is in the
hands of speculators who have taken it at a discount, and that they Avould profit by
legislation Avhich would increase the actual value of it., while it may not be denied
' 650
that lamentably this is too far the case, still it is to be answered that such is the
luck brought by all debased coin when at last it is fairly redeemed. Speculators
will make a, depreciation and following appreciation. A law for a fair redemption
must have, with its good, the evil of helping some to gain who will deserve it. The
fault is not much more with the speculative trader than with the legislation that
has given him the chance for ignoble gain. His profit is a light incident, calling
slightly for attention, because of the great general good to come from calling in a
discredited coinage. Besides, leave this coin unredeemed, and by and by, when
public attention is at a lull again, it will be once more set afloat at nominal value
to be in fullness of time once more discredited and lowered in purchasing power, to
the harm of good people. Moreover, the information which I have from practical
and reliable men, who are at the sources of knowledge on this head, is that those
known as trades folk, and most of the working people not in straits, uncompelled
by necessity to part with the trade dollar at a loss, have held it during panics, look-
ing and waiting for action by the Government ; and that the amount stored by
brokers is a small part of what is in domestic ownership, the larger part being held
by those who took them at full face for labor and in traffic in legitimate and honor-
able dealing. It is best, once for all, to call it in and put it out of possible use.
This Department does not recommend that a legal-tender quality be again given to
the trade dollar, to the sudden increase of the legitimate silver money of the country,
with the inconvenience and incongruity of two dollars circulating together, of the
same metal, of unequal real value, and of different devices, yet of equal value in pay-
ment of debts and of purchase of property. It recommends that authority be given
for the redemption of the trade dollar in the standard silver dollar, dollar for dollar
of nominal value, for the recoinage of the metal so received into a standard silver
dollar to accord with the law for that coin, and for a reduction of the amount of
silver bullion resulting from the exchange from the quality of bullion required to be
got by monthly purchases for the purpose of coinage under the act of 1878. In the
judgment of this Department, that legislation is safe and is demanded by the char-
acter of this issue and by the need of the people for relief from the confusion and
exposure to recurring loss caused by its presence in the monetary system of the
country.
SILVER CERTIFICATES.
The amount of silver certificates outstanding November 1, 1883, was $99,579,141 ; the
amount outstanding at the same date in 1882 was $73,607,710; there was held by the
Treasury on the 1st of November, 1882, $7,987,260, and on the same date in 1883,
$14,244,760.
These figures show an increase of the silver certificates in the hands of the people
of $19,713,931. Figures given above show a like increase of silver dollars of $4,136,321.
Yet it is apparent that any demand that is likely to arise for silver dollars, or for
the silver certificates based upon them, may be readily met without further immedi-
ate coinage of the dollars or preparation of the certificates for issue. It is also
apparent that to keep up an aimless purchase of silver bullion, at the rate of over
$24,000,000 each year, is a needless use of public mouey and of the taxing power to
supply them, incurring a needless loss of the interest on the sum thus expended and
the expense of the manipulation. Apart from any consideration of the policy under-
lying the coinage at all of the standard silver dollar, as now authorized, it would
seem that an operation of the Treasury and its mints, for which there is no immediate
call, might be at least temporarily suspended.
The Department makes no further comment upon these facts, but refers to its two
last annual reports for its views upon the continued coinage of silver dollars and the
issue of silver certificates and for its recommendations thereupon.
* ******
[Report of the Secretary of the Treasury, December 1, 1884.]
* * * * * * *
While, however, the public debt is in this satisfactory condition, there are some
.financial dangers ahead which can only bo avoided by changes in our financial leg-
islation. The most imminent of these dangers, and the only one to which I now ask
-the attention of Congress, arises from the continued coinage of silver and the Increas-
ing representation of it by silver certificates. I believe that the world is not in a
condition, and never will be, for the demonetization of one-third of its metallic
money • that both gold and silver are absolutely necessary for a circulating medium ;
and that neither can be disused without materially increasing the burden of debt,
nor even temporarily degraded by artificial means without injurious effects upon
home and international trade. But I also believe that gold and silver can only be
made to maintain their comparative value by the joint action of commercial nations.
Not only is there now no joint action taken by those nations to place and keep silver
on an equality with gold, according to existing standards, but it has been by the
treatment it lias received from European nations greatly lessened in commercial
value.
For many years the silver dollar was moro valuable than the gold dollar in the
United States, and although there were fluctuations in their comparative value, the
advantages arising from their joint use much more than counterbalanced the incon-
venience and loss occasioned by these fluctuations. Various causes in combination
have produced the present depression of silver, but the main causes have been the
inconsiderate action of Germany in demonetizing it and throwing upon the market
the large amount, which, up to that time, had constituted her metallic currency, and
the restrictions upon its coinage by other European nations.
In 1872 the silver dollar, as it had been for a long period, was moro valuable than
the gold dollar. In 1874 the decline commenced, and it has been continued until the
silver dollar is worth only about85 cents in gold, and further depreciation is prevented
by its having been made receivable by the United States for all public dues and the
coinage at the rate of $28,000,000 a year. We now hold $147,573,221.89 in silver. The
amount is so large as to become burdensome, and additional vaults must be soon con-
structed if the coinage is to be continued.
But this is a matter of small importance compared with the danger to which the
national credit and the business of the country are exposed by the large amount of
silver in the Treasury, which must be increased by further coinage, and especially
by the issue of silver certificates. These certificates amount to $131,556,531,
and they may be increased to $184,730,829 by the silver against which certificates
have not been issued. Like silver, they are only prevented from great depreciation
by being receivable for all public dues, in which respect they have an advantage
over the United States notes, which are not by law receivable for customs duties;
but although they are thus prevented from depreciation, the fact exists that a large
part of our paper currency based on coin is worth only about 85 cents on the dollar.
But this is not all; the certificates, being receivable for duties, prevent gold from
coming into the Treasury.
The Treasurer, in his report, after referring to the fact that the Treasury is a mem-
ber of the New York Clearing-House, and to the act of Congress of July, 1882, which
prohibits banking associations from being members of any clearing-house in which
silver certificates are not receivable for clearing-house balances, and the resolution
of the associated banks nominally complying with that act, remarks :
“ Notwithstanding this formal declaration of compliance with law, neither stand-
ard silver dollars nor silver certificates have been or are now offered in settlement of
balances at the clearing-house, and the Treasury has refrained from taking any steps
to enforce the receipt of either of these descriptions of funds, which have therefore
not been used in payment of obligations presented through the clearing-house.
“As a consequence of the inability of the Treasury, under the existing practice, to
use either the silver dollars or the silver certificates in its settlements with the New
.York Clearing-House, where by far the greater part of its disbursements is made, the
available gold ran down from $155,429,600, on January 1, 1884, to $116,479,979, on
August 12, 1884, while the silver dollars and bullion on hand not represented by
silver certificates outstanding increased during the same period from $27,266,037
to $48,603,958.
“As a temporary expedient to stop this drain of gold from the Treasury, the assist-
ant treasurer at Now York was directed to use in payments to the clearing-house
United States notes to the extent of one-halt' of the payments. But the amount of
these notes in the Treasury, which at the time of the commencement of this mode of
payment had accumulated beyond its needs, has now become so much reduced that
they are no longer available for such payments to any considerable extent.
“If a return to the former practice of making payments entirely in gold or gold
certificates shall result in a continuous loss of gold to the Treasury, not made up to
a sufficient extent by receipts of gold from other sources, the question must soon
arise for the decision of the Department as to whether it will continue to make in
gold or its representative the payments now made through the clearing-house, or
use in its payments the silver dollars or their representative certificates in some pro-
portion to the relation which silver dollars in the Treasury, not held for certificates
outstanding, bear to the available assets, and to an extent similar to that in which
they are used at other offices of the Treasury.
“In ascertaining what this proportion is, it is to be considered that of the $134,670,790
in gold coin and bullion now owned by the Government, $95,500,000 was obtained by
the sale of bonds under the resumption act.
“ If it be held that this amount is available for no other purpose than the redemp-
tion of United States notes, the gold which maybe used for ordinary payments is
$39,170,790, compared with $46,831,660 in silver dollars, including bullion available
for the same purposes.
“ Or, if it be held that the provision in section 12, of the act of July 12, 1882, sus-
G52
pending the issue of gold certificates whenever the amount of the gold coin and bul-
lion in the Treasury reserved for the redemption of United States notes falls below
$100,000,000, is by implication a requirement that this sum shall be held for the
redemption of notes, then the balance of gold which maybe used for ordinary pay-
ments is $34,670,790.”
It is evident from these extracts, and it will bo rendered still more evident by an
examination of the entire report, that silver certificates are taking the place of gold,
and that a panic or an adverse current of exchange might compel the use in ordinary
payments by the Treasury of the gold held for the redemption of the United States
notes, or the use of silver or silver certificates in the payment of its gold obligations.
As $95,500,000 of the gold in the Treasury was obtained by the sale of bonds for
resumption purposes, it was doubtless the intention of the eminent gentleman under
whose administration of the Treasury specie payments were resumed that at least
this sum should be held in reserve for the redemption of United States notes, and
not used for any other purpose. It is understood that he went further than this,
and very properly entertained the opinion that an amount of gold equal to 40 per
cent of the outstanding United States notes should be held for their protection.
A government which engages in banking by furnishing a paper circulating medium
must be governed by the rules which prevail with prudent bankers, and be con-
stantly be prepared to meet such calls as may be made upon it.
Many persons regard legal-tender notes as being money, and hold that no means
should be provided for their redemption. That this is a delusion will be proven when-
ever there is a large demand for gold for export. They are not money, but merely
promises to pay it, and the Government must be prepared to redeem all that may be
presented or forfeit its character for solvency.
The following is an analysis of the statement of the liabilities and assets of the
Treasury of the United States, October 31, 1884 :
Total assets.
Liabilities.
Available
assets.
$822, 536, 360. 43
32, 477, 750. 00
255,014, 110. 43
$120, 343, 320. 00
$134, 070, 790. 43
147, 573, 221. 89
30, 814, 970. 00
178, 388, 191. 89
131, 556, 531. 00
46, 831, 600. 89
33, 942, 171. 85
85, 000. 00
34. 027, 171. 85
17, 855, 000. 00
16, 172, 171. 85
10,171,655.48
15, 742, 439. 63
10,171,655.48
15.742, 439. 63
493, 343, 569. 28
269, 754, 851. 00
223, 588, 718. 28
The liabilities chargeable against the available as-
sets were :
15, 211, 420. 30
3, 714, 015. 24
26, 622, 292. 53
For disbursing officers’ balances and other
For funds held for redemption of national-bank
52, 345, 429. 69
7, 205, 799. 71
105, 098, 957. 47
Total
493, 313, 569. 28
374, 853, 808. 47
118, 489, 760. 81
Add assets not available for payments —
29, 346, 757. 24
817, 888. 44
387, 895. 14
30, 552, 540. 82
149. 042,301.63
694, 710. 31
Balance, including bullion fund, Treasurer’s
149,737,011.94
I
523, 896, 110. 10
3i4, 85J. 808. 47
653
From this statement it is seen that there is no surplus gold in the Treasury, and
that the reserve has been trenched upon ; that there is no plethora of any kind
except of silver dollars, for which there is no demand.
After giving the subject careful consideration, I have been forced to the conclu-
sion that unless both the coinage of silver dollars and the issue of silver certificates
are suspended there is danger that silver, and not gold, may become our metallic
standard. This danger may not be imminent, but it is of so serious a character that
there ought uot to be delay in providing against it. Not only would the national
credit be seriously impaired if the Government should be under the necessity of
usiug silver dollars or certificates in payment of gold obligations, but business of all
kinds would bo greatly disturbed; not only so, but gold would at onco cease to be a
circulating medium, and severe contraction would be the result.
The United States is one of the most powerful of nations — its credit is high, its
resources is limitless; but it can not prevent a depreciation of silver uuless its
efforts are aided by leading nations of Europe. If the coiuage of silver is continued
in despite of the action of Germany in demonetizing it and the limitation of its coin-
age by what aro known as the Latin nations, there can be but one result: silver
will practically become the standard of value. Our mines produce large amounts
of silver, and it is important, therefore, that there should be a good demand for it
at remunerative prices for the outlays in obtaining it. The suspension of its coinage
might depress the market price of silver for a time, but the ultimate effect would
doubtless be to enhance it. The metal which oriental nations and some western
nations use exclusively for coin— and all nations to some extent — which costs, in the
labor and capital required to extract it from the mines, more than its standard
value as coin, can not be permanently degraded by artificial means. The production
of gold is diminishing; that of silver has practically reached its maximum, and there
are strong indications that from this time the yield of both gold and silver mines
will speedily decline. At the same time the demand for both for coinage and in
manufactures will increase. The very necessities of the commercial world will pre-
vent a general and continued disuse of either as money.
The European nations which hold large amounts of silver must sooner or later
come to its rescue, and the suspension of coiuage in the United States would do
much to bring about on their part, action in its favor. But whatever might be the
effect of the suspension of the coinage upon the commercial value of silver, it is very
clear that the coinage can not be continued without detriment to general business
and danger to the national credit.
The coinage of silver dollars under the act of February 28, 1878, has now reached
the very large amount of $184,730,829, being an increase of $28,009,880 for the year
ending November 1, 1884. The amount of these dollars in actual circulation is
$11,326,736. The increase in the circulation for the year has only been $1,260,346,
against an increase of $4,136,321 for the previous year. These figux-es of themselves
are an insuperable argument against the continued coinage of silver dollars.
The Treasury would be relieved, in a measure, from the burden of the silver now
held in the Treasury by a withdrawal from circulation of the one and two dollar
notes. This would not be a gain to the Treasury, but it would be a gain to the
country by increasing the amount of silver in circulation.
The amount of one-dollar notes in circulation is $26,763,097.80; the amount of two-
dollar notes in circulation is $26,778,738.20. Congress would, I think, act wisely in
putting an end to their circulation. Nor do 1 hesitate to express the opinion that
the country would be benefited if all five-dollar notes should be gradually retired
and the coinage of half and quarter eagles should be increased. If this should be
done, the circulating medium of the United States below $10 would be silver
and gold, and we should be following the example of France, iu which there is an
immense circulation of silver coin, which in all domestic transactions maintains a
parity with gold.
The substitution of gold and silver for small notes would be productive of some
inconvenience, but this would bo temporary only. If the five-dollar notes should
be withdrawn, the Treasury would be relieved from the burden of silver in its
vaults, aud it would not be long before the coinage of silver might be resumed.
RECOINAGE AND IMPROVEMENT OF SUBSIDIARY COIN.
The Secretary invites attention to the pressing necessity for the recoinage of the
subsidiary silver coins of the United States. The decreased intrinsic value of these
coins, owing to the marked decline in the price of silver, renders it advisable to
increase their weight so that they will correspond to fractional subdivisions of the
silver dollar.
The fractional silver coins of the United States were first authorized by the act of
April 2, 1792, and were of full weight, being fractional portions of the dollar of 416
grains. As the silver dollar and its fractional parts were somewhat overvalued in
654
that act, tho weight of the dollar was changed by the act of January 18, 1837, to
412-5 grains, and the fineuess from 892-4 to 900, the weight of the fractional silver
coins being changed proportionally.
As the bullion value of these coins was still greater than their face value, it was
found necessary, in order to keep them in the country for domestic use, to make
them subsidiary to tho silver dollar of that day. The act of February 21, 1853,
therefore, reduced the weight of a dollar in fractional coin from 412-5 grains to 384
grains.
In the reorganization of the coinage laws, by the act of February 12, 1873, the
weight of the fractional silver coins was again changed so as to correspond with the
metric system, that law providing that a half-dollar should weigh 12-5 grams, which
made the weight of one dollar in subsidiary silver 385-8 grains. This is the law at
the present time. As stated above, prior to 1873 the bullion value of the silver in the
fractional silver coins exceeded the nominal value of the coins, but, owing to the
decline in the price of that metal, the value of the silver in two half-dollars of tho
present coinage, or of one dollar in any fractional silver coined under existing law,
is now only about 78 cents. This would seem to be out of any just proportion to the
face value of the coins.
It is estimated that there are in the country at this time some $75,000,000 of frac-
tional silver coins of the various weights and finenesses authorized by the acts
stated above. Nearly $30,000,000 of them are held in the Treasury, and are practi-
cally unavailable as an asset. A large portion of them is in badly abraded condition,
having been in circulation for a long period of years. To increase their bullion value
so as to bring them tip to the same weight proportion ately as the silver dollar
would require about 4,000,000 ounces of silver.
The reasons which existed at the time for making fractional silver coins subsidiary
to the dollar have ceased to exist, and, as the price of silver is now lower than at any
time since the summer of 1879, the present would seem a most favorable opportunity
for accomplishing the needed improvement in these coins. The work could be
effected by the mints during the next five years, in connection with the regular coin-
age authorized by law without an increase of force or interference with such regular
coinage.
The tendency of all nations is to improve and beautify the designs on their coins,
and especially to make them uniform in weight as far as practicable. There is not
only a marked diversity in weight among our coins of the same nominal value, but
they are characterized by a great variety and exceeding inelegance of design and a
lack of artistic merit. Should Congress authorize their recoinage, a much-needed
opportunity would be furnished for rendering them more creditable as well as more
useful to the country.
THE TRADE-DOLLAR.
The Secretary suggests that the existence of the anomalous trade-dollars should
be no longer tolerated. Originally coined for purposes of foreign trade, and given a.
legal-tender quality in this country, they have not only been deprived of that quality
by law, but have also ceased to perform the function for which they were created.
Some millions of them, variously estimated at from six to ten, are held in various
parts of the country, awaiting the action of Congress. Although intrinsically more
valuable than the standard dollar, their bullion value is only about 86 cents. If it
be considered unfair or impracticable to accomplish their surrender at their bullion
value merely, a small advance on that value might be offered for them. The offer
should not remain open longer than one year. The bullion realized from them will
bo available for the ordinary coinage of the Government, but, if the present silver
law is to remain in force, such bullion should be counted as a part of that now
required to bo purchased each month.
*******
[Report of tho Secretary of the Treasury, Docembor 7, 18S5.]
*******
CURRENCY REFORM.
Currency reform is first in tho order of importance and of time, and fitly precedes
oilier reforms, oven taxation reform, because it will facilitate all other reforms, and
because it can not safely be deferred. The coinage act of 1878 is overloading the
mints with unissued, the subtreasurics with returned silver dollars, and will una-
voidably convert the funds of tho Treasury into those depreciated and depreciating
coins.
655
The disorders of our currency chiefly arise from the operation of two enactments :
1. The act of February 28, 1878, which lias been construed as a permanent appro-
priation for perpetual Treasury purchases of at least $24,000,000 worth of silver per
annum, although from causes mostly foreign that metal is now of mutuablo<and fall-
ing value, which must be manufactured into coins of unlimited legal tender and
issued to the people of tho United States as equivalents of our monetary unit.
2. The act of May 31, 1878, which indefinitely postponed fulfilment of the solemn
pledge (March 18, i860) not only of “ redemption” but also of “payment” of all tho
obligations of the United States not bearing interest, legalized as $346,000,000 paper
money of unlimited legal tender, and required the postredemption issue and reissue
of these promises to pay dollars, as equivalents of our monetary unit.
But these two evils, which are each a separate menace to the public tranquility
and injurious to the public morals and the public faith, do not double the difficul-
ties of a reform of the currency. Their concurrence may even assist Congress to
provide the people of tho United States with a better currency than the best now
possessed by any nation; — a currency in which every dollar note shall be the repre-
sentative certificate of a coin dollar actually in the Treasury and payable on
demand; a currency in which our monetary unit coined in gold ($550,000,000) and
its equivalent coined in silver ($215,000,000) shall not be suffered to part company.
Such a reform of the whole currency of tho United States (setting aside the
national-bank notes, which are diminishing and Avell secured) can be undertaken
and finished subject to the following conditions:
THE CONDITIONS OF CURRENCY REFORM.
1. Without shock or disturbance to the industries, the business enterprise, tho
domestic trade, or foreign commerce of the country.
2. Without degrading the United States monetary unit of value to a cheaper dol-
lar, and without raising the United States monetary unit of value to a costlier
dollar.
3. Without loss to any who now hold the promise of the United States to pay a
dollar.
4. Without reduction of the present volume of the currency, or hindrance to its
free increase hereafter when every dollar note shall be the certificate of a coin dollar
in the Treasury payable on demand.
5. Without pause in the reduction of the public debt, but paying more than tliree-
fi ltli 8 of all that part of the debt now payable at the option of the United States prior
to September, 1891.
6. Without increase of taxation.
7. Without tho sale of any silver bought and coined since February, 1878.
8. Without the disuse of the 215,000,000 coined silver dollars of unlimited legal
tender, or any fall or discount in their present received value; and without the dis-
use of the 550,000,000 coined gold dollars of unlimited legal tender, or any rise or
premium on their present received value.
9. Without prejudice to the adoption hereafter of an international bimetallic
union, with free coinage of both metals for all comers, at a fixed ratio of weights,
into coins of unlimited legal tender.
10. Without the coins of the two metals parting company from each other, what-
ever may bo the temporary fall, if any, in the market price of silver bullion after-
stopping Treasury purchases.
I would most respectfully commend to the consideration of Congress the question
whether such a reform of the currency ought not now to be endeavored; whether
these are not among the prudent and just conditions of its reform, and whether
such a reform might not bo promoted, with immediate advantage to all our industries
and trade, by repeal of the clause requiring Treasury purchases of silver bullion,
and repeal of the act making compulsory Treasury issues and reissues of the legal-
tender notes.
TREASURY PURCHASES AND COINAGE OF SILVER.
It is with deference suggested that there are several points of agreement which
may be reached, and differences of opinion removed or narrowed, by a preliminary
understanding as to the use of terms.
We are all paper-money men if it but be understood that our paper money shall be
a representative paper money, a certificate that actual coin is honestly borrowed
and safely stored by the Treasury, dollar for dollar, and payable to its owner on
demand. No one disputes tho superior convenience of paper money. Its use in
large multiples without increase of weight, its economy in saving the heavy and
irreparable loss of tho precious metals by abrasion, are indisputable advantages
over other kinds of money.
656
Demonetization may signify legal disuse of either metal as coin. Gold is demone-
tized in India. But where is silver demonetized? There are varying degrees of its
use in different nations. Nowhere is it entirely disused. Nowhere is it then demone-
tized if ^demonetization means legal disuse. It is used in England for fractional
coins ot a limited legal tender. It is used in France, Germany, and the United
States for fractional coins, and also for larger coins of an unlimited legal tender. It
is used in India and Mexico for fractional coins, and for coins of an unlimited legal
tender, and off these the coinage is free to all owners of silver. In speaking of the
demonetization of silver, the degree of its disuse should he specified by those who
would avoid being understood to recommend free coinage to private silver owners,
which nowhere now coexists with the use of gold as a part of the currency.
Eveaybody is a two-metalist, and wishes the use of silver in fractional coins of at
least a limited legal tender. Bimetallists desire a larger use of silver for coins of
unlimited legal tender; hut they also wish the use of gold in coins of un-
limited legal tender. If, however, a gold coin and a silver coin must each be
received for a dollar, and are both an unlimited legal tender in number, some ratio
in their weights must also be fixed by law. Yet no law can cross national boun-
daries as commerce does ; so that any nation having a ratio not the same as the ratio
of other nations traded with, is liable to be drained, in time, of one of its two
metals. Thus bimetallism in any nation depends upon a fortunate balance of
demands for the two metals from without, such as France enjoyed from 1785 to 1871 ;
•or else upon concurrence with a sufficient number of other nations in coining the
unit of value in the two metals at one and the same ratio of weight. Bimetallism
is essentially an international affair; but it doest not exist; thefortunate balance in
Europe was upset by Germany, and the international agreement, twice attempted,
has failed. In but one way now can any nation retain in use coins of both metals
which are both unlimited legal tender; namely, by stopping the coinage of the
metal unacceptable to other nations. France has done so. The United States must
likewise stop coining silver. Stop, wait, negotiate.
And whether negotiations shall succeed or fail, there is still no other way than to
stop where we are, namely, at the point where a risk begins to appear of difficulty in
retaining silver in our home circulation in full equivalence with our gold unit of
value which has an international circulation.
SILVER — GOLD.
Silver in fractional coins is the most convenient desirable metal for use in the
payment of petty sums. These are the bulk of human transactions where money
passes. It has no rival. Who does not deem it indispensable? Silver can not
profitably be discarded from large use by any civilized nation in the world, even
where, as in Great Britain and the Scandinavian countries, it is used only for frac-
tional coins, made legal tender for small sums, and gold alone is cut into coins of
unlimited legal tender. Silver alone is coined by some nations; is the monetary
metal of enormous Asian population. We know little of China, but computing what
they fairly may as to the rest of the world, the statisticians all agree that silver is
54 per cent of the monetary metals of mankind.
Gold, however, is indispensable also, though its high value makes it impossible to
be used anywhere as small change. Gold is fairly computed to be about 46 per cent
of the two monetary metals of mankind. Gold is the standard of value in the for-
eign commerce, not'only of the United States, but also of every nation in Europe.
Foreign exchango is calculated as between the different gold coins.
Gold is the standard in the domestic trade of England and of Germany, and of all
the countries which, like France, have been bimetallic, but which have now ceased
from silver coinage in order to prevent the fall of silver already coined as legal ten-
der for all sums. Gold is, in fact and by law, the standard of value in the domes-
tic trade of the United States, and has beeu since March, 1873, under tho act of
Congress making 25-8 troy grains of standard gold our monetary “unit of value,”
which, as will be explained below, had theretofore been safely and justly placod
alike in coins of gold and coins of silver.
Gold is 66 per cent of tho metallic circulation of tho United States at the present
moment; although it may need explaining that with free coinage for everybody’s
silver into full legal-tender silver dollars, the people of the United States asked for
only 8,045,038 in eighty years, but that Congress required the coinago of 215,000,000
in about eight years.
Gold is tho standard of value in nations from which we in the United States took
87 per cent last year of all our imports and to which we sent more than 92 per cent
of all our exports. And with most of the countries having silver as a standard, or
in nearly exclusive use, where we do the small remainder of our foreign trade, set-
tlements are effected by tho gold standard through sterling bills on London.
Gold from the mines of all the world has doubled in quantity within 35 years; sil-
ver about doubling in the last 100 years. Gold, like silver, is a principal product of
mines in the United States, which have yielded of the two precious metals:
Gold.
Silver.
Per cent.
72
50+
50+
39 —
Per cent.
28
50—
50—
01 +
Who, then, would propose the disuse of gold or ask the enactment or the contin-
uance of laws likely to promote the expulsion of gold or its use at a premium
instead of as the standard of value, to which, by stopping the coinage of silver now,
the legal-tender value of the 215,000,000 silver dollars already coined may be held
up and made to conform until these troubles be overpast?
But our 215,000,000 silver dollars are here and can not be expected sensibly to
decrease, as our gold may. Nobody will export or melt them. The reasons are
plain. They will not flow abroad, for the legal-tender quality given them by act of
Congress can not procure their reception elsewhere; not in Germany, just as her
legal-tender laws, applied to her equally depreciated 400,000,000 or 500,000,000 silver
marks in thalers of unlimited legal tender, can not promote their reception here or
in France; not in France, just as her legal-tender laws, applied to her 000,000,000
5-franc pieces of unlimited legal tender, can not promote their reception here or in
Germany. Ceasing to coin more, our 215,000,000 silver doll irs will remain. Nobody
will melt them, since the silver melted is worth 20 to 25 per cent less than the silver
minted, while they remain a legal tender for all sums. Therefore no silver to be
used in the arts or industries or for exportation will be drawn from this stock. It
is not to be expected that Congress will withdraw from these 215,000,000 silver dol-
lars their full tender quality; it is not to be expected that Congress will redeem
and melt them and sell the metal. The fact then is that we can not but be two-
metallists.
METALLISM — MONO AND BI.
But do not bimetallists and monometallists agree more than they differ, so far as
the known facts of our situation oblige us to be concerned with them? Both
demand mints, which are public institutions for the exclusive manufacture of bull-
ion into coins, open, on the rule of first come first served, to all persons bringing
any amount of the one received metal, or, iu the other case, both of the received
metals, all such persons having the right to receive back their metal cut into coins
of specified weight, fineness, size, and inscription, consisting of the monetary unit
itself, and its multiples (and its fractions), and being full tender by law in payment
of all sums due and payable, the said monetary unit, if bimetallic, in coins of silver
and in coins of gold having a uniform ratio of weight.
The metal min l ed and the metal melted having thus an equal value iu fact, men
of both schools regard the monetary mass of either gold or silver, or, in the other
case, of both gold and silver, as consisting at any moment, actually, of the whole
metallic coinage of the world (gold, $3,300,000,000; silver, $2,200,000,000), plus poten-
tially all extant stores of the one metal, or, in the other case, of the two metals.
This plvs enlarges enormously the great sum to nearly the bulk of the product of all
mines of the one or the two metals in all past time,' computed at not far from the
half of, in the other case the whole of, $16,540,000,000. Not to be varied in amount
by legislation, its immense superiority appears as a kind and amount of wealth suited
to be the standard measure of all wealth, for it is a mass of which the annual incre-
ment (four years ago being $205,000,000. divided about equally between silver and
gold, and last year being from both metals $220,000,000), however large or variable,
is a petty percentage — say 1)3()30 per cent.
This relation between the small annual increment and the huge accumulation of
the precious metals by mankind in all time is a circumstance of the last importance
especially if all the economists are right in computing the total wealth of the world’,
stored, saved, and consuming, to be of less value at any moment than five times the
world’s gross income for the one previous year.
If the facts of our own monetary situation have been correctly ascertained and
.stated above> then it is now obvious that gold and silver monometallism may, with-
out prejudice to their high rank as monetary theories, be set aside at once as theories
practically inapplicable at the present moment for the guidance of the United
states. Silver monometallism, though current in India and Mexico, has few advo-
S. Eep. 235 42
658
cates among us, and, at any rate, is inadmissible. Gold monometallism has some
able advocates among us, but, at any rate, is inadmissible. We are in the presence
of 550,000,000 full tender dollars of gold and 215,000,000 full tender silver dollars,
the latter number now practically irreducible.
As metallists of both schools condemn all efforts by laws to manufacture a legal-
tender equivalent of any nation’s monetary unit out of the paper record of a promise
to pay that unit, it here suffices to allude to that episode in our history before show-
ing what the procedure of the Congress of the United States has been in making our
monetary unit reside in coin, formerly of two metals, latterly of oue metal, and the
relation of the bimetallic theory and practice thereto, and to our immediate problem,
the silver-dollar coinage. Indeed, the disparity between the two (285:100=100:35)
in July, 1864, when Congress tried to compel their equality, is comment enough,
from a financial point of view, upon the legal-tender laws of February 25, 1862, July
11,1862, March 3, 1863, and the law of May 31, 1878; though I can not myself believe
the voters of the several States will ever decide that their Federal Government holds
as sovereign a power to issue and reissue Treasury notes and make them a legal
tender in payment of private debts, as it has to coin money and borrow it.
THE MONETARY UNIT OF THE UNITED STATES.
A complete history of the United States coinage laws would include many unim-
portant as well as important details. Reference is here made only to those parts
which in every principal coinage law have prescribed either a singie unit of values
or what weight of fine gold should be equal to what weight of fine silver in the
monetary unit and its multiples, so that the least imperfect equivalence, the utmost
attainable stability therein, might be had, and every exchange of product or service
pass under a convenient and just standard and measure of value.
A table given on page xxiii is an analysis of the history of the United States mon-
etary unit, including every coinage act that has dealt with the unit from 1789 until
now. Setting aside the exigencies and the errors of the war period, when paper
expelled coin, that history is a record of proud integrity, of uniform good faith.
Congress has established justice, and maintained it in a chief article and instru-
ment of justice — the monetary unit. Tbe good faith dictating every change is
demonstrable. Marked by errors from the first act to the last, none of them is an
error without excuse. Perhaps the worst error of all is in the act of 1834 changing
the ratio, when Congress omitted to be guided by its ablest living adviser, the most
eminent of my predecessors in this office, Albert Gallatin, the friend and peer of
Jefferson and Madison, their counselor in finance, the originator of the Ways and
Means Committee, during three Presidential terms Secretary of the Treasury, and
the originator of its present system and best traditions.
It will first be convenient to indicate what the table does not show. It makes on
account of subsidiary coinage — that is, the coinage of silver for small change, dis-
paraged and not full tender. Such facts and metric changes in them are irrelevant
to the monetary unit. It makes no account of alloys, but deals only with the weights
of pure gold and pure silver. These alloys have changed, are decimal, of minor
importance, and irrelevant. It makes no account of the trade-dollar, the history of
which here would be confusing and irrelevant. It makes no account of the deduc-
tions from full legal tender proportional to loss of weight by abrasion or otherwise.
It makes no account of changes from gratuitous to compensated coinage, which,
though capable of great importance, not actually having been, may be neglected.
It does not show what things have had at any time the full legal-tender quality
conferred upon them whilst not an embodiment of the monetary unit — for example,
silver dollars of the present coinage. It does not show what things have had at any
time a full legal-tender quality conferred upon them by the Supreme Court, but only
a limited legal-tender quality conferred by Congress — for example, United States
notes which were not made legal tender from private citizens to collectors for duties
on imports, nor from the Treasurer of the United States to private persons for inter-
est on the public debt. It does not show the six or more different certificates, notes,
demand notes, etc., which, being received at the offices of the United States or else-
where by law or custom, are a part of our currency, but not in immutable equiva-
lence with the monetary unit.
659
Periods between
dates when
coinage acts of
the United
States took
effect.
Coinage
of their
gold into
dollars,
free to all
Coin gold
dollar and
its mul-
tiples an
unlimited
or full
legal
tender.
The United States
monotary unit.
Coinage
of their
silver into
dollars,
free to all.
Coin
silver
dollar an
unlimited
or full
legal
tender.
Ratio of
weight of
monetary
unit in
pure gold
t o ratio of
weight of
monetary
unit in
pure
silver.
Ratio of
same
weights
in Franco
all the
while, and
in the
great
coinages
of Europe
now.
2d of Apr., 1792,
to 31st of July,
1834.
31st of July, 1834,
tol8th of Jan.,
1837.
18th of Jan.,
1837, to 1st of
Apr., 1853.
1st of Apr.,
1853, to 1st of
Apr., 1873.
1st of Apr.,
1873, to 20th
of June, 1874.
20th of June,
1874, to 28th
of Feb., 1878.
Free coin-
age.
Full ten-
der.
Pure gold, Pure sil-
troy ver, troy
grains. grains.
24 -75 = 371 -25
do
.. .do
23 20 = 371-25
do
do
23 -22 = 371 -25
do
do
do
do ... .
do
do
23 -22=371-25
23 -22
23 -22
Free coin-
age.
do
do .....
....do
Not free . .
do
1:15
U :16 -0021
1 1:16+ £
<,1:15 -988?
<1:10- 5
1:16—
Full ten-
der.
..do
do
do
do
Limited
to $5,
sec. 3586,
R. S.
1:15 -5
1:15 -5
1:15-5
1:15-5
1:15-5
1:15-5
28th of Feb.,
1878, to Dec.,
1885.
do
do
23-22
do
Full ton-j
der.
1 :15 -5
The history of the monetary unit shows that from 1792 to 1873 that unit was
embodied by law in either metal. The arrangement is such as is now called bime-
tallic. From 1873 till now, gold has been made by law the sole embodiment of our
‘•unit of value.” But what is most notable is not that historical fact. Most notable
is the fact exhibited from 1792 to 1885 in a variety of historical circumstances— the
seeking after perfect equivalence in contemporaneous and successive coin embodi-
ments of the monetary unit.
Equivalence in the contemporaneous coin embodiments of our monetary unit was
the purpose of the coinage laws of 1792, 1834, 1837, and 1853.
Equivalence in the successive coin embodiments of our monetary unit was the
purpose of the coinage laws of 1834, 1837, 1853, 1873, and 1878.
During the time when the 391-25 troy grains of line silver continued to be a coin
embodiment of the monetary unit, there was no appreciable fluctuation in its value
as compared with the mass of commodities, services, and savings measured thereby.
Slight variations in the gold coin, therefore, made solely for the purpose of retain-
ing both metals in use, and for reaching a more perfect equivalence in order to retain
both metals in use, are only confirmations added to proof in the uniformity (371-25)
from 1792 to 1873. During the time when 23-22 grains of pure gold have been either
a concurrent or the single coin embodiment of our monetary unit, there has been no
demonstrable fluctuation in its value as compared with the mass of commodities,
services, and savings measured thereby. Whatever may be speculated, it is not
within the wit of man to name any monetary unit more stable.
TIIE COINAGE LAWS FROM 1792 TO 1878.
1792. — Pure gold 24-75 = 371-25 pure silver; ratio 1:15. Equivalence was the
purpose avowed in the celebrated Mint Report of Hamilton, and intended in the
adoption of his ratio and recommendation by the Second Congress. And if the orig-
inal error shortly disclosed, or disclosed by later requirements of gold for England’s
resumption, can at all be traced to a defective appreciation of the effect produced
by the legal-tender impartment to coin, concurrent with commercial causes in the
nature of demand, upon the rating of either metal, it is to be observed that the mas-
terly paper of Hamilton has an excuse not shared by later documents in which that
effect is sometimes equally overlooked, and sometimes strained to cover all the cru-
dities of a proposed “fiat money.”
1834. — Pure gohl23-20 = 371 -25 pure silver ; ratio 1 :l(i-f-. Equivalence contempora-
ons, equivalence successive, was the practical object of the change in tho ratio of
the two metals made in 1834. An error in the ratio had expelled gold coin from the
660
country, as an error in our proceeding may do now. Senator Benton said “the
extinction is complete.”
In order, therefore, to recover the expelled metal so as to embody in two metals
again the monetary unit, it was necessary to change the ratio, and "to change it by
a change in the grains of the metal not then possessed, and thereafter to be attracted
and coined, rather than of the grains in the metal then coined and in daily use.
For one adequate reason, not to mention causes contributory, viz, the preponderant
coinage of both metals by France, whose mints were then open, like our own, to all
comers, at a fixed ratio, (1 :15-5), more favorable to the owners of gold than our own
ratio, (1 :15), the United States had lost their gold circulation both in domestic trade
and foreign commerce. The profit in exporting gold was palpable.
The Congress of 1834, therefore, sought to recall gold and to keep gold while also
retaining silver. Nothing else but equivalence in the two forms of the monetary
unit could retain both. But their object was to retain both, and if the commerce
of the Avorld had had the same geographical limits as the laws of the United States
the statute of 1834 would -have retained both; but bimetallism is nothing if not
international, and the failure was disastrous. The ratio of 1834 sufficed to expel
silver, as the ratio of 1792 sufficed to expel gold.
Overlooking the advice, the experience, the expert knowledge of Gallatin, Con-
gress in 1834 adopted a ratio as far from correct on the one side as the ratio of 1792
had been om the other side. For the ratio of 1:15 the United States substituted the
ration of 1: 16. Again, as before, the preponderant coinages of France (not to men-
tion those of other nations of Europe), whose mints were then open, like our own, to
all comers at a fixed ratio (1 : 15-5), being now more favorable to the owners of silver
than our new ratio, 1 : 16-002, the United States began to lose their silver circula-
tion. The profit in exporting silver was palpable.
The act of 1834 has been described as contriving inequivalence in the monetary
unit, and then cited as a precedent of financial integrity. The precedent is mis-
understood. That Congress sought a just equivalence and not an unjust disparity
in the search for the lost metal, is proved by the fact that they lost the other metal
in that search. The weight of fine metal in one coin embodiment of the monetary
unit was not altered then or ever afterwards, as its tabular history shows, nor was
the weight of the fine metal in the other reduced to obtain a profitable disparity.
It was reduced to obtain a just equivalence, and reduced infelicitously so much as
to fall on the other side.
From 1:15 the Congress passed over the unvalued but controlling ratio of 1:15-5
on to the ratio of 1 :16-002. But there was no change in the actual value of either
metal to a less real value at that time, nor until forty years after, when Germany,
seeking to substitute her silver circulation for the gold part of the circulation of
France, after 1873, constrained France, in 1876, to close her open mints to silver, and
put au end to her bimetallism at the prevalent ratio of 1:15-5, which had, by the
two errors of Congress, drained the United States first of one metal and then of the
other. Gold then was not, like silver now, bought and coined by the Treasury into
dollars which foreign circumstances had made of inferior value to the saiue quantity
of metal at an earlier date. Neither metal, in fact, varied measurably from a steady
value, or from that equivalence in the commercial world and in the law of France
upheld at the ratio of 1:15-5.
1837. — Pure gold 23-22=371-25 pure silver; ratio 1:16 — . The only change to be
noted under the law of 1837 is the putting a triiie more gold into one form of the
monetary unit in order to conform the alloy to a decimal system. It is of no impor-
tance.
1853. — Pure gold 23-22 = 371-25 pure silver ; ratio 1 : 16 — . The weights of the fine
metal in either form of the monetary unit and the ratio of their weights remain the
same under the act of 1853. Equivalence contemporaneous, equivalence successive,
are still maintained. But the silver metal which could not be kept at home while
the French mints were coining both metals at a ratio more attractive than ours to
the owners of silver, by about 3 per cent, was needed imperatively, at least for frac-
tional coins, and although the fact lies outside the scheme of the foregoing table, it
is important and should be noted. The law was successful for that limited purpose,
and three years later the legal-tender quality which had been of necessity conferred
upon foreign silver coins was withdrawn and ended. And now it should be observed
that from 1853 to 1873, as from 1792, free coinage and full legal tender were given to
both metals, whoever brought them seeking to obtain either form of the monetary
unit. The law of 1853, which established a subsidiary coinage for small change, did
not withdraw the right from any owner of silver to have his metal cut into dollars
of an unlimited legal tender, indeed, 5,538,948 such dollars were coined in those
twenty years. But why no more? And why did so many of these stream abroad
even before the day of paper came? The French mint and its ratio again explain.
And why did not in pairs the silver half dollars authorized by the act of 1853,
coined at a ratio of 14-88 : 1, operate even more effectually than from 1792 to 1834 the
661
silver whole dollar, coined at a ratio of 15 : 1 had, to expel gold? If 15 : 1 did it while
France was coining at 15*5 : 1, more effectual still might seem to have been 14-88: 1,
offering more than"3 per cent profit. The first break in the custom of free coinage
had occurred.
Free coinage was not given, or such would have been the effect upon gold. The
coinage of silver at 14*88 : 1 was confined to small purchases of silver bullion made
by the treasurer of the mint, and no deposits for the fractional coins were there-
after received. But the coining was free of the full-tender silver dollar.
1873. — pUre gold 23-22. “ That the gold coins of the United States shall be a one-
dollar piece, which at the standard weight of twenty-five and eight-tenths grains,
shall be the unit of value.” * * * (Sec. 14.) But such it had been for thirty-
six years, though not till now alone in that office. Free coinage of a full-tender
silver dollar was all that was withdrawn by the act of 1873, or changed, omitting
the things mentioned above as excluded here, being quite irrelevant to the silver
question. The right withdrawn was a right long unused, and it was a right long
unused because it was a right unprofitable to any owner of silver in the United States.
The unlimited legal-tender quality of any silver dollar still existing, unmelted,
uuexported, in the cabinets of collectors or the strong boxes of hoarders, whether
the dollar of 1792 or the dollar of 1834 (which differed only in the proportion of
alloy, not in the quantity of pure metal, 371-25 grains, as the table shows), was
not withdrawn.
These two facts may profitably be compared with the bubbles blown about them
since the time after the passage of the act of 1873 when, by the ending of bimetallic
minting in France, in Europe, in the world (the last French mint certificates w-ere
issued in July, 1876), and the fall of silver, the free coinage of full-tender silver dol-
lars of 371-25 grains at a legal equivalence with the 23-22 grains pure gold then made
without protest, and now remaining without change the sole coin embodiment of
our monetary “unit of value,” had become for the first moment since 1834-1873 a
highly profitable transaction for the silver miners (less than 100,000) of the United
States, but not for the people (more than 50,000,000; of the United States.
The charge that Congress was furtively seduced into passing the act of 1873 is thus
a manifest error. But in its relation to the passage of the act of 1878, it is not super-
fluous to mention that the coinage act of 1873 was read in the Senate more than once,
in the House at least once, was printed by order of Congress thirteen times, was con-
sidered in the committees of both Houses during five different sessions, and the
debates upon it occupy 144 columns of the Congressional Globe. The act of 1873
made no change in the two-metallism established in the United States when the infe-
licity of the bimetallic ratio of 1834 induced the subsidiary coinage of 1853.
1874. — Pure gold 23-22. The revision of the Statutes of the United States was
adopted the 20th of June, 1874. Silver-mine owners were still far from getting sight
of their approaching interests if silver farther fell ; but the revisers made section
3586 to read: “The silver coins of the United States shall be a legal tender at their
nominal value for any amount not exceeding five dollars iu any one payment.” If
six silver dollars of the coinage of 1792 or of 1834 wereiu company with one another
anywhere, which may be doubted, and if the affirmance of a five-dollar legal tender,
which was obviously intended to relate to fractional coins alone, operated a negation
unexpressed upon the unlimited legal- tender quality, theretofore conferred, of silver
coins not fractional which had almost ceased to exist, then the revisers of the stat-
utes may be held to have made a change in the law without warrant, and also with-
out importance.
1878. — Pure gold 23-22. The coinage act of 1878 left standing the monetary “ unit
of value” embodied and established by the act of 1873 in 23-22 troy grains" of fine
gold (25-8 standard). It is unjust to ascribe to the Forty-fifth Congress, which
passed that act, an alteration in our monetary unit. They still maintained its strict
equivalence, even its identity, with one of the bimetallic forms of that unit estab-
lished more than forty years before, the sole form of that unit as established five
years before.
Noting the extreme fall in the metal which had also been its embodiment from 1792
to 18?3 they let the unit of value alone. More than that, Congress recognized in the
second proviso of the act of 1878 the actual and the legal disparity between the coin
which they required to flow from the mints and the coined monetary unit in the
Treasury which was represented by gold certificates. Congress gave a full legal-
tender quality to this silver coin, but not also the free coinage to all comers which
the history of our monetary unit shows to have been its uniform concomitants from
the first establishment of that unit to the present hour. But Congress also explicitly
recognized its inferiority to the gold certificates upon which they had never bestowed
the legal-tender quality. Moreover, Congress did not diminish the weight of the
precious metal in the silver dollar. They required it to be coined of the same num-
ber of troy grains of pure silver (371-25) as had been put in every coin of that name
and metal when, as from 1792 to 1873, it was one embodiment of our monetary unit
with free coinage for all comers and full legal tender.
662
THE MONETARY UNIT INVARIABLE.
This analysis of our coinage laws and explanation of their history yield light for
guidance now. Ordained “ to establish justice,” the Constitution itself is but-
tressed by this first century of constancy in the Congress to a continuous and just
equivalence in the successive coin embodiments of the monetary unit for a standard
and measure of value. The precedent stands, and will stand for centuries to come,
the admiration, the pride, the rule of law and of duty for many generations of self-
governing freemen. It is for us to pass on unimpaired this high tradition of finan-
cial integrity. But of justice as of liberty, eternal vigilance is the price.
Our 215,000,000 silver dollars are by law full legal tender. Sharing that function
with the monetary unit itself, the honor of the country, not less than its interests,
is involved in the preservation of their equivalence with that unit wherever our
citizens dwell and our laws run. Equivalence in foreign trade, for the reasons
above indicated, is for the present quite impracticable. Equivalence in domestic
trade is practicable. But that equivalence is now imperiled by the continuing
coinage and increasing number of the silver dollars. This is much more than a
deliberate judgment of the Secretary of the Treasury. It is attested to him from
the centers of trade in all parts of the country, as much from the South as the
North; as much from the West as the East.
Not alone our able statesmen and instructed economists and financiers advise the
stopping of the silver coinage now, but wherever our fellow-citizens are concen-
trated in commercial cities and towns, the business classes engaged in the trade, the
enterprises and manufactures of those centers, and the still larger masses of work-
ingmen employed by them, urge the stopping of the silver coinage now. It is these
classes which are always first to perceive such perils to industry and trade and the
consequences they entail. To their judgment in such a matter even the acts of Con-
gress touching commerce and currency are finally appealed. For it is their inter-
ests first, and afterward the interests of the agricultural classes, which are endan-
gered. Every business man from day to day must form his separate judgment of
any medium of exchange which he may be obliged by law to take in his next bar-
gain. Twenty years ago the gold dollar was not kept from a premium, to-morrow
the silver dollar cannot be kept from a discount, in disregard of their appraisal.
ONE-METALLISM OR TWO-METALLISM— OUR ONLY CHOICE.
The choice before Congress is not between silver monometallism and gold mono-
metallism. Both are inadmissible. The choice before Congress is not between
bimetallism and either gold or silver monometallism. The latter are not admissible,
and bimetallism is only possible with the co-operation of other nations, which is not
now to be had. For, although France holds the same friendly attitude, and would
be followed by some of her associates of the Latin Union, England now, as in 1878
and 1881, is unwilling to depart from her mintage of gold alone into coins of unlim-
ited legal tender, and Germany now, as in 1881, regards the concurrence of England in
an international bimetallic union as a sine qua non. Such being the facts estab-
lished upon abundant testimony, official and unofficial, gathered by the Department
of State, it becomes plain that the choice of Congress is only in fact between stop-
ping the coinage of silver dollars or risking by further coinage the inequivalence
of those dollars with our monetary unit, risking the fall of the value of 215,000,000
silver dollars from their legal domestic rating to their commercial international
value, which is 20 per cent less, and involving such a disuse in our domestic trade
of 550,000,000 dollars of gold coin, as when gold was ejected by paper during the war.
The only choice before Congress, therefore, is the choice between one-metalism
and two-metallism. The silver dollar can not be kept in equivalence with the gold
dollar if the coinage of silver continues. The gold dollar can not be kept in full
domestic circulation if the silver dollar is suffered to fall. Coining more necessi-
tates its fail. Doubtless some may hope that more silver dollars can be coined and
yet their equivalence with the monetary unit not be lost. It is respectfully sub-
mitted that there is no compensation for that risk, and that a judgment so accord-
ant of the great business classes who carry on the exchanges of the country must be
accepted as a final estimate of that risk.
A HEAVIER DOLLAR.
Nor should it be forgotton that every silver dollar coined hereafter at our present
ratio would be. as the coining of every dollar since 1878 has been, a direct hindrance
to the international bimetallic union then avowed as the object of our legislative
policy. This objection is fatal also to the proposal to put more silver into the dollar
663
than 371*25 grains of fine metal (412-5 standard). But that scheme is an admission
of the stability of our present monetary unit, an express assertion of our duty to
make every full-tender substitute for that unit its acceptable equivalent. Another
decisive criticism upon the proposal is that it implies the necessity of further pur-
chases and coinage of silver, which necessity does not exist, and proposes a remedy
for the continuance of a danger which does not need to be prolonged. Stopping
the coinage now is a perfect remedy for the evil which the business classes have
measured, judged, and desire to see averted. They do not wish its recurrence in
a varied form.
Increasing the weight of silver in the dollar assumes the present dollars to be inca-
pable of continued equivalence with the monetary unit, when, in fact, by stopping-
further coinage they can beheld in our domestic exchanges to that equivalence, ami
the chance retained that the several great powers which are also sustaining the full-
tender use of depreciated silver, by local national law, may come to “ pool their
issues/’ and so restore silver to international currency. Such union now seems hope-
less, while we continue to mitigate the difficulties of other nations by taking off the
market half the product of our own mines, which is nearly half the product of the
world. Is it not worth while to try the results of an altered situation after so many
years of failure? Is it not worth while to see what can be done when the United
States shall have put an end, by stopping the coinage, to the charge that they are
moved by selfish interests, and trying to market their silver; when the United
States, by stopping coinage, shall have put themselves upon an equality with the
other gold and silver using nations who have all stopped silver coinage; and when
the United States shall thus be able to negotiate for open mints and free coinage to
all comers, with the large offer to join in free coinage to all in place of no coinage,
rather than with the lesser offer of free coinage to all, in place of the coinage of
Treasury purchases of $24,000,000 worth of silver.
The coinage of a heavier dollar would obstruct the success of such an experiment.
The coinage of silver not being free to all comers, but being exclusively a coinage of
Treasury purchases of silver, there is no reason for making a heavier dollar, whether
the purchases are to continue or to be stopped. Treasury purchases of silver are
anomalous, unprecedented except in the case of subsidiary coin, and a hindrance
to the restoration of a sound currency. If the silver dollar is full tender, but not of
free coinage, its currency is confined within the country where the laws run which
make it full tender. It can not be forced across the Atlantic or Pacific, except as
metal. Legal-tender laws do not cross national boundaries. The silver dollar of
371.25 grains within our boundaries can be kept equivalent to our monetary unit of
value if no more are coined; and the metal in it will not fluctuate more from the
datum line of 23.22 grains fine gold than the metal in a 500-grain silver dollar would,
though it may fluctuate a little farther off. If the silver of our dollar is to be dealt
with as a commodity, it cannot be kept in equivalence with the coin monetary unit
any more than it can be kept in equivalence with some other commodity than itself.
The proposal to make a heavier dollar, like the proposal to make unlimited legal-
tender silver bullion certificates on a variable commercial ratio of the metal with
gold money, is a proposal to treat silver as a commodity. If the silver of our dollar
is to be dealt with as a part of the monetary metal of the world to which the full
legal-tender power of leading governments is to be applied, 371.25 grains of fine sil-
ver can be made equivalent with 23.22 grains of fine gold as effectually as 500 grains
of fine silver can.
STOPPING THE COINAGE WILL NOT AFFECT PRICES.
An adequate sense of the magnitude of the actual coin-money stocks of the world
which join with the potential money existing in uncoined gold and silver, and
with all their numberless equivalents, substitutes, and representatives, to measure
prices, not to mention growing economies in the use of money, by checks, bills of
exchange, book-credits, clearing-houses, postal orders, telegraphic transfers, etc.,
which operate in the same direction, enforces the lessons of experience as to the
impotence of any nation’s legislation to affect prices, if prices are measured by a
stable monetary unit. Changing the measure changes nothing except the owner-
ship of the property of the cheated ones. It does not change prices measured hon-
estly. But the lessons of experience can not be completely learned in a moment.
For the general range of prices of the hundred chief commodities of civilized man’s
use has been more than a third of a century in completing the last leisurely cycle of
its rise and fall.
The range of prices is lower to-day than since the discovery of gold in California.
The redistribution of populations in the two hemispheres since then is vastly more
ascribable to legislative contrivance than is the low level of prices. Prices in the
United States are the record of the fluctuations of commodities and currencies in the
markets of the world. They are not merely domestic fluctuations. Odessa and India
664
appear in the price of wheat at Chicago. Our legislation chiefly concerns 55,000,000
people, but piices are the outcome of twelve or fifteen hundred million people’s affairs.
Yet we are occasionally told that the present general fall of prices has been caused
and can be counterpoised by the variation of a few hundredths of 1 per cent in the
ratio of our own silver-coin stock to the mass of the monetary metals of the world —
by the transfer of more silver from mines in Nevada to vaults in New York.
Man’s inventions and industries are hammering down the prices of all the products
of man’s labor. If one New England town by one week’s labor can shoe all the feet
in Cincinnati, Chicago, and St. Louis for a year, when a year’s work was too little
one decade ago, how shall not the price of shoes go down? Everywhere the effort is
to obtain shelter, clothing, food, and the ornaments of these necessities of life at a
smaller expense of mental energy and bodily toil.
The history of inventions is the record of permanent reductions of the cost of
getting man’s necessities. This reduced cost makes possible the enlargement of the
comforts of all, a higher and higher standard of life for the poor. How shall the
reduced cost not appear in dropping prices? But things on hand bought to sell fall
while held. To the trading classes a fall of prices when comprised in too brief
periods can not but bring some measure of distress; when continued for too long
periods, can not but entail a general depression of trade. But when it is neither
sudden nor prolonged enough to throw large numbers out of employment, the great
mass of working men and women find in lower prices almost unmixed good. Wages
are always at once exchanged, with some deduction for saving, and if prices are
lower the same wages buy more. Even where reduced prices necessitate reduced
wages (and on the whole, even in Europe, the return to labor grows more and more)
the wage-receiver gets the advantage of wages being slow to move, as he gets the dis-
advantage of their being the last to move when from a degradation of the unit of
value, or its legal equivalent, prices measured by that unit going up, the same wages
buy less. To keep the unit of value stable is the true limit of legislative control
over prices.
A POORER DOLLAR REDUCES THE WAGES OS' LABOR.
A large proportion of our workingmen of mature years have had an instructive
experience that lowering the value of any so-called dollar, legal-tender of payment
for their wages, is a lowering that is compensated to everybody else before compen-
sation reaches them. It is a lowering that lifts the prices of all commodities before
it lifts the rate of their wages. A cheaper dollar for workingmen of the United
States means a poorer dollar. The daily wages of our workingmen and working-
women are by far the largest, by far the most important, aggregate of wealth to be
affected by the degradation of the dollar, or of any legal-tender equivalent of the
dollar. All other aggregates of wealth, the accumulations of capitalists, which can
only obtain profitable use by being turned over daily in the wages of workmen and
the employment of the captains of their industry, all other aggregates of wealth
which remain unemployed in the payment of wages of the day, the month, the year,
are not to be compared in their sum to this gigantic sum. It is this gigantic sum,
the wages of labor, which is assailed by every policy that would make the dollar of
the fathers worth less than its worth in gold. The debt of the United States, large
as it is, is a wart beside that mountain. If by defrauding our fellow-citizens who,
directly or indirectly, through the savings banks, hold those promises to pay a dollar
on demand or in due season; if by letting the silver dollar fall below the gold dol-
lar, we could take a third off the burden of the public debt, much less than $10 a
head would thus be saved to the people of the United States. How long would $10
apiece pay our working men and women for the loss of a third off every dollar of
their wages? How long before they could get their wages raised enough to buy as
much as before?
TAXATION REFORM.
In another communication which accompanies this, my first annual report, I have
endeavored to present a full and complete exposition of the existing condition of the
customs service, of the rules and regulations that I have established to secure a just,
faithful, and impartial appraisement of imported merchandise, together with my
reasons for making such rules and regulations, and of the legislative measures which
are now needed for improving that portion of the revenues. The revision and
changes of rates of duty made in 1883 have already disclosed, in practical execution,
defects which are commended to the early attention of Congress.
Besides the reforms which are desirable for the effective administration of any sys-
tem of taxation levied through imported merchandise, and are indispensable for the
administration of customs laws which, like our own, are a chaos rather than a sys-
tem, I venture to hope that in due season it will be the pleasure of Congress to con-
bide’r some other reforms upon which, as is requisite, all parties may agree, and that
665
are of a different scope. Like our currency laws, our tariff laws are a legacy of
war. If its exigencies excuse tlieir origin, their defects are unnecessary after twenty
years of peace. They have been retained without sifting and discrimination,
although enacted without legislative debate, criticism, or examination. A horizon-
tal reduction of 10 per cent was made in 1872, but was repealed in 1875, and rejected
in 1884. They require at our custom-houses the employment of a force sufficient to
examine, appraise, and levy duties upon more than 4,182 different articles. Many
rates of duty begun in war have been increased since, although the late Tariff Com-
mission declared them “ injurious to the interests supposed to be benefited, ” and said
that a “reduction would be conducive to the general prosperity.” They have been
retained, although the long era of falling prices, in the case of specilic duties, has
operated a large increase of rates. They have been retained at an average ad valo-
rem rate for the last year of over 46 per cent, which is but per cent less than the
highest rate of the war period, and is nearly 4 per cent more than the rate before
the latest revision.
The highest endurable rates of duty, which were adopted in 1862-64 to off-set inter-
nal taxes upon almost every taxable article, have in most cases been retained now
from fourteen to twenty years after every such internal tax has been removed.
They have been retained while purely revenue duties upon articles not competing
with anything produced in the thirty-eight States have been discarded. They have
been retained upon articles used as materials for our own manufactures (in 1884
adding $30,000,000 to their cost), which, if exported, compete in other countries
against similar manufactures from untaxed materials. Some rates have been retained
after ruining the industries they were meant to advantage. Other rates have been
retained after effecting a higher price for a domestic product at home than it was
sold abroad for. The general high level of rates has been retained on the theory of
countervailing lower wages abroad, when, in fact, the higher wages of American
labor are at once the secret and the security of our capacity to distance all competi-
tion from “ pauper labor,” in any market.
All changes have left unchanged, or changed for the worse, by new schemes of
classification and otherwise, a complicated, cumbrous, intricate group of laws which
are not capable of being administered with impartiality to all our merchants. As
nothing in the ordinary course of business is imported unless the price here of the
domestic, as well as of the imported, article is higher by the amount of the duty and
the cost of sea-transit than the price abroad, the preference of the tax-payer for
duties upon articles not produced in the United States is justified by the fact that
such duties cost him no more than the Treasury of his country gets. As for duties
affecting articles that are also produced in the United States, the first to be safely
discarded are those upon materials used by our own manufacturers, which now sub-
ject them to a hopeless competition at home and abroad, with the manufacturing
nations, none of which taxes raw materials. It is not to be doubted that in any
reform which shall finally receive the approval of the two Houses of Congress, they
will maturely consider and favorably regard the interests which can only gradually
and carefully be adjusted, without loss, to changes in the legislative conditions for
their advancing prosperity. With this view, I have invited, in some two thousand
circular letters to our manufacturers and merchants, their enlightened cooperation
in the improvement of our fiscal policy, and the replies received will hereafter be
submitted to the consideration of Congress.
****###
[Report of the Secretary of the Treasury, December 6, 1886.]
THE SILVER QUESTION.
Since the dato of my last annual report, tho attitude of an important government
toward the silver question has been changed. The matter is of consequence, and
requires detail.
Last December the results of our special mission to the governments of France,
Germany, and Great Britain had just been obtained, and were as follows:
Tho French Government remained of the same mind as when it had united with
the Government of the United States in calling the International Monetary Conference
of 1881. The German Government deemed the cooperation of Great Britain in any
change a sine qua non. The Government of Great Britain, administered by the same
party and principal persons thon as now, saw no reason to depart from the position
held by that Government at the International Monetary Conferences of 1878 and 1881.
The position which the delegates of the British Government wore instructed to
take at each of those conferences had been adverse to the object sought by the United
States. That object was the opening of the mints of the governments of the United
States of America and of the leading European States to tho free coinage of both
666
gold and silver into unlimited legal-tender money at a ratio fixed by international
agreement.
Thus, at the International Monetary Conference of 1878, the British delegates had
led Mons. Leon Say, the first French delegate, and a majority of the conferees to
declare that silver, like gold, of course, must be kept a monetary metal, but each
state or group of states must act for itself in the choice and the minting. An inter-
national ratio being pronounced undebatable since the bimetallic states did not
undertake an unlimited coinage of silver, the British delegates further declared
their hope that every state would not prefer gold, while insisting upon Great Britain
keeping to her own preferences, and that a fixed ratio was “ utterly impracticable.”
These declarations, of course, frustrated the object of the United States in calling
the international monetary conference of 1878.
During the next three years the powerful polemic of Mons. Henri Cernuschi revo-
lutionized the opinion of leading men in Europe and terminated the dependence of
France upon Great Britain. The Government of France joined the Government of
the United States in calling the next International Monetary Conference, held at
Paris in 1881. The object o*f the United States, now supported by the invaluable
concurrence of atlie greatest among the great metallic powers,” was again the
same — the opening of the mints of a group of such powers to the free coinage of
gold and silver, at a ratio fixed by international agreement, into unlimited legal-
tender money. The delegates for Great Britain declared that their monetary system
since 1816 had rested on gold as a single standard; that this system had satisfied all
the needs of the country without giving rise to the difficulties manifest elsewhere
under other systems, and for these reasons it had been accepted by the governments
of all parties and by the nation. The Government of Great Britain, therefore, could
not take part in a conference as supporting the principles proposed, and her dele-
gate was not permitted to vote. This declaration, of course, frustrated the object
in assembling the International Monetary Conference of 1881, for the Government of
Germany, following the lead of Great Britain, was resolved to retain a monetary
system like hers.
I am informed by the Secretary of State that the above declaration of 1881, in
respect to the support given by the Governments of all parties to the present mone -
tary system of Great Britain, was in the summer of 1885 reiterated to our special com-
missioner, Mr. Manton Marble, not more clearly by the highest officials than by the
most eminent characters of the opposite party who had just resigned the seals of
office. In January of the present year, however, before the return of those opponents
to office, a correspondence was opened between two departments of the British exec-
utive (by the India office with the Treasury), which marked the point of a new depar-
ture.
NEW GOLD AND SILVER COMMISSION IN GREAT BRITAIN.
The first letter from the then Secretary of State for India ended as follows:
“ Lord Randolph Churchill * * * desires at the same time most earnestly to
press upon my Lords the importance of making every endeavor that is possible to
bring about, by international agreement, some settlement of the question how the
free coinage of silver may be revived, and the comparative stability of the relative
value of gold and silver, which is so essential for the regular course of trade, and
which is of vital importance to India, may be secured.”
This urgency was supported by a telegram from the Government of India, saying:
“ We are of opinion that the interests of British India imperatively demand that
a determined effort should be made to settle the silver question by international
agreement. Until this is done, we are drifting into a position of the most serious
financial embarrassment, in regard to the consequences of which, not only as regards
our financial position, but in respect of measures of taxation in relation to our rule
in British India, it is impossible not to be seriously apprehensive.”
The rejoinder (May 31) of the Treasury, then for a brief while under the direction
of Mr. Gladstone’s government, maintained the position traditional in both parties,
supporting the same by the authority of Lord ^Randolph Churchill’s associate and
predecessor, Sir Stafford Northcote, and closing as follows:
“It is obvious that her Majesty’s Government could take no measures for summou-
ing or cooperating in a new monetary conference until they had previously deter-
mined what policy they. should initiate or consent to. The whole subject is under-
stood to be under consideration of the Royal Commission on the Depression of Trade,
but my Lords can find nothing in the correspondence and information before them
which should induce them to depart from the instructions given to the representa-
tive of this country at the conference of 1881.”
The third report, last summer, of the said Royal Commission, of which Lord Iddes-
leigh (Northcote) is chairman, after reference to every cause for the changed rela-
tive value of the two metals, except the first cause, to which I shall presently allude,
ended by recommending a special gold and silver commission.
667
By tlio return of the Tory party to power in the elections of July, that recom-
mendation fell into the hands of those who had made it. In September the Royal
(fold and Silver Commission was created, as a petition signed by 243 members of the
House of Commons had requested that it should be —
“To inquire whether it is possible to suggest any remedies within the power of
the legislature or the Government by itself or in concert with oilier powers, which
would be effectual in removing or palliating the evils or inconveniences thus caused,
without injustice to other interests and without causing other evils or inconveni-
ences equally great. Lastly, if the commission are of opinion that this is possible,
they should state the precise form which such remedies should take, and the manner
in which they should be applied.”
But the return of the Tory party to power was signalized by a new distribution of
cabinet offices. The First Lord of the Treasury (lddesleigh) and the Chancellor of
the Exchequer (Hicks-Beacli), who had successively held the leadership of tho House
of Commons, and whose opinions had been cited by Mr. Gladstone’s government for
a rebuke to the India Office, were translated to other functions; whereas tho former
Secretary of State for India, who, in January, had urged every endeavor for an
international agreement to revive the free coinage of silver, took the chancellorship
of the exchequer and tho leadership of the House of Commons. In that place and
office Lord Randolph Churchill announced, on the 7th of September, the members
of the Gold and Silver Commission. Its chairman, a vice-president of the Bimetallic
League, and one of its expert members, the financial secretary of the Government of
India, are known by those who concern themselves with the views of thinkers on
this subject to share in the belief that an international agreement to open the mints
of leading governments to the free coinage at a fixed ratio of both gold and silver
into a limited legal-tender money would suffice to restore the relative value of the
two metals to their old stability.
Whatever may be the conclusions of this commission, whatever the prosperity of
those conclusions with cabinets or parliaments, its appointment and character mark
a change in the attitude of the British Government toward that belief, at least from
indifference to considerate attention. The change is important. Nevertheless,
weighty are the words of Mr. Gladstone’s government, reiterated last May: “An
entire change in public opinion must take place before a change of monetary policy
in this country could be seriously contemplated.” While men of light and leading
may strive to form public opinion in a matter of critical importance to the general
prosperity, but so recondite that not one Englishman in a hundred thousand is capa-
ble to form a judgment on it, and so repellent that not half the capable will try,
yet, even for agreement among the competent, silence among the incompetent, and
faith among the masses, time will be necessary. Moreover, in Great Bi’i tain as else-
where, it has been the fashion to discredit, as the mere schemes of currency-mongers
or of ignorant inflationists, a bimetallic theory of money long prevalent in the suc-
cessful practice of nations, but which owes both its scientific statement and authority
to a generation later than that which could but conceive an Anglo-centric monetary
system. Apart from prejudice, wont and use will make it difficult, like the change
to the modern theory of the planetary movements, for a generation born and bred
since 1816 to interpret the function of money from a universal instead of an insular
point of view.
I am, therefore, far from supposing that the recent heavy fall of silver compared
with gold, and its effects upon Indian finance and English trade, have dispelled an
illusion prevalent in great Britain for seventy years, or that the changed attitude
of her present government amounts to a caudid confession that the act of a British
Parliament in 1816 was the fount and origin of the present great disturbance of the
monetary peace of the world, which her persistence in error has aggravated and
prolonged.
THE BRITISH GOLD-STANDARD ILLUSION— ORIGIN OF THE MONETARY DISLOCATION.
The illusion consists in seeing the standard measure of commodity, prices through-
out Great Britain, in the gold exclusively coined by her mints, instead of in the sil-
ver and gold of the world.
The illusion is extraordinary, for it has not been denied by her greatest economists
that prices are an expression (in terms of any national monetary unit embodied in
coin) of the relation between the quantities of the two metals a'ud of commodities.
Nor has it been imagined that London prices expressed the relation between the
quantities of gold only and of commodities, Calcutta prices the relation between
the quantities of silver and of commodities, Paris prices the relation, on a third and
different scale, between the quantities of the two metals and of commodities. The
fact, too, is apparent, that prices are one, though expressed in many languages, the
language of each nation’s monetary unit, which unit may here be embodied in gold
668
alone, or there in silver alone, or elsewhere in both silver and gold, in pounds ster-
ling, dollars, rupees, francs, marks.
Nevertheless, it is supposed that in 1816 Great Britain did have a choice among
standards, got the best, and, holding up the same by her independent act and
authority ever since in her world-wide commerce, that gold alone has been her stan-
dard measure of prices, “satisfying all her needs without giving rise to the difficul-
ties manifest elsewhere among other systems.”
What Great Britain did by the act of 1816 was to close, then and thereafter, her
mints to the free coinage of silver into full legal -tender money, leaving them open for
the free coinage of gold alone into full legal-tender money.
In fact, Great Britain’s monetary standard, then as before and thereafter, which
measured and seored all commodity prices for herself and the trading nations of both
hemispheres, consisted of all the gold and silver of the world. Its prevalence was
in this wise : One nation or more gave free coinage to silver alone into full legal-ten-
der money, another nation or more gave free coinage to gold alone into full legal-
tender money, another coined both metals into full legal-tender money, and, fixing
the different weights of the two metals which should have the same debt-paving
and purchasing power, kept in use so large coined stocks of both as to make her
ratio prevalent. Gold, therefore, had in its proportiou as much paying power wher-
ever silver alone had free coinage as where both were coined. Silver, therefore,
had in its proportion as much purchasing power where gold alone had free coinage
as where both were coined. The two metals were thus joined practically in a
universal money, and the general range of prices which it measured was identical,
other things being equal, in Great Britain and elsewhere. In otherwords, the sil-
ver coinage which England shirked in 1816 was elsewhere done; the free coinage
at a fixed ration into full legal-tender money, which she had previously proffered,
both to all the gold and all the silver anywhere mined or melted, was elsewhere
actively maintained for sixty years. She neither had a different standard nor a sin-
gle gold standard; she was merely a factor in the general equilibrium of monometal-
lic coinages, which France, by a bimetallic coinage, had power to keep stable.
The dependence of Great Britain was absolute at the time her independence was
most vaunted.
Thus Great Britain’s exclusion of silver from mintage iuto unlimited legal-tender
money in 1816 did not at once promote the disuse of that metal in international
transactions, not even those in which her merchants and bankers were themselves
concerned, nor did it disturb the ratio of weight at which the two metals were given
and received as of equal value; nor did it affect that range of prices, the resultant
of the world’s industries and exchanges measured against the extant aggregate of
the two monetary metals, so long as great mints were elsewhere open and ready to
coin both into money. that was equally a lawful tender in fulfillment of every con-
tract or payment of debt created in the daily course of those industries and exchanges;
nor until i873 did Great Britain’s pursuit of an illusory standard finally disclose its
pregnant mischief.
CRISIS AND COURSE OF THE MONETARY DISLOCATION.
The mischief pregnant in Great Britain’s silver boycott of 1816 leaped to light
when Germany, in 1873, imitated that imperial blunder. Of the growtn of British
commerce, one uninfiuential circumstance, one mere concomitant (her exclusion of
silver from mintage iuto full legal-tender coins) was deemed a cause. Called by the
illusory name of the single gold standard, vaunted by Great Britain herself as “ a
monetary systorn under which she has enjoyed much prosperity,” and thus accred-
ited as a partial secret of the greatness of her commercial empire, it obtained the
admiration of a rising power, then more exercised in the military than the indus-
trial arts, and but recently consolidated into political unity after a gigantic war.
Equipped with the ransom paid into the Imperial Treasury by a rich but vanquished
power, the statesmen of Germany determined, at any cost, to possess her of the gold
fetich.
Closing her mints to the further coinage of silver, retiring from circulation her
silver theretofore exclusively coined and seeking to effect its substitution through
the open mints of France for the gold of France, throwing large quantities of silver
upon the English market at short intervals and in unknown amounts for sale, Ger-
many, by her legislation of 1871-73, thus conceived in the likeness of Great Britain’s
legislation of 1816, and, together therewith, immediately caused a great monetary
disturbance.
France, in presence of the silver flood from Germany, distrusted the power of her
open mints alone to maintain the ratio of the two metals under free coinage of both,
as almost alone she had done during the immensely greater inundation of gold from
the new mines of California and Australia; and first restricting her mintage (which
neither defeated the purpose of Germany, as prompt closure would have done, nor
669
deprived it of importance as continued free coinage would have done), at last closed
her mints altogether to the further free coinage of silver for the public into money
of unlimited legal tender; and thus, at last, was subverted the monetary peace of
the world.
Since that date nowhere in the world has the mint of any great government which
coined either metal into full legal-tender money coined the other metal into full
legal-tender money at any ratio.
Thus was ended for a time that legal fusion, so to speak, of the two metals into
one monetary measure, which the free coinage of both, and the legal-tender quality
imparted to both in a fixed ratio, had made a practically complete fusion.
Thus was ended the prevalence of an ancient acceptable bimetallic standard and
measure of commodity prices — the mass of the two monetary metals, fused by free
coinage, a fixed ratio, and the full legal-tender power, into one metal money and
price measurer.
Thus began the confusion of two unconjoined monometallic measures, throughout
a world all knit togetherdn commercial unity.
Thus began the great monetary dislocation.
Displaced for a time was the world’s normal use of one common standard of prices.
The superiority of gold and silver joined, as a tiling in kind and amount, of all
things best suited to be that standard, appears, as I have said, “ first, in this, that it
is an amount not to be varied by legislative wisdom; second, that it is an amount
not to be considerably varied by any single generation of men, for that the annual
increment is too small in proportion to the total mass, already huge, which slowly
grows from age to age. That total mass, by its hugeness, its invariableness, its
indestructibility, is a miracle among measures. Standing over against the vast
aggregate of human commodities, mostly perishable, which sinks and swells with
seedtime and harvest as the seasons change, and of which the unconsumed and
more or less imperishable part is so small, the monetary metals of the world are the
most trustworthy attainable measure of value.
What has followed that displacement? Beginning in 1873 and continuing through
minor fluctuations until now, there has been a demonstrated fall in the prices of the
chief marketable commodities of man’s use more than countervailing the demon-
strated rise of prices, from 1848 to 1865, which followed the addition of $1,900,000,000
to the world’s previous stock of gold.
Gold being merchandise in countries giving free coinage into unlimited legal-
tender money to silver alone, and silver being merchandise in countries giving free
coinage into unlimited legal-tender money to gold alone, and the fixity of price of
either metal thus having ceased (becoming as impossible as fixity of price for wheat
or iron) in any country where the other metal alone has free coinage, it lias also
occurred that the price of silver, measured by the same measure as the falling prices
of commodities sinco 1873, has fallen in closely parallel or following fluctuations as
far. (Appendix C.)
CONDITIONS OF MONETARY ORDER.
The essential conditions of that old monetary order in their last analysis seem to
be these :
1. Mints open to the public for the free coinage of gold.
2. Mints open to the public for the free coinage of silver.
3. Coined gold a full legal tender.
4. Coined silver a full legal tender.
5. Mints open to the public for the free coinage of silver and of gold.
6. Rated equivalence of both metals in such coinage, fixed by" States powerful
enough to make and keep it prevalent.
These conditions, it is obvious, operate everywhere the inclusion of the uncoined
metals as potential money with the coined metals as actual money — enlarging the
great measure. They render more than trivial, they nullify any variations in the
petty increment from the mines, or in the pettier decrement from abrasion, loss, or
nonmonetary uses. They enable us to map past errors with precision, and to test
the policy of steps by any nation toward a restoration of the monetary order.
These joint conditions were the security that changes In prices should be due for
every commodity to special and natual causes, and not a monetary cause, and should
be due to no change in the whole monetary measure or unit of measure, but in every
case to the varying cost of production as man’s inventions and industries more easily
subdued the matter and the forces of nature, or to other such secular and intrinsic
circumstance of fluctuation.
Obviously these conditions would have been violated bj^ adoption of the proposal
of Chevalier and Cobden. Had the right of free monetization been withdrawn from
the owners and miners of gold as it has been recently withdrawn from the owners
and miners of silver by nations previously giving the right to both, it must bo
670
believed that the purchasing power of gold, compared to that of silver, would have
been similarly diminished, and that instead of a silver question a gold question
would now be perplexing legislatures and statesmen. In either event, there could
but be a world-wide monetary dislocation, causing ever-falling prices and a long
depression of trade.
These joint conditions of the existence as of the restoration of the monetary order
exhibit in a befitting light the main features of our own monetary history and the
debates which have ranged around “ demonetization ” and the acts of 1873" and 1878.
UNITED STATES MONETARY HISTORY— ACTS OF 1873 AND 1878 ALIKE AND IRRELE-
VANT.
The act of 1873, we are told, “ demonetized” the standard silver dollar; the act of
1878, we are told, remonetized it; and that, we are told, is the whole of the matter.
In fact, those two acts are so nearly identical that a common authorship might be
suspected. The fate is odd which apportions blessing and cursing inversely to both.
The act of 1873 has been denounced and praised for demonetizing silver, which it
did not do. It retired no silver coin from circulation. It caused no coin to be sold
as bullion. It withdrew the full legal-tender quality from no silver coined. It did
limit monetization to Treasury purchases for fractional coin.
The act of 1878 has been praised and denounced for remonetizing silver, which it
did not do. It did limit monetization to Treasury purchases for nonfractional coin.
The act of 1873 took a sure way to keep all our fractional silver coin at home.
The act of 1878 took a sure way to keep all our nonfractional silver coin at home.
The two acts' are also alike in missing the point of the monetary difficulty and
escaping detection of their own true character. The act of 1878 is only singular in
both mistaking the true object and also missing what is aimed at.
The method of the two acts is identical. Exportation would only be possible at
a loss on the silver coined under either act. In both acts monetization is denied
except to Treasury purchases.
The door of the Mint is shut to the public by both acts.
Both acts are innocent of a share in causing the monetary dislocation, although
the act of 1878 helps to prolong it.
In 1873 we had not escaped the paper-money plague, and our resumption of the
use of the two metals and current redemption of paper did not begin till the mone-
tary dislocation was far advanced.
By the act of 1878 the monetary dislocation could be neither caused nor cured.
Its limited monetization since 1878 has absorbed more silver than the total amount
demonetized by Germany since 1873. It does not counteract the monetary disloca-
tion. The monetary stock of the four leadiug powers, who all in 1878 had neither
too much nor less than enough, is now greater than then by the aid of the United
States, thus confuting the money-famine theories. Still it does not redress the
monetary dislocation.
The action of the United States in 1834, changing the ratio from 15 to 16, had fore-
stalled the act of 1873. To open our mints for the coinage of silver at 16 to 1 of gold,
while France was coining silver at 15^ to 1 of gold, was, so to say, equivalent to
closing our mints to the coinage of silver at all. Two ratios cannot live together
face to face, as Sir Isaac Newton, master of the mint, explained nearly two centuries
a^o. In the money world from that year the United States became a gold mono-
metallic power, and such they have ever since remained, both when they did intend
to and when they did not. Albert Gallatin was, perhaps, the only man in the United
States at that time competent to give advice upon a ratio or coinage difficulty, and
Congress rejected his advice. But the error of the United States was the outcome
of ignorance, not, like Great Britain’s error, the outcome of an illusion also; and
1834 was the date, not at which cis-Atlantic demonetization of silver began, but the
date at which its monetization was nullified by an ill-judged ratio. The arguments
that anything newly injurious to silver was done by the act of 1873, are arguments
offered only by those who are not quite familiar with their subject. The act of 1878
is public confession that by the closure of the French mint to the free coinage of sil-
ver, our act of 1873, not then a necessity, was become a necessity in that particular,
and so was never repealed, but merely enlarged and confirmed. It was enlarged by
adding to discretional Treasury purchases of silver for the mintage of fractional coin,
compulsory Treasury purchases of silver for the mintage of nonfractional coin. It
was confirmed on the point of withholding free coinage of silver.
Our whole monetary history, bearing always the marks of good faith, is not less
instructive. It may becomprised in four chapters:
1. 1792 to 1831, when we had aplenty of silver, but managed by act of Congress
(April 2, 1792) to shunt all our gold into European mints.
2. 1834 to 1862, when we had a plenty of gold, but managed by another act ofCon-
gress (July 31, 1834) to shunt all our silver into European mints.
671
3. 1862 to 1878, when, by three acts of Congress (February 25 and July 11, 1862,
and March 3, 1863), except the gold required for customs taxes, we managed to shunt
both our gold and silver abroad.
4. 1878 to date, when by act of Congress (February 28, 1878) we have managed to
dam up the major part of our silver product against the possibility of exportation.
EFFECT ON COINAGE, OF LEGAL-TENDER FUNCTION.
Tho enhancement of value of both metals, duo to their general employment as
legal-tender money, is great, though immeasurable. That enhancement in large
degree survives the monetary dislocation which consists in the disjoining of the two
metals, one or the other of tlicm being now mere merchandise in every country in
the world. For while no nation or group of nations possessing a sufficient stock of
both metals now conjoins the two moneys into one money by the free coinage of
both metals at a fixed ratio into one common purchasing power and price-measurer,
as they were long conjoined, silver still has free coinage into full legal-tender money in
India, Central and South America, gold still has free coinage into full legal-tender
money in Europe and here. The enhancement of one metal is sometimes decried by
those who overlook their own share in the enhancement of tho other. In England,
official warnings as to the “results of any attempt artificially to enhance the gold
price of silver" have been spoken and thought logical, as if some such impossibility
were attempted as putting up permanently the gold price of wheat or some other
article of mere merchandise.
It was affirmed by Mr. Gladstone’s government in 1881 that “ it has been the policy
of this country to emancipate commercial transactions as far as possible from legal
control, and to impose no unnecessary restrictions upon the interchange of com-
modities. To fix the relative value of gold and silver bylaw would be to enter upon
a course directly at variance with this principle, and would be regarded as an arbi-
trary interference with a natural law not justified by any pressing necessity." Too
much honor can not be rendered to the principle, but here it is not fairly in ques-
tion. Prior to 1816, Great Britain had always fixed the relative value of gold and
silver by law, and in 1816 entered upon a course in which, being joined in 1873 by
Germany, the outcome was the subversion of their ancient, fixed, and prevalent rela-
tive value in law, which must be at least as objectionable as fixing it anew — a course
that meanwhile continued to enhance the value of one of the metals in relation to
all commodities, which must be as “arbitrary" as interfering with the relative
value of the two metals to one another. The “natural law" should be named and
described, if possible, which underwent no “arbitrary interference" when England
made of gold alono a legal-tender metal in 1816, and of silver alone a legal tender
metal in India in 1834, but which would not escape “ arbitrary interference" if now,
as before 1816, both gold and silver were to be enhanced in current use and value by
laAvs of Great Britain conferring in accord with other nations upon both metals
when coined the quality of being a legal tender in payment of debt.
THE SILVER TROUBLE UNIVERSAL — REMEDY INTERNATIONAL.
That “constitutions grow and are not made" has no better illustration in the his-
tory of our civilization than this unconscious growth and uncontrived accordance of
human societies, imperfect yet effectual, in the founding, and keeping fairly stable
a general legal-tender money. It was not born of philanthropy, nor cradled in trea-
ties. It is the growth of centuries out of that increasing commerce between all the
races of mankind, which is slowly but surely, more than all political contrivances,
establishing their union, enlarging their freedom, and promoting their peace. To
this character of its origin and growth I recur, because it may justify the opinion
which I entertain, that" a joint agreement to open mints would so soon vindicate its
own sufficiency and prove to be the interest of every concurring power, as to abolish
under this head every fear or need of “entangling alliances.7’ It was a natural and
unforced constitution of the world’s monetary system which the unwise laws of a
few separate nations have sufficed to dislocate and disorder, and which wiser laws
by accordant nations may now restore. Once restored, the conditions of a subse-
quent dislocation, even if attempted as a weapon of deliberate Avar against one mem-
ber of the group, will be found upon reflection almost inconceivable, and in any event
suicidal.
Compliance with the duty imposed by Irav upon the head of this Department
would have been defective, it av ill now be seen, had I ever regarded the subject
thus far discussed as one of sectional or national limits, or such as usually occupy
the time and tax the energies here devoted to the public service. It is of larger
scope. Not by our choosing, nor by anybody’s choosing, it is an internatinal ques-
tion. Nor can avc safely shut from the range of our scrutiny and reflection, besides
672
the policies and interests of foreign States, the semicivilized and most numerous
races of men, whose continuous absorption of silver for centuries, their more recent
and increasing absorption of gold (of which $125,000,000 have been received and
retained in India alone during seven recent years), are factors to be duly weighed,
and the chances of change. It is this monetary dislocation of the world in which
our own silver question is included as an inseparable though fractional part, and in
which even our surplus problem is deeply enmeshed.
Most watchful care and prudence can alone safeguard the interests of our beloved
land and people.
Careful perusal of the instructive debates at the last session of Congress leads me
to review the four policies which then received marked attention.
1. Free coinage of silver.
2. Conferences.
3. Continued purchases of silver.
4. Stopping purchases of silver.
SHALL THE UNITED STATES GIVE FREE COINAGE TO SILVER NOW?
I. The free-silver coinage prescription for the monetary dislocation satisfies but one
of the several indispensable conditions which I have set forth above in full detail.
While it is an indispensable condition of permanent restoration that the free mone-
tization of silver shall be equally complete as of gold, yet were it now given to silver
in this actual moment of dislocation, the practical result would be to withdraw the
same from gold. That would be a change without advantage in any respect, and in
every respect with disadvantage. In the first place, it would bring us to the Asiatic
silver basis. This has been commended in some quarters. There is, however, no
suck public desire. The preponderance of public opinion seems overwhelming in
favor of the joint use of both metals. No party and no administration could survive
or would deserve to survive the deliberate or the unforeseen and unprevented
change to a silver basis. But the proof is simple that the free coinage of silver now
would at once entail a silver basis. Offered by the open mint to both metals, free
coinage of silver for silver owners into legal-tender dollars would stop the use of
the mint for free coinage of gold by gold owners. It would stop the simultaneous
circulation of gold and silver dollars. The gold dollar would be at a premium, and be
exported. Throughout the United States it would make the use of silver in legal-
tender payments exclusive, apart from the greenbacks, which would first be used if
possible to empty the Treasury of gold, and then would cease to signify by “dollar”
anything else than the debt of a silver coin — not at all the monetary unit once embod-
ied in equivalent coins of the two metals.
Thus the free coinage of silver now, or, what is the same thing, the Asiatic silver
basis, would but shift our lameness to the other foot. It would neither restore nor
tend to restore the world-wide use of the two metals in a rated equivalence, which is
the cure for the monetary dislocation, as their disjoined use has been its cause. But
the change to the other foot would be disadvantageous, not a matter of indifference.
Now we make a limping use of both metals, as is possible since the difficulty is with
respect to the less precious metal, which we manage, by the legal-tender power and
the receipt for taxes, to hold in some general use along with the other. Then, how-
ever, we could keep in use but one, not the two — not even by legal-tender laws, or
penal laws. Thus the free-silver-coinage prescription and the silver-basis prescrip-
tion are alike— amputation of an uninjured leg to cure temporary lameness in the
other.
Avoiding repetition of what I had the honor to say last winter in reply to the
inquiries of the House of Representatives (see Appendix IT), I will add but one sug-
gestion, which should be fatal Jo the free-silver-coinage proposal. As our limited
silver coinage paralyzes, so our free silver coinage at this moment would destroy,
the power of the United States to promote the restoration of silver to its old and
equal place in the monetary order.
SHALL THE UNITED STATES PROPOSE MORE CONFERENCES?
II. More conferences, further diplomatic correspondence are proposed. I venture
to think with all due deference to those who are responsible for a decision, that the
time for another conference has not arrived, and that the moment foT diplomatic
interference is not perfectly felicitous. Our information is recent and authentic,
and is contained (Senate Ex. Doc. No. 29) in the letters of our ministers accredited
to Great Britain, France, and Germany, there published, and in tlie correspondence
and action of the English Government which are summarized above.
The continental powers await the action of Great Britain, whese reluctance
defeated the object of both conferences called at the instance of the United States,
G73
and to whom again, almost within a twelvemonth, she has turned a deaf ear. If it
suited the dignity of the United States again to besiege the attention of European
States, or again to make advances where they have been so lately repulsed, it would
not- suit our interests so to do when it is certain that the inquiry upon which Great
Britain has suddenly entered at the instance and insistance of her great dependency,
India, and of her own accord, is entered upon with an exclusive regard to her own
interest. And of Great Britain’s interests the United States have no cali to become
advisers or guardians. A considerable chapter in the record of both the monetary
conferences is occupied by disclaimers, on the part of the United States, of any
special or interested views — disclaimers not more just in fact than they are con-
vincing, by their necessity, of the natural distrust which zeal may inspire among
jealous and equal States. No interference can now advance its object if an inward
change indeed be taking place where outward change has been so long persistently
refused and resisted. A conference will he profitable not until after any reluctant
State has placed herself in substantial accord with former conferees whose concur-
rent purpose she has long known and twice frustrated. In short, it is now for Great
Britain to make propositions to other powers. And, as not at the instance of united
powers, so not at the instance of any one of them will she abandon her cherished
isolation. It will be abandoned, if ever, solely because it is generally perceived in
Great Britain to concern the vital interests of Great Britain so to do. Under no cir-
cumstances will Great Britain alone open her mint to the free coinage of silver.
When, if ever, she perceives her interest to lie m retracing the error of 1816, she
has the means of apprising other powers of a change in her opinions.
Conferences and treaties would then be in order to a practical result.
SHALL THE UNITED STATES HUY MORE THAN $250,000,000 OF SILVER?
III. To go on as we are is the least creditable of all the courses open to our choico.
The Treasury silver purchase is defended by nobody, approved by nobody; even
every vote for the free coinage of silver is a vote that the Treasury silver purchase
shall cease, an assertion that it ought to cease.
It has thrown away the opportunity to let loose abroad the silver we have kept,
stamped and stored, and it has discarded the power to reduce by as much the foreign
stocks of gold, two arguments that would have had an intelligible cogency.
It is a policy which, if now prolonged by our hopes, may easily be so protracted
thereafter by astute delays and dilatory proceedings and by the time taken for nego-
tiation itself as to force an Asiatic silver basis for America.
It is thus, at least, the remission of all control of the silver question to adverse,
if not to hostile, interests.
It deprives the United States of perfect equality of position (noncoinage) in nego-
tiation with foreign powers.
It is an expense and a taxation demonstrated by experience to be of no avail for
any useful end. Needless as a tax, our silver purchase is also a disturbance in the
Treasury, which threatens the currency without relieving the taxpayer. It is heap-
ing up a heavy load of silver coin needing to be kept, but increasingly difficult- to
keep, in domestic commercial equivalence with our monetary unit. Of that unit
the silver coins can never be a true embodiment as the gold coins are, by any other
means than those which preserve to the gold coin its function as sncli an embodi-
ment, viz, open mints to the silver of the ivorld and a full legal-tender quality in
the payment of debt, imparted by law to any possible output of silver coin, thus
ensuring to the unminted metal an equal value with the monetized coin. It is
therefore glutting our currency with depreciated metal, while also impeding the
only means of reversing that depreciation and restoring its value.
It has been as futile as costly. It neither gives nor has had a tendency to give an
international currency to the silver of these 250,000,000 coins. It increases by one the
number of nations burdened with the task of holding a depreciated metal at its old
level in their bimetalic monetary units. There is a single difference. Whenthemon-
etary dislocation began, the people of other nations had large stocks of silver coin
subject to depression; we had none. We created one and are daily adding to it.
To the feebleness of self-defeat in the exercise of our influence abroad it thus
unites the injury of a costly inflation at home. It is not merely the abdication of
our actual power to hasten a solution of the international problem which will restoi’e
silver to its former use and value ; it is the taxation of an otherwise overtaxed people
$24,000,000 per annum to delay and defeat that solution, besides being a use of the
proceeds of that taxation to disorder our domestic currency, jeopard tiie stability of
our unit of value, and accumulate a surplus which on the one hand presses the Treas-
ury towards a silver basis, and on the other hand tempts Congress beyond a frugal
expense. It blocks every avenue, not only to monetary but to fiscal and tax reform
S. Rep. 235 43
674
SHALL THE UNITED STATES PROMOTE CURE OF MONETARY DISLOCATION.
IV. To stop tlio purchase of silver is our only choice, our duty, and our interest.
It will stop a wasteful and injurious expense, and the taxation which defrays it.
It will commence and promote reform in the sum and the methods of Federal taxa-
tion.
It will recover to the United States an equality of position (noncoinage) with for-
eign powers, which will give us due influence in negotiation.
It will induce negotiation, and negotiation to the end of relief, not for the purpose
of delay.
Stopping the purchase and coinage of silver is the first step and the best which
the United States can take in doing their great part to repair the monetary disloca-
tion of the world. Its origin was foreign; its remedy is international. The time is
ripe for this powerful Commonwealth to enter decisively upon that international
transaction. The ripe moment must not be let slip. After becoming entangled in
negotiation, we should not be free, as now, to act, first for own advantage, and then
for the promoting of our own deliverance and the world’s deliverance from this
world-wide trouble. Depressing industry and trade, it affects private prosperity
everywhere. But its influence upon government finances is a separable injury and
varies in different States according to the fiscal and currency systems which it dis-
turbs. In England the depression is serious, but the disordered finances of her
largest dependency, India, are the point of trouble which touches the Government
of Great Britain. In France and Germany the depression is general, but the fiscal
problem is the maintenance of an enormous but not enlarging stock of coined silver
lately depreciated nearly 30 per cent, at par with gold Avhile keeping both in use.
In the United States the depression of trade is great, caused by the natural unwil-
lingness of those whose savings are little as of those whose capital is large, to risk
its loss in falling prices and the hazard of a silver basis, thus contracting every-
where, not money, of which there is a superabundance, but the employment of sav-
ings as capital, by means of money, in organizing industry and keeping labor busy.
But the trouble meamvhile caused to the Government finances is different. Here,
too, as in France and in Germany, there is need of holding an enormous and also
enlarging stock (larger now than that of France relatively to our commercial and
banking habits) of coined silver, lately depreciated 30 per cent, at par with gold,
while keeping both in use.
To stop the purchase and coinage of silver is for this our local trouble also the first
and best step. To increase our stock is to increase the difficulties of the Treasury,
illegitimate and abnormal difficulties, which ought never to be imposed upon the
freasury of any democratic government, and which ought not to be increased. Its
mission is to coin the two metals into money for the public — as much as everybody
asks. It has no fitness for coining for itself and keeping the coinage. Its proper
business as a fisc is to receive the people’s revenue from taxes iu good money which
it has coined for them, and to expond that money as Congress bids, keeping no sur-
plus at all beyond what insures punctual payments. A Treasury surplus is standing
proof of bad finance — of bad laws, if such have made it necessary.
If to manufacture and store or distribute coin of a depreciated metal could stop
its depreciation, or relieve the depression of trade, or improve the money circulation,
or call out into use for the employment of labor more of loanable capital, or arrest
the drop iu prices, then the Treasury trouble and the tax burden would have some
offset. But it does the reverse. It inspires the owners, the borrowers, and the em-
ployers of capital, who organize work for working men to do, with an utterly incur-
able distrust. It is a reasonable distrust, which every man who has earned and
saved five dollars that ho would like to employ or lend as capital, knows as well as
those Avho have saved thousands of dollars from their earnings. Every wage-earner,
too, knows as well as they that silver inflation has not stimulated and does not stimu-
late industry or trade. Silver has never been as Ioav as this year (42 peuce), though
the Treasury has bought and stamped $250,000,000 of it in the last eight years. Prices
of all commodities range lower than in any previous year of tho nineteenth century.
CONSEQUENCES OF STOPPING SILVER PURCHASES.
To stop the purchase of silver will enable the Treasury, Avhile the monetary system
is restoring to its normal conditions, to maintain with certainty and greater ease the
present stock of silver coin at par with gold in all our fiscal and local uses, to the
great relief from distrust of tho owners and employers of capital, and so to the
"Tea ter relief and increasing employment of labor — the first fruits of sound finance
and the first condition of prosperity.
To stop the purchase of silver of course Avill cause a new fall in the London mar-
ket. Speedier and more assured will thou be tho day of its final restoration to its
G 75
former place in the money of the world. It is the recent heavy fall which has opened
eyes that were blind and ears that were deaf. But a fall of silver, if the expense
and influx to the Treasury are stopped, will not enhance the trouble of the Treasury
or increase the difficulty of the duty which the laws impose to keep the silver circu-
lation at par with gold within our own jurisdiction. Of course, compulsory employ-
ment of a money temporarily and locally inferior, in funded-debt payments, or in
daily expense of any sort, means compulsory acceptance, and would force the inferi-
ority to appear, whereas its skillful employment and an optional acceptance, which
the laws of Congress do not forbid, will prevent that inferiority from appearing in
our domestic trade which nothing can disguise in our foreign exchanges.
No prospective fall in the purchasing power of the metal can be so harassing to the
Treasury as the perpetual inpour of a coin made full legal tender for its face, yet not
worth its face, which the Treasury is expected to employ like gold as if it were
worth its face.
To stop the purchase of silver will thus arrest the growth of that standing shame
in our finance, the Treasury surplus. It will put us in the way of abolishing the
same altogether, not by cheating our creditors, shaving our pensioners, or crippling
our wage earners, but by enabling the Treasury to hold the silver dollar firmly in a
local parity with the gold dollar until we can unite with the leading powers in restor-
ing and establishing their permanent equivalence.
It is a direct consequence of the monetary dislocation that wheat of India, which
there fetched 3 rupees per quintal fourteen years ago, and there fetches 3 rupees per
quintal to-day, can be sold in London (cost of transport apart) for as little as the
gold price of 3 silver rupees of India in London to-day — a fall of 25 per cent.
This fall has caused, of course, a corresponding fall in the price of English and
Irish home-grown wheat in London.
This lowered price of wheat in London has had to be met by a lower price of the
American wheat surplus sold in London. The price of our sui’plus wheat deter-
mines the price of the whole wheat crop of the United States.
So that the monetary dislocation has already cost our farming population, who
number nearly one-half the total population of the United States, an almost incom-
putable sum, a loss of millions upon millions of dollars every year, a loss which they
will continue to suffer so long as Congress delays to stop the silver purchase, and
by that act to compel an international redress of the monetary dislocation.
Another year’s delay in stopping the silver purchase is the loss of remunerative
f rices upon another wheat crop of the United States; is another year’s stimulus to
ndia’s competition for the foreign markets of our agricultural product, and a reduc-
tion of our ability to hold that market against any competition in the world (meas-
ured by a common money).
While our war-tariff taxes, prolonged after twenty years of peace, have been chok-
•ing off our manufactures from successful competition in foreign markets with the
products of nations which do not tax raw materials, we have deemed foreign markets
for the surplus produce of our farms as sure as seed time and harvest. Our command
of them at least we have deemed unassailable. They are in peril.
It is for Congress to consider whether a policy which does not prevent the loss of
25 per cent off of our silver output to a few thousand mine owners, but prolongs the
loss to many million farmers of 25 per cent off the price of their annual wheat crop,
should not now be abandoned and the only policy adopted which promises to restore
the former prosperity of both.
If the law were repealed which makes compulsory Treasury purchases of silver,
and if that repeal were accompanied by the declaration of Congress that the United
States now hold themselves in readiness to unite with France, Germany, and Great
Britain in opening their mints to the free coinage of silver and gold at a ratio fixed
by international agreement, it is the deliberate judgment of the undersigned that
before the expiration of another fiscal year this international monetary dislocation
might be corrected by such an international concurrence, the two monetary metals
restored to their old and universal function as the one standard measure of prices
for the world’s commodities, the depression of trade and industry relieved, and a
general prosperity renewed.
I respectfully recommend to the wisdom of Congress the unconditional repeal of
the act of February 28, 1878, accompanied by such a declaration.
REDUCE TAXES — PAY GREENBACK DEBT WITH SURPLUS.
I therefore respectfully recommend:
1. Repeal of the clause in the act of February 28, 1878, making compulsory
Treasury purchases of silver, for the reasons heretofore given and in order to reduce
surplus and unnecessary taxation $24,000,000 a year.
2. Further reduction of surplus taxation, beginning in a manner which will he
suggested below, close down to the necessities of the Government economically
administered.
676
3. Repeal of the act of May 31, 1878, making compulsory post-redemption issues
and reissues of United States legal-tender uotes, thus facilitating —
4. Gradual purchase and payment of $346,681,016 outstanding promissory notes of
the United States with the present and accruing Treasury surplus, issuing silver
certificates in their room, and gold certificates if need be. without contraction of
the present circulating volume of the currency, these notes (called greenbacks)
being now the only debt due and payable before 1891 except the three per cent
bonds, which are probably all to be called and paid, early in the ensuing fiscal year.
The extraordinary conjunction of opportunity and necessity making practicable
so complete a reform in our currency and so large a reform in our taxation, will,
perhaps, excuse a reference to the conditions and the method of their execution
Avhich were set out in my last annual report, or any repetition of what I have
already had the honor to suggest in respectfully urging upon Congress the easy
provision of a better currency for the people of the United States than the best now
possessed by any nation, — “a currency in which every dollar note shall be the
representative certificate of a coin dollar actually in the Treasury and payable on
demand; a currency in which our monetary unit, coined in gold, or its equivalent,
coined in silver, shall not be suffered to part company.”
The act making compulsory post-redemption issues and reissues of United States
notes and tfie act making compulsory Treasury purchases of silver are each a sepa-
rate menace to the public tranquillity, are each injurious to the public morals, the
public faith, and the public interest. But they do not double our difficulties. On
the contrary, the repeal of both acts, and the use of the Treasury metal surplus in
the substitution of coin certificates for greenbacks, will convert our worst kind of
paper currency into the best kind — indefinite promissory notes of debt made legal
tender will be converted into representative certificates of coin, held subject to
demand.
As the competency of the Federal Government to make its debts a legal tender of
payment for the debts of its citizens, one to another, has, in these latter days, been
affirmed, despite an absolute consensus of opinion to the contrary among its founders
and statesmen of all parties from 1789 to 1861, it seems to me in this conflict of legal
opinions a duty to recur to the unquestioned conclusions of a sound finance.
COIN, NOT PROMISES, FIT FOR LEGAL TENDER.
When the union of the States was formed in 1789, and the present Constitution
ordained, the last and first avowed objects of its framers were to secure liberty and
to establish justice. Political philosophy as yet has framed no higher ideal. Jus-
tice was their endeavor, and the Constitution, like the laws passed by the early Con-
gresses, in which many of its framers sat, shows a fixed purpose to avert knowq
perils to justice.
Among the chief instruments and means of justice is a least imperfect, least varia-
ble, coin monetary unit; the standard of all exchanges and lawful tender of pay-
ments. The framers of the Constitution were fresh from a bitter experience of the
calamities consequent upon stretching the legal-tender quality from coin to promises
to pay coin. So they built high a double barrier against that calamity. They lim-
ited the Federal Government to certain and delegated powers. They defined some
and prohibited other certain powers to the States. And, lest the residue of unpro-
hibited or undelegated powers which completed the round sum of sovereignty, should
be implied into the Federal Government they reserved them explicitly to the States
respectively, or to the people. Then to the Federal Government they gave many
powers, but not this power to make tho Treasury notes of the United States a legal
tender in the payment of private debts. Then to the States they explicitly prohib-
ited all future exercise of asimilar power — theretofore at most grievous cost exercised
by them amid thestruggles of foundation or the throes of revolution. Nor in any one
of the fifteen amendments which have enlarged the federal powers, over slavery, rep-
resentation, citizenship, and the voting franchise, lias there been enlargement of the
power at first bestowed upon the United States, and vested in their Congress as the
power to “coin money, regulate tho value thereof, and of foreign coin.” And while
thus were refused in the Convention, and withheld in the Constitution, any warrant
to amplify, or excuse for abusing, tfie power so specified and granted, it was also
ordained that thereafter “no State shall * * * emit bills of credit; make any-
thing but gold and silver coin a tender in payment of debts; pass any * * * law
impairing the obligation of contracts * * *.” Under the last clause of the eighth
section of the Constitution, the power thus granted was by the Second Congress in
the coinage law of 1792, as necessarily and properly executory of that power, wisely
and fully exercised. It was exercised without abuse, without pretension to some
sovereign power inherited, but as a specific power delegated to the Federal Govern-
ment and vested in the Congress.
677
It was exercised notin relation to any power'to borrow money; for money, besides
being one kind of wealth, is also that kind which is a standard and measure of the value
of all kinds of wealth; and to change the standard, in the act of borrowing, from coin
to tlio promise to pay coin, would have been not borrowing merely, but also cheat-
ing or enriching the lender. If such power be indeed a sovereign power, legitimate
and heritable, it is of the least precious patrimony reserved in the sovereignty of
the people, for it was prohibited to the States, and never delegated to the United
States.
The Congress of 1792 fixed the monetary unit of the United States in coin, gave it
the name dollar, made it the unit of the money of account in their offices and courts,
named also its multiples and fractions, and then, opening their mint free to all
comers, affixed the full legal-tender quality to all gold and silver there coined.
Congress might, under its also granted power “to borrow money,” have received
the loan of all the coined gold and silver dollars that their owners would lend, for
borrowing is not taking, by force of law or license, against the will of the lender.
It is taking because the consent of the borrower to receive concurs with the consent
of the lender to convey. In return for each and all of those coins it might have
emitted its promises to pay on demand. That would have been the exercise of its
granted power to borrow money. At further need it might have agreed to pay from
its constant receipt of taxes (for the longer loan of money which its own constantly
outgoing expenditure and the residue of still unborrowed money would provide)
money in principal sums and as interest, giving therefor its time obligations. That
would have been the exercise of its power to borrow money. But the power to
change the unit of value in money so borrowed or so loaned has no relation, legiti-
mate or logical, with such or any power to borrow money. It is not derivable from
the borrowing power. It is a power illegitimate and irrelevant both to the lending
and to the borrowing power. The latter is a power to use the credit which a gov-
eimment has from men’s faith in its honor and its laws. The power to raise or
depress the monetary unit of value is a power to destroy men’s faith in the honor of
a government and its laws. The power to force into the circulation an unfit repre-
sentative of, a false equivalent of, a debt of, that monetary unit of value, as its
namesake and equal in exchange, is a power to destroy men’s faith in the honor of
a government and its laws. Their sense of betrayal, and their perception of the
fact, are expressed by the nonequivalence in exchango often disclosed between the
undebased coin and the debased coin, between the coin and the promise to pay con-
verted into a legal tender, between the coin undepreciated and the depreciated
coin, according as in any of these ways the monetary unit has been the instrument
or the memorial of that duplicity. But such proceedings found no precedent, such
opinions as are here controverted found no believer, no defender among the lawyers,
statesmen, or people in the first seventy-two years of this Bepublic.
Not until after 1861, when a great danger had beclouded most men’s perceptions of
financial as well as constitutional law, was a legal-tender money made out of the
debts of the United States.
Not until the infection spread was it ever deliberately argued that any repre-
sentative of the unit of value could justly be suffered to be made, or to abide, in perma-
nent depreciation and disparity therewith.
But whether or not a nonequivalent of the coin dollar may be made a lawful dol-
lar, and whether or not post-redemption issues and reissues of such promises can bo
lawfully made, after twenty-one years of peace have superseded any real or imagined
exigenoy of war, certain it is that every argument of policy now forbids the continu-
ance of that legalized injustice. Had it ever been conferred, the Federal Government
should be stripped of so dangerous a power. No executive and no legislature is fit
to be trusted with the control it involves over the earnings and the savings of the
people. No earthly sovereign or servant is capable of a j ust exercise of such authority
to impair and pervert the obligation of contracts.
To apply the present and the unavoidably accruing proceeds of our surplus taxa-
tion during the next five years in payment of the only portion of the public debt
beyond the vanishing 3 per cents, which is now due or will be payable, except at a
high premium, before the per cents of 189.1 mature, besides being a large measure
of currency reform, will also diminish and finally dissipate the objectionable and
invidious influence of the Treasury upon the money market and upon the business
of the country. Skillful administration of the Department in respect to its incomes
and outgoes may reduce to a minimum that influence, which can not but bo consid-
erable while its receipts average $1,000,000 a day. But it is in no way for the public
advantage, it is a distinct interference with private property, and it is an improper
trust to be imposed upon any officer of the Government, when the most prudent,
faithful, and intelligent exercise of his judgment, and the wisest use of the power
he is compelled to accept, can not fail to promote the pecuniary advantage or involve
the pecuniary disadvantage of this or that group of his fellow-citizens. It is no
defense of the condition of things which has grown up since the war, and which has
678
gradually converted the Treasury into such an overshadowing fiscal power, invoked
at every commercial crisis, to say that we are becoming accustomed to it.
These illegitimate and unwarrantable encroachments of governmental influence
should be restricted and abridged, with constant and inflexible purpose to restore
the simplicity, compel the frugality, and limit the authority of Federal as of all our
governmental institutions. Of these the true function is to guard our individual
liberties, not to confine them, not to supersede them, not to direct them. Even mon-
archies are slowly discarding other functions. Democracies have no use for their
cast-off trappings. It is liberty which has enlightened the world, not the necessary
evil of legislatures, laws, courts, armies, and police, which with our taxes we pay
to guard that liberty from aggression.
During the fiscal year ended June 30, 1886, there were coined under the compul-
sory silver-coinage act of 1878, 29,838,905 silver dollars, and the cost of the silver
used in such coinage was $23,448,960.01. There had been coined up to the close of
the previous fiscal year under the provisions of the law 203,882,554 silver dollars, and
on the 1st day of December, 1886, the total amount of such coinage was $247,131,549.
The Director of the Mint reports that at the time of the passage of the law of 1878
directing this coinage, the intrinsic value of the dollars thus coined was 94J cents
each, and that on the 31st day of July, 1886, the price of silver reached the lowest
stage ever known, so that the intrinsic or bullion price of our standard silver dollar
at that date was less than 72 cents. The price of silver on the 30tli day of November
last was such as to make these dollars intrinsically worth 78 cents each.
These differences in value of the coins represent the fluctuations in the price of sil-
ver, and they certainly do not indicate that compulsory coinage by the Government
enhances the price of that commodity or secures uniformity in its value.
Every fair and legal effort has been made by the Treasury Department to distrib-
ute this currency among the people. The withdrawal of United States Treasury
notes of small denominations, and the issuing of small silver certificates have been
resorted to in the endeavor to accomplish this result, in obedience to the Avill and
sentiments of the representatives of the people in the Congress. On the 27th day of
November, 1886, the people held of these coins, or certificates representing them, the
nominal sum of $166,873,041, and we still had $79,464,345 in the Treasury — as against
about $142,894,055 so in the hands of the people, and $72,865,376 remaining in the
Treasury one year ago. The Director of the Mint again urges the necessity of more
vault room for the purpose of storing these silver dollars which are not needed for
circulation by the people.
I have seen no reason to change the views expressed in my last annual message on
the subject of this compulsory coinage; and I again urge its suspension on all the
grounds contained in my former recommendation, reinforced by the significant
increase of our gold exportations during the last year, as appears by the comparative
statement herewith presented, and for the further reasonsthat the more this currency
is distributed among the people the greater becomes our duty to protect it from dis-
aster; that we now have abundance for all our needs; and that there seems but lit-
tle propriety in building vaults to store such currency when the only pretence for its
coinage is the necessity of its use by the people as a circulating medium.
« *#***#
[ Report of the Secretary of tbe Treasury, December 5, 1887.]
« ******
STANDARD SILVER DOLLARS.
One of the most interesting facts shown by the foregoing statements is the decrease
in the number of standard silver dollars owned by the Government and the increased
use of the same money by the people in the form of silver certificates. The five, two,
and one dollar certificates furnish a convenient currency, and it is evident that the
future use of the silver dollar will be almost exclusively in that form.
It is waste to coin and store any more silver dollars at present. There is no func-
tion which those that are coined after this time will probably ever perform, except
to lie in Government vaults and be a basis upon which silver certi licates can be issued.
1 1 is seldom that any one wishes to have his silver certificate exchanged for the silver
dollar itself, consequently a limited number of coined dollars will perform the work
of redeeming certificates’. The $214,000,000 which are now in the Treasury will more
than suffice to redeem, as they may be presented from time to time, the silver certifi-
cates that have already been issued or that can be issued against all the dollars
which will be coined for years to come under the present law.
The law should be so amended as to authorize the Secretary of the Treasury to
issue certificates against the coining value of the bullion bought and to coin only
such number ol dollars as he might deem expedient hereafter. This would not
restrict in the least degree the use of the silver dollar as currency. The certificates
G79
would be equally secure whether representing coined dollars lying in vaults, or rep-
resenting bullion also lying in vaults, and which could bo coined into dollars. The
bullion should bo melted into the form of very heavy bars, which could not be easily
stolen or lost. In this form the silver could be easily and quickly moved, and
counted.
More than a dozen men were occupied for several weeks last summer, when the
late Treasurer turned over the office to the present incumbent, in counting the coin
which is in the vaults at Washington. Safety, economy, and convenience would be
promoted if this recommendation were adopted.
Safeguards for silver money.
It would be a neglect of duty did I not call the attention of the Congress to certain
safeguards which ought to be thrown about the standard silver dollar to protect
from possible loss the people among whom it and its representative, the certificate,
are so universally distributed.
Provision should be made against a time when there may be more of that form of
money than is required for the business of the country. The first symptom of this
Avill he increasing ownership of silver by the Government. This increase will take
place because the Government pays to the people that kind of currency which they
wish to have and receives from them that kind which they wish to pay; conse-
quently the Government will accumulate the form of money which the public least
desires. If the Government held no funds save those needed for its daily expenses
it would perform no different function toward currency when it had once coined or
printed it than does an individual wffio receives and pays out money; but the two
great trust funds — that for the redemption of United States notes ($100,000,000) and
that for the redemption of national-bank notes, at present more than $100,000,000,
an d whatever surplus there may be from time to time — form, as it were, a. reservoir
which takes aud holds that kind of currency which the people reject. Were it not
for this great Government reservoir a redundancy of any form of currency would be
shown either by its exportation to countries where it was needed or by its deprecia-
tion here. The silver dollar can not be exported because the silver of which it is
made is worth less than 75 cents, and that would be its value for exportation.
The Government has bought silver bullion and coined it into about $280,000,000,
of which it has put in circulation among our people about $230,000,000, making an
apparent profit thereby of over $35,000,000; it has always kept those dollars and
their certificates as valuable as they were when it paid them out, by receiving them
in payment of taxes; but sometimes it has been obliged to receive them in greater
amounts than the people were willing to take them; this was notably the case in
1884, 1885, and 1886, w hen they so accumulated that at the end of Jirly, 1886, there
were $93,959,880 of them in the Treasury. During those years these funds in the
Treasury formed the reservoir which held the silver dollars that the people did not
want, and thus prevented those which they did want, and still held ($146,000,000,)
from going to a discount, or, in other words, from becoming worth less to the people
than they were when the Government originally paid them out of its Treasury.
The foregoing tables show that during the sixteen months ended November 1, 1887,
this Department wras able to pay out at par and keep in circulation $10,464,905 of
the coined silver dollars, and $72,597,732 of* their representatives, the certificates, in
addition to the amounts of each in circulation July 1, 1886. If the Department had
been able to print enough certificates, doubtless the whole of this increased use of
silver would have been in the form of certificates, and few, if any, coined dollars
would have been paid out. On the contrary, many of those out Avould have been
returned, and certificates taken in their place.
There should always he in the Treasury enough silver beside that held against
outstanding certificates to enable the Government to at once supply any demand for
it on the part of the people; but all held in the Treasury in excess of that amount is
absolutely useless for any purpose, and is in fact a menace to the silver which the
people hold and also to the United States notes and national-bank notes— to the
whole circulating medium, except gold; therefore it would he the part of wisdom to
prevent any accumulation of silver in the Treasury beyond a sufficient reserve needed
to meet any demand which may be made for it. This can be done by fixing the
amouut of such reserve, and providing that when it js exceeded by say $5,000,000,
the purchase of bullion shall cease until the amount held by the Government again
equals such reserve. Another plan, somewhat similar to that recommended by my
predecessor in his last animal report, would be to provide that when the reserve was
exceeded, an amount of United .States notes equal in value to such excess should be
canceled, if enough of them were in the Treasury; but if not, then the purchase of
bullion to cease until the maximum reserve sliouid be reached. This would create
a vacuum in the circulating medium which would be filled by silver. The amount
of United States notes would be gradually reduced until the whole were extinguished ;
680
silver dollars or silver certificates 'would take tlio place of United States notes as
they were retired. This plan would make our currency more uniform and as secure
as now.
Neither of these plans, if adopted, would diminish the actual or potential use of
silver as currency by a dollar. In my judgment, it would be promoted thereby.
Our people will never consent that the money which is in every one’s pocket shall
become of less value than it was when the Government paid it to them, if it be in
the power of the Government to make it good.
The trade-dollars have been practically redeemed in gold uiider act of Congress,
although they were held by but few persons, were intrinsically worth more than the
standard dollar, and had far less equitable claim for redemption than would the
standard dollar. If ever the time comes when the standard dollar goes to a dis-
count, the people, in the pockets of almost every one of whom will be found more
or less of those dollars, will emphatically demand that they, too, shall be redeemed
in gold or made as good as when issued, and that the purchase of silver bullion
stop. If the plan above suggested were now adopted, they would probably never
go to a discount — surely not except under altogether extraordinary circumstances ;
and yet the public ■•would have a supply of them limited only by the need and
demand of the people for them. I recommend that a law to the above elfect be
enacted.
*******
[Eeport of the Secretary of the Treasury, December 3, 1888.]
* «***»*
SILVER COINAGE.
The ownership of silver by the Government again was largely decreased, in spite
of the increase of the total stock of silver dollars in the country, by the coinage of
sixteen months. During the past few years the decrease of circulation caused by
the cancellation of national-bank notes, and by the deposit of money with the
Treasurer by the banks to redeem their notes when presented for that purpose, has
been but little exceeded by the increased circulation of silver certificates and of
standard silver dollars ; thus silver seems to have filled the vacuum caused by the
retirement of national-bank circulation. The circulating medium in small denomi-
nations has been largely converted into silver certificates. And, finally, business
has largely increased in the South and in portions of the country where there are
few banking facilities. All of these causes have cooperated to postpone any evil
effects which might arise from a continued and excessive coinage of the silver dol-
lar. But the danger still exists and should be guarded against. This can be done
by the adoption of the recommendation of my last report, viz., by fixing the maxi-
mum of silver which shall belong to the Government, and by providing that when it
was exceeded by $5,000,000, the purchase of silver bullion should cease until the
amount owned by the Government should be again reduced to such maximum, or by
canceling United States notes to the amount of the excess over the maximum, pro-
vided the Government held the notes; if not, then by ceasing the purchase of bul-
lion. Such plan, if adopted, would provide a safety valve which would be self-
operative, and would assure the country against any possible danger from silver;
for as soon as it exceeded the amount which would be absorbed in the business of
the country, it would begin to flow into the Treasury in payment of taxes, and
would bo there held until business called for it, and when the Government’s owner-
ship fell below the maximum, the purchase of the bullion would again begin.
Thus the country’s business demand would regulate the country’s silver circula-
tion, and there would bo little danger of depreciation in the value of the silver dol-
lar as compared with the gold dollar. I venture to predict that if some such safe-
guard is not adopted, and if thereby the silver dollar is suffered at some time to lose
a part of its purchasing power, that the people will demand the absolute stoppage
of the silver bullion purchase, and furthermore, the use by the Government of the
whole or a portion of the silver-coinage profits for the redemption of the silver dol-
lars which are hold by them. It is to be hoped that before such crisis is reached
that the nations of the world will have agreed upon some standard of bimetallism
which will forever maintain a fixed ratio between gold and silver, but in the mean-
time there is no occasion to burden ourselves with a stock of silver which may be
troublesome.
COIN CERTIFICATES.
The system of coin circulation by means of certificates has certain conveniences
and advantages, but it is a costly form of money. Last year the cost of the
$105,000,000 silver certificates issued was about $421,000, and as more and more of
G81
those certificates are converted into smaller denominations this cost is likely to in-
crease. There are also certain dangers connected with it; for example, in time of
war, tho possession by the Government of such vast stores of the precious metals
might prove embarrassing, and, at a time when the Government was in financial
need, the temptation to spend the coin held against outstanding certificates might
prove too strong. The loss by the abrasion of the coin, if it was in circulation,
would not equal tho cost of the certificates. On the whole 1 think it may be said
that the currency of the country would be more sale and more economical if the
coin were in actual circulation instead of being held by the Government on pledge
against outstanding certificates, as is now the case. But whatever may be thought
about the wisdom of the certificate system, there can be no doubt that with it the
further coinage of gold and silver, except subsidiary coin, is not necessary or wise.
Far more gold and silver coins are now in the possession of the Government than
probably ever will be needed for the redemption of certificates. Future accumula-
tion of the precious metals should be only in the form of bullion, which can be kept
more safely and counted more easily than the coin. If this suggestion was adopted all
but one of our mints might be closed, and large, useless expense bo saved annually.
I earnestly call the attention of the Congress to this subject.
* * X * * ' * #
[Report of the Secretary of tho Treasury, December 2, 1889.]
******
SILVER.
The continued coinage of the silver dollar at a constantly increasing monthly
quota, is a disturbing element iu the otherwise excellent financial condition of the
country, and a positive hindrance to any international agreement looking to the free
coinage of both metals at a fixed ratio.
Mandatory purchases by the Government of stated quantities of silver, and man-
datory coinage of the same into full legal-tender dollars, are an unprecedented
anomaly, and have proved futile, not only in restoring the value of silver, but even
in staying the downward price of that metal.
Since the passage of the act of February 28, 1878, to November 1, 1889, there have
been purchased 299,889.416.11 standard ounces of silver, at a cost of $286,930,633.64,
from which there have been coined 343,638,001 standard silver dollars.
There were in circulation on November 1 of the present year 60,098,480 silver dol-
lars, less than $1 per capita, the remainder, 283,539,521, being stored away in Gov-
ernment vaults, of which $277,319,944 were covered by outstanding certificates.
The price of silver, on March 1, 1878, was 54|f] pence, equal to $1.20429 per ounce
fine. At this price $2,000,000 would purchase 1,660,729 ounces of fine silver, which
would coin 2,147,205 standard silver dollars. At the average price of silver for the
fiscal year ended June 30, 1889 (42.499 pence), equivalent to $0.93163 per ounce fine,
$2,000,000 Avould purchase 2,146,755 fine ounces, out of which 2,775,628 standard
silver dollars could be coined.
The lower the price of silver, the greater the quantity that must be purchased,
and the larger the number of silver dollars to be coined, to comply with the act of
February 28, 1878.
No proper effort has been spared by the Treasury Department to put in circulation
the dollars coined under this law. They have been shipped, upon demand, from the
mints and subtreasuries, free of charge, to the nearest and most distant localities in
the United States, only to find their way back into Treasury vaults in payment of
Government dues and taxes. Surely the stock of these dollars which can perform
any useful function as a circulating medium must soon be reached if it has not been
already, and the further coinage and storage of them will then become a waste of
public money and a burden upon the Treasury.
It is freely admitted that the predictions of many of our wisest financiers, as to
when the safe limit of silver coinage would bo reached, have not been fulfilled, but
it is believed that the principles on which their apprehensions were based are justi-
fied by the laws of trade and finance, and by the universal experience of mankind.
While many favorable causes have cooperated to postpone the evil effects which are
sure to follow the excessive issue of an overvalued coin, the danger none the less
exists.
The silver dollarhas been maintained at par with gold, tho monetary unit, mainly
by the provisions of law which make it a full legal tender, and its representative',
the silver certificate, receivable for customs and other dues ; but the vacuum created
by the retirement of national bank circulation, and the policy of the Government in
not forcibly paying out silver, but leaving its acceptance largely to tho creditor
have materially aided its free circulation.
682
The extraordinary growth of this country in population and wealth, the unpre-
cedented development in all kinds of business, and the unswerving confidence of the
people in the good faith and financial condition of our Government, have been pow-
erful influences in enabliug us to maintain a depreciated and constantly depreciated
dollar at par with our gold coins, far beyond the limit which was believed possible
a few years ago.
But the fact must not be overlooked that it is only in domestic trade that this
parity has been retained ; in foreign trade the silver dollar possesses only a bullion
value.
Causes of the depreciation of silver.
From the year 1717 to 1873 the ratio between gold and silver was remarkably con-
stant, being 15T3 to 1, in the former year, and 15-92 to 1 in the latter year. During
this long period of one hundred and fifty years there were slight fluctuations in the
ratio, but not enough to cause any serious inconvenience. Even during the period
of the immense production of gold, from 1848 to 1868, when $2,757,000,000 of gold was
produced and only $813,000,000 of silver, the change in the ratio was only about l-6
per cent.
The legislation of Germany in 1871-,73, immediately following the Franco-German
war, adopting the single gold standard for that Empire, withdrawing rapidly from
circulation silver coins which prior to that time had formed almost exclusively the
circulating medium, and throwing large quantities of silver at short and uncertain
intervals upon the market) was the initial factor of the great monetary disturbance
wrhich destroyed the legal ratio between gold and silver that had existed for half a
century.
France and her monetary allies, Belgium, Switzerland, Italy, and Greece, alarmed
at the immense stock of German silver which was sure to flow into their open mints,
immediately restricted, and soon afterward closed their mints to the coinage of full
legal-tender silver pieces. This action only hastened the catastrophe.
The other nations of Europe were not slow to follow the example of Germany and
France. In 1873-U5 Denmark, Norway, and Sweden adopted the single gold stand-
ard, making silver subsidiary. In 1875 Holland closed her mints to the coinage of
silver. In 1876, Kussia suspended the coinage of silver, except for use in the Chi-
nese trade. In 1879 Austria-Hungary ceased to coin silver for individuals, except a
trade coin known as the Levant thaler.
The result has been, that while prior to 1871 England and Portugal were the only
nations of Europe which excluded silver as full legal-tender money, since the mone-
tary disturbance of 1873-78 not a mint of Europe has been open to the coinage of
silver for individuals.
It has been charged that the act of February 12, 1873, revising the coinage system
of the United States, by failing to provide for the coinage of the silver dollar, had
much to do with the disturbance in the value of silver. As a matter of fact the act
of 1873 had little or no effect upon the price of silver. The United States was at
that time on a paper basis. The entire number of silver dollars coined in this coun-
try from the organization of the Mint in 1792, to that date was only 8,045,838, and
they had not been in circulation for over twenty-five years.
Moreover, immediately upon the passage of that act, the United States entered the
market as a large purchaser of silver for subsidiary coinage, to take the place of
fractional paper currency, and from 1873 to 1876 purchased for that coinage
31,603,905.87 standard ounces of silver, at a cost of $37,571,148.04.
Starting in 1878 with no stock of silver dollars, this country, standing alone of all
important nations in its efforts to restore tbe former equilibrium between gold and
silver, lias, in the brief period of eleven years, added to its stock of full legal-tender
money 343,638,001 dollars of a depreciated and steadily depreciating metal.
What has been the effect upon the price of silver!
The value of an ounce of fine silver, which on March 1, 1878, was $1.20, was on
November 1, 1889, $0.95, a decline in eleven years of over 20 per cent.
In 1873, the date at which purchase of silver for subsidiary coinage commenced,
the bullion value of the silver dollar, containing 371.25 grains of pure silver, was
about H cents more than the gold dollar; on March 1, 1878, the date of the com-
mencement of purchases for the silver dollar coinage, it was $0.93, while to-day its
bullion value is 72 cents in gold. In other words, there has been a fall of over 28
per cent in the value of silver as compared with gold in the last sixteen years, and
of over 20 per cent since we commenced purchases in 1878. The downward move-
ment of silver has been continuous, and with uniformly accelerated velocity, as will
appear from the following table:
G83
Average price of silver in London each fiscal year, 1S78-1889, and value of an ounce of fine
silver. at par of exchange, with decline expressed in percentages each year since 1873.
Year.
Price in
London,
Value of a
fine ounce.
Decline
from 1873.
d.
59. 2500
Dollars.
1. 29883
Per cent.
58.3125
1. 27827
10
50. 8750
1. 24676
4 7
52. 7500
1.15034
1. 7
54.8125
1. 20156
7-5
54. 8107
1. 19950
8-3
50.8125
1.11387
14-2
52. 4875
1. 14054
11-5
51. 9375
1.13852
12-3
51.8125
1. 13623
12-5
51.0230
1. 11826
43 9
50. 7910
1. 11339
14-3
49. 8430
1. 09262
15 -9
47. 0380
1. 03112
20-6
44. 8430
. 98301
24 -3
43. 07;-.0
. 95741
26 -3
42. 4990
. 93163
28 -3
Indian council hills.
Iti view of the almost unanimous concurrence of the leading commercial nations
of the world in excluding silver from coinage as full legal-tender money, it would,
seem unnecessary to look further for the causes of its depreciation, despite the large
purchases upon the part of this Government. There has, however, been one cause,
which probably more than any other, except hostile legislation, has depressed the
market value of silver, namely, the sale of Indian council bills.
About 1867 a diminution in the flow of silver to the east was clearly marked. This
was due to the use of bills of exchange, called “council bills,” sold by the Iudia
Council of the Government of India residing in London. These bills of exchange,
which are claims for certain sums of silver, are bought by merchants wishing to
make payments in India, silver being the standard and only legal tender in that
empire; so that just as the expenses of the Indian Government rose, and, in conse-
quence, the number of council bills offered for sale in London increased, the expor-
tation of silver to India was saved.
In 1868-’69 the sale of these bills amounted to £3,705,741, in round numbers
$18,000,000, whereas in 1888-’89 there was realized from the sale of these bills
£14,223,433, about $70,000,000.
In some years their sale has risen as high as $90,000,000.
The average amount realized annually from the sale of council bills, for the fifteen
English official years, 1875-1889, has been £13,756,882, or $67,000,000, while the
annual shipments of silver to India for the same period have averaged £7,176,446,
or $35,000,000.
The following table exhibits the net imports of silver into India, and the amount
realized from the sale of Indian council bills, each year, from 1875 to 1889:
Table showing the net imports of silver into British India, and the amount of council hills
sold, during the fifteen English official years ( ending March 31 of each year ) 1874- 75 to
1888-89.
Tears.
1874- ’75
1875- 76
1876- 77
1877- ’78
1878- 79,
1879- ’80,
1880- 81.
3 881— '82.
1882- 88.
1881-84.
3 884— "85 .
1885- ’80.
1886- ’87
1887- ’88.
1888- ’89 .
Net. imports
of silver.
Amount of
council bills
sold.
£4, 640, 000
10,841,614
1, 550. 000
12, 389, 613
7, 200, 000
12M95, 799
14. 680, 000
10. 134, 455
3, 970, 000
13, 948, 565
7, 870, 000
15, 261, 810
3, 890, 000
15, 239, 677
5, 380, 000
L3, 412, 529
7, 480, 000
lv, 120, 521
6, 410, 000
17, 599, 805
7, 250, 000
13, 758, 909
11, 610, 000
10, 523, 505
7,160, 000
11, 157, 213
9, 310, 000
15, 045. 883
9, 247, 000
14, 223, 433
107, 647, 000
206, 353, 231
7, 176, 466
13, 756, 882
Total
Amnial average
684
These $50,000,000 to $00,000,000 of council bills, payable in silver, annually thrown
upon the market affect the price of silver as would the sale of so much bullion.
That these council bills bang like an incubus upon the price of silver can not be
doubted, and they must enter largely into any inquiry as to the causes of deprecia-
tion, and into any estimate of the probable advance of that metal.
Increased product.
While the demand for silver has been cut off by the closing of the mints of Europe
to its coinage, and the usual demand upon the part, of India reduced by the sale of
council bills, the annual product of silver lias largely increased.
The world’s product of silver in 1878 was estimated at $95,000,000 (coining value),
of which $45,200,000 was the product of the United States. In 1888 the world’s
product of silver was estimated at $142,000,000 (coining value), of which the United
States contributed $59,195,000. These figures show an increase during the last
decade in the world’s product of silver of about 50 per cent, and an increase in the
silver product of the United States of over 30 per cent.
In view of these facts, while it is evident that the primary cause of the decline in
the price of silver was adverse legislation by the principal countries of Europe, vir-
tually ostracising silver, it is also true that the fall has been hastened by an increased
supply falling upon a market for which there was a reduced demand.
Royal Commission.
The Royal Commission, appointed by the British Government in 1886 to inquire
into the recent changes in the relative value of the precious metals, adopted the fol-
lowing statement, without division:
“We are of opinion that the true explanation of the phenomena which we are
directed to investigate is to be found in a combination of causes, and can not be
attributed to any one cause alone. The action of the Latin Union in 1873 broke the
link between silver and gold, which had kept the price of the former, as measured
by the latter, constant at about the legal ratio, and when this link was broken the
silver market was open to the influence of all the factors which go to affect the price
of a commodity. These factors happen, since 1873, to have operated in the direction
of a fall in the gold price of that metal, and the frequent fluctuations in its value
are accounted for by the fact that the market has become fully sensitive to the other
influences to which we have called attention above.”
Joint use of gold and silver as money.
It is unquestionably true that, in this country, public sentiment and commercial
and industrial necessity demand the joint use of both metals as money. It is not
proposed to abandon the use of either gold or silver money; the utilization of both
metals as a circulating medium and as a basis for paper currency is believed to bo
essential to our national prosperity. We can not discard either if we would without
invoking the most serious consequences. But the unprecedented change in the
market value of the two metals within the last sixteen years, and the steady depre-
ciation of silver in the face of the large purchases on the part of this Government,
arouse grave apprehensions and cause great difficulties.
With a stock of 343,638,001 silver dollars, sharing equally with our gold coins the
functions of full legal-tender money, as well as $76,600,000 silver coins of limited
tender, and an annual product of silver from our mines, approximating $60,000,000
(coining value), it would not be for the interests of this growing country, nor would
it be wise public policy, to discontinue the use of either metal as money. Yet it is
equally true that two widely different and constantly varying standards, for the
measurement of values, are impossible in any permanent, well ordered, fluaucial
system.
While our circulation now embraces gold and silver coin, and four kinds of paper
money, there is in reality since 1873 but one standard. Section 3511, Revised Statutes,
provides that “ the gold coins of the United States shall be a one dollar piece, which
at the standard weight of 25’8 grains shall be the unit of value.” * * * Our
legal-tender notes have behind them, in the vaults of the Treasury, a reserve of
$100,000,000 in gold provided as a guarantee for their redemption. Our bank cur-
rency is based upon United States bonds, the principal and interest of which are
payable in gold. Our gold certificates are expressly made redeemable in gold coin.
It may be said that our standard silver dollars, and the certificates based upon
them, constitute an exception. They are an anomaly, the standard is nominally
silver, but in reality it is gold. The bullion from which these dollars are coined is
685
purchased at its market price in gold. They are made a legal-tender, and are receiv-
able for customs and other dues. The faith and power of the Government are,
therefore, pledged to make them equal to their face value; and so long as their num-
ber is kept within safe and proper limits they will, in this country, at least, be
maintained at par with gold. The honor, as well as the interests of the country, are
involved in the preservation of this parity. Equivalence between our gold and sil-
ver dollar in foreign trade is impossible at the present price of silver, but equiva-
lence in domestic trade is practicable so long as the coinage of the silver dollar is
kept within proper limits.
Up to this time they have been maintained at par by force of governmental author-
ity and by the confidence of the people in the good faith and financial power of the
United States. Gold is the real standard for the measurement of values, and will
remain so until supplanted by its great rival, silver; or until some international
agreement shall be entered into between governments strong enough to establish and
maintain a fair ratio of value between the two metals.
Force applied through legislative action may for a time control the laws of trade,
but eventually those laws, stronger than legislators, will assert their power.
There are, doubtless, persons who would banish silver from circulation and rely
wholly upon gold, while others would make silver the only standard, and by adopt-
ing the cheaper metal drive the dearer out of circulation, if not out of the country ;
but an overwhelming preponderance of public sentiment demands that both metals
be utilized.
The problem, therefore, presented for our consideration, and which demands the
action of Congress, is not which metal shall we use, but “ how shall ice use both t”
Solutions which have been proposed.
Various solutions of this problem have been proposed, among which the following
may be mentioned:
First. An international agreement fixing a ratio between silver and gold, and opening the
mints of the leading nations of the world to the free coinage of both metals at the ratio so
established.
In such concert of action, if it could be secured, is the final and satisfactory solu
tion of the silver problem. The policy of promoting it was instituted by the United
States in 1878. The proposition was made to the European nations, and was fully
set forth and justified in two international conferences. Unfortunately, some of the
most powerful nations are not yec ready to act. Public sentiment, even in those
countries, seems to be steadily moving in that direction, but thus far no substantial
results have been achieved.
It is believed by many persons, well informed on the subject, that eventually the
evils and embarrassments of the present condition of affairs will become so intoler-
able, as to force the most reluctant nations into an agreement for the remonetization
of silver upon some fair ratio. It has been proposed, "by persons of the highest finan-
cial standing, to hasten this result, by stopping the purchase of silver by the United
States, and by throwing an additional 30,000,000 ounces annually upon the market,
to precipitate so sudden and great a fall in its price as to create serious financial dis-
turbance throughout the world, and thus compel a speedy international adjustment
of the silver question. This policy might prove the shortest way of reaching the
desired result, but it would probably be attended by commercial and industrial dis-
asters in this country as well as abroad, which conservative statesmanship should
seek to avoid. Some other less dangerous solution should be found if possible. The
modification of this proposal, fixing a date in the future for suspension in case no
cooperation in the maintenance of silver on the part of other nations should be
forthcoming, reduces the danger, but does not entirely remove it.
Second. The present policy of purchasing and coining $2,000,000 worth of silver per
month.
This is now approved by nobody.
The so-called silver men oppose it, because it does not go far enough to meet their
wishes; opponents of a silver coinage denounce it, because they deem it unwise and
dangerous to increase the issue of a coin whose nominal value is far in excess of its
bullion value.
Third. Increased purchases and coinage of silver to the maximum of $4,000,000 worth
per month, now authorized by law.
This policy is proposed by many as a means of increasing our circulation, which
they assert is deficient by reason of the retirement of national-bank notes; and also
as a means of enhancing the value of silver by absorbing the world’s surplus prod-
uct. Both of these objects may be far better secured, as will be shown hereafter
by another method which possesses all the advantages of increased coinage, and’
involves none of its dangers.
686
I
The argument has been strongly urged that by reason of that rapid retirement of
national-bank notes, a severe contraction of our currency has been effected, ■which is
paralyzing our industries, crippling our commerce, and depressing the price of all
kinds of property. The facts, however, do not sustain this argument.
Since March 1, 1878, there has been no contraction, but on the contrary a very
large expansion of our currency, as will appear from the following statement
taken from the books of the Treasury :
Comparison between March 1, 1S7S, and October 1, 1889.
In circulation
Mar. 1, 1878.
In circulation
Oct. 1, 1889.
Decrease.
Increase.
Gold coin
$82, 530, 163
$375, 947, 715
57, 554, 100
52,931,852
116,675,349
276, 619, 715
325, 510, 758
199, 779,011
$293, 417, 552
57, 554, 100
Standard silver dollars
Subsidiary silver
53, 573, 833
44, 364, 100
$642, 481
Gold certificates
72, 311, 249
276,619,715
14, 073, 787
Silver certificates
United States notes
311, 436, 971
313, 888, 740
National-bank notes
114, 109, 729
Total
805, 793, 807
1, 405, 018, 000
114, 752, 210
713, 976, 403
Net increase
599, 224, 193
From the above statement it will be seen that the —
Total increase of circulation of all kinds has been $713, 976, 403
Total decrease 114, 752, 210
Net increase 599, 224, 193
The net expansion since March 1, 1878, has, therefore, been $599,224,193. The
average net increase per month has been $4,342,204, $52,106,451 per annum. The total
net increase has been a little over 74 per cent, while the increase in population has
been about 33 per cent. In 1878 the circulation was about $16.50 per capita, and in
1889 it was about $21.75 per capita.
The increase each year, in the different kinds of money, is exhibited in the follow-
ing table :
The amount and kinds of money in actual circulation on certain dates from 1878 to 1889
Year.
Date.
1878
Mar, 1
1870
Oct. 1
1XK0
Oct. 1
1881
Oct. 1
1K8‘>
Oct. 1
1 883
Oct. 1
1K84
Oct. 1
1885
Oct. 1
18811
Oct. 1
1887
Oct. 1
1888
Oct. 1
1 88!)
Oct. 1
Total circula-
tion.
$805,
862,
1,022.
1,147,
1, 18S,
1, 236,
1,261.
1.286.
1,264,
1,353.
1, 384,
1, 405,
793.
579,
083.
892,
752.
650,
569.
630.
889,
485,
340,
018,
807
754
685
435
363
032
924
871
561
090
280
000
Gold coin.
$82. 530, 163
123, 698, 157
261, 320, 920
328, 118, 146
358,351,950
346, 077, 784
341,485,840
348, 268, 740
364, 894, 599
391.090,890
877, 329, 865
875, 947, 715
Standard sil-
ver dollars.
$11,074,230
22,914,075
32. 230, 038
33,801,231
39, 783, 527
40, 322, 042
45, 275,710
60, 170, 793
60, 614, 524
57, 959, 356
57, 554, 100
Subsidiary
silver.
$53, 573, 833
54. 088, 747
48,368, 543
47, 859,327
47,153.750
48, 170/263
45, 344, 717
51, 328, 200
48. 176. 888
50, 414, 706
52, 020. 975
52, 931,352
Year.
Date.
Gold certifi-
cates.
Silver cer-
tificates.
United Slates
notes. *
National-
bank notes.
1 878
$44,364, 100
14, 843, 200
7,480, 100
$311,436, 971
327.747,702
329,417.403
$313,888, 740
329. 950, 938
1870
Oct. 1
$1,176, 720
12,203, 191
1880
Oct. 1
340, 329, 453
1881
Oct. 1
5, 239, 320
52, 590, ISO
327, 055. 884
354, 199, 540
356. 060, 348
1 88°
Oct. 1
4, 907, 440
63, 204. 780
325. 272, 858
1 88!1
Oct. 1
55, 014, 940
87. 389, 660
78, 921,961
321, 356, 596
347. 324, 961
1884
Oct. 1
96, 491, 251
325, 786. 143
324, 750,271
188r»
Oct. 1
118, 137, 790
93, 656, 716
318, 736, 684
311,227.025
1 SKIS
Oct. 1
81,691,807
95, 387. 112
310, 161,985
301, 406. 477
1887
( )ct. 1
97, 984. 683
154, 354, 826
329, 070. 804
269, 955, 257
1 88.8
Oct. 1
134,838, 190
218, 561,601
306. 052, 053
237, 578. 210
1839
Oct. 1
116, 675,349
270, 619, 715
325,510, 758
199, 779, Oil
Includos outstanding clearing-house certificates of the act of June 8, 1872.
The statement, therefore, that this country is suffering a paralysis from severe
contraction, does not seem to he sound, nor do the facts appear to justify a largely
increased coinage of silver dollars for the purpose of expanding the currency.
As to the other proposition, that increased coinage would enhance the value of
silver by absorbing the world’s surplus product, it is a matter of grave doubt whether
the purchase of an additional $2,000,000 worth of silver per month would have the
effect of materially and permanently increasing the price of silver. That an increase
of price would temporarily occur, if this Government should adopt such a policy,
seems probable, but whether it would he maintained is a matter of conjecture —
dependent upon conditions which no one can foresee.
If the purchase of 299,889,416 ounces of silver, iu the brief period of eleven years,
did not even stay the downward tendency in price, but, in the face of this immense
quantity purchased, silver declined over 20 per cent in value, what assurance have
we that doubling the amount to he purchased and coined would materially and per-
manently enhance the price of silver, much less restore the former equilibrium?
Such a policy would, on the other hand, he attended by great dangers, and would
widen the gap between the legal ratio in coinage of this country and European coun-
tries, and thus increase the difficulties in the way of an international settlement.
Every silver dollar coined at the ratio of 16 to 1 (actually 15*98 to 1) is an additional
obstacle in the way of the adoption of any practical ratio by international agree-
ment, which is the only final solution of the silver question. For this reason, if for
no other, future accumulations of silver should he ouly in the form of bullion.
The purchase of $4,000,000 worth of silver a month, at the present price of silver,
would rneau the coinage of 5,600,000 silver dollars monthly, to be stored away in
Treasury vaults. It may he said that certificates would he issued on these dollars,
and that they would he a popular form of currency, hut the fact is that at no time
since the coinage of the silver dollar was commenced has the full amount of silver
dollars held by the Treasury been covered by outstanding certificates. The substi-
tution of the silver certificate for the cumbersome and inconvenient silver dollar,
while it has tended to popularize it, and give it a circulation otherwise impossible,
and to extend its uselulness, and postpone the evil day so often prophesied, has
added nothing to its value, aud has relieved the dollar from none of the dangers
inherent in the effort to lceep an overvalued coiu at par with gold. These certifi-
cates rather add to the perils of such a financial policy by temporarily popularizing
it, and by increasing and intensifying, through postponement, the evil results which
inevitably await upon its enlargement and continuance.
The coinage of 5,600,000 silver dollars a month would tax the present mint organ-
ization to its utmost capacity, and would practically suspend the coinage of gold.
True, this might he obviated by enlarged facilities, but as the coinage of $2,000,000
worth a month has more than met the demand for certificates, the argument that
tli is additional coinage would soon he owned by the people in the shape of certifi-
cates is not sustained by the history of the past nor by the demands of the present.
If the issue of silver dollars, or the certificates which represent them’ should
become so numerous as to endanger the free circulation of gold, and its represent-
atives, gold certificates and legal -tender notes, the dues of the Government would
soon he paid in silver; and as heretofore the interest and principal of the obligations
of the Government have been paid in gold, it wouldonly he a question of time when
the specie reserve in the Treasury would change from gold to silver to such an extent
as to force the Secretary to pay out silver. Just so long as the Government does not
forcibly pay out silver, hut leaves its acceptance to the option of the creditor, no
one is forced to receive it unless he thinks he can dispose of it at its face value, and
in this way the number of silver dollars in circulation is limited to actual require-
ments. But if more than sufficient to satisfy business needs are issued, they accumu-
late in the hands of merchants and in banks, and, unless the Government redeems
them, they must depreciate.
The Secretary of the Treasury, in whom is lodged the discretionary power to pur-
chase and coin $4,000,000 worth of silver per month, concurs in the opinion of all
his predecessors since 1878, of both political parties, that there is a limit beyond
which it is not safe to go in the coinage of full legal-tender dollars, the nominal
value of which is far in excess of the bullion value, and he has therefore confined
his purchases to the amount required bylaw.
Fourth. Free coinac/e of standard silver dollars.
This may he called the “ heroic” remedy. To open our mints to free coinage for
depositors, when 4 12| grains of standard silver are worth in the markets of the world
only 72 cents, would be to say to everybody at home and abroad, bring us 72 cents
worth of silver and by the magic of our stamps and dies we will transmute it into
100 cents.
Free coinage of silver, while it is an indispensable condition of permanent restoration,
were it bestowed by this country at a time when the metal value of the silver in the full
legal-tender dollar is 28 cents less than its nominal value, would simply have the effect,
088
liy opening the mints to the free coinage of silver into legal dollars, to close them for
the free coinage of gold. No doubt onr mints would find ample employment. If they
were now open to the free coinage of silver we should not need them for the coinage of
gold, because gold would command a premium and become a commodity to be hoarded
or shipped abroad and not a coin for circulation at home. It would stop the simulta-
neous circulation of gold and silver. Our customs dues would be paid only in silver ;
our legal-tender notes would be used to draw the gold from the Treasury, and would
then represent only a debt in silver, and we should be compelled to go into the market
and purchase gold to meet our obligations or pay them in silver dollars. Rich and
powerful as the United States is, we are not strong enough nor rich enough to
absorb the silver of the world without placing our country wholly upon the Asiatic
silver basis. This policy would in no wise tend to restore the desired equilibrium
between gold and silver nor to promote their joint use as money. Nor would it meet
the hopes and expectations of those who desire an increase of our circulating
medium.
The amount of gold and gold certificates owned by the people and in actual circu-
lation, exclusive of $187,572,386 owned by the Treasury on November 1, 1889, was
$196,622,300. Free coinage of silver dollars would, as already stated, very soou put
this large amount of gold at a premium, and cause it to be hoarded or exported, and
thus retire it from circulation.
Even if we should coin 100,000,000 standard silver dollars a year, it would be five
years before enough of them could be put in circulation to equal the gold thus ban-
ished, and by the time 500,000,000 silver dollars, in addition to our present stock,
could be circulated their depreciation from the gold standard might require one or
two hundred millions more to do the same amount of work now done by gold.
It is difficult to conceive of a method by which a more swift and disastrous con-
traction of our currency could be produced.
It is within the memory of all that for several years prior to 1879 gold was not in
circulation as money, but when resumption took place the hidden treasures, which
iiad so long been banished from actual use, at once flowed into the channels of busi-
ness and produced the most substantial and satisfactory conditions of prosperity.
The free coinage of silver dollars, under existing circumstances, would be to
reverse the results achieved by resumption.
Fifth. The coinage of silver dollars containing a dollar’s worth of bullion.
This has been with many a favorite solution of the problem under discussion.
They say, “We have no objection to the coinage of silver if you will only make an
honest dollar by. putting into it enough silver to make it equal in value to a gold
dollar.”
This proposition, while apparently “honest,” is thoroughly impracticable and
impolitic.
As the price of silver varies almost daily, the amount of silver to be put into the
silver dollar, to make it of equal value to the gold dollar, would have to be changed
constantly. While the divergence between the dollar of gold and the dollar of silver
would not be so great, the relative value of the two dollars would, in reality, be as
fluctuating and uncertain as it is now. The present silver dollar is inconveniently
large and heavy for actual use as money, and to increase its weight from 112$ to 556
grains (which at the present price of silver would be the equivalent of the gold dol-
lar)— that is, to increase its bulk 35 per cent, would make it simply intolerable.
Another objection is that the coinage of a heavier dollar would be a new obstruc-
tion to any international ratio.
The paramount objection to this plan, however, is that it would have a decided
tendency to prevent any rise in the value of silver. Seizing it at its present low
price, the law would in effect declare that it must remain there forever, so far as its
uses for coinage are concerned.
Sixth. Issue certificates to depositors of silver bullion at the rate of -ftl for 412\ grains
of standard silver.
This proposition is a recognition of the inexpediency of coining silver dollars to
pile away in the Treasury vaults while their paper representatives are doing the
work of circulation. To this extent it is an improvement on the last four proposi-
tions, inasmuch as it would save the useless expense of coinage and be more con-
venient for storage. It would also be a step in the way of an international agree-
ment by stopping further silver coinage at a ratio different from that almost uni-
versal in European countries.
This proposition practically amounts to free coinage of silver for depositors, and
is open to all the serious objections and dangers which have been urged againstthat
heroic remedy.
Men s u re reco m men ded.
Issue Treasury notes against deposits of silver bullion attlie market price of silver
when deposited, payable on demand in such quantities of silver bullion as willequal
in value, at the date of presentation, the number of dollars expressed on the feac of
689
the notes at the market price of silver or in gold at tho option of the Government,
or in silver dollars at the option of the holder. Repeal the compulsory feature of
the present coinage act.
The Secretary desires to call special attention to this proposition, believing that
in the application of its principles will be found the safest, surest, and most satis-
factory solution of the silver problem as it is uow presented for the action of this
country.
In explaining the proposed measure at this time it is intended to deal only with
its general features, but, if desired, a bill embracing the details believed to be neces-
sary to its satisfactory operation will be prepared and submitted for the considera-
tion of Congress.
The proposition is briefly this: To open the mints of tho United States to the free
deposit of silver, the market value of the same (not to exceed $1 for 412.5 grains of
standard silver) at the time of deposit to be paid in Treasury notes; said notes to
be redeemable in the quantity of silver which could be purchased by the number of
dollars expressed on the face of the notes at the time presented for payment, or in
gold, at the option of the Government, and to be receivable for customs, taxes, and
all public dues; and when so received they may be reissued; and such notes, when
held by any national banking association, shall be counted as part of its lawfu
reserve.
The Secretary of the Treasury should have discretionary power to suspend tempo-
rarily the receipt of silver bullion for payment in notes when necessary to protect
the Government against combinations formed for the purpose of giving an arbitrary
and fictitious price to silver.
If the price of silver should advance between the date of the issue of a note and
its payment the holder of the note would receive a less quantity of silver than ho
deposited, but he would receive the exact quantity of silver which could be bought
in the market with the number of gold dollars called for by his note at the date of
payment. If the price should decline he would receive more silver than he depos-
ited, but he would receive the quantity of silver which could be purchased with the
number of gold dollars called for by his note at the time he ju'esented it for payment.
The advantages of retaining the option to redeem in gold are three-fold :
First. It would give additional credit to the notes.
Second. It would prevent the withdrawal and redeposit of silver for speculative
purposes.
Third. It would afford a convenient method of making change when the weight
of silver bars does not correspond with the amount of the notes.
So far as the issue of the notes is concerned the plan is very simple. If a depos-
itor brings a hundred ounces of silver to the mint, and the market price of silver at
that date as determined by the Secretary of the Treasury, is 95 cents an ounce, he
would receive in payment Treasury notes calling for $95.
Various methods of redeeming the proposed notes have been considered, but the
plan recommended seems preferable.
They might be redeemed wholly in silver bullion of the same weight as that
deposited ; that is to say, if an owner of silver had deposited a hundred ounces he
might receive back a hundred ounces.
The objection to this plan of redemption is that it would subject the notes to all
the fluctuations which might occur in the price of silver, and from lack of steadi-
ness and certainty of value they might not circulate freely as money.
Another plan which has been suggested is to redeem them in lawful money of tho
United States, dollar for dollar. This is practically a purchase of the bullion at its
market price, the Government becoming the owner of it on the issue of the notes.
This method has some features which commend it, but on the whole it does not seem
logical or desirable that the notes should be redeemed in a currency which is cer-
tainly no better, if as good, as themselves. Moreover, it does not seem expedient
to pile up in the vaults of the Government a large quantity of silver bullion which
can not be made available for the redemption of the very notes which are based upon
it. True, the Government might coin the bullion into standard silver dollars and
use the resulting coin for the redemption of the notes, which would be quite satis-
factory when the silver dollar becomes equal in value to the gold dollar, but at
p resent it would not appear to be either just or desirable to issue a note on a deposit
of a hundred cents’ worth of silver and redeem it with a dollar containing only 72
cents’ worth of silver.
Advantages of the proposed measure.
Among the obvious advantages of the measure proposed the following may bo
briefly stated :
First. It would establish and maintain through the operations of trado a conven-
ient and economical use of all tho money metal in the country.
S. Bep. 23o 44
690
Second. It would give us a paper currency not subject to undue or arbitrary infla-
tion or eontraction nor to fluctuating values, but based, dollar l'or dollar, on bul-
lion at its market price, and having behind it the pledge of the Government to main-
tain its value at par, it would be as good as gold and would remain in circulation,
as there could be no motive for demanding redemption for the purposes of ordinary
business transactions.
Third. By the utilization of silver in this way a market would be provided for the
surplus product. This would tend to the rapid enhancement of its value, until a
point be reached where we can with safety open our mints to the free coinage of sil-
ver.
Fourth. The volume of absolutely sound and perfectly convenient currency thus
introduced into the channels of trade would also relieve gold of a part of the" work
which it would otherwise be required to perform. Both of the causes last men-
tioned, it is confidently believed, would tend to reduce the difference in value
between the two metals and to restore the equilibrium so much desired. It would
furnish a perfectly sound currency to take the place of retired national-bank notes,
and thus prevent the contraction feared from that source.
Fifth. It would meet the wants of those who desire a larger volume of circulation,
by the introduction of a currency, which, being at all times the equivalent of gold,
would freely circulate with it, and thus avoid the danger of contraction, which
lurks in the policy of increased or free coinage of silver, by reason of the hoarding
or exportation of gold.
Sixth. It should not encounter the opposition of those who deprecate inflation,
for, though the volume of currency may be somewhat increased, the notes would be
limited to the surplus product of silver, and each dollar thus issued would be abso-
lutely sound, and would represent an amount of bullion worth a dollar in gold.
Seventh. It would be far more advantageous to silver producers than increaed
coinage under existing law, for in both cases bullion would be paid for at its market
value, and under the plan proposed a much larger amount could be used with safety ;
and while increased coinage would arouse the fears and encounter the opposition of
a very large and powerful class of people, it is believed that this measure would
meet with their acquiescence.
Eighth. There would be no possibility of loss to the holders of these notes, because
in addition to their full face value in bullion they would have behind them the
pledged faith of the Government to redeem them in gold, or its equivalent in silver
bullion.
Ninth. The adoption of this policy, and the repeal of the compulsory coinage act,
would quiet public apprehension in regard to the over-issue of standard silver dollars,
and the present stock could therefore be safely maintained at par.
Tenth. This plan could be tried with perfect safety, and it is believed with advan-
tage to all our interests. Should it prove a successful and satisfactory plan for
utilizing silver as money, other nations might find it to their interest to adopt it
without waiting for an international agreement, and should concerted action be
deemed desirable, it could then be more readily secured.
By this method it is believed that the way would be paved for the opening of the
mints of the world to the free coinage of silver and the restoration of the former
equilibrum of the money metals.
Possible objections and criticims.
I may here conveniently note and answer in brief some of the objections which
may be made to this proposition :
First. Possibility of loss to the Government by a further depreciation in the value
of silver bullion.
This danger is exceedingly remote. On the other hand, there is every reason to
believe that a profit to the Government would be realized by the adoption of this
measure. First, from the almost certain rise in the value of the silver on deposit, which
would inure to its advantage; and second, from the destruction and permanent loss
of notes which would never be presented for redemption, the bullion represented by
them then becoming the property of the Government.
But even if a loss arise by reason of a further decline in the value of silver, this
would not be a valid objection to the measure proposed, for the reason that the Gov-
ernment, having assumed control of the currency of the country, is bound, at what-
ever cost, to supply a circulating medium which is absolutely sound. This duty
has been fully recognized in the case of our legal-tender notes, by the sale of 4 and
<U per cent bonds, amounting to $95,500,000, in order to provide that amount of gold,
w‘bich now lies in the Treasury, as a reserve for their redemption. We have already
paid out over $40,000,000 interest on these bonds, as a portion of the cost of main-
taining the outstanding $346,000,000 of United States notes, and we are still paying
over $4,000,000 a year for that purpose.
691
Second. It might he suggested that to issue Treasury notes on unlimited deposits
of bullion would place the Government at the mercy of combinations organized to
arbitrarily put up the price of silver for the purpose of unloading on the Treasury
at a fictitious value.
This danger may be averted by giving the Secretary of the Treasury discretion to
suspend temporarily the receipt of silver and issue of notes in the event of such a
combination, and he might be authorized, under proper restrictions, to sell silver, if
necessary, retaining the gold proceeds for the redemption of the notes.
The existence of such authority, even if never exercised, would prevent the forma-
tion of any effectual combination of this kind, for the reason that a combination to
control the silver product of the world would be very expensive, requiring immense
capital, and could not be successfully undertaken in the face of the power lodged
with the Secretary to defeat it.
This method of guarding against combinations and corners would be far better
than the proposition to iix the price at which notes should be issued at the average
price ot silver during any considerable antecedent period of time, as the latter would
tend to prevent the normal rise in value, which is desired and anticipated from the
adoption of this method.
Third. If it be objected to on the ground that it would degrade silver from its
position as money, and reduce it to the level of a mere commodity, the reply is that
silver bullion is now a mere commodity.
This policy would at once give to silver, through its paper representative, tlierank
and dignity of money in the most convenient and least expensive way in which it
can possibly be utilized. The issue of notes based on bullion, as proposed, would
have the effect of crowning it with the dignity of money as effectually as could the
dies and stamps of a United States mint. Instead of degrading silver, this plan
would tend to restore it to its former ratio with gold.
Fourth. It might be urged against this plan that it would open a tempting field
for speculation by offering to speculators an opportunity, when silver had tempo-
rarily fallen but was likely to advance, to withdraw from the Treasury and hold for
a rise the silver bullion covered by notes; or, when there might be a possibility of a
depression, to deposit it, wait for a fall in price, and then have their notes redeemed
in an increased quantity of silver.
The answer to this objection is that the danger is by no means great, but should
it prove so, the judicious exercise by the Secretary of the Treasury of his option to
redeem in gold (either coin, bullion, or certificates) would effectually prevent the
successful culmination of such speculative operations.
Fifth. Unless the amount of silver bullion be limited, may not this policy result
in an undue and dangerous increase in the volume of our currency ? May we not be
flooded with tho world’s excess of silver ?
Fears of too large a volume of absolutely sound currency are not entertained to
any considerable extent by our people. The dangers from such an expansion are
not apparent, nor are they serious. It is only inflation from overissue of doubtful or
depreciated dollars that affords substantial grounds for apprehension.
As to the objection that we may be flooded with the world’s silver, the proposed
law itself, and the statistics in regard to the present product and the uses of silver,
furnish a complete reply. Treasury notes would only be issued at the average price
of silver in the leading financial centers of Europe and the United States, so that
there could be no possible motive for shipping it from abroad. Why should anyone
•pay the cost of transporting silver from Europe to exchange for our Treasury notes
at the same price it would command in gold at home? Probably we should receive
some of the surplus product of Mexico; but, as will be presently shown, the amount
would not he dangerously large. It would not come from South America, because it
would command the same price in gold in London that it would in notes in New
York, and nearly all the product of South America goes, in the shape of miscella-
neous ores and base bars, to Europe for economical refining.
As the last objection raised is of vital importance, it may properly be considered
somewhat in detail.
The silver product of the world, for the calendar year 1888, was estimated to have
been approximately 110,000,000 ouuces, divided among producing countries as fol-
lows :
Countries — Fine ounces.
United States 45,800,000
MexlC0 32, 000, 000
South America 17, 000, 000
Europe 10,000,000
Australia and Japan 5; 200, 000
Total
110, 000, 000
692
The commercial value of the above product, based upon the average price of sil-
ver for the same year (94 cents an ounce), was $103,400,000, and the coining value
$442,000,000.
It is necessary to use the coining value in this connection, because it is proposed
to deal with coinages which are usually reported at their nominal value.
The silver coinages of the world, officially reported to the Director of the Mint,
through our foreign representatives, for the year 1888, aggregated $149,737,442.
Included in this aggregate are 26,658,964 Mexican dollars, and the sum of $28,000,000
officially reported as recoinages, that is, domestic or foreign coins remelted during
the year. "What amount of old jewelry, plate, etc., was used for coinage purposes is
not known, aside from the United States.
Deducting the coinage of Mexican dollars and the amount of the recoinages, say
$54,000,000, leaves the amount of new silver employed in coinage about $95,000,000.
The new silver used in coinage in 1888 was approximately distributed as follows;
Coinage ( less recoinage), 1888.
Countries — Coining value.
By the United States $32, 300, 000
By India 35, 000, 000
By Japan 10, 000, 000
By other countries (principally colonial and subsidiary coinages).. 17, 700, 000
Total 95, 000, 000
The product of new silver for the same year was, approximately, $142,000,000 (coin-
ing value), leaving about $47,000,000 of new silver for use in the arts and industries,
for Mexican coinage not remelted, and unaccounted for.
Deducting for recoinages — that is, for domestic and foreign coins used over, say
$4,000,000 — the value of the new silver used annually in coinage by the United
States and India may be placed at $67,000,000.
Since the suspension of silver coinage by the States of the Latin Union in 1875,
the only nations which have executed full legal-tender silver coinages of any con-
siderable value have been the United States and India. While it is true that the
mints of Mexico have been open to the coinage of full legal-tender silver dollars,
and that the number of Mexican dollars coined annually from new bullion amounts
to about $25,000,000, this coinage can not be considered as adding materially to the
world’s stock of coin, for the reason that the bulk of the Mexican dollars coined are
soon melted down and used in other coinages, or absorbed in Asiatic trade. The
conversion of bullion into Mexican dollars is only a convenient way of utilizing it
for Eastern trade.
The mints of Japan ares till open to the coinage of full legal-tender yens, or dol-
lars, and they coined during the year 1888 over $8,000,000, and in the year 1887 over
$9,000,000 in silver yens. Some full legal-tender coinage is executed annually by
Austria-Hungary, both in silver trade coins (Maria Theresa thalers), for circulation
in the Levant, and silver florin and 2-florin pieces for domestic trade, the value of
the former being for the year 1887 about $3,175,000 and for 1888 about $1, 100,000, and
of the latter about $8,000,000 in 1887 and $4,000,000 in 1888.
Some full legal-tender silver coinage is executed annually by France for its pos-
sessions in Cochin China and in Africa and some by Holland for its foreign posses-
sions. With these exceptions, the silver coinages of the world consist almost exclu-
sively of subsidiary pieces, struck for change purposes by European and South
American countries.
Of the silver coinage of Mexico it would be safe to say that from $5,000,000 to
$10,000,000 remains annually in existence as coin, either in Mexico or China.
It would be a low estimate to say that at least $10,000,000 worth of silver is
exported annually to China, Asia, and Africa, exclusive of any portion which goes
into the coinage of British India.
Soetbeer, the eminent German statistician, in an unpublished article recently
received from him by the Director of the Mint, places the exportation of now silver
annually to Asia and Africa, exclusive of what goes into Indian coinage, at from
400,000 to 500,000 kilograms, or from $16,000,000 to $20,000,000. He estimates the
amount used annually in the subsidiary coinages of Europe and American States at
from 300,000 to 400,000 kilograms of new silver, or from $12,000,000 to $16,000,000.
The amount of new silver used annually in the arts and industries is not known
even approximately. In this country the consumption is very large, approximating
$5 000,000 annually. An estimate of $10, 000.000 for the rest of the world is not con-
sidered excessive, when the amount of silver plate, watch cases and jewelry manu-
factured in France, Great Britain, Germany, and Switzerland, and the enormous use
of silver for ornamonts in India, as reported by writers and travelers, is considered.
In a table prepared by the Director of the Mint, from reports of foreign gov-
ernments, as to the value of the precious metals employed annually in the indus-
693
trial arts, eleven leading countries, including the United States, reported a use of
$21,000,000 in silver. This, of course, includes coin melted down and old material
reused, as well as now bullion.
Soetbeer places the annual consumption of new silver in the industrial arts at
500,000 kilograms, say $20,000,000.
From the above figures the annual product and consumption of silver may be
stated approximately as follows :
Annual product (coining value) $142,000,000
Disposition :
Required by India 35, 000, 000
Coinage of full legal-tender silver by Austria and Japan (average) 10, 000, 000
Required for subsidiary coinages of Europe and South America and
colonial coinages 16, 000, 000
Amount annually exported to China, Asia, and Africa (other than
used in Indian coinage) ■ 10,000,000
Annual coinage of Mexican dollai's, not melted 5, 000, 000
Amount used in the arts and manufactures (estimate) 15, 000, 000
Surplus product 51, 000, 000
Total 142, 000, 000
From the above it will be seen that the annual surplus product of silver, which
would probably be deposited at the mints of the United States, approximates
$51,000,000 (coining) value, corresponding to 39,445,312 fine ounces, worth, at the
present market price of silver ($0.96), $37,867,500.
At the present price of silver $4,000,000 will purchase 4,166,666 fine ounces, or for
the year 50,000,000 fine ounces, an excess of 10,554,688 fine ounces above the esti-
mated surplus.
There is in fact no known accumulation of silver bullion anywhei'e in the world.
Germany long since disposed of her stock of melted silver coins, partly by sale,
partly by recoinage into her own new subsidiary coins, and partly by use in coining
for Egypt. Only recently it became necessary to purchase silver for the Egyptian
coinage executed at the mint at Berlin.
It is plain, then, that there is no danger that the silver product of past years will
be poured into our mints, unless new steps betaken for demonetization, and for this
improbable contingency ample safeguards can be provided.
Nor need there be any serious apprehension that any considerable part of the stock
of silver coin of Europe would be shipped to the United States for deposit for Treas-
ury notes.
There is much less reason for shipping coin to this country than bullion, for while
the leading nations of Europe have discontinued the coinage of full legal-tender sil-
ver pieces, they have provided by law for maintaining their existing stock of silver
coins at par.
In England, Portugal, and the states of the Scandinavian Union, there is no stock
of silver coin except subsidiary coins, required for change purposes, the nominal
value of which is far in excess of the bullion value. Germany has in circulation
about $100,000,000 in old silver thalers, but ten years have passed since the sales of
bullion arising under the anti-silver legislation of 1873 were discontinued. It is safe
to say there is no stock of silver coin in Europe which is not needed for business pur-
poses.
The states of the Latin Union, and Spain which has a similar monetary system, are
the only countries in Europe which have any large stock of silver coins, and the
commercial necessities of these countries are such that they could not afford, with-
out serious financial distress, to withdraw from circulation silver coins which are
at par with their gold coins, to deposit them at our mints for payment of the bullion
value in notes.
694
The following table exhibits the stock of gold and silver in European banks at a
late date, and the notes issued against them:
Stock of precious metals in European banks and bank notes outstanding.
[Compiled from tlie London Economist.]
Banks.
Gold.
Silver.
Notes in circu-
lation.
Bank of England
£19, 519, 659
51, 980, 000
26, 746, 000
5, 442, 000
5, 308, 000
4, 000, 000
2, 600, 000
30, 049, 000
£25, 204, 740
119. 837, 000
55, 665, 000
43, 642, 000
17, 725, 000
28, 966, 000
14, 168, 000
95, 142, 000
Bank of France
£50, 247, 000
11, 000, 000
16, 005, 000
5, 984, 000
5, 663, 000
1, 306, 000
2, 919, 000
Imperial Bank of Germany*
Austro-Hungarian Bank . .
Netherlands Bank
Bank of Spain *
National Bank of Belgium*
Bank of Kussia
Total
145, 594, 059
93, 094, 000
400, 349, 740
* Gold and silver not divided, but estimated from best authorities, agreeing substantially with
the division given by the Commercial and Einancial Chronicle and the Financial and Mining Kecord.
In view of these facts, there would seem to be no sufficient reason for limiting the
amount of silver bullion, which may be deposited for Treasury notes, and there are
strong reasons against such limitation.
If deposits were limited to $4,000,000 worth per month, the amount of silver received
might be somewhat smaller than under the proposed measure, which fixes no limit,
but the difference in the quantity deposited would hardly compensate, in my judg-
ment, for the effect which the restriction would have on the silver market.
Such a restriction would have a decided tendency to prevent the normal rise in
price, because it might leave a surplus even of our own product, counting that
which comes from Mexico to this country, and the mere fact of there being a limit
to the amount that the United States would receive and issue notes upon, would be
a constant menace to the price of silver. Moreover, the limitation to $4,000,000
worth a month would necessitate a distribution of the amount which would be
received at the different mints of the United States each month, so that when the
full amount of the quota fixed for any one institution was full, no further deposits
could be received that month, and the result might be to throw a large stock on
the market in such localities, which, of itself, would have a tendency to depress the
price.
If, however, any limitation be thought necessary, it would seem preferable to
restrict deposits to the product of our own mines, or the mines of this continent, or
to deposits of new bullion, as distinguished from foreign coin and foreign melted
coin, rather than to limit the amount to be received to a specific quantity or value.
He is a dull observer of the condition and trend of public sentiment in this country
who does not realize that the continued use of silver as money, in some form, is cer-
tain. No measure can be presented to which it may not be possible to find objec-
tions. This one is suggested with a view to promoting the joint use of silver and
gold as money, and with the full confidence that it will secure all the advantages
hoped for, from any of the plans proposed, without incurring their real or appre-
hended dangers.
M # * * * * *
[Keport of the Secretary of the Treasury, December 1, 1890.]
In my judgment, the gravest defect in our present financial system is its lack of
elasticity. The national-banking system supplied this defect to some extent by the
authority which the banks have to increase their circulation in times of stringency,
and to reduce when money becomes redundant; but, by reason of the high price of
bonds, this authority has ceased to be of much practical value.
The demand lor money in this country is so irregular that an amount of circula-
tion which will be ample during ten months of the year will frequently prove so
deficient during the other two months as to cause stringency and commercial disas-
ter. Such stringency may occur without any speculative manipulations of money,
though, unfortunately, it, is often intensified by such manipulations. The crops of
the country have reached proportions so immense that their movement to market,
in August and September, annually causes a dangerous absorption of money. The
lack of a sufficient supply to meet tlio increased demand during those months may
entail heavy losses upon the agricultural as well as upon other business interests.
Though financial stringency may occur at any time, and from many causes, yet
nearly all of the great commercial crises in our history have occurred during the
months named, and unless some provision be made to meet such contingencies in
the future, like disasters may be confidently expected.
v
695
I am aware that the theory obtains, in the minds of many people, that if therewere
no surplus iu the Treasury, a sufficient amount of money would be in circulation, and
hence no stringency would occur. The fact is, however, that such stringency has
seldom been produced by Treasury absorption, but generally by some sudden or
unusual demand for money entirely independent of Treasury conditions and opera-
tions. The financial pressure in September last, which at one time assumed a threat-
ening character, illustrates the truth of this statement. There was at that time no
accumulation of money in the Treasury from customs or internal-revenue taxes, nor
from any other source that could have affected the money market. On the contrary,
the total disbursements for all purposes, including bond purchases and interest pre-
payments, during the last preceding fifty-three days, had been about $29,000,000 in
excess of the receipts from all sources.
The total apparent surplus on September 10, when the money stringency culmi-
nated, was $99,509,220.53. Of this amount $24,216,804.96 was on deposit in the
banks, and presumably in circulation among the people, and $21,709,379.77 was frac-
tional silver, which had been in the Treasury vaults for several years, aud was not
available for any considerable disbursements. Deducting the sum of these two
items, viz, $45,926,184.73, left an actual available surplus of only $53,583,035.80.
The amount of the bank-note redemption fund then in the Treasury, which had
been transferred to the available funds by the act of July 14, 1890, was $54,000,000,
being substantially tho amount of the available surplus on September 10, 1890.
This bank-uote fund had been in the Treasury in varying amounts for many years.
Iu August, 1887, it was $105,873,095.60, which had been gradually reduced by dis-
bursements to the amount above named. It is apparent, therefore, that the financial
stringency under discussion was not produced by the absorption of money by the
Treasury, but by causes Avholly outside of Treasury operations. At tho time when
the financial pressure in September reached its climax, the extraordinary disburse-
ments for bond purchases had substantially exhausted the entire ordinary Treasury
accumulations, and but for the fact that Congress had wisely transferred the bank-
note redemption fund to the available cash, there would have been no money at
command in the Treasury by which the strained financial conditions could have
been relieved and threatened panic and disaster averted. Had this fund been in the
banks instead of the Treasury the business of the country would have been adjusted
to the increased supply, and when the strain came it would have been impossible
for the banks to meet it. The Government could not have withdrawn it from the
banks without compelling a contraction of their loans, and thus diminishing their
ability to give relief to their customers.
The more recent financial stringency in November, immediately after the disburse-
ment of over $100,000,000 for the purchase and redemption of bonds within the pre-
ceding four months, furnishes another forcible illustration that such stringencies
are due to other causes than Treasury operations.
CIRCULATION.
The following tables exhibit the comparative amounts of the various kinds of
money in actual circulation at several different periods. I have chosen the census
years 1870, 1880, and 1890, because of the convenience afforded for comparing the
amount of circulation with population. The various sums stated in the tables are
all exclusive of mouey in the Treasury. They represent, as nearly as is possible, the
exact amounts of the several kinds of money in actual circulation among the people
at the periods named.
Table No. 1. — Comparative statement shoiving the changes in circulation during twenty
years from October 1, 1870, to October 1 , 1890.
In circulation
Oct. 1, 1870.
In circulation
Oct. 1, 1890.
Decrease.
Increase.
Gold coin
$78, 985, 305. 00
$386, 939, 723. 00
62, 132, 454. 00
06, 311, 846. 00
158,104, 739. 00
309, 321, 207. 00
7, 106, 500. 00
340, 905, 726. 00
177, 250, 514. 00
$307, 954, 418. 00
62, 132, 454. 00
17, 322, 851. 00
129, 593, 739. 00
309, 321, 207. 00
7, 106, 500. 00
11, 416, 505. 00
Standard silver dollars
Subsidiary silver aud fractioual
curreucy
38, 988, 995. 00
28, 511, 000. 00
Gold certificates
Silver certificates. .
$117, 080, 965. 00
Treasury notes, act July 14, 1890.
United States notes
National-bank notes
Totals
329, 489, 221. 00
294, 337, 479. 00
770, 312, 000. 00
1, 498, 072, 709. 00
117, 080, 965. 00
814, 847, 674. 00
Net increase
Average net increase per month
Circulation per capita in 1870...
Circulation per capita in 1890...
$727,760,709
3, 032, 330
19. 978
23.909
696
Table No. 2. — Comparative statement showing the changes in circulation during ten years
from October 1, 18S0, to October 1, 1890.
In circulation
Oct. 1, 1880.
In circulation
Oct. 1, 1890.
Decrease.
Increase.
Gold coin
$261, 320, 920. 00
22, 914, 075. 00
48, 368, 543. 00
7, 480, 100. 00
12, 203, 191. 00
$386, 939, 723. 00
62, 132, 454. 00
56,311,840.00
158, 104, 739. 00
309, 321, 207. 00
7, 106, 500 00
$125, 618, 803. 00
39, 218, 379. 00
7, 943, 303. 00
150, 624, 639. 00
297, 118, 016. 00
7, 106, 500. 00
11,488,323. 00
Standard silver dollars
Subsidiary silver
Gold certificates
Silver certificates
Treasuryuotes, act July 14, 1870..
United States notes. . .."
National-bank notes
Totals
329, 417, 403. 00
340, 329, 453. 00
340, 905, 726. 00
177, 250, 514. 00
$163, 078, 939. 00
1, 022, 033, 685. 00
1, 498, 072, 709. 00
163, 078, 939. 00
649, 117, 963. 00
Net increase $476,039,024
Average net increase per month 3, 966, 992
Circulation per capita in 1880 20. 377
Circulation per capita in 1890 23. 969
Table No. 3. — Comparative statement showing the changes in circulation during period
from March 1, 1889, to October 1, 1890.
In circulation
Mar. 1,1889.
In circulation
Oct. 1, 1890.
Decrease.
Increase.
$379, 497, 911. 00
57, 581, 904. 00
51,944, 751.00
130, 210, 717. 00
246, 628, 953. 00
317, 380, 505. 00
220, 961, 155. 00
$386, 939, 723. 00
62, 132, 454. 00
56, 311, 846. 00
158, 104, 739. 00
‘309, 321,207. 00
7, 106, 500. 00
340, 905, 726. 0C
177, 250, 514. 00
$7, 441, 812. 00
4, 550, 550. 00
4. 367, 095. 00
27, 894, 022. 00
62, C92, 254. 00
7, 106, 500. 00
23, 525, 221. 00
Standard silver dollars
Subsidiary silver
Gold certificates
Silver certificates
Treasury notes, act July 14, 1890.
United States notes
National-bank notes
Totals
$43,710, 641.00
1,404,205, 896.00
1,498, 072,709.00
43,710,641.00
137, 577, 454. 00
Increase of circulation per capita in nineteen months, about $1.51.
Net increaso $93, 866, 813
Average net increase per month 4,940,358
Table No. 4. — Comparative statement showing the changes in circulation during penod
from March 1, 1885, to October 1 . 1886.
In circulation
Mar. 1, 1885.
In circulation
Oct. 1, 1886.
Decrease.
Increase.
$334, 268, 447. 00
40, 686, 187.00
44, 802, 220. 00
112, 683,290. 00
111.467.951.00
327.954.194.00
314, 886, 770. 00
$364, 894, 599. 00
60, 170, 793. 00
48, 176, 838. 00
84, 691. 807. 00
95, 387, 112. 00
310, 161,935. 00
301, 406, 477. 00
$30, 626, 152. 00
19, 484, 606. 00
3,374,018. 00
Standard silver dollars
Subsidiary silver
Gold certificates
$27, 991,483.00
16, 080, 839. 00
17, 792, 259. 00
13, 480, 293. 00
United States notes
National-bank notes
Totals
1, 286, 749, 059. 00
1,264. 889,561.00
75, 344, 874. 00
53, 485, 370. 00
Decrease of circulation per capita in 19 months, about 40 cents.
N et decrease
Average net decrease per mouth
$21,859, 498
1, 150, 500
697
Table No. 5. — Comparative statement showing the changes in circulation during period
from July 1 to October 1, 1800.
1 n circulation
July 1, 1890.
I
n circulation
Oct. 1, 1890.
Decrease.
Increase.
Gold coin
Standard silver dollars
Subsidiary silver
Gold certificates
Silver certificates
Treasury notes, act .1 uly 14, 1890
United States notes
National-bank notes
$374, 390, 381. 00
56, 100, 350. 00
54, 009, 743. 00
131,880,019 00
297, 210, 043. 00
334, 870, 820. 00
181,019,008. 00
$386, 939, 723. 00
02, 132, 454. 00
50. 311,846. 00
158, 104, 739. 00
309, 321,207.00
7, 100,500. 00
340, 905, 726. 00
177, 250, 514. 00
$4, 308, 494. 00
Totals
1, 429, 718, 370. 00
1, 498, 072, 709. 00
4, 308, 494. 00
$12,543, 342.00
5, 906, 098. 00
2, 242, 103. 00
26, 724, 720. 00
12, 111, 101. 00
7, 106, 500.00
0, 028, 900. 00
72, 722, 827. 00
Not incroase $08,354,333
Average net increase per montb 22, 784, 778
Table No. 1 shows that during the last twenty years the net aggregate increase of
money in actual circulation among the people was $727,7(40,709. Average monthly
increase during that period, $3,032,336. Per capita increase, $3,991.
Table No. 2 shows that for the last ten years the aggregate increase has been
$476,039,024. Average monthly increase for same period, $3,966,992. Per capita
increase, $3,592.
Table No. 3 shows that for the period of nineteen months from March 1, 1889, to
October 1, 1890, the aggregate increase has been $93,866,813. Average monthly
increase on same period, $4,940,358. Per capita increase, about $1.50.
Table No. 4 shows that lor the corresponding period of nineteen months from
March 1, 1885, to October 1, 1886, the aggregate decrease in circulation among the
people was $21,859,498. Average monthly decrease for same period, $1,150,500. Per
capita decrease, about 40 cents.
Table No. 5 shows that for the period of three months, from July 1 to October 1,
1890, the aggregate increase of circulation in actual use among the people was
$68,354,333. Average monthly increase for the same period of three months,
$22,784,778.
These various changes in the amounts, in actual circulation among the people,
were caused partly by the additions of new kinds of money, partly by the retire-
ment of certain other kinds, and sometimes, very largely, by the policies pursued by
the Treasury Department. The policy of hoarding, in order to show a very large
surplus, accounts mainly for the heavy decrease of circulation shown from March,
1885, to October, 1886. The opposite policy of keeping the surplus as low as practica-
ble by the purchase of United States bonds, and thereby saving interest, and at the
same time returning the money to the channels of trade, largely accounts for the
remarkable increase in circulation during the last nineteen months, as shown in
tables Nos. 3 and 5.
This fact will be more readily understood by the statement that from March 4,
1885, to October 1, 1886, the total amount disbursed in redemption of bonds was
$79,026,200, while for a corresponding period from March 4, 1889, to October 1, 1890,
the total amount disbursed in the redemption and purchase of bonds was $239,799,091.
SILVER.
In my last annual report I presented, for the consideration of Congress, a plan for
the utilization of the silver product of the United States.
The measure proposed was briefly this: To purchase, at the market price, the sil-
ver bullion product of our mines and smelters, and to issue, in payment, legal-tender
notes, redeemable in a quantity of silver bullion equivalent in value, at the date of
presentation, to the face of the notes, or in gold, at the option of the Government,
or in silver dollars, at the option of the holder.
This measure was suggested with a view to promote the joint use of gold and sil-
ver as money, to increase the volume of paper currency by the annual addition of
an amount equal to the value of our silver product, to provide a home market for
the American product of silver, and, by so doing, enhance the value of that metal,
until a point were reached where we could with safety open our mints to the free
coinage of both metals at a iixed ratio.
A bill embodying, with some modifications, the measure suggested was favorably
reported in the House of Representatives of the Fifty-first Congress from the Com-
mittee on Coinage, Weights, and Measures, and was adopted by the House.
698
The bill ■was amended in the Senate by the substitution of a free-eoin age measure.
As the result of a conference between the two bodies, a bill was passed, and
approved by the President, July 14, 1890, the essential provisions of which are: The
monthly purchase by the Government of 4,500,000 ounces of silver, at the market
price, to be paid for in legal tender notes, redeemable in coin, and the repeal, after
July 1, 1891, of the mandatory coinage of silver dollars.
The material points of difference between the measure recommended and the one
adopted by Congress, are that the new silver law limits the purchases of silver t(
4,500,000 per month, without distinction as to domestic and foreign production,
instead of taking the entire silver bullion product of the United States as proposed,
and omits the bullion redemption feature.
Immediately ou the passage of the law now forms of legal-tender notes were
designed, in denominations of one, two, live, ten, twenty, fifty, one hundred, and
one thousand dollars, and were engraved and printed at the Bureau of Engraving
and Printing. Owing to the fact that the purchases under the act were to commence
thirty days after its passage, it was necessary that the larger denominations of notes
should be engraved first, but, at this time, a sufficient supply of the smaller denom-
inations of notes are being received, and it will be the policy of the Department to
pay out small notes, as far as practicable, in the purchase of silver.
Regulations were also prepared inviting offers for the sale of silver for considera-
tion at the Treasury Department, at 1 o’clock p. m., on Mondays, Wednesdays, and
Fridays of each week, and the effort has been to distribute the purchases as nearly
as possible throughout the month.
Under the operations of this law, the, amount of silver purchased from August 13,
1890, to December 1, 1890, aggregated 16,778,185 fine ounces, costing $18,671,075, an
average of $1.1128 per fine ounce.
The price of silver advanced rapidly after the passage of the new law; indeed,
the immediate effect of the law had been largely anticipated in the advance in price
prior to its passage.
On the 1st of ,1 ,'ily, 1890, the price of silver was $1,046. To July 14 the price had
advanced to $1.08; to August 13, $1.13, and to September 3, $1.21, the highest point
reached .
Since that date there has been a decline, with some fluctuations, to the present
time, the price falling as low as $0.97.
Notwithstanding the fact that the advance in the price of silver following the
passage of the law has not been maintained, the Secretary ventures to express the
belief that the new silver act is a great improvement over the law repealed, and
that its beneficial results will eventually commend it to general approval. As yet
the period of time has been too brief to really test the merits of the law, and the
permanent effect which it will have on the price of silver.
One thing is certain, that it has been the means of providing a healthy and much
needed addition to the circulating medium of the United States.
The amount of Treasury notes issued on purchases of silver bullion from August
13 to November 23, 1890, has been $18,807,000.
It must be apparent to any careful observer of the movement of silver, that the
recent violent fluctuations in price are mainly due to speculative operations in the
large surplus of from 8,000,000 to 10,000,000 ounces, which has not been absorbed by
Treasury purchases. This downward tendency has been materially assisted by a
severe and almost constant stringency of the money market. This surplus was accu-
mulated. in the first instance, by the withholding from the market, by producers
and speculators, for some months prior to the passage of the new silver act, of the
current product of American silver, in the hope of securing a better price, it has
been maintained and augmented both by importations of foreign silver and by a
falling off in the export of domestic silver, the latter occasioned doubtless by the
fact that in the purchases of silver under the new silver law, the Treasury Depart-
ment has paid, as a rule, a price considerably in excess of the price of silver in Lon-
don. The imports into the United States of foreign silver from May 1 to November
1 of the present year haveexceeded the exports of domestic silver by some $7,750,000,
while for the corresponding period of last year the exports exceeded the imports by
some $7,860,000, a difference of $15,610,000, an amount in excess of the value of the
present visible stock of silver on the American market. So, too, in regard to the
movement of silver from San Francisco to the Orient; not one ounce of silver bullion
has been shipped since the 1st of May, against an average export for prior years of
from $5,000,000 to $10,000,000. So that the present surplus stock of silver may, at
any time, be augmented by imports or diminished by exports, and, as the current
product of silver from our mines does not differ very widely from the monthly pur-
chases by the Government, it is probable that the existing surplus will remain for
some time an impediment to the permanent and steady advance of silver. Even if
the present surplus should bo purchased by the Government, importations from
abroad might at any time accumulate an additional stock of silver, the manipula-
699
tion of which by speculators would result in wide fluctuations in price. Had the
law provided for tho purchase of only the product of the United States, this surplus
would have been absorbed ere this, and as none would have been imported for spec-
ulative purposes no surplus would have been accumulated. The withdrawal of the
entire silver product of our mines and smelters, which amounts to nearly one-half of
the world’s annual output of silver, would probably soon create a shortage abroad,
and this in turn would cause a steady and permanent advance in price.
« # # # # * *
LEGISLATION.
The attention of Congress is respectfully requested to the act of May 26, 1882,
authorizing the exchange of gold bars for gold coin, free of charge, at the coinage
mints and at the United States assay office at New York. I am of the opinion that
this act has facilitated the movement of gold from this country, and have the honor
to recommend its repeal, or that it be so modified as to make the exchange of gold
bars for gold coin discretionary with the Treasury Department, and to allow the
imposition of a small charge equivalent to the cost of manufacturing the bars, when
the bars are intended for export.
* # * # * # #
[Report of the Secretary of the Treasury, December 7, 1891.]
# * # * *■ # #
CIRCULATION.
This important subject has been unusually prominent since the last annual report.
The stringency in the money market during the summer and autumn of 1890 was
relieved by the prompt and effective measures of my predecessor, and happily dis-
appeared without producing the grave consequences which were feared by the pub-
lic; but its existence, and the widespread apprehension which it caused, induced a
revival of the erroneous idea that the volume of money in circulation was not only
inadequate to the needs of the country, but was very much less per capita than dur-
ing the so-called flush times which followed the civil war.
The “circulation statement” which has been published by the Department monthly
since April 1, 1887, contains in tabular form full information on this subject for the
dates specified, and lias proved to be a valuable addition to the regular reports of
the Department; but in the absence of the statements in the same form for the pre-
ceding years a comparison by the people has been impracticable, and the mistaken
opinion that there has been a severe contraction of the money volume found ready
acceptance. The fact became apparent through letters which were received from
all sections of the country, and more complete information on the subject was
accordingly supplied by means of a statement which was printed in August last, and
lias been sent by mail to those who ask for it. The tables therein published appear
in their appropriate place in this report, * and are reproduced without change, except
as to the table for July 1, 1891, which displays the revised figures for that date,
including bullion in the Treasury. By the revision of these figures the amount of
money per capita July 1, 1891, has been found to be $23.41 instead of $23.45.
The amount of money in circulation has been very largely increased since the close
of the fiscal year. The amount July 1, 1891, was $1,497,440,707, and the amount per
capita was $23.41. The return of gold to the United States, the operation of the
silver act of July 14, 1890, and disbursements by the Treasury on account of the 4£
per cent loan, pensions, etc., have enlarged the volume to $1,577,262,070, and the per
capita amount to $24.38. The amount of each kind of money in the United States,
including bullion in the Treasury and the amounts in circulation December 1, 1891,
are shown in the subjoined table:
* See Table J p. civ.
700
December 1, 1801.
[Population, 64,080,000; circulation per capita, $24.38.]
General stock
coined or is-
sued.
In Treasury.
Amount in cir-
culation.
Gold coin, including bullion in Treasury
Standard silver dollars, including bullion in Treasury
Subsidiary silver
$677, 774, 595
461, 205, 960
77, 235, 022
161, 852,139
324, 274,918
72, 959, 652
346, 681, 016
10, 135, 000
172. 993. 607
$271. 843, 193
398, 508, 756
14, 389, 585
19, 202. 170
3.401,308
1, 976, 366
13, 316. 707
370, 000
4, 841, 750
$405, 931, 402
62, 697, 204
62, 845, 437
142. 649. 969
320, 873, 610
70, 983, 286
333, 364, 309
9, 765, 000
168, 151, 853
Gold certificates
Silver certificates
Treasury notes, act July 14, 1890
United States notes
Currency certificates, act June 8, 1872
N ational bank notes
2, 305,111,909
727, 849, 839
1, 577, 262, 070
* * * * * * *
[Report of the Secretary of the Treasury, December 5, 1892.]
* •* * * * * #
One of the embarrassments to the Treasury, in the opinion of the Secretary, is the
inability, with the limited amount of cash on hand above the one-hundred-million
reserve, to keep up a sufficient gold supply. AVhen the demand comes for the
exportation of gold the Treasury is called upon to furnish it. If this demand should
prove to be as large the coming year as it has been for the past two years, gold in
the Treasury would be diminished to or below the reserve line.
The status of this reserve and its amount have recently been subjects of discus-
sion. In the bank act of 1882 Congress gave expression to its belief that $100,000,000
in gold was a suitable reserve; by providing that whenever the amount of gold in
the Treasury should fall below that sum the issue of gold certificates should cease.
In 1885 the then Secretary of the Treasury adopted the practice of reporting
$100,000,000 of the gold in the Treasury as a “reserve for the redemption of United
States notes,” and recently the majority of the Judiciary Committee of the present
House of Representatives expressed the opinion that under existing law the main-
tenance of this reserve is obligatory.
But, if $100,000,000 in gold was a suitable or necessary reserve in 1882 and in 1885,
it would seem clear that a greater reserve is necessary now. It should be remem-
bered that since 1882 we have added to our silver circulation the sum of $259,010,182
in standard silver dollars coined under the old silver act of 1878. These dollars are
nearly all outstanding, and largely represented by silver certificates. We have also
increased the legal-tender paper circulation by issuing about $120,000,000 of the
Treasury notes authorized by the act of July 14, 1890, and to this we are adding
about 4,000,000 each month in payment of silver bullion purchased.
It is true that silver certificates are not redeemable in gold, and that the Treasury
notes of 1890 are redeemable in coin ; but since it has been declared to be the estab-
lished policy of the United States to maintain the two metals, silver and gold, on a
parity with each other, it is obvious that this large addition to our circulation has
increased the possible charge upon our gold reserve.
In view, therefore, of these increased and increasing liabilities, the reserve in the
Treasury for the redemption of the Government obligations should, in my opinion,
be increased to the extent of at least 20 per cent of the amount of Treasury notes
issued and to be issued under the act of July 24,1890.
As will bo seen by the estimates submitted, the receipts of the current and the
next fiscal year arc not likely, if present conditions continue, to fall below expendi-
tures. Yet in view of the fact that the surplus for this year will be small, upon the
basis stated, with the probability of a falling oil' in receipts for causes mentioned, I
think the revenues should be so increased as to enable the Treasury Department to
maintain a gold reserve of not less than $125,000,000, and to maintain a comfortable
working balance in the Treasury cash. As a general revision of our customs laws is
now probable, 1 do not feel at liberty to suggest any special method for increasing
the revenue, though I should otherwise think that an additional tax on whisky,
which could bo collected without additional cost, would furnish an easy method.
*###*#*
M ONETAUY CONFERENCE.
As early as the month of April. 1891, investigation was begun by this Department
to ascertain the state of public sentiment in Europe regarding the propriety of an
701
agreement to hold «a monetary conference of representatives of the leading nations
on the subject of the money uses of silver.
Upon the ascertainment that the leading nations were favorably disposed to the
holding of such a conference, the United States addressed an invitation, through
the State Department, to the governments of Europe, of Mexico, and Turkey.
All of the countries to Avliich this invitation was addressed accepted it.
Upon conference with tlio governments named, after considerable delay, occasioned
by a variety of causes, Brussels, Belgium, was agreed upon as the place, and Novem-
ber 22, 1892, as the time for the conference to assemble.
For this country live commissioners were appointed, as follows: Hon. Wm. B.
Allison of Iowa, Hon. John P. Jones of Nevada, Hon. James B. McCreary of Ken-
tucky, Mr. Henry W. Cannon of New York, and E. Benjamin Andrews of lihode Isl-
and. By usage the American minister, Mr. Terrill, was added.
This conference is now in session ; as yet little is known as to what its action may
be beyond the general fact that the subject of the better use of silver as a money
metal is receiving its earnest attention.
Whatever may be the outcome of the conference, it is safe to predict that a clearer
idea will bo had of the views and purposes of the countries represented.
[Report of the Secretary of the Treasury, December 19, 1893.]
COINS AND COINAGE— PRECIOUS METALS.
The report of the Director of the Mint gives in detail the operations of the mints
and assay offices during the year, together with statistics and inquiries in relation
to the financial condition of our own and foreign countries.
The value of the gold deposited at the mints and assay offices during the year was
$50,839,905.53. Of this sum $46,449,841.50 were composed of original deposits and
$4,390,064.03 were redeposits. Of the amount deposited $33,286,167.94 was classed
as of domestic production, $8,541,027.11 foreign gold coin and bullion, $3,830,176.02
old material, and worn and uncurrent domestic gold coins $792,470.43.
The deposits and purchases of silver during the year aggregated 65,822,135T9 fino
ounces, the coining value of the same in silver dollars being $85,103,366.67. Of this
sum $73,666,045.23 was of domestic production and $2,901,180.96 foreign bullion and
coin ; and of worn and uncurrent silver coin, $6,913,179.96 ; old plate, etc., $753,426.46,
and redeposits, $869,534.06.
The amount of silver purchased under the act of July 14, 1890, during the year
was 54,008,162-59 fine ounces, costing $45,531,374.53, and the average price $0.8430.
The total amount of silver purchased under the act of July 14, 1890, from August 13,
1890, to November 2, 1893, inclusive, was 168,674,590-46 fine ounces, costing $155,-
930,940.84, the average price per ounce being $0.9244.
Of the silver purchased under this act, consumed in coinage during the year, there
were 4,133,029-56 fine ounces, costing $3,784,417.64, and the number of silver dollars
coined was $5,343,715. The seigniorage on this coinage was $1,559,297.36.
The coinage during the year consisted of 97,280,875 pieces, valued as follows:
Gold
Silver dollars
Subsidiary silver
Minor coins
$30, 038, 140. 00
5, 343, 715. 00
7, 217, 220. 90
1, 086, 102. 90
Total 43,685,178.80
The total amount used in the coinage of silver dollars under the act of July 14
1890, has been 27,911,259-48 fine ounces, costing $29,110,186.61.
The total number of silver dollars coined was 36,087,285. The total seigniorage
was $6,977,098.39. leaving a balance on hand at the mints of 140,699,760 fine ounces
costing $126,758,218.
The total amount of silver purchased by the Government from March 1, 1873, has
been as follows :
•
Fine ounces.
Cost.
Under the act of 1873
5 ,194 989
<fc7 1 r.o <
Under the act of 1875
.91 009 QOfi
ip i , lO«, .>04
37, 571, 148
Under the act of 1878
291, 272, 018
168, 074, 682
*6, 018. 921
Under the act of 1890
doo^ m 1 {7, £UU
155, 931, 002
7, 689, 026
U nder the act of 1887
Total
fina nn.9 8oa
510, 623, 010
Trade dollars.
702
The price of silver July 1, 1892, was 88 eeuts, the highest price attained during
the fiscal year. The closing price on June 30, 1893, was 65 cents, a difference of 23
cents per ounce. The average price for the year was 84J cents.
Late in June, India closing her mints to the coinage of silver, the price declined
rapidly from 38 to 304d., which was equal to a decline of 84d., or about 17 cents.
The production of gold and silver in the world was estimated to have been:
Gold $138,861,000
Silver 196,458,800
THE WORLD’S COINAGE.
Information received as to the coinage of gold and silver by the various countries
of the world for the calendar year 1892 shows the amount to have been:
Gold $167, 917, 337
Silver 143, 096, 239
METALLIC STOCK OF MONEY IN THE UNITED STATES.
The metallic stock of money in the United States, consisting of coin and bullion,
on July 1, 1893, was estimated at $1,213,559,169, of which $597,697,685 was gold, and
$615,861,484 silver.
USE OF GOLD AND SILVER IN THE ARTS AND MANUFACTURES.
The value of the gold and silver used in the industrial arts in the United States
during the last calendar year, based upon the best information obtainable, was
approximately, gold, $16,6i6,408: silver, $9,106,540. Of the gold $10,588,703 and of
the silver $7,204,210 were new bullion.
CONDITION OF THE TREASURY.
During the first five mouths of the present fiscal year the expenditures of the Gov-
ernment have exceeded its receipts to the amount of $29,918,095.66. There has been
not only a decrease of receipts, but also an increase of expenditures during this period
as compared with the corresponding five months of the last fiscal year. The reve-
nues from customs have fallen off $23,589,829.74; from internal taxes, $7,866,667.96,
and from miscellaneous receipts, $324,152.39. The expenditures on account of the
War Department in the execution of contracts made during the last fiscal year have
increased $6,162,132.42; on account of the Navy Department, for the same reason,
the increasehas been $1,912,289.31 ; on account of Indians, $538,078.55, and onaccount
of interest, $69,450.25; but there have been reductions in some other branches of the
public service to the amount of $6,352,206, as compared with the corresponding period
last year.
The result of these changes is that on the first day of December, 1893, the actual
net balance in the Treasury, after deducting the bank note 5 per cent redemption
fund, outstanding drafts and checks, disbursing officers’ balances, agency accounts,
and the gold reserve, was only $11,038,448.25, and of the total amount held $12,347,-
517.80 was in subsidiary silver and minor coins.
It may be safely assumed that the worst effects of the recent financial disturbances,
and consequent business depression, have been realized, [and that the conditions will
be much more favorable hereafter for the collection of an adequate revenue for the
support of the Government; but it can scarcely be expected that the receipts during
the remainder of the fiscal year will exceed the expenditures for the same time to
such an extent as to prevent a very considerable deficiency. I have, therefore, esti-
mated a probable deficiency of $28,000,000 at the dose ot' the year, and if Congress
concurs in this view of the situation it will be incumbent upon it to make some pro-
vision for raising that amount as soon as practicable by taxation or otherwise. On
account of the difficulty of securing such a sum within the time it will be required
by the imposition and collection of additional taxes, I recommend that the third
section of the act to provide for the resumption of specie payments, approved Janu-
ary 14, 1875, which confers authority upon the Secretary of the Treasury to issue and
sell certain descriptions of United States bonds, be so amended as to authorize him
to issue and sell, at not, less than par in coin, bonds to an amount not exceeding
$200,000,000, bearing a lower rate of interest and having a shorter time to run than
those now provided for, and that he be permitted to use, from time to time, such part
of the proceeds as may be necessary to supply any deficiencies in the public revenues
703
that, may occur during the fiscal years 1894 and 1895. Thcsection referred to provides
that:
“ To enable the Secretary of the Treasury to prepare and provide for the redemption
m this act authorized and required, he is authorized to use any surplus revenues from
time to time in the Treasury not otherwise appropriated, and to issue, sell, and dis-
pose of at not less than par in coin, cither of the descriptions of bonds of the United
States described in the act of Congress approved July 14, 1870, entitled ‘An act to
authorize the refunding of the national debt/”
The bonds authorized by the act of July 14, 1870, are described as follows:
(1) Bonds not exceeding in the aggregate $200,000,000 in such form as the Secre-
tary may prescribe, and of denominations of $50, or some multiple of that sum,
redeemable in coin of the then standard value, at the pleasure of the United States,
after ten years from the date of their issue, and bearing interest payable semiannually
in such coin at the rate of 5 per cent per annum.
(2) Bonds not exceeding in the aggregate $300,000,000, the same in all respects as
those above described, but payable at the pleasure of the United States after fifteen
years from the date of their issue, and bearing interest at the rate of 4^ per cent per
annum.
(3) Bonds not exceeding in the aggregate $1,000,000,000, the same in all respects,
but payable at the pleasure of the United States after thirty years from the date
of their issue, and bearing interest at the rate of 4 per cent per annum.
In the present condition of the public credit nothing less than the existence of a
great and pressing financial emergency would, in my opinion, justify the issue and
sale of any of these classes of bonds. On the first class the interest would amount,
at the maturity of the bonds, to one-half the principal; on the second class it would
amount to more than two-thirds of the principal, and on the third class it would
exceed the principal by 20 per cent. If any one of these methods of raising money
were now presented as an original measure for consideration in Congress, I am sat-
isfied it would not receive the approval of that body or of the people. Whatever
may have been their merits nearly a quarter of a century ago, when the credit of
the Government was to a certain extent impaired by the existence of a. large inter-
est-bearing public debt and the general use of a depreciated paper currency, not
then redeemable in any kind of coin, our financial standing is now so high that our
public obligations, bearing any of the rates of interest authorized by the law
referred to, would have to be sold at a premium so great as to prevent large classes
of our people, who might otherwise invest in them, from becoming purchasers. The
United States 4 per cent bonds, payable in 1907, are now selling at a rate which
yields investors less than 3 per cent upon their cost, and I am confident that a bond,
bearing interest at the rate of 3 per cent, payable quarterly, and redeemable at the
option of the Government after five years, could be readily sold at par in our own
counti'y.
If the authority now existing should be so modified as to empower the Secretary
of the Treasury to issue the bonds in denominations or sums of $25 and its multiples
they could be readily disposed of through the subtreasuries and post-offices without
the agency or intervention of banks or other financial institutions and without the
payment of commissions. Such bonds would afl'ora to the people at large an oppor-
tunity to convert their surplus earnings into a form of security which, while it
would be perfectly safe, would not only increase in value by reason of accumulating
interest, but be at all times available as a means of procuring money when needed;
and the experience of this and other countries justifies the confident belief that such
a plan would be popular and successful.
In ease Congress should not consider it advisable to authorize the Secretary to use,
for the purpose of supplying deficiencies in the revenues, any part of the proceeds
of the bonds herein suggested, I recommend that he be empowered to execute from
time to time, as may be necessary, tho obligations of the Government, not exceeding
in the aggregate $50,000,000, bearing a rate of interest not greater than 3 per cent
and payable after one year from date, and that he be permitted to sell them at not
less than par, or use them at not less than par, in the payment of public expenses
to such creditors as may be willing to receive them. The condition of the Treasury
is such that unless some available means are promptly provided by law for supplying
the growing deficiency, the public service will be seriously impaired and pensioners
and other creditors subjected to great delay and inconvenience. Congress alone has
the power to adopt such measures as will relieve the present situation and enable the
Treasury to continue the punctual payment of all legitimate demands upon it, and I
respectfully but earnestly urge that immediate attention be given to the subject.
The necessity for the extension of the power of the Secretary to procure andmain-
tain a larger reserve for the redemption of United States currency must, I think, be
evident to everyone who has given serious thought to the subject. At the date of
the resumption of specie payments, January 1, 1879, the only form of currency
except coin certificates* which the Government was required or authorized by law
704
to redeem in coin on presentation, was tlic old legal-tender notes, then and now
amounting to $310,681,016, and it was considered by the Secretary of the Treasury
that a coin reserve of $100,000,000 would constitute a sufficient basis for the main-
tenance of that amount of currency at par. The correctness of this conclusion
was shown by the fact that, so long as there was no material increase in the volume
of paper redeemable by the Government, the reserve remained unimpaired and no
serious disturbances occurred in our monetary system ; but under the act of July
14, 1890, additional Treasury notes have been issued to the amount of $155,930,940, of
which there are now outstanding $153,318,224, thus making the direct Government
obligations in use as currency amount to the sum of $499,999,240, all of which the
Secretary of the Treasury is now required by law to redeem in coin on presentation.
Besides this, there have been coined under authority of law $419,332,550 in legal-
tender silver, upon which certificates havebeen issued to the amount of $334,138,504;
and as Congress, in the act of July 14, 1890, declared it to be “the established pol-
icy of the United States to maintain the two metals onaparity with each other upon
the present legal ratio, or such ratio as may be provided by law,” an additional
reason now exists for conferring upon the Secretary unquestionable authority to pro-
vide for such contingencies as may arise.
Under these circumstances it is, in my opinion, necessary not only that he should
be clothed with full authority to procure and maintain an ample reserve in coin, but
that the purposes for which such reserve is to be held and used should be made as
comprehensive as the duty imposed upon him by the law. The existence of such
authority in a constantly available form would of itself inspire such confidence in
the security and stability of our currency that its actual exercise might never
become necessary ; but the futility of declaring a specific policy and withholding
the means which may become necessary for its execution is too apparent to require
comment. Largely on account of apprehensions as to the ability of the Government
under the legislation then existing to continue the current redemption of its notes
in coin and maintain the parity of the two metals, the shipments of gold from this
country during the fiscal year 1893 reached, as already stated in this report, the
unprecedented amount of $108,680,844, nearly all of which was withdrawn from the
public Treasury by the presentation of notes for redemption. During the three
months next preceding the 7th day of March, 1893, when a change occurred in the
administration of the Treasury Department, the withdrawals of gold from the
Treasury for export amounted to $34,146,000, and during the eight months which
have elapsed since that time such withdrawals have amounted to $36,259,650, or
$2,113,650 more than during the preceding period of three months.
The amount of free gold in the Treasury on the 7th day qf March, 1893, was
$100,982,410, or $982,410 in excess of the lawful reserve; but by making exchanges of
currency for gold with the banks in different parts of the country the amount was
increased to $107,462,682 on the 25tli of that month. Notwithstanding the most
strenuous efforts by the Department to maintain the hundred million dollar reserve
intact, the presentation of notes for redemption to procure gold for shipment abroad
continued to such an extent that on the 22d day of April, for the first time since
the fund was established, it became necessary to use a part of it, and it was reduced
to $95,432,357, but it was afterwards increased by exchanges of currency for gold, so
that on the 10th day of August it had been fully restored, and there was on hand
$103,683,290 in free gold. By October 19, however, it had been diminished by
redemptions of currency and otherwise to the sum of $81,551,385, which is the low-
est point it has ever reached.
So long as the Government continues the unwise policy of keeping its own notes
outstanding to circulate as currency, and undertakes to provide for their redemption
in coin on presentation, it will be, in my opinion, essential for the Secretary of the
Treasury to possess the means, or to have the clear and undoubted authority to
secure the means, which may from time to time become necessary to enable him to
meet such emergencies as the one which has recently occurred in our financial
affairs. Under existing legislation the Treasury Department exercises to a larger
extent than all the other financial institutions of the country combined the functions
of a bank of issue, and while the credit of the Government is so strong that it may
not be necessary to maintain at all times the actual coin reserve which exper i ence has
shown to be requisite in the case of ordinary banking companies, still it would bo
manifestly imprudent, to say the least, not to adopt such precautionary measures as
would enable the Government in times of unusual monetary disturbance to keep its
faith with the people who hold its notes and coins by protecting them against the
disastrous effects of an irredeemable and depreciated currency.
While the laws have imposed upon tho Treasury Department all the duties and
responsibilities of a bank of issue, and to a certain extent the functions of a bank of
deposit, they have not conferred upon the Secretary any part of the discretionary
powers usually possessed by the executive heads of institutions engaged in conduct-
ing this character of financial business. lie is bound by mandatory or prohibitory
705
provisions in the statutes to do or not do certain things, without regard to the cir-
cumstances which may exist at the time he is required to act, and thus he is allowed
uo opportunity to take advantage of changes in the situation favorable to the inter-
ests of the Government, or to protect its interests from injury when threatened by
adverse events or influences. He can neither negotiate temporary loans to meet
casual deficiencies nor retire and cancel the notes of the Government without sub-
stituting other currency for them when the revenues are redundant or the circula-
tion excessive, nor can he resort, except to a very limited extent, to any of the expe-
dients which in his judgment may be absolutely necessary to prevent injurious dis-
turbances of the financial situation. These considerations emphasize the necessity
for such legislation as will make the Department more independent of speculative
interests and operations and enable it to maintain the credit of the Government
upon a sound and secure basis.
Whatever objections may be urged against the maintenance of a large coin reserve,
procured by the sale of interest-bearing bonds, it must be evident that this course
can not be safely avoided unless the Government abandons the policy of issuing its
own notes for circulation and limits the functions of the Treasury Department to
the collection and disbursement of the public revenues for purely public purposes,
and to the performance of such other administrative duties as may be appropriate
to the character of its organization as a branch of the executive authority. To the
extent that it is required by law to receive money on deposit, and repay it, or to
issue notes and redeem them on demand, it is engaged in a business which can not
be conducted without having at all times the ability to comply promptly with its
obligations. Its operations necessarily affect, beneficially or otherwise, the private
financial affairs of all the people, and they have a right to be assured by appropriate
legislation that their confidence in the integrity and power of the Government has
not been misplaced.
CURRENCY LEGISLATION.
The recent repeal of so much of the act of July 14, 1890, as required the Secre-
tary of the Treasury to purchase silver bullion and issue Treasury notes in pay-
ment for it, makes such a radical change in the policy of the Government respecting
the currency of the country that, until its effects are more fully developed, I do not
consider it advisable to recommend further specific legislation upon that subject.
As already shown in this report, the amount of money in the country, outside of
the Treasury, on the 1st day of December, 1893, was $112,404,947 greater than the
amount outstanding on the 1st day of November, 1892. This vast increase in the
volume of outstanding currency, notwithstanding the enormous exports of gold
iduring the year, is the result of several causes, among which may be mentioned the
essue of Treasury notes for the purchase of silver bullion, the excess of public
bxpenditures over receipts, the additional circulation called for by the national
aanks during the late financial stringency, and the large imports of gold, which
amounted during the months of July, August, September, and October, 1893, to the
rum of $55,785,526. That the amount of money in the country is greater than is
equired for the transaction of the business of the people at this time is conclusively
shown by the fact that it has accumulated, and is still accumulating, in the finan-
cial centers to such an extent as to constitute a serious embarrassment to the banks
in which it is deposited, many of which are holding large sums at a loss. This
excessive accumulation of currency at particular points is caused by the fact that
there is no such demand for it elsewhere as will enable the banks and other iusti-
tutions to which it belongs to loan it to the people at remunerative rates, and it will
continue until the business of the country has more fully recovered from the
depressing effects of the recent financial disturbances.
Money does not create business, but business creates a demand for money, and
until there is such a revival of industry and trade as to require the use of the cir-
culating medium now outstanding, it would be hazardous to arbitrarily increase its
volume by law, or to make material changes in its character by disturbing in any
manner the relations which its different forms now bear to each other. In the mean-
time, it will be the duty of all who have power to influence the course of events or
to assist, by legislation or otherwise, in the solution of the grave questions presented
by the altered condition of our monetary system, to carefully consider the whole
subject in all its aspects, in order that it may be permanently disposed of by the
adoption of a simple and comprehensive system, which will, as far as possible,
relieve the Government from the onerous obligations now resting upon it, and at the
same time secure for the use of the people a currency uniform in value and adequate
in amount.
The unsatisfactory condition of our currency legislation has been for many years
the cause of much discussion and disquietude among the people, and although one
gieat disturbing element has been removed, there still remain such inconsistencies
S. Eep. 235 45
706
m the laws and such differences between the forms and qualities of the various
kinds of currency in use that private business is sometimes obstructed and the
Treasury Department is constantly embarrassed in conducting the fiscal operations
of the Government. There are now in circulation nine different kinds of currency,
all except two being dependent directly or indirectly upon the credit of the United
States. One statute requires the Secretary of the Treasury to redeem the old legal-
tender notes in coin on presentation, and another compels him to reissue them, so
that, no matter how often they are redeemed, they are never actually paid and
extinguished. The act of July 14, 1890, provides that the Treasury notes issued in
payment for silver bullion shall be redeemed in gold or silver coin at the discretion
of the Secretary, and when so redeemed may be reissued ; hut the same act also pro-
vides that no greater or less amount of such notes shall be outstanding at any time
than the cost of the silver bullion, and the standard silver dollars coined therefrom
then held in the Treasury purchased by such notes, and consequently, when these
notes are redeemed with silver coined from the bullion purchased under the act, they
can not be reissued, hut must be retired and canceled, for otherwise there would be
a greater amount of notes outstanding than the cost of the bullion and coined dol-
lars “then held in the Treasury In this manner notes to the amount of $2,625,984
have been retired and canceled since August last, and standard silver dollars have
taken their places in the circulation. If redeemed in gold coin, the notes might be
lawfully retired or reissued in the discretion of the Secretary; but the condition of
the Treasury has been, and is now, such that practically no discretion exists, for the
reason that the necessities of the public service and the requirements of the coin
reserve compel him to reissue them in defraying the expenditures of the Government
or in procuring coin to replenish that fund.
One of the principal difficulties encountered by the Treasury Department results
from the indisposition of the public to retain standard silver dollars and silver cer-
tificates in circulation. It requires constant effort on the part of the Treasury
officials to prevent the certificates especially from accumulating in the subtreasuries
to the exclusion of legal-tender currency. Why this should he the case is not easily
understood, for, although these certificates are not legal tender in the payment of
private debts, they are, by the acts of 1878 and 1886, made receivable for all public
dues, and by the act of May 12, 1882, national banks are authorized to hold them as
part of their lawful reserves. With the policy of maintaining equality in the
exchangeable value of all our currency firmly established, and the further accumu-
lation of silver bullion arrested, there is no substantial reason why the silver certifi-
cate should not be as favorably received and as liberally treated by the public as
any other form of note in circulation; and, for the purpose of creating a greater
demand for their permanent use in the daily transactions of the people, I have
directed that, as far as the law permits, and as rapidly as the opportunity is afforded,
the amount of such certificates of denominations less than $10 shall be increased by
substituting them for larger ones to bo retired, and that the small denominations of
other kinds of currency shall be retired as they are received into the Treasury and
larger ones substituted in their places.
There are now outstanding United States legal-tender notes to the amount
of $67,944,941 in denominations less than $10; Treasury notes issued under the
act of 1890 of denominations less than $10, 3*64,688,489, and national-bank notes,
$63,381,916. There is express authority in the act of August 4, 1886, to substi-
tute small silver certificates for larger ones, and the Secretary of the Treasury
also has power to make such changes as he may deem proper in the denominations of
the Treasury notes issued under the act of July 14, 1890, but Congress, in the sun-
dry civil appropriation act approved March 3, 1893, provided that no part of the
raouey therein appropriated to defray the expenses of the Bureau of Engraving and
Printing should be expended for printing United States legal-tender notes of larger
denominations than those retired or canceled. As the law now specifically desig-
nates the denominations in which national-bank notes shall be issued, they can not
be changed without further legislation, and consequently during the present fiscal
year, at least, the $64,688,489 in small Treasury notes are the only ones that can be
lawfully retired to enlarge the use of small silver certificates. 1 am of the opinion
that if this policy can be carried out to the extent of supplying the country with
small silver certificates to an amount sufficient to conduct the ordinary cash trans-
actions of the people, and if, during the same time, certificates of the largest denom-
inations were issued iu the places of others retired, so as to encourage the national
banks to hold them as parts of their lawful reserves, the existing difficulties would
be removed, and ultimately a larger amount of such currency than is now in circu-
lation could be conveniently and safely used.
The Treasury now holds 140,699,760 fine ounces of silver bullion, purchased under
the act of J uly 14, 1890. at a cost of $126,758,218, and which, at the legal ratio of
15-988 to 1, would makO 181,914,899 silver dollars. The act provided that after the
first day of July, 1891, the Secretary of the Treasury should coin as much of the
707
bullion purchased under it as might he necessary to provide for the redemption of
the notes, and that any gain or seigniorage arising from such coinage should be
accounted for and paid into the Treasury. It is plain from this, and other provisions
of the act, that so much of the bullion as may be necessary, when coined, to provide
for the redemption of the entire amount of notes outstanding is pledged for that
purpose, and can not be lawfully used for any other; but it was decided by the late
Attorney-General, and by my predecessor in office, that the so-called gain or seignior-
age resulting from the coinage as it progressed constituted a part of the general
assets of the Treasury, and that certificates could be legally issued upon it, not-
withstanding the act of 1890 is silent upon the latter subject.
The coinage of the whole amount of this bullion, which would employ our mints,
with their present capacities, for a period of about five years, would, at the existing
ratio, increase the silver circulation during the time named $55,156,681 from seignior-
age, besides buqIi additions as might be made in the meantime by the redemption
of Treasury notes in standard silver dollars. In order that the Department might
be in a condition to comply promptly with any increased demand that may bo
made upon it by the public for standard silver dollars or silver certificates, or that
it might take advantage of any favorable opportunity that may occur to put an
additional amount of such currency in circulation without unduly disturbing the
monetary situation, I have caused a large amount of bullion to be prepared for
coinage at New Orleans and San Francisco, and have ordered the mints at those
places to be kept in readiness to commence operations at any time when required.
APPENDIX.
FIFTY-THIRD CONGRESS, SECOND SESSION.
SUMMARY OF CONGRESSIONAL PROCEEDINGS ON THE BILL (H. R. No. 4956)
DIRECTING THE COINAGE OF THE SILVER BULLION HELD
IN THE TREASURY, AND FOR OTHER PURPOSES.
709
SUMMARY OF PROCEEDINGS ON H. R. 4956.
A BILL DIRECTING THE COINAGE OF THE SILVER BULLION HELD IN
THE TREASURY, AND FOR OTHER PURPOSES.
CONGRESSIONAL RECORD INDEX TO PROCEEDINGS.
Page.
Introduced by Mr. Bland and referred to the Committee on Coinage, Weights, and Measures. . 518
Reported back 2416
Debated in the House 2416, 2441, 2445, 2448, 2506 2630, 268S, 2738, 2776, 2804. 2834, 2875, 2918. 2936, 2963,
• 2975, 3005, 3006, 3047, 3066, 3095
Amended and passed House 3107
Debated and placed on table in Senate 3207
Debated in in the Senate 3236, 3276, 3281, 3283, 3342, 3405, 3478, 3511, 3589, 3631
Passed Senate 3638
Examined and signed 3702, 3780
Vetoed by the President 4100,4101
Reconsidered and rejected 4220
Senate Committee on Finance. — Messrs. Voorhees, McPherson, Harris, Vance, Vest,
Jones of Arkansas, Morrill, Sherman, Jones of Nevada, Allison, Aldrich.
House Committee on Coinage, Weights, and Measures. — Messrs. Bland, Tracey, Kilgore,
Epes, Stone of Kentucky, Allen, Bankhead, Rayner, Harter, Coffeen, McKeighan,
Charles W. Stone, Johnson of North Dakota, Dingley, Sweet, Hager, Aldrich, and
Rawlins.
IN THE HOUSE.
[January 3, 1894.]
Introduced by Mr. Bland and referred to the Committee on Coinage, Weights, and
Measures.
[February 7, 1894.]
Mr. Bland. Mr. Speaker, I desire to present a privileged report. I am instructed
by the Committee on Coinage, Weights, and Measures to report to the House the
hill which I send to the desk, with the recommendation that it do pass; and I move
that the House now resolve itself into Committee of the Whole on the state of the
Union for its consideration.
The Speaker. The Clerk will report the hill.
The Clerk read as follows :
A BILL (H. R. 4956) directing tbe coinage of the silver bullion held in the Treasury, and for other
purposes.
Beit enacted, etc., That the Secretary of the Treasury shall immediately issue silver
certificates of the same denominations and monetary functions as is now provided
by law for silver certificates, in the amount equal to the seigniorage of the silver
bullion purchased under the provisions of the act of July 14, 1890, entitled “ An act
directing the purchase of. silver bullion and the issue of Treasury notes thereon, and
for other purposes/’ to wit: The sum of $55,156,681. That such silver certificates
shall be immediately available for the payment of the current expenditures of the
Government, and all laws relating to silver certificates, as far as practicable, shall
be applicable to the silver certificates herein authorized. That said seigniorage
shall be coined as fast as possible into legal-tender standard silver dollars and the
coins held in the Treasury for the redemption of the silver certificates.
Sec. 2. That the remainder of the silver bullion purchased in pursuance of said
act of July 14, 1890, shall be coined into legal-tender standard silver dollars as fast as
is practicable, and the coin held in the Treasury lor the redemption of the Treasury
711
712
notes issued in the purchase of said bullion. That as fast as the bullion shall be
coined for the redemption of said notes, the notes shall not be reissued, but shall be
canceled and destroyed in amounts equal to the coin held at any time in the Treas-
ury, and silver certificates may be issued on such coin in the manner now provided
by law.
Sec. 3. That a sufficient sum of money is hereby appropriated to carry into effect
the provisions of this act.
[February 8, 1894.]
The House resolved itself into Committee of the Whole, Mr. Hatch in the chair.
The Chairman. The House is in Committee of the Whole on the state of the
Union, for the purpose of considering the bill which the Clerk will read.
The Clerk read as follows :
A BILL (H. II. 4956) directing the coinage of the silver bullion held in the Treasury, and for other
purposes.
Be it enacted, etc., That the Secretary of the Treasury shall immediately issue silver
certificates, of the same denominations and monetary functions as is now provided
by law for silver certificates, in the amount equal to the seigniorage of the silver
bullion purchased under the provisions of the act of July 14, 1890, entitled “An act
directing the purchase of silver bullion and the issue of Treasury notes thereon, and
for other purposes,” to wit, the sum of $55,156,681. That such silver certificates
shall be immediately available for the payment of the current expenditures of the
Government, and all laws relating to silver certificates, as far as practicable, shall
be applicable to the silver certificates herein authorized. That said seigniorage
shall be coined as fast as possible into legal-tender standard silver dollars and the
coins held in the Treasury for the redemption of the silver certificates.
Sec. 2. That the remainder of the silver bullion purchased in pursuance of said
act of July 14, 1890, shall be coined into legal-tender standard silver dollars as fast
as is practicable, and the coin held in the Treasury for the redemption of the Treasury
notes issued in the purchase of said bullion. That as fast as the bullion shall be
coined for the redemption of said notes, the notes shall not be reissued, but shall be
canceled and destroyed in amounts equal to the coin held at any time in the Treas-
ury, and silver certificates may be issued on such coin in the manner now provided
by law.
Sec. 3. That a sufficient sum of money is hereby appropriated to carry into effect
the provisions of this act.
# * * # * * #
[February 12, 1894.]
The Speaker. The gentleman from Missouri [Mr. Bland] asks to have read and
printed in the Record a proposed amendment to the coinage bill.
The proposed amendment was read, as follows :
“That the Secretary of the Treasury shall immediately cause to be coined as fast
as practicable the silver bullion hold iu the Treasury, purchased under the act of
.July 14, 1890, entitled ‘ An act directing the purchase of silver bullion and the issu-
ing of Treasury notes thereon, and for other purposes,’ to the amount of the gain or
semniorago of such bullion, to wit: The sum of $55,156,681 of such coin or the silver
certificates issued thereon shall be used in the payment of public expenditures, and
the Secretary of the Treasury may, iu his discretion, if the needs of the Treasury
demand it, issue silver certificates in excess of such coinage: Provided, That said
excess shall not exceed the amount of the seigniorage as herein authorized to be
coined.”
[February 14, 1894.]
Mr. Bowers, of California, submitted as a portion of his remarks the following
amendment :
“Sec. 4. That all first, second, and third class post-offices are hereby designated
as postal savings bank offices, at which lawful money of the United States may be
deposited as hereafter provided.
Sec. 5. That any person of the age of 12 years or over may deposit at such offices
any sum of lawful money of the United Sta'tos, not less than $5 nor more than $200
on the same day : Provided, That no fractions of a dollar shall be received for deposit,
nor shall any depositor have standing to his credit more than $1,000, exclusive of
interest, within the year following his first deposit, nor more than $2,000, exclusive
of interest, to his credit at any time thereafter, nor shall any sum in excess of $2,000
be received for deposit from one person in any year.
713
“Sec. 6. That upon the receipt of any deposit at such an office the postmaster
shall deliver to the depositor a postal savings bank pass book, in which he shall
enter the amount of the deposit and certify it by his official stamp, and in which
book succeeding deposits shall be entered and certified in like manner.
“Sec. 7. That any depositor wishing to withdraw all or any part of his deposits
may apply to the postmaster, who shall furnish him with a blank form of applica-
tion for withdrawal, which, when properly filled out and signed, the postmaster shall
forward to the Postmaster-General at Washington, who, upon its receipt, shall draw
a check upon the Treasury for the amount, and forward the same to the depositor,
under cover to the postmaster who forwarded the application, and by him shall be
delivered to the depositor.
“ Sec. 8. That every depositor shall forward his deposit pass book to the Post-
master-General in an envelope, which will be furnished him at the postoffice, once
in each year, namely, on the anniversary of the first deposit made, for examination
and entry of amount of interest found due.
“Sec. 9. That interest at the rate of 3 per cent per annum shall be computed,
allowed, and entered in the pass book to the credit of the depositor once in each
year, upon the average amount on deposit for the year preceding : Provided, That if
in any case, it shall be found that the total sum of interest for the year be less than
half a dollar, then no interest shall be allowed or entered upon the pass book ; but
if the interest shall be found 4o be more than half a dollar and less than $1, then the
interest due shall be entered on the pass book as $1, and in no case shall fractions
of a dollar be entered upon pass books or books of account of the postal savings bank
department, it being the intent of this act that a dollar shall be the unit of all
accounts of the postal savings bank department.
“Sec. 10. That no sum of money deposited under this act shall, while in the hands
of any postmaster, or while in the course of transmission to or from the Postmaster-
General, at any time be liable to demand, seizure, or detention under any legal pro-
cess against the depositor thereof.
“Sec. 11. That the postmasters and other officers of the Post-office engaged in the
receipt or payment of deposit shall not disclose the name of any depositor, or the
amount deposited or withdrawn, except to the Postmaster-General, or to such of his
officers as are appointed to assist in carrying into operation the provisions of this
act.
“ Sec. 12. That all moneys received for deposit under this act shall be forwarded
to the Postmaster-General, or to such United States depository as he may direct, as
often as once each week, and daily from such offices as he may designate; and all
moneys so forwarded shall be paid into the Treasury and shall be credited to an
account to be called “the post-office savings bank” account, and all sums with-
drawn on account of depositors shall be charged to such account.
“ Sec. 13. That postmasters of postal savings bank offices shall make daily reports
to the Postmaster-General of all sums received by them for deposit, giving particu-
lars of each deposit on blanks to be furnished them, and upon receipt of such reports
the Postmaster-General shall transmit to the depositor, under cover to the postmas-
ter making the report, an acknowledgment of such deposit. Such acknowledgment
shall be conclusive evidence of the claim of the depositor to the repayment of the
deposit on demand, with any interest that may have been allowed and entered, and
until such acknowledgment is received the entry by the proper officer in the depos-
itor’s pass book shall be conclusive evidence of the title as respects the deposits
made.
“ Sec. 14. That the Postmaster-General may, with the advice and approval of the
Secretary of the Treasury, designate such United States depositories as may be con-
venient for the postal savings bank offices and for the Treasury, where deposits
authorized by this act may be made by postmasters.
“ Sec. 15. That any depositor having had standing to his credit for six months the
sum of $100 dollars or more may make application to the Postmaster-General that
United States bonds be issued to him in lieu of such deposit; thereupon, the amount
specified by the applicant being $100, or a multiple thereof, shall be transferred to
the general fund of the Treasury, and bonds of the denomination of $100 each shall
be issued to the depositor in lieu thereof, one bond for each $100 transferred. All
such bonds shall be of the denomination of $100; shall be due and payable twenty
years after date; shall be dated July or January 1 of the year issued, and shall bear
interest at the rate of 4 per cent per annum, which interest shall become due and
payable on the 30th day of June of each year; and such bonds shall be known as
United States postal savings bonds, and the words ‘ United States postal savings
bonds ’ shall be printed upon the face of each of said bonds.
“Sec. 16. That the Postmaster-General may, in his discretion, require an addi-
tional bond of any postmaster of a postal savings bank office, provided such bond
shall not be excessive or unreasonable in amount.
“Sec. 17. That the Postmaster-General with the consent and approval of the
Secretary of the Treasury, shall make the necessary regulations and prepare the
714
necessary instructions for carrying this act into effect, including regulations regard-
ing the deposits and withdrawal of deposits by minors and trustees, and the linal
disposition of deposits of deceased persons, and such regulations and instructions
shall be binding on all persons to the same extent as if such regulations formed part
of this act, and the Postmaster-General may, with the approval of the Secretary of
the Treasury, change such regulations from time to time as may be found necessary
to secure the best administration of this act; and the Postmaster-General shall
transmit to Congress on the first day of each sessiona copy of all regulations made
and in force and of all changes made subsequent to his last report, and the reasons
for such changes.
“Sec. 18. That the Postmaster-General shall cause to be prepared and printed all
necessary books and blanks required to carry this act into effect, and the Secretary
of the Treasury shall cause to be pi'epared the required bonds.
“Sec. 19. That the Postmaster-General shall, as soon as practicable after the end
of each month, make a report to the Secretary of the Treasury of all moneys received
and paid during the preceding month, and tiie total amount of deposits at the end
of each month, and such report shall be published by the Secretary as soon after the
close of the month as is practicable. The Postmaster-General shall make an annual
report of the total amount of deposits received and paid, and the total amount due
depositors for each year ending June 30; also, of all expenses incurred and such
other particulars and recommendations as he shall deem necessary. Such annual
report shall be transmitted to Congress upon the first day of each regular session.
“Sec. 20. That the Postmaster-General is hereby authorized to appoint a superin-
tendent of the postal savings bank department, who shall be paid a salary not
exceeding $5,000 per year, and who, under the Postmaster-General’s direction, shall
have charge of the postal savings bank business, and the Postmaster-General shall
appoint such number of clerks for said department as may be found necessary to
execute this law.
“Sec. 21. That this amendment shall take effect and be in force on and after the
1st day of July, 1894.”
* # # # * * *
Mr. Bland. I ask unanimous consent that the pending coinage bill, with the pro-
posed amendments, be printed in the Record, and also in bill form.
There was no objection.
The bill, as originally reported, is as follows;
A BILL (H. K, 4956) directing the coinage of the silver bullion held in the Treasury, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the United States of Amer-
ica in Congress assembled, That the Secretary of the Treasury shall immediately issue
silver certificates of the same denominations and monetary functions as is now pro-
vided by law for silver certificates, in the amount equal to the seigniorage of the
silver bullion purchased under the provisions of the act of J uly 14, 1890, entitled “An
act directing the purchase of silver bullion and the issue of Treasury notes thereon,
and for other purposes,” to wit, the sum of $55,156,681. That such silver certificates
shall be immediately available for the payment of the current expenditures of the
Government and all laws relating to silver certificates, as far as practicable, shall be
applicable to the silver certificates herein authorized. The said seigniorage shall be
coined as fast as possible into legal-tender standard silver dollars and the coins held
in the Treasury for the redemption of the silver certificates.
Sec. 2. That the remainder of the silver bullion purchased in pursuance of said
act of July 14, 1890, shall be coined into legal-tender standard silver dollars as fast
as is practicable, and the coin held in the Treasury for the redemption of the Treas-
ury notes issued in the purchase of said bullion. That as fast as the bullion shall be
coined for the redemption of said notes, the notes shall not be reissued, but shall be
canceled and destroyed in amounts equal to the coin held at any time in the Treas-
ury, and silver certificates may be issued on such coin in the manner now provided
Sec. 3. That a sufficient sum of money is hereby appropriated to carry into effect
the provisions of this act.
The proposed amendments are as follows :
By Mr. Bland. Amend by striking out the first section, and inserting the follow-
ing in lieu thereof: , , . , , ,
“That the Secretary of the Treasury shall immediately cause to be coined as fast
as practicable the silver bullion held in the Treasury, purchased under the act
of July 14, 1890, entitled 'An act directing the purchase of silver bullion and the
issuing of Treasury notes thereon, and for other purposes,’ to the amount of the gain
or seigniorage of such bullion, to wit, the sum of $55,156,681 and such coin or the
silver certificates issued thereon shalL be used in the payment of public expendi-
tures, and the Secretary of the Treasury may, in his discretion, if the needs of the
715
Treasury demand it, issue silver certificates in excess of such coinage: Provided,
That said excess shall not exceed the amount of the seigniorage as herein authorized
to he coined.”
By Mr. Bland. On page 2, in section 2, line 9, after the word “Treasury,” insert
the words “derived from the coinage herein provided for.”
[February 28, 1894.]
The Speaker. The gentleman from Ohio submits a report from the Committee on
Rules. The gentleman from New York [Mr. Tracey] enters a motion to reconsider
the vote by which the previous question was ordered. The Clerk will report the
resolution of the Committee on Rules.
The Clerk read as follows:
“ Resolved, That immediately after the adoption of this resolution the Committee
of the Whole House on the state of the Union be discharged from the further con-
sideration of H. R. 4956 ; that the House shall then proceed to consider the same ;
that after two hours’ consideration therein the previous question shall be considered
ordered on the pending amendments, if there be any, and the bill to its final passage.
That without other motions the vote shall then be taken on the pending amendments,
if there be any, on the engrossment and third reading, on a motion to recommit with
or without instructions, should such motion be made, on the final passage of the
bill, and on a motion to reconsider and lay on the table.”
Mr. Outh waite. On that I demand the previous question.
The question was taken on ordering the previous question, and the Speaker
announced that the ayes seemed to have it.
Mr. Reed. Division.
The House divided ; and there were — ayes 135, noes 3.
Mr. Reed and Mr. William A. Stone. No quorum.
Mr. Outh waite and Mr. Bland. The yeas and nays, Mr. Speaker.
The yeas and nays were ordered.
The Clerk proceeded to call the roll.
* * * # * #
The question
.follows :
was taken; and there were — yeas 170.
YEAS— 170.
Abbott,
Cornish,
Jones,
Alderson,
Cox,
Kem,
Alexander,
Crawford,
Kilgore,
Allen,
Culberson,
Kribbs,
Arnold,
Cummings,
Kyle,
Bailey,
Davey,
Lane,
Baker, Kans.
Davis,
Latimer,
Baldwin,
De Armond,
Layton,
Bankhead,
Denson,
Lester,
Barnes,
Dinsmore,
Lisle,
Barwig,
Dockery,
Livingston,
Bell, Colo.
Donovan,
Lucas,
Bell, Tex.
Durborow,
Lynch,
Maddox,
Berry,
Ellis, Ky.
Black, Ga.
Enloe,
Mallory,
Black, 111.
Epes,
Marshall,
Bland,
Erdman,
Martin, Ind.
Boatner,
Fielder,
McCreary, Ky.
Boen,
Fithian,
McCullough,
Bowers, Cal.
Forman,
McDannold,
Branch,
Funston,
McDearmon,
Breckinridge, Ark.
Fyan,
McEttrick,
Bretz,
Geary,
McGann,
Broderick,
Goldzier,
McKaig,
Brookshire,
Goodnight,
McKeighan,
Brown,
Gorman,
McMillin,
Bryan,
Grady,
McNagny,
Bunn,
Gresham,
McRae,
Bynum,
Griffin,
Meredith,
Cabaniss,
Haines,
Money,
Caminetti,
Cannon, Cal.
Hall, Mo.
Montgomery,
Hammond,
Morgan,
Caruth,
Hare,
Moses,
(Patchings,
Hartman,
Mutchler,
Clark, Mo.
Hatch,
Neill,
Oobb, Ala.
Heard,
Newlands,
Cockrell,
Henderson, N. C.
Outh waite,
Coffeen,
Holman,
Paschal,
Compton,
Hooker, Miss.
Patterson,
Conn,
Hudson,
Paynter,
Cooper, Fla.
Hunter,
Pearson,
Cooper, Ind.
Hutchinson,
Pence,
Cooper, Tex.
Johnson, Ohio
Pendleton. Tex.
yeas 170, nays 10, not voting 173; as
Pendleton, W. Va.
Pickier,
Price,
Reilly,
Richards,
Richardson, Mich.
Richardson, Tenn.
Ritchie,
Robbins,
Rusk,
Russell, Ga.
Sayers,
Shell,
Sibley,
Simpson,
Snodgrass,
Somers,
Springer,
Stallings,
Stockdale,
Stone, Ky.
Strait,
Swanson,
Sweet,
Talbert, S. C.
Talbott, Md.
Tate,
Taylor, Ind.
Terry,
Tucker,
Turner, Ga.
Turner, Va.
Turpin,
Weadock,
Wells,
Wheeler, Ala.
Whiting,
Williams, 111.
Williams, Miss.
Woodard.
The Speaker.
716
NATS— 10.
Canary,
Dunn,
Meyer,
Ryaa.
Clancy,
Magner,
Page,
De Forest,
McAleer,
NOT
Pigott,
VOTING— 173.
Adams, Ky.
Dingley,
Johnson, Ind.
Scranton,
Adams, Pa.
Dolliver,
Johnson, N. Dak.
Settle,
Aiken,
Doolittle,
Joy,
Shaw,
Aldrich,
Draper,
Kiefer,
Sherman,
Apsley,
Dunphy,
Eacy,
Sickles,
Avery,
Edmunds,
Lapham,
Sipe,
Babcock,
Ellis, Oreg.
Lawson,
Smith,
Baker, N. H.
English,
Lefever,
Sperry,
Bartholdt, '
Everett,
Linton,
Stephenson,
Bartlett,
Fletcher,
Lockwood,
Stevens,
Belden,
Funk,
Loud,
Stone, C. W.
Beltzhoover,
Gardner,
Loudenslager,
Stone, W. A.
Bingham,
Gear,
Maguire,
Stores,
Blair,
Geissenhainer,
Mahon,
Straus,
Blanchard,
Gillet, N. Y.
Marsh,
Strong,
Boutelle,
Gillett, Mass.
Marvin, N. Y.
Tarsney.
Bower, N. C.
Graham,
McCall,
Tawney,
Brattan,
Grosvenor,
McCleary, Minn.
Taylor[ Tenn.
Breckinridge, Ky.
Grout,
McDowell,
Thomas,
Brickner,
Hager,
Hamer,
McLaurin,
Tracy,
Brosius,
Meiklejohn,
Tyler,
Bundy,
Hall, Minn.
Mercer,
Updegraff,
Burnes,
Harmer,
Milliken,
Van Voorliis, N. Y.
Burrows,
Harris,
Harter,
Moon,
Van Voorhis, Ohio.
Cadmus,
Morse,
W adsworth,
Caldwell,
Haugen,
Murray,
W alker,
Campbell,
Hayes,
North way.
Wanger,
Cannon. 111.
Heiner,
Oates,
Warner,
Capehart,
Henderson, 111.
O’Neil,
Washington,
Chickering,
Henderson, Iowa
Payne,
Waugh,
Childs,
Hendrix,
Perkins,
Wever,
Clarke, Ala.
Hepburn,
Phillips,
Wheeler, 111.
Cobb, Mo.
Hermann,
Post,
White,
Cochran,
Hicks,
Powers,
Wilson, Ohio
Cogswell,
Hillborn,
Quigg,
Wilson. Wash.
Coombs,
Hines,
Randall,
Wilson, W. Va.
Cooper, Wis.
Hitt,
Ray,
Wise,
Cousins,
Hooker, N. Y.
Rayner,
Wolverton,
Covert,
Hopkins, III.
Reed,
Woomer,
Crain,
Hopkins, Pa.
Reybum,
Wright, Mass.
Curtis, Kans.
Houk,
Robertson, La.
Wright, Pa.
Curtis, N. Y.
Hulick,
Robinson, Pa.
Dalzell,
Hull,
Russell, Conn.
Daniels,
Ikirt,
Sehermerhorn,
So the previous question was ordered.
[March 1, 1894.]
The Speaker. Yesterday the previous question was ordered upon a resolution
from the Committee on Rules; and on the adoption of the resolution the yeas aud
nays were ordered. The question is now upon the adoption of that resolution,
which the Clerk will report.
The Clerk read as follows :
“ Resolved, That immediately after the adoption of this resolution the Committee
of the Whole House on the state of the Union be discharged from the further con-
sideration of H. R. 4956; that the House shall then proceed to consider the same;
that after two hours’ consideration therein the previous question shall be considered
ordered on the pending amendments, if thero be any, and the bill to its final passage.
That without other motions the vote shall then be taken on the pending amend-
ments, if there be any, on the engrossment and third reading, on a motion to recom-
mit with or without instructions, should such motion be made, on the final passage
of the bill, and on a motion to reconsider and lay on the table.”
* # # * * * #
The Speaker. The question will now be taken on agreeing to the resolution
reported by the Committee on Rules. The House will please be in order, so that
members may hear their names called and that the Clerk may hear the responses.
717
The question was taken; and there were — yeas 166, nays 13, not voting 174, as fol-
lows :
YEAS— 106.
Abbott,
Cooper, Fla.
Hunter,
Price,
Alderson,
Cooper, I nd.
Hutcheson,
Reilly,
Alexander,
Cooper, Tex.
• Johnson, Ohio
Richards.
Allen,
Cornish,
Jones,
Richardson, Mich.
Arnold,
Cox,
Kein,
Richardson, Tenn.
Bailey,
Crawford,
Kribbs,
Ritchie,
Baker, Kans.
Culberson,
Kyle,
Robbins,
Baldwin,
Cummings,
Dane,
Russell, Ga.
Bankhead,
Davey,
Latimer,
Sayers,
Settle,
Barnes,
Davis,
Layton,
Barwig,
De Armond,
Lester,
Shell,
Bell, Colo.
Denson,
Lisle,
Sibley,
Bell, Tex.
Dinsmore,
Livingston,
Simpson,
Berry,
Dockery,
Lynch,
Snodgrass,
Black, Ga.
Donovan,
Maddox,
Somers,
Black, 111.
Durborow,
Magner,
Springer,
Bland,
Edmunds,
Mallory,
Stallings,
Boatner,
Ellis, Ky.
Marshall,
Stockdale,
Boen,
Enloe,
Martin, Ind,
Stone, Ky.
Branch,
Epes,
McCreary, Ky.
Strait,
Breckinridge, Ark.
Erdman,
McCulloch,
Swanson,
Breckinridge, Ky.
Fithian,
, McDannold,
Sweet,
Bretz,
Forman,
McDearmon,
Talbert, S. C.
Brickner,
Fun s ton,
McEttrick,
Talbott, Md.
Broderick,
Fyan,
McKaig,
Tate,
Brookshire,
Geary,
McMillin,
Taylor, Ind.
Brown,
Goldzier,
Goodnight,
McNagny,
Terry,
Bryan,
Bunn,
McRae,
Tucker,
Gorman,
Meredith,
Turner, Ga.
Bynum,
Grady,
Money,
Turner, V a
Cabaniss,
Caminetti,
Gresliam,
Montgomery,
Tyler,
Weadock,
Griffin,
Morgan,
Cannon, Cal.
Hall, Mo.
Moses,
Wells,
Carutk,
Hammond,
Neill,
Wheeler, Ala.
Catchings,
Hare,
Newlands,
Outliwaite,
Whiting,
Clancy,
Hartman,
Williams, 111.
Clark* Mo.
Hatch,
Paschal,
Williams, Miss.
Cobb, Ala.
Heard,
Patterson,
W ise,
Cockrell,
Henderson, N.
C. Paynter,
Woodard.
Coffeen,
Compton,
Conn,
Holman,
- Hooker, Miss.
Hudson,
V
Pearson,
Pence,
Pendleton, Tex.
NAYS— 13.
The Speaker.
Beltzhoover,
Bowers, Cal.
Causey,
Dunn,
Everett,
Kilgore,
McAleer,
Meyer,
Mntchler,
O’Neil,
Page,
Pigott,
NOT VOTING— 174.
Ryan.
Adams, Ky.
Cousins,
Hayes,
Marvin, N. Y.
Adams, Pa.
Aitken,
Covert,
Heiner,
McCall,
Crain,
Henderson, 111.
McCleary. Minn.
Aldrich,
Curtis, Kans.
Henderson, Iowa.
McDowell,
Apsley,
Curtis, N. Y.
Hendrix,
McGann,
Avery,
Babcock,
Dalzell,
Hepburn,
McKeighan,
Daniels,
Hermann,
McLaurin,
Baker, N. H.
De Forest,
Hicks,
Meiklejohn,
Bartboldt,
Dingley,
Hilborn,
Mercer,
Bartlett,
Dolliver,
Hines,
Milliken,
Belden,!
Doolittle,
Hitt,
Moon,
Bingham,
Draper,
Hooker, N. Y.
Morse,
Blair,
Dunphy,
Hopkins, 111.
Murray,
Blanchard,
Ellis, Oreg.
Hopkins, Pa.
North way,
Boutelle,
English,
Honk,
Oates,
Bower, N. C.
Fielder,
Hulick,
Payne,
Brat.tan,
Fletcher,
Hull,
Pendleton, W. Va.
Brosius,
Funk,
Ikirt,
Perkins,
Bundy,
Gardner,
Johnson, Ind.
Phillips,
Burnes,
Gear,
J ohnson, N. Dak.
Pickier,
Burrows,
Geissenhainer,
Joy,
Post,
Cadmus,
Caldwell,
Gillet, X. Y.
Kiefer,
Powers,
Gillett, Mass.
Lacey,
Q.uigg,
Campbell,
Graham,
Lapham,
Randall,
Cannon, 111.
Grosvenor,
Lawson,
Ray,
Capehart,
Grout,
Lefever,
Rayner,
Checkering,
Hager,
Linton,
Reed,
Childs,
Hamer,
Lockwood,
Revburn,
Robertson, La.
Clarke, Ala.
Haines,
Loud,
Cobb, Mo.
Hall, Minn.
Loudenslager,
Robinson^ Pa.
Cockran.
Harmer,
Lucas,
Rusk,
Cogswell,
Harris,
Maguire,
Russell, Conn.
Coombs,
Harter,
Mahon,
Schermerhorn,
Cooper, Wis.
Haugen,
Marsh,
Scranton,
718
Sbaw,
Storer,
Van Voorhis, N. V.
White,
Sherman,
Straus,
Van Voorhis. Ohio
WilsoD, Ohio
Sickles,
Strong,
Wadsworth,
Wilson, Wash.
Sipe,
Tarsney,
Walker,
Wilson, W. Va.
Smith,
Tawney,
Wanger,
Wolverton,
Sperry,
Taylor, Tenn.
W arner,
Woomer,
Stephenson,
Thomas,
Washington,
Wright, Mass.
Stevens,
Stone, C. W.
Stone, AV. A.
Tracey,
Turpin,
Updegraff,
Waugh,
Wever,
Wheeler, 111.
Wright, Pa.
At the conclusion of the second call,
The Speaker said: The Clerk will call my name.
The Clerk called the name of the Speaker, and the Speaker voted “ aye.”
*
#
*
*
The Speaker. On this question the ayes are 166, and the noes 13. The resolution
is agreed to. [Applause.] The Clerk will report the pending bill under the special
order.
The Clerk read as follows :
“ Be it enacted, etc., That the Secretary of the Treasury shall immediately issue
silver certificates of the same denominations and monetary functions as is now pro-
vided by law for silver certificates, in the amount equal to the seigniorage of the
silver bullion purchased under the provisions of the act of July 14, 1890, entitled
‘An act directing the purchase of silver bullion and the issue of Treasury notes
thereon, and for other purposes/ to wit, the sum of $55,156,681. That such silver
certificates shall be immediately available for the payment of the current expendi-
tures of the Government; and all laws relating to silver certificates, as far as prac-
ticable, shall be applicable to the silver certificates herein authorized. That said
seigniorage shall be coined as fast as possible into legal-tender standard silver dol-
lars and the coins held in the Treasury for the redemption of the silver certificates.
“ Sec. 2. That the remainder of the silver bullion purchased in pursuance of said
act of July 14, 1890, shall be coined into legal-tender standard silver dollars as fast
as is practicable, and the coin held in the Treasury for the redemption of the Treas-
ury notes issued in the purchase of said bullion. That as fast as the bullion shall be
coined for the redemption of said notes, the notes shall not be reissued but shall be
canceled and destroyed in amounts equal to the coin held at any time in the Treasury,
and silver certificates may be issued on such coin in the manner now provided by
law.
“ Sec. 3. That a sufficient sum of money is hereby appropriated to carry into effect
the provisions of this act.”
The Speaker. The House will please be in order. The bill is now before the House
for consideration for two hours. The gentleman from Missouri [Mr. Bland] is recog-
nized to offer an amendment.
Mr. Bland. I submit the substitute for the bill which I send to the Clerk's desk.
The Speaker. The Clerk will report the substitute.
The Clerk read as follows :
Strike out all after the enacting clause, and insert :
“That the Secretary of the Treasury shall immediately cause to be coined as fast
as possible tbe silver bullion held in the Treasury, purchased under the act of July
14, 1890, entitled ‘An act directing the purchase of silver bullion and the issuing of
Treasury notes thereon, and for other purposes/ to the amount of the gain or seign-
iorage of such bullion, to wit: The sum of $55,156,681, and such coin or the silver
certificates issued thereon shall be used in the payment of public expenditures, and
the Secretary of the Treasury may, in his discretion, if the needs of the Treasury
demand it, issue silver certificates in excess of such coinage : Provided, That said
excess shall not exceed the amount of the seigniorage as herein authorized to be
coined.
“Sec. 2. After the coinage provided for in the first section of this act, the remainder
of the silver bullion purchased in pursuance of said act of July 14, 1890, shall be
coined into legal- tender standard silver dollars as fast as possible, and the coin shall
be held in the Treasury for the redemption of the Treasury notes issued in the pur-
chase of said bullion; that as fast as the bullion shall be coined for the redemption
of said notes, the notes shall not be reissued, but shall be canceled and destroyed in
amounts equal to the coin held at any time in the Treasury derived from the coinage
herein provided for, and silver certificates shall be issued on such coin in the manner
now provided by law : Provided, That this act shall not be construed to change exist-
ing law relating to the legal-tender character or mode of redemption of the Treasury
notes issued under said act of July 14, 1890. That a sufficient sum of money is hereby
appropriated to carry into effect the provisions of this act.”
Mr. Bland. Mr. Speaker
Mr. Bynum. I make the point of order that amendments to the bill are in order
before the substitute.
719
The Speaker. Amendments to the bill will be voted upon before any vote is taken
upon the substitute, of course. The Chair recognizes the gentleman lrora Ohio [Mr.
Outhwaite] to offer an amendment.
Mr. Outhwaite. The amendment I offer is simply to strike out the second section
of the substitute.
Mr. Cannon, of Illinois. I desire to offer an amendment to the substitute, to strike
out the second section.
The Speaker. That is the amendment of the gentleman from Ohio [Mr. ’Outh-
waite].
Mr. Cannon, of Illinois. I understood his amendment to be to strike out the
second section of the original bill.
The Speaker. What was the amendment of the gentleman from Ohio [Mr. Outh-
waite]?
Mr. Outhwaite. I moved to strike out the second section of the substitute.
Mr. Springer. The gentleman from Illinois [Mr. Cannon] is in order to move to
strike out the first section of the original bill.
The Speaker. That was not his motion.
Mr. Outhwaite. I desire to strike out the second section of the bill or the sub-
stitute, whichever is agreed to. As I understand it, I would like to have the amend-
ment pending to the original bill if the substitute should not be adopted.
Mr. Richardson, of Tennessee. I suggest to the gentleman from Ohio [Mr. Outh-
waite] that the second section of the substitute is not the same as the second section
of the original bill.
Mr. Outhwaite. I will change my amendment. I move to strike out the second
section of the original bill.
Mr. Cannon, of Illinois. Mr. Speaker—
The Speaker. The Chair will state the question. The gentleman from Missouri
offers an amendment in the nature of a substitute which has just been read. The
gentleman from Ohio [Mr. Outhwaite] offers an amendment to the original text, as
the Chair understands.
Mr. Outhwaite. Now, Mr. Speaker, I make the same motion in regard to the sub-
stitute.
The Speaker. The Chair can not recognize the gentleman to make two motions,
because other members ought to have an opportunity to offer amendments.
Mr. Outhwaite. I would like to have that amendment pending.
The Speaker. The gentleman has an amendment pending.
Mr. Outhwaite. I will adhere to my motion to strike outthe second section of the
substitute, and trust that some one will submit an amendment to strike out the sec-
ond section.
The Speaker. The Chair would like to recognize some gentleman from the minor-
ity of the committee to offer an amendment, if it is desired.
Mr. Bland. The gentleman from Pennsylvania [Mr. Charles W. Stone] can offer an
amendment.
Mr. Johnson, of North Dakota. I wish to offer an amendment to the substitute.
The Speaker. There is one amendment pending, and there can be no more amend-
ments pending to the substitute.
Mr. Johnson, of North Dakota. Then I offer an amendment to the original bill.
Mr. Hartman. I desire to offer an amendment to the original bill.
The Speaker. The amendment of the gentleman from North Dakota will be read.
The Clerk read as follows:
Add to section 1 the following :
“The Secretary of the Treasury shall afford to holders of standard silver dollars
the same right and facilities as to redemption and exchange as now accorded to the
holders of silver dimes, quarter dollars, and half dollars.”
Mr. Bland. I make the point of order that that relates to subsidiary coinage and
is not in order in this bill. This bill provides for the coinage of standard silver
dollars and the issue of certificates. That is a proposition to change the law in
regard to the subsidiary coin.
Mr. Johnson, of North Dakota. No, sir; I beg the gentleman’s pardon; not at all.
It simply proposes to put the holder of the silver dollar on the same footing as the
holder of dimes and quarters as to redemption and exchange. It does not propose
to change the law as to the subsidiary coinage, but simply gives the holder of the
standard silver dollar the same right as the holder of subsidiary coin.
Mr. Bland. It has always been held in Committee of the Whole, in consideration
of a proposition relating to the subsidiary coinage, that we could not add to it one
relating to the coinage of standard silver dollars.
The Speaker. As at present advised, the Chair will hold that it is in order. The
Chair Avill look further into the matter. The gentleman from New York [Mr. Straus]
desires to offer an amendment.
Mr. Cannon, of Illinois. I desire to offer an amendment, if it is in order.
720
The Speaker. Of course the gentleman knows there are only a certanr number of
amendments that can he pending at one time, but the House can vote them out of
the way, so that other amendments can be offered. The order does not at all con-
template that the House shall wait until the end of the two hours before voting upon
the amendments, if the House desire to do so.
Mr. Cannon, of Illinois. Have all the amendments been offered that are in order
at this time under the rule?
The Speaker. The Chair will ascertain and find out. There is a substitute
offered, and an amendment to the substitute, and one amendment to the original
bill. The Chair recognized the gentleman from New York [Mr. Straus] to offer an
amendment, which the Clerk will report, and see whether it is in order as an amend-
ment to the amendment.
The Clerk read as follows :
“ That the Secretary of the Treasury be, and he is hereby, authorized to issue from
time to time coupon and registered bonds of the United States in denominations of
$20 and multiples of that sum, payable in coin after five years from date, and bear-
ing interest at a rate not exceeding 3 per cent per annum, payable quarterly in coin,
and to sell and dispose of the same at not less than par in coin; and the proceeds of
such bonds shall be paid into the Treasury and held and used for the purposes now
authorized by law.”
Mr. Reed. That is not in order.
Mr. Bland. I make the point of order that it is not germane.
* *■ * * * # *
The Speaker. It does not seem to the Chair, after some reflection on this ques-
tion— because it is only fair to say that the Chair had notice of the amendment — it
does not seem to the Chair that the amendment is germane. The pending propo-
sition is a proposition to coin the seigniorage in the Treasury and also the fund of
bullion that is contained therein belonging to the United States.
This proposition to deal with a bond issue the Chair does not believe is germane
either to the amendment or to the text of the original bill. Therefore, the Chair
must sustain the point of order against the amendment. The Chair now recognizes
the gentleman from Illinois [Mr. Cannon] to offer an amendment to the amend-
ment.
* # # * # # *
The Speaker. The gentleman from Illinois [Mr. Cannon] offers an amendment, as
the Chair understands, to the amendment of the gentlemen from North Dakota. It
will be read.
The Clerk read as follows :
“That any owner of silver bullion may deposit the same at any coinage mint or at
any assay office in the United States that the Secretay of the Treasury may designate,
and receive therefor Treasury notes hereinafter provided for, equal at the date of
deposit to the net value of such silver, at the market price, such price to be deter-
mined by the Secretary of the Treasury under rules and regulations prescribed, based
upon the price current in the leading silver markets of the world.
“ Sec. 2. That the Secretary of the Treasury shall cause to be prepared Treasury
notes in such amounts as may be required for the purpose of the above section, and
in such form and denomination as he may prescribe: Provided, That no note shall
be of a denomination less than $1 nor more than $1,000.
“Sec. 3. That the notes issued under this act shall be a legal tender in payment of
all debts, public and private, except when otherwise expressly stipulated in.the
contract, and shall be receivable for customs, taxes, and all public dues, and when
received into the Treasury may be reissued, and such notes, when held by any
national banking association, shall be counted as part of its lawful reserve.
“ Sec. 4. That the notes issued under the provisions of this act shall be redeemed
upon demand at the Treasury of the United States or at the office of an assistant
treasurer of the United States, by the issue of a certificate of deposit for the sum of
the notes so presented, payable at one of the mints of the United States, in an
amount of silver bullion equal in value, on the date of said certificate, to the num-
ber of dollars stated therein, at the market price of silver, to be determined as pro-
vided in section 1; or such notes may be redeemed in gold coin, at the option of the
Government : Provided, That upon demand of the holder such notes shall be redeemed
in silver dollars.
“ Sec. 5. That when the market price of silver, as determined by the Secretary of
the Treasury, shall exceed $1 for 371.25 grains of pure silver, it shall be the duty of
the Secretary of the Treasury to refuse to receive deposits of silver bullion for the
purposes of this act : Provided, That when the market price of silver, as determined
in accordance with section lof this act, is $1 for 371.25 grains of pure silver, it shall
be lawful for the owner of any silver bullion, the deposit of which for notes is herein
provided for, to deposit the same at any coinage mint of the United States, to be
721
formed into standard silver dollars for his benefit as provided in the act of January
18, 1837.
“ISkc. 6. That it shall be lawful for tho Secretary of the Treasury, with the
approval of the President of the United States, to suspend, temporarily, tho receipt
of silver bullion for Treasury notes at any time when he is satisfied that through
combinations or speculative manipulations of the market the price of silver is arbi-
trary, nominal, or fictitious.
“Sec. 7. That the silver bullion deposited under this act, represented by Treasury
notes which have been redeemed in gold coin or in silver dollars, may be coined into
standard silver dollars or any other denomination of silver coin now authorized by
law, for the purpose of replacing coin used in the redemption of the notes.
“Sec. 8. That any gain or seigniorage arising from the coinage which may be
executed under the provisions of this act shall be accounted for and paid into the
Treasury as provided by existing law.
“Sec. 9. The silver bullion received under the provisions of this act shall be sub-
ject to the requirements of existing laws, and the regulations of the mint service,
governing the methods of receipt, determining the amount of pure silver contained,
and the amount of charges or deductions, if any, to be made.
“Sec. 10. That nothing in this act shall be construed to prevent the purchase,
from time to time, as may be required, of silver bullion for the subsidiary silver coin-
age, nor to affect the legal-tender quality of the standard silver dollar.
“Sec. 11. That a sum sufficient to carry out the provisions of this act is hereby
appropriated out of any money in the Treasury not otherwise ppropriated.
“ Sec. 12. That this act shall take effect thirty days from and after its passage.”
Mr. Bland. Mr. Speaker, it has been very difficult to hear the reading of this propo-
sition on account of the confusion in the House, and I do not know that I get at its
whole purport. But it seems to me it is hardly germaneto this bill, which provides
for the coinage of the silver bullion in the Treasury. This proposition of the gen-
tleman from Illinois, so far as I can gather its purport, proposes to deposit bullion
and issue certificates therefor to be redeemed in gold or silver when demanded
Mr. Cannon, of Illinois. It gives the Government the option to redeem in gold or
in silver bullion at its then value.
A Membar. At its gold value.
Mr. Cannon, of Illiuois. Yes, sir.
Mr. Bland. This bill provides for the coinage of silver now in the Treasury into
standard dollars, to be paid out in redemption of outstanding notes when demanded
by the holders. It does seem to me that this amendment is not germane to the meas-
ure under consideration. I shall have to make a point of order on the original
amendment and on the amendment to the amendment.
* * * *■ # *• *
The Speaker. The Chair is not familiar with, and has not been able to carefully
consider, all of the provisions of this proposed amendment; but it is a well-estab-
lished rule that if any part of an amendment is out of order, or is not germane, that
fact taints the character of the whole; and the Chair thinks that in order to author-
ize an amendment to the pending proposition, the gentleman must have his amend-
ment in such shape that no part of it is out of order. Now it is clear to the Chair
Mr. Hartman. Mr. Speaker
The Speaker. The Chair cannot be interrupted. It is clear to the Chair that the
first proposition contained in the amendment is out of order and not germane.
Whereas the pending bill proposes to deal with the silver now in the Treasury, this
is a proposition to permit all holders of silver to take it to the Treasury and have it
coined under a free-coinage proposition, a proposition dealing with silver which is
outside of the Treasury; and therefore the Chair does not think it in order, and so
holds.
* * •* # * # *
Mr. Abbott. I desire to offer an amendment to the amendment of the gentleman
from North Dakota [Mr. .Johnson].
The Speaker. The gentleman will send it up.
The amendment was read as follows :
Amend the bill (H. E. 4956) by striking out all after the enacting clause and insert
the following:
“That the Secretary of the Treasury is hereby authorized and required to transfer
to the several mints of the United States and cause to be coined into legal-tender
standard silver dollars, and into such minor silver coins as he may deem advisable,
at least 2,000,000 ounces per month of the silver bullion purchased" under the provi-
sions of the act entitled * An act directing the purchase of silver bullion and the issue
of Treasury notes thereon, and for other purposes/ approved July 14, 1890, and a sum
sufficient to carry into effect the provisions of this act is hereby appropriated out of
any money in the Treasury not otherwise appropriated.
S. Eep. 235 46
722
“Second. That after the passage of this act the Secretary of the Treasury is directed
that whenever the Treasury coin notes issued in accordance with the provisions of
fthe said act of July 14, 1890, or whenever tho silver certificates issued by virtue
ot any act ol Congress authorizing the issue of such certificates on the deposit of
silver dollars are presented for redemption, to redeem such notes and certificates in
either gold or silver: Provided, That in case the amount of coined gold in the Treas-
ury exceeds the amount of the coined silver the Secretary of the Treasury shall
redeem such notes and certificates in gold coin, hut in case the silver coin in the
Treasury exceeds the amount of gold coin, such notes and certificates shall be
redeemed in silver coin.
“Third. That the Secretary of the Treasury is authorized and directed to issue
Treasury coin notes in amount equal to the gain or seigniorage of the silver bullion
purchased under the provisions of said act of July 14, 1890, and such Treasury notes
shall bo immediately available for the payment of the current expenditures of the
Government: Provided, That hereafter no Treasury notes of less denomination than
$5 shall be issued.
“Fourth. That upon the deposit in the Treasury of any gold or silver coin the Sec-
retary, of the Treasury shall issue Treasury coin notes to the nominal amount of such
deposit, and all laws authorizing the issue of gold and silver certificates are hereby
repealed, and all laws in conflict herewith are hereby repealed.”
***** * *
Mr. Newlands. Mr. Speaker, I understand that under the rules of the House no
further amendment can be offered until one of the pending amendments is disposed
of. In that event I shall ask permission to introduce an amendment to the first
section, as follows :
“No silver certificates, Treasury notes under the act of 1890, United States notes
commonly called greenbacks, or national-bank notes shall hereafter be issued of a
denomination less than $10.”
*******
Mr. Hartman. Is an amendment for the free coinage of silver now in order? I
did not understand the statement of the Chair.
The Speaker. It is not. No other amendment is in order, because the previous
question is ordered. The Clerk will first report the amendment of the gentleman
from North Dakota [Mr. Johnson].
The Clerk read as follows :
Add to section 1 the following words:
“ The Secretary of the Treasury shall afford to holders of standard silver dollars
the same rights and facilities as to redemption and exchange as are now accorded to
the holders of silver dimes, quarter dollars, and half dollars.”
The Speaker. To this the gentleman from Texas [Mr. Abbott] offers an amend-
ment, on which the vote’ will first be taken. The Clerk will now report the amend-
ment of the gentleman from Texas [Mr. Abbott].
The Clerk read as follows :
Amend the bill (H. R. 4956) by striking out all after the enacting clause and insert
the following:
“ That the Secretary of the Treasury is hereby authorized and required to transfer
to the several mints of the United States and cause to be coined into legal-tender
standard silver dollars, and into such minor silver coins as he may deem advisable,
at least 2,000,000 of ounces per month of the silver bullion purchased under the pro-
visions of the act entitled ‘ An act directing the purchase of silver bullion and the
issue of Treasury notes thereon, and for other purposes/ approved July 14, 1890, and
a sum sufficient to carry into effect the provisions' of this act is hereby appropriated
out of any money in the Treasury not otherwise appropriated.
“ Second. That after the passage of this act the Secretary of the Treasury is
directed that whenever the Treasury coin notes issued in accordance with the pro-
visions of the said act of July 14, 1890, or whenever the silver certificates issued by
virtue of any act of Congress authorizing the issue of such certificates on the deposit
of silver dollars are presented for redemption, to redeem such notes and certificates
in either gold or silver : Provided, That in case the amount of coined gold in the
Treasury exceeds the amount of the coined silver, the Secretary of the Treasury
shall redeem such notes and certificates in gold coin, but in case the silver coin in
the Treasury exceeds the amount of gold coin, such notes and certificates shall be
redeemed in silver coin.
“ Third. That the Secretary of the Treasury is authorized and directed to issue.
Treasury coin notes in amount equal to the gain or seigniorage of the silver bullion
purchased under thoprovisions of said act of July 14, i.890, aud such Treasury notes
shall be immediately available for the payment of the current expenditures of the
Government: Provided , That hereafter no Treasury notes of less denomination than
$5 shall be issued.
723
“Fourth. That upon the deposit in the Treasury of any gold or silver coin the
Secretary of the Treasury shall issue Treasury coin notes to the nominal amount of
such deposit, and all laws authorizing the issue of gold and silver certificates are
hereby repealed, and all laws in conflict herewith are hereby repealed. ”
# ###*##
The Speaker. The question is on this amendment to the amendment offered by the
gentleman from Texas [Mr. Abbott].
The question was taken; and the amendment to the amendment was rejected.
The Speaker. The question now is on the amendment of tlio gentleman from
North Dakota [Mr. Johnson], which the Clerk will report.
The Clerk read as follows :
Add to section 1 the following words :
“ The Secretary of tho Treasury shall afford to holders of standard silver dollars
the same rights and facilities as to redemption and exchange as are now accorded to
the holders of silver dimes, quarter dollars, and half dollars.”
The question was taken on the amendment of Mr. Johnson of North Dakota, and
the Speaker announced that the “noes” seemed to lia^e it.
Mr. Tracey. Division, Mr. Speaker. I think that is a good amendment.
The House divided; and there were — ayes 71; noes 156.
Accordingly the amendment was rejected.
The Speaker. There is a substitute offered by the gentleman from Missouri [Mr.
Bland]. The question is upon the amendment to that substitute offered by the gen-
tleman from Ohio [Mr. Outhwaite]. The Clerk will first report the substitute.
The Clerk read as follows :
Strike out all after the enacting clause and insert:
“ That the Secretary of the Treasury shall immediately cause to be coined as fast
as possible the silver bullion held in the Treasury, purchased under the act of July
14, 1880, entitled ‘An act directing the purchase of silver bullion and the issuing of
Treasury notes thereon, and for other purposes/ to the amount of the gain or seignior-
age of such bullion, to wit: The sum of $55,156,681, and such coin or the silver cer-
tificates issued thereon shall be used in the payment of public expenditures, and the
Secretary of the Treasury may, in his discretion, if the needs of the Treasury demand
it, issue silver certificates in excess of such coinage: Provided, That said excess shall
not exceed the amount of the seigniorage as herein authorized to be coined.”
The Speaker. Section 2 of the substitute, which the Clerk is now about to read,
is the section which the gentleman from Ohio [Mr. Outhwaite] proposes by bis
amendment to strike out. He proposes to strike out the section which the Clerk will
now report.
The Clerk read as follows:
“ Sec. 2. After the coinage provided for in the first section of this act, the remain-
der of the silver bullion purchased in pursuance of said act of July 14, 1890, shall be
coined into legal-tender standard silver dollars as fast as possible, and the coin shall
be held in the Treasury for the redemption of the Treasury notes issued in the pur-
chase of said bullion; that as fast as the bullion shall be coined for the redemption
of said notes the notes shall not be reissued, but shall be canceled and destroyed in *
amounts equal to the coin held at any time in the Treasury derived from the coin-
age herein provided for, and silver certificates shall be issued on such coin in the
manner now provided *by law : Provided, That this act shall not be construed to
change existing law relating to the legal-tender character or mode of redemption of
the Treasury notes issued under said act of July 14, 1890.”
The Speaker. The gentleman from Ohio proposes as an amendment to strike that
section out.
Mr. Bland. I understand that following that is a provision providing that a
particular sum of money be appropriated.
The Speaker. The amendment of the gentleman from Ohio does not reach to that.
The amendment of the gentleman from Ohio is to strike from the substitute the
second section, which has just been read.
The question was taken on the amendment of Mr. Outhwaite, and the Speaker
announced that the noes seemed to have it.
Mr. Outhwaite. Division.
The House divided; and there were — ayes 64, noes 139.
Mr. Outhwaite. I should like to have the yeas and nays on that.
The yeas and nays were ordered.
724
The question was taken; and there were — yeas 130, nays 144, not voting 78; as
follows :
Adams, Ky.
Apsley,
Avery,
Babcock,
Baldwin,
Barnes,
Barwig,
Beldeu,
Beltzhoover,
Berry,
Blair,
Breckinridge, Ark.
Breckinridge, Ky.
Brickner,
Brosius,
Bynum,
Cadmus,
Campbell,
Carutb,
(Patchings,
Causey,
Chickering,
Clancy,
Clarke, Ala.
Cobb. Mo.
Cogswell,
Compton,
Coombs,
Cornish,
Covert,
Cummings,
Curtis, N. T.
Daniels,
Abbott,
Aitken,
Alderson,
Alexander,
Allen,
Arnold,
Bailey,
Baker, Kans.
Bankhead,
Bell, Colo.
Bell, Tex.
Black, Ga.
Black, 111.
Bland,
Boatner,
Boen,
Bowers, Cal.
Branch,
Bretz,
Broderick,
Brookshire,
Brown,
Bryan,
Bunn,
Cabaniss,
Caminetti,
Cannon, Cal.
Clark, Mo.
Cobb, Ala.
Cockrell,
Coffeen,
Conn,
Cooper, Fla.
Cooper, Ind.
Cooper, T6X.
Cox,
Adams, Pa.
Aldrich,
Baker, N. H.
Barthohlt,
Bartlett.
Bingham.
Blanchard,
Boutelle,
Bower, N. C.
Brattan,
Bundy,
Btirnes,
Burrows,
Davey,
De Forest,
Dingley,
Dolliver,
Draper,
Duud.
Dunpby,
Durborow,
Erdman,
Everett,
Fielder,
Funston,
Gardner,
Gear,
Geissenhainer,
Gillet, N. Y.
Goldzier,
Gorman,
Gresham,
Griffin,
Hager,
Hainer,
Haines,
Hall, Minn.
Hare,
Harter,
Hayes,
Henderson, 111.
Hitt,
Hooker, N. Y.
Hopkins, 111.
Hopkins, Pa.
H ulick,
YEAS— 130.
»
Hull,
Johnson, Ind.
Johnson, N. Dak.
Johnson, Ohio
Joy,
Kiefer,
Kribbs,
Lacey,
Lapbam,
Lockwood,
Loudenslager,
Lynch,
Magner,
Me A leer,
McCall,
McCleary. Minn.
McEttrick,
McGann,
McKaig,
Meiklejohn,
Mercer,
Meyer,
Mutchler,
O’Neil,
Outhwaite,
Page,
Patterson,
Payne,
Pendleton, Tex.
Pendleton, AY. Ya.
Perkins.
Phillips,
Pigott,
Price,
Randall,
Ray,
Ritchie,
Robinson, Pa.
Rusk,
Ryan,
Schermerhom,
Shaw,
Sherman,
Sickles,
Somers,
Sperry,
Stevens,
Stone, C. AY.
Stone, AY. A.
Storer,
Straus,
Strong,
Talbott, Md
Tawney,
Tracey,
Tan Voorliis, Ohio
AY alker,
AY arner,
AYells,
A\7heeler, 111.
AYilson, Ohio
AYise.
AYoomer,
AYright, Mass.
Crawford,
Culberson,
Curtis. Kans.
Davis,
De Armond,
Denson,
Dinsmore,
Dockery,
Donovan,
Doolittle.
Edmunds,
Ellis, Ky.
Ellis, Oregon,
Enloe,
Epes,
Fithian,
Forman,
Fyan,
Geary,
Goodnight,
Grady,
Hall, Mo.
Hammond,
Hartman,
Hatch,
Heard,
Henderson, N. C.
Hepbn ru,
Hermann.
Holman,
Hooker, Miss.
H udfon,
H unter,
Hutcheson,
Jones,
Kcm,
NOT
Caldwell.
Cannon. 111.
Capehart,
Childs,
Cock ran,
Cooper, \Vis.
Cousins,
Crain,
Dalzidl,
English,
Fletcher,
Funk,
Gillett, Mass.
NAYS— 144.
Kilgore,
Kyle,
Lane,
Latimer,
Layton,
Lester,
Lisle,
Livingston,
Lucas,
Maddox,
Maguire,
Mallory,
Marsh,
Marshall,
Martin, Ind.
McCreary. Ky.
McCulloch.
MoDannold,
McDearmon,
McKeighan,
McMilfin,
McNagny,
McRae.
Meredith,
Money,
Montgomery.
Morgan,
Moses,
Mur raj',
Neill,
Newlands,
Paschal,
Paynter,
Pearson,
Pence,
Pickier,
FOTING— 78.
Graham,
Grosvenor,
Grout,
Harmer,
Harris,
Haugen,
Hoirier,
Henderson, Iowa
Hendrix,
Hicks,
Hilborn,
Hines,
Houk,
Post,
Reilley,
Richards.
Richardson, Alich.
Richardson, Tenn.
Robbins,
Russell, Ga.
Sayers,
Settle,
Shell,
Sibley,
Simpson,
Snodgrass,
Springer,
Stallings,
Stockdale,
Stone, Ky.
Strait,
Swanson,
Sweet,
Talbert, S. C.
Tate,
Taylor, Ind.
Terry,
Tucker,
Turner, Ga.
Turner, A7 a.
Turpin,
Tyler,
AAreadock,
AY heeler, Ala.
AYhiting,
AYilliams, 111.
AYilliams, Miss.
AYilson, AVash.
AY ooodard.
Ikirt,
Lawson,
Lefever,
Linton,
Loud,
M alion,
Marvin, N. Y.
McDowell,
McLaunn,
Milliken,
Moon,
Morse,
North way.
725
Oate9,
Powers,
Quift'g,
Rayner,
Peed,
Key burn,
Robertson, La.
Russell, Conn.
Scranton,
Sipe,
Smith,
Stoplieiison,
Tarxney.
Taylor, Tenn.
Thomas,
UpdegrafF,
Van Voorliis, N. Y.
Wadsworth,
W anger,
Washington,
Waugh,
Wever,
White,
Wilson, W. Ya.
Wolverton,
Wright, Pa.
Mr. Outhwaite. Mr. Speaker, I will ask for a recapitulation of the vote.
The vote was recapitulated.
The Speaker. On this question the yeas are 130, the nays are 144. The noes have
it, and the amendment is not agreed to. [Applause on the Democratic side.] The
question now is on the substitute offered by the gentleman from Missouri for the
original bill.
The Speaker. The question is on agreeing to the substitute proposed by the
gentleman from Missouri.
The question was taken; and the Speaker announced that the ayes seemed to
have it.
■ Mr. Tracey. Division.
The House divided; and there were — ayes, 165; noes, 14.
Mr. Tracey. Tellers, Mr. Speaker.
Mr. Bland. Let us have the yeas and nays.
The yeas and nays were ordered.
The question was taken; and there were — yeas 172, nays 94, not voting 86; as fol-
lows :
YEAS — 172.
Abbott,
Crawford,
Kem,
Post,
Ait ken,
Culberson,
Kilgore,
Kribbs,
Price,
Alderson,
Cummings,
Reilly,
Alexander,
Curtis, Kans.
Kyle,
Richards,
Allen,
Davey,
Lacey,
Richardson, Mich.
Arnold,
Davis,
Lane,
Richardson, Tenn.
Bailey,
De Armond,
Latimer,
Ritchie,
Baker, Kan 9.
Denson,
Layton,
Robbins,
Bankliead,
Dinsmore,
Lester,
Rusk,
Bell, Colo.
Dockery,
Lisle,
Russell, Ga.
Bell, Tex.
Donovan,
Livingston,
Sayers,
Black, Ga.
Doolittle,
Lucas,
Settle,
Black, 111.
Durborow,
Maddox,
Shell,
Bland,
Edmunds,
Maguire,
Sibley,
Boatner,
Ellis, Ky.
Mailory,
Sickles,
Boen,
Ellis, Oreg.
Marsh,
Simpson,
Bowers, Cal.
Enloe,
Marshall,
Snodgrass,
Branch,
Epes,
Martin, Ind.
Springer,
Breckinridge, Ark.
Erdman,
McCreary, Ky.
Stallings,
Breckinridge, Ky.
Eithian,
McCulloch,
Stockdale,
Bretz,
Eorman,
McDannold,
Stone, Ky.
Broderick,
Eunston,
McDearmon,
Strait,
Brookshire,
Eyan,
Geary,
McGann,
Strong,
Brown,
McKeighan,
Swanson,
Bryan,
Goodnight,
McMillin,
Sweet,
Bunn,
Gorman,
McNagny,
Talbert, S. C.
Bynum,
Grady,
McRae,
Talbott, Md.
Cabaniss,
Gresham,
Meredith,
Tate,
Caminetti,
Hall, Mo.
Money,
Taylor, Ind.
Cannon, Cal.
Hammond,
Montgomery,
Terry,
Carutli,
Hare,
Hartman,
Morgan,
Tucker,
Catchings,
Moses,
Turner, Ga.
Clark, Mo.
Hatch,
Murray,
Turner, Ya.
Clarke, Ala.
Hayes,
Neill,
Turpin,
Cobb, Ala.
Heard,
Newlands,
Tyler,
Weadock,
Cockrell,
Henderson, N. C.
Paschal,
Coffeen,
Hermann,
Patterson,
Wheeler, Ala.
Compton,
Holman,
Paynter,
Whiting,
Conn,
Hooker, Miss.
Pearson ,
Williams, 111.
Cooper, Ela.
Hudson,
Pence,
Williams, Miss.
Cooper, Ind.
Hunter,
Pendleton, Tex.
Wilson, Wash.
Cooper, Tex.
Hutcheson,
Pendleton, W. Ya.
Wise,
Cox,
Jones,
Pickier,
NAYS— 94.
Woodard.
Adams, Ky.
Burrows,
Eletcher,
Hopkins, Pa.
Adams, Pa.
Caldwell,
Punk,
Hulick,
Aldrich,
Campbell,
Gear,
Hull,
Apsley,
Chickering,
Geissenliainer,
Johnson, Ind.
Babcock,
Clancy,
Gillet, N. Y.
Johnson, N. Dak.
Barnes,
Cogswell,
Goldzier,
Johnson, Ohio.
Barwig,
Coombs,
Griffin,
Kiefer,
Belden,
Cousins,
Haines,
Lapham,
Beltzhoover,
Curtis, N. Y.
Harmer,
Lockwood,
Berry,
Dingley,
Harter,
Loudenslager,
Bingham,
Dolliver,
Henderson, HI.
Lynch,
Blair,
Draper,
Hitt,
Mngner,
Boutelle,
Dunn,
Hooker, N. Y.
Mahon,
Brosias,
Dunphy,
Hopkins, 111.
McAleer,
726
McCall,
Perkins,
Stevens,
Wanger,
McEttrick,
Philips,
Stone, C. W.
Waugh,
McKaig,
Pigott,
Stone, W. A.
Wells,
Meiklejokn,
Randall,
Storer,
Wever,
Mercer,
Ray,
Tawney,
Thomas,
Wheeler, 111.
Meyer,
Robinson, Pa.
Wilson, Ohio.
Mutchler,
Sohermerhorn,
Updegraff,
Van Voorhis, Ohio.
Woomer,
O’Neil,
Outhwaite,
Scranton,
Wright, Mass.
Shaw,
Wadsworth,
Page,
Sherman, Walker,
NOT VOTING — 86.
Avery,
Dalzell,
Hines,
Reybnrn, *
Baker, N. H.
Daniels,
Houk,
Robertson, La.
Baldwin,
De Forest,
Ikirt,
Russell, Conn.
Bartholdt,
English,
Joy,
Ryan,
Bartlett,
Everett,
Lawson,
Sipe,
Blanchard,
Fielder,
Lefever,
Smith,
Bower, N. C.
Gardner,
Linton,
Somers,
Brattan,
Gillett, Mass.
Loud,
Sperry,
Brickner,
Graham,
Marvin, N. Y.
Stephenson,
Bundy,
Grosvenor,
McCleary, Minn.
Straus,
Burnes,
Grout,
McDowell,
Tarsney,
Cadmus,
Hager,
McLaurin,
Taylor, Tenn.
Cannon, ni.
Hamer,
Milliken,
Tracey,
Capehart,
Hall, Minn.
Moon,
Van Voorhis, N. Y.
Causey,
Harris,
Morse,
Warner,
Childs,
Haugen,
North way,
Washington,
Cobb, Mo.
Heiner,
Oates,
White,
Cockran,
Henderson, Iowa
Payne,
Wilson, W. Va.
Cooper, Wis.
Hendrix,
Powers,
Wolverton,
Cornish,
Hepburn,
Quigg,
Wright, Pa.
Covert,
Hicks,
Kayner,
Crain,
Hilborn,
Reed,
So the substitute was agreed to.
The Speaker. The question now is on tbe engrossment and third reading of the
amended bill.
The bill was ordered to be engrossed and read a third time; and it was ac-
cordingly engrossed and read the third time.
Mr. Tracey. Mr. Speaker, I move that the bill be recommitted to the Committee on
Coinage, Weights, and Measures without instructions.
The question was taken on the motion of Mr. Tracey, and the Speaker declared
that the “noes” seemed to have it.
Mr. Tracey. I ask for a division.
1 The House divided; and there were — ayes 72, noes 160.
Mr. Tracey. I ask for the yeas and nays.
The yeas and nays were ordered, 72 members voting in favor thereof.
The question was taken ; and there were — yeas 132, nays 168, not voting 52 ; as
follows: •
Adams, Ivy.
Adams. Pa.
Aldrich,
Apsley,
Avery,
Baker, N. H.
Baldwin,
Barnes,
Bar wig,
Belden,
Belt/, hoover,
Bingham,
Blair,
Boutelle,
Brickner,
Brosius,
Burrows,
Cadmus,
Caldwell,
Campbell,
Cannon, 111.
Causey,
Chickering,
Clancy,
Cobb, Mo.
Cogswell,
Coombs,
Cooper, Wis.
Cornish,
Cousins,
Covert,
Curtis, N. T.
Daniels,.
Davey,
De Forest,
Dingley,
Dolliver,
Draper,
Dunn,
Dunpliy,
Erdman,
Everett,
Fielder,
Fletcher,
Funk,
Gardner,
Gear,
Geissenhainer,
Gillet, N. Y.
Goldzier,
Griffin,
Grout,
Hager,
Hainer,
Haines,
Hall, Minn.
Harmer,
Harter,
Haugen,
Hayes,
Heiner,
Henderson, HI.
Hitt,
Hooker, N. Y.
Hopkins, 111.
Hopkins, Pa.
YEAS— 132.
Hulick,
Hull,
Johnson, Ind.
Johnson, N. Dak.
Joy,
Kiefer,
Lapham,
Lockwood,
Loudenslager,
Lynch,
Magner,
Mahon,
McAleer,
McCall,
McCleary, Minn.
McEttrick,
Meiklejohn,
Mercer,
Meyer,
Mutchler,
O’Neil,
Outhwaite,
Page,
Payne,
Perkins,
Phillips,
Pigott,
Quigg,
Randall,
Hay,
Reed,
Reyburn,
Robinson, Pa.
Rusk,
Ryan,
Sc’bermerhorn,
Scranton,
Shaw,
Sherman,
Sickles,
Somers,
Sperry,
Stephenson,
Stevens,
Stone, C. W.
Stone, W. A.
Storer,
Straus,
Strong,
Tawney,
Thomas,
Tracey,
Hpdegraff,
Van voorhis, Ohio
Wadsworth,
W alker,
Wanger,
Warner,
Waugh,
Wells,
Wever,
Wheeler, HI.
White,
Wilson, Ohio
Woomer,
Wright, Mass.
727
Abbott,
Aitken,
Alderson,
Alexander,
Allen,
Arnold,
Bailey,
Baker, Ivans.
Bankhead,
Bell, Colo.
Bell, Tex.
Berry,
Blacic, Ga.
Black, 111.
Bland,
Boatner,
Boen,
Bowers, Cal.
Branch,
Breckinridge, Ark.
Breckinridge, Ky.
Bretz,
Broderick,
Brookshire,
Brown,
Bryan,
Bunn,
Bynum,
Cabaniss,
C'aminetti,
Cannon, Cal.
Caruth,
Catchings,
Clark, Ido.
Clarke, Ala.
Cobb, Ala.
Cockrell,
Coffeen,
Compton,
Conn,
Cooper, Fla.
Cooper, Ind.
Babcock,
Bartholdt,
Bartlett,
Blanchard,
Bower, N. C.
Brattan,
Bundy,
Burnes,
Cape hart,
Childs,
Cockran,
Crain,
Dalzell,
Cooper, Tex,
Cox,
Crawford,
Culberson,
Cummings,
Curtis, Kans.
Davis,
De Armond,
Denson,
Dinsmore,
Dockery,
Donovan,
Doolittle,
Durborow,
Edmunds,
Ellis, Ky.
Ellis, Oreg.
Enloe,
Epes,
Eithian,
Eorman, j
Eunston,
Eyan,
Geary,
Goodnight,
Gorman,
Grady,
Gresham,]
Hall, Mo.
Hammond,
Hare,
Hartman,
Hatch,
Heard,
Henderson, X. C.
Hepburn,
Hermann,
Holman,
Hooker, Miss.
Hudson,
Hunter,
Hutcheson,
NOT
English,
Gillett, Mass.
Graham,
GrosArenor,
Harris,
Henderson, Iowa
Hendricks,
Hicks,
Hilborn,
Hines,
Houk,
Ikirt,
Lawson,
ITS -10®.
Johnson, Ohio
Jones,
Kem,
Kilgore,
Kribbs,
Kyle,
Lacey,
Lane,
Latimer,
Layton,
Lester,
Lisle,
Livingston,
Lucas,
Maddox,
Maguire,
Mallory,
Marsh,
Marshall,
Martin, Ind.
McCreary, Ky.
McCulloch,
McDannoki,
McDearmou,
McGann,
McKaig,
McKeighan,
McMillin,
McNagny,
McKae,
Meredith,
Money,
Montgomery,
Morgan,
Moses,
Neill,
Newlands,
Paschal,
Patterson,
Paynter,
Pearson,
Pence,
VOTING— 52.
Lefever,
Linton,
Loud,
Marvin, N. V.
McDowell,
McLaurin,
Millilten,
Moon,
Morse,
Morray,
Northway,
Oates,
Powers,
Pendleton, Tex.
Pendleton, W. Va.
Pickier,
Post,
Reilly,
Richards,
Richardson, Mich.
Kichardson, T'enn.
Ritchie,
Robbins,
Russell, Ga.
Sayers,
Settle,
Shell,
Sibley,
Simpson,
Snodgrass,
Springer,
Stallings,
Stockdale,
Stone, Ky.
Strait,
Swanson,
Sweet,
Talbert, S. C.
Talbott, Md.
Tate,
Taylor, Ind.
Terry,
Tucker,
Turner, Ga.
Turner, Va.
Turpin,
Tyler,
W eadock,
Wheeler, Ala.
Whiting,
Williams, 111.
Williams, Miss.
Wilson, Wash.
Wise,
Woodard.
Price,
Rayner,
Robertson, La.
Russell, Conn.
Sipe,
Smith,
Tarsney,
Taylor, Tenn.
Van Voorhis, N. T.
Washington,
Wilson, w . Va.
Wolverton,
Wright, Pa.
So the motion to recommit was rejected.
The question then recurring on the passage of the hill, there were on a division
(called for by Mr. Compton) — ayes 154, noes 34.
Mr. Tracey. I call for the yeas and nays.
The yeas and nays were ordered.
The question was taken; and there were — yeas 168, nays 129, not voting 56; as
follows :
Abbott,
Aitken,
Alderson,
Alexander,
Arnold,
Bailey,
Baker, Kana.
Bankhead
Bell, Colo.
Bell, Tex,
Berrv,
Black, Ga.
Black, 111.
Bland,
Boatner,
Boen,
Bowers, Cal.
Branch,
Breckinridge, Ark
Breckinridge, Ky.
Bretz,
Broderick,
Brookshire,
Brown,
Bryan,
Bunn,
Bynum,
Cabaniss,
Caminetti,
Cannon, Cal.
Caruth,
Catchings,
Clark, Mo.
Clarke, Ala.
Cobb, Ala.
Cockrell,
YEAS — 168.
Coffeen,
Conn,
Cooper, Ela.
Cooper, Ind.
Cooper, Tex.
Cox,
Crawford,
Culberson,
Curtis, Kans.
Davey,
Davis,
De Armond,
Denson,
Dinsmore,
Dockery,
Donovan,
Doolittle,
Durborow,
Edmunds,
Ellis, Ky.
Ellis, Oregon
Enloe,
Epes,
Eithian,
Eorman,
Eunston,
Eyan,
Geary,
Goodnight,
Gorman,
Grady,
Gresham,
Hall, Mo.
Hammond,
Hare,
Hartman,
728
Hatch,
Maguire,
Patterson,
Stockdale,
Heard,
Mallory,
Pay n ter,
Stone, Ky.
Henderson, N. C.
Marsh,
Pearson,
Strait,
Hepburn,
Hermann,
Marshall,
Pence,
Swanson,
Martin, Ind.
Pendleton, Tex.
Sweet,
Holman,
McCleary, Minn
. Pendleton, AV. Va.
Talbert, S. C.
Hooker, Miss.
McCreary, Ky.
Pickier,
Tate,
Hudson,
McCulloch,
Post,
Taylor, Ind.
Hunter,
McDannold,
Price,
Terry,
Tucker,
Hutcheson,
McDearmon,
Reilly,
Jones,
McGann,
Kiichards,
Turner, Ga.
Kem,
McKeiglian,
Rcchardson, Mich.
Turner, Va.
Kilgore,
McMillin,
Richardson, Tenn.
Turpin,
Kribbs,
McNagny,
Rile hie,
Tyler,
Kyle,
McRae,
Robbins,
Weadock,
Lacey,
Meredith,
Russell, Ga.
Wheeler, Ala.
Lane,
Money,
Sayers,
White,
Latimer,
Montgomery,
Settle,
Whiting,
Layton,
Lester,
Morgan,
Shell,
Williams, 111.
Moses,
Sibley,
Williams, Miss.
Lisle,
Murray,
Simpson,
Wilson, Wash.
Livingston,
Neill,
Snodgrass,
Wise,
Lucas,
Newlands,
Springer,
Woodard,
Maddox,
Paschal,
Stallings,
NAYS— 129.
The Speaker.
Adams, Ky.
De Forest,
Johnson, N. Dak.
Schermerhom,
Aldrich,
Dingley,
Johnson, Ohio.
Scranton,
Apsley,
Dolliver.
Joy,
Shaw,
Avery,
Draper,
Keifer,
Sherman,
Babcock,
Dunphy,
Lapliam,
Sickles,
Baker, N. H.
Erdman,
Lockwood,
Somers,
Bames,
Everett,
Loud,
Sperry,
Barwig,
Fielder,
Loudenslager,
Stephenson,
Belden,
Fletcher,
Lynch,
Stevens.
Belt'/, lioover,
Funk,
Magner,
Stone, C. W.
Blair,
Gardner,
Mahon,
Stone, W. A.
Boutelle,
Gear,
McAleer,
Storer,
Brickner,
Geissenhainer,
Gillet , N. Y.
McCall,
Straus,
Brosius,
McEttrick,
Strong,
Burrows,
Goldzier,
McKnig,
Talbott, Md.
Cadmus.
Griffin,
Meiklejohn,
Tawney,
Cald well,
Grout,
Mercer,
Tracey,
Campbell,
Hager,
Meyer,
TJpdegraff,
Cannon, 111.
Hainer,
Mutch ler,
Van \roorliis, Ohio
Causey,
Haines,
O’Neil,
Wadsworth,
Chickering,
Harrner,
Outhwaite,
Walker,
Clancy,
Harter,
Page,
Wanger,
Cobb, Mo.
Haugen,
Payne,
Warner,
Cogswell,
Hayes,
Perkins,
Waugh,
Compton,
Heiner,
Phillips,
Wells.
Coombs,
Henderson, HI.
Pigott,
Wever,
Wheeler, 111.
Cooper. Wis.
Hitt,
Quigg.
Cornish,
Hooker, N. Y.
Randall,
Wilson, Ohio,
Cousins,
Hopkins, 111.
Ray,
Woomer,
Wright, Mass.
Covert,
Cummings,
Curtis. N. Y.
Daniels,
Hopkins, Pa.
Hulick,
Hull,
Johnson, Ind.
Reed,
Reyburn,
Robinson, Pa.
Ryan,
NOT VOTING— 56.
Adams, Pa.
Crain.
Honk,
Rayner,
Allen,
Dalzell,
Ikirt,
Robertson, La.
Baldwin,
Dunu,
Lawson,
Lefever,
Rusk,
Bartholdt,
English,
Russell, Conn.
Bartlett,
Gillett, Mass.
Linton,
Sipe,
Bingham,
Graham,
Marvin, N. Y.
Smith,
Blanchard,
Grosvenor,
Hall, Minn.
McDowell,
Tarsney,
Bower, N. C.
McLaurin,
Taylor, Tenn.
Brattan,
Harris,
Milliken,
Thomas,
Bundy,
Henderson, Iowa
Moon,
Van Voorhis, N. Y
Burnes,
Hendricks,
Morse,
AYashiugton,
Capehart,
Childs,
Hicks,
Hilborn,
North way,
AVilson, W. Va.
Oates,
AVolverton,
Wright, Pa.
Cockran,
Hines,
Powers,
So the bill was passed.
Mr. Ryan. I ask for a recapitulation of the vote.
The vote having been recapitulated —
The Speaker. On this question the yeas are 168 and the nays 129. So the hill is
passed. [Loud applause on the Democratic side.]
On motion of Mr. Bland a motion to reconsider the last vote was laid on the table
729
IN THE SENATE.
[March 5, 1894.]
Received from the House, read the first time by its title, and laid on the table.
# # # # # # #
Mr. Stewart. I give notice of an amendment which I intend to submit to the bill,
which I ask may be read and lie on the table.
# # # # * # #
The Vice-President. The proposed amendment will be read.
The Secretary. It is proposed to add to the bill the following sections:
“Sec. 3. That the silver coins of the United States shall be composed of standard
silver. That of the silver coins the dollar shall be of the weight of 412-J- grains; the
half dollar of the weight of 206J grains; the quarter dollar of the weight of 1031-
grains; and the dime, or tenth part of a dollar, of the weight of 41J grains. And
that dollars, half dollars, quarter dollars, aud dimes shall be legal tenders of pay-
ment, according to their nominal value, for any sum whatever.
“Sec. 4. That silver bullion brought to any mint of the United States for coiuage
shall be received and coined by the proper officers for the benefit of the depositor:
Provided, That it shall be lawful to refuse, at the mint, any deposit of less value than
$100 and any bullion so base as to be unsuitable for the operations of the mint.
“Sec. 5. That the depositor of silver bullion at any mint of the United States for
coinage, shall, as soon as the coinage value thereof can be determined, receive
therefor, at his option, such coinage value in silver coin or silver certificates of the
description now provided by law ; and such silver certificates and all other silver
certiticotes heretofore or hereafter issued by the United States shall bo a legal ten-
der in payment of all debts, public and private.”
[March 7, 1894.]
Read the second time.
Mr. Sherman. I desire to enter a motion to refer the bill to the Committee on
Finance, if it has already been taken up.
Mr. Harris. The bill has been read a second time by title, and I ask unanimous
consent that it be taken up for consideration.
Mr. Sherman. Before that is done, I move that the bill be referred to the Com-
mittee on Finance.
*##■*■•»**
The Presiding Officer. The question recurs on the motion of the Senator from
Ohio [Mr. Sherman] to refer the pending bill to the Committee on Finance.
Mr. Stewart. On that motion I ask for the yeas and nays.
The yeas and nays were ordered, and the Secretary proceeded to call the roll.
**#**##
The result was announced — yeas 6, nays 50 ; as follows :
YEAS-0.
Davis,
G-al linger,
Morrill,
Palmer,
Sherman,
NAYS— 50.
Vilas.
Aldrich,
Faulkner,
Lindsay,
Quay,
Allen,
George,
Lodge,
Ransom,
Allison,
Gibson,
Manderson,
Roach,
Bate.
Gordon,
Martin,
Shoup,
Berry,
Hale,
Mills,
Squire,
Butler,
Hansbrough,
Mitchell, Oreg.
Stewart,
Call,
Harris,
Pasco,
Stoclcbridge,
Carey,
Hawley,
Peffer,
Teller,
Cockrell,
Hoar,
Perkins,
Turpie,
Coke,
Hun ton,
Pettigrew,
Voorhees,
Daniel,
Irby,
Platt,
Wolcott.
Dolph,
Jones, Ark.
Power,
Dubois,
Kyle,
Pugh,
NOT VOTING— 29.
Blackburn,
Dixon,
McMillan,
Vest,
Brice,
Frye,
Gorman,
McPherson,
Washburn,
Caffery,
Camden,
Mitchell, Wis.
White, Cal.
Gray,
Morgan,
White, La.
Cameron,
Chandler,
Higgins,
Murphy,
Wilson.
Hill,
Proctor,
Colquitt,
Jones, Nev.
Smith,
Cullom,
McLaurin,
Vance,
So the Senate refused to refer the bill to the Committee
on Finance.
The Presiding Officer. The Chair is informed that the pending bill has not
730
been read at length, as in Committee of the Whole. The Secretary will therefore
read the bill at length.
The Secretary read the bill, as follows:
“j Be it enacted, etc., That the Secretary of the Treasury shall immediately cause to
be coined as fast as possible the silver bullion held in the Treasury, purchased under
the act of July 14, 1890, entitled ‘An act directing the purchase of silver bullion
and the issuing of Treasury notes thereon, and for other purposes/ to the amount
of the gain or seigniorage of such bullion, to wit: The sum of $55,156,681, and such
coin or the silver certificates issued thereon shall be used in the payment of public
expenditures ; and the Secretary of the Treasury may, in his discretion, if the needs
of the Treasury demand it, issue silver certificates in excess of such coinage : Pro-
vided, That said excess shall not exceed the amount of the seigniorage as herein
authorized to be coined.
“Sec. 2. After the coinage provided for in the first section of this act, the remain-
der of the silver bullion purchased in pursuance of said act of July 14, 1890, shall
be coined into legal-tender standard silver dollars as fast as possible, and the coin
shall be held in the Treasury for the redemptien of the Treasury notes issued in the
purchase of said bullion. That as fast as the bullion shall be coined for the redemp-
tion of said notes, the notes shall not be reissued, but shall be canceled and destroyed
in amounts equal to the coin held at any time in the Treasury, derived from the
coinage herein provided for, and silver certificates shall be issued on such coin in
the manner now provided by law: Provided, That this act shall not be construed to
change existing law relating to the legal-tender character or mode of redemption of
the Treasury notes issued under said act of July 14, 1890.
“Sec. 3. That a sufficient sum of money is hereby appropriated to carry into effect
the provisions of this act.”
The Presiding Officer. The bill is before the Senate as in Committee of the
Whole, and open to amendment. If there be no amendment, the bill will be reported
to the Senate.
The bill was reported to the Senate without amendment.
The Presiding Officer. The bill is in the Senate, and open to amendment. If
there be no amendment, the question is, Shall the bill be ordered to a third reading,
and read the third time? If there be no amendment, the question is, Shall the bill
be ordered to a third reading? [Putting the question.] The ayes have it.
The Presiding Officer. The bill will be read a third time.
The bill was read the third time.
# * * # * * *
The Presiding Officer. The bill has been read the third time, and the question
now before the Senate is on the passage of the bill.
Mr. Allison. Then I move a reconsideration of the vote whereby the bill was
passed to a third reading.
• • • * * * *
[March 4, 1894.]
The Presiding Officer. The question is on the motion of the Senator from Iowa
[Mr. Allison] to reconsider the vote whereby the bill was ordered to a third reading.
[Putting the question.] The noes appear to have it.
Mr. Quay and Mr. Aldrich called for the yeas and nays; and they were ordered.
The Secretary proceeded to call the roll.
*******
The result was announced — yeas 28, nays 45 ; as follows :
Aldrich,
Allison,
Brice,
Caffory,
Carey,
Chandler,
Cullom,
Allen,
Bate,
Berry,
Blackburn,
Blanchard,
Butler,
Call,
Cainden,
Cockrell,
Coke,
Colquitt,
Daniel,
Davis,
TEAS— 28.
Lodge.
Proctor,
Dolph,
McMillan,
Quay,
Frye,
McPherson,
Smith,
Gallinger,
Mandorson,
Stockbridge,
Hale.
Mitchell, Wis.
Vilas,
Hawley,
Morrill,
Washburn,
Hoar,
Palmer,
Wilson.
Dubois,
NAYS— 45.
Mills,
Shoup,
Faulkner,
Mitchell. Oreg.
Squire,
Gibson,
Morgan,
Stewart,
Gordon,
Murphy,
Teller,
Hansbrough,
Pasco,
Turpie,
Harris,
Peffer,
Vest,
Hill,
Perkins,
V oorliees,
Irby,
Pettigrew,
White,
Jones, Ark.
Power,
Pugh,
Wolcott.
Kyle,
Lindsay,
Ransom,
Mai' tin,
Roach,
731
Cameron,
Dixon,
George,
NOT VOTING— 12.
Gorman, Hnnton, Platt,
Gray, Jones. Nev. Sherman,
Higgins, McLaurin, Vance.
So tlie Senate refused to reconsider the vote by which the hill was ordered to a
third reading.
Mr. Harris. Under tho consent rule agreed upon some days since the Senator
from Nebraska [Mr. Manderson] has now the right, if he chooses to exercise it, to
move to commit the bill.
Mr. Manderson. Understanding that it is no violation of the unanimous consent
rule, I move that the bill be committed to the Committee on Finance with instruc-
tions to amend the bill so as to provide that the silver certificates which are to be
issued by the first section shall be issued only in anticipation of or in lieu of the
seigniorage provided to be coined.
The Presiding Officer. The question is on agreeing to the motion of the Sena-
tor from Nebraska [Mr. Manderson] to commit the bill with instructions.
Mr. Manderson. On that question I ask for the yeas and nays.
The yeas and nays were ordered, and the Secretary proceeded to call the roll.
• ••####
The roll call having been concluded, the vote was announced — yeas 27, nays 44 ; as
follows:
YEAS— 27.
Aldrich,
Davis,
Lodge,
Proctor,
Allison,
Dolpb,
McMillan,
Smith,
Brice,
Erye,
McPherson,
Stock bridge,
Caffery,
Gallinger,
Manderson,
Vilas,
Carey,
Hale,
Mitchell, Wis.
Washburn,
Chandler,
Hawley.
Morrill,
Wilson.
Cullom,
Hoar,
Palmer,
NAYS— 44.
Allen,
Dubois,
Martin,
Quay,
Rate,
Eaulkner,
Mills,
Ransom,
Berry,
Gibson,
Mitchell , Oregon
Roach,
Blackburn,
Blanchard,
Gordon,
Morgan,
Shoup,
Hansbrough,
Murphy,
Stewart,
Butler,
Harris,
Pasco,
Teller,
Call,
Hill,
Peffer,
Turpie,
Camden,
Irby,
Perkins,
V est,
Cockrell,
Jones, Ark.
Pettigrew,
Voorhees,
Coke,
Kyle,
Power,
White,
Colquitt,
Lindsay,
Pugh,
NOT VOTING— 14.
Wolcott.
Cameron,
Gorman,
Jones, Nev.
Squire,
Daniel,
Gray.
McLaurin,
Vauce.
Dixon,
Higgins.
Platt,
George,
Hunton,
Sherman,
So the Senate refused to commit the bill to the Committee on Finance.
[March 15, 1894.]
The Presiding Officer. The bill before the Senate having been ordered to a
third reading, and read the third time, the question is, Shall the bill pass?
Mr. Gallinger. On that question I ask for the yeas and nays.
The yeas and nays were ordered; and the Secretary proceeded to call the roll.
*******
The roll call having been concluded, the result was announced — yeas 44, nays 31*
as follows: ‘ ’
Allen,
Bate,
Berry,
Blackburn,
Blanchard,
Butler,
Call,
Cockrell,
Coke,
Colquitt,
Daniel,
Dubois,
Eaulkner,
George,
Gordon,
Hansbrongh,
Harris,
Hunton,
Irby,
Jones, Ark.
Kyle,
Undsay,
YEAS— 44.
McLaurin,
Martin,
Mills,
Mitchell, Oregon,
Morgan,
Pasco,
Peffer,
Perkins,
Pettigrew,
Power,
Pugh,
Quay,
Ransom,
Roach,
Shoup,
Stewart,
Teller,
Turpie,
Vest,
Voorheea,
White,
Wolcott.
732
Aldrich,
Dolph,
NAYS — 31.
Lodge,
.Allison,
Frye,
McMillan,
Brice,
Gallinger,
McPherson,
Gallery,
Gibson,
Manderson,
Carey'
Gorman,
Mitchell, VVia.
Chandler,
Hale,
Morrill,
Cullom,
Hawley,
Murphy,
Davis,
Higgins,
Palmer,
Camden,
Gray,
NOT VOTING— 10.
Jones, Nev.
Cameron,
Hill,
Sherman,
Dixon,
Hoar,
Squire,
So the bill
was passed.
[March 17, 1894.]
Platt,
Proctor,
Smith,
Stoekbridge,
Vilas,
"Washburn,
Wilson.
Vance.
Signed by the Speaker of the House.
[March 19, 1894.]
Signed by the Vice-President.
IN THE HOUSE.
[March. 30, 1894.]
The veto message of the President was laid before the House and read, as follows:
To the House of Representatives :
I return without my approval House bill numbered 4956, entitled “An act direct-
ing the coinage of the silver bullion held in the Treasury, and for other purposes.”
My strong desire to avoid disagreement with those in both Houses of Congress
who have supported this bill would lead me to approve it if I could believe that the
public good would not be thereby endangered, and that such action on my part
would be a proper discharge of official duty. Inasmuch, however, as I am unable to
satisfy myself that the proposed legislation is either wise or opportune, my concep-
tion of the obligations and responsibilities attached to the great office I hold forbids
the indulgence of my personal desire, and inexorably confines me to that course which
is dictated by my reason and judgment, and pointed out by a sincere purpose to pro-
tect and promote the general interests of our people.
The financial disturbance which swept over the country during the last year was
unparalleled in its severity and disastrous consequences. There seemed to be almost
an entire displacement of faith in our financial ability and a loss of confidence in our
fiscal policy. Among those who attempted to assign causes for our distress it was
very generally conceded that the operation of a provision of law then in force which
required the Government to purchase monthly a large amount of silver bullion and
issue its notes in payment therefor, was either entirely, or to a large extent, respon-
sible for our condition. This led to the repeal, on the 1st day of November, 1893, of
this statutory provision.
We had, however, fallen so low in the depths of depression, and timidity and
apprehension had so completely gained control in financial circles, that our rapid
recuperation could not be reasonably expected. Our recovery has, nevertheless,
steadily progressed, and though less than five months have elapsed since the repeal
of the mischievous silver-purchase requirement, a Avholesome improvement is unmis-
takably apparent. Confidence in our absolute solvency is to such an extent rein-
stated and faith in our disposition to adhere to sound financial methods is so far
restored as to produce the most encouraging results both at home and abroad. The
wheels of domestic industry have been slowly set in motion and the tide of foreign
investment has again started in our direction.
Our recovery being so well under way, nothing should be done to check our con-
valescence; nor should we forget that a relapse at this time would almost surely
reduce us to a lower stage of financial distress than that from which we are just
emerging.
I believe that if the bill under consideration should become a law it would be
regarded as a retrogression from tho financial intentions indicated by our recent
repeal of the provision forcing silver-bullion purchases; that it would weaken, if
it did not destroy, returning faith and confidence in our sound financial tendencies,
and that as a consequence our progress to renewed business health would bo unfor-
tunately checked and a return to our recent distressing plight seriously threatened.
I
733
This proposed legislation is so related to the currency conditions growing out of
the law compelling the purchase of silver by the Government, that a glance at such
conditions and a partial review of the law referred to may not be unprofitable.
Between the 14th day of August, 1890, when the law became operative, and the 1st
day of November, 1893, when the clause it contained directing the purchase of silver
was repealed, there were purchased by the Secretary of the Treasury more than
168,000,000 ounces of silver bullion. In payment for this bullion the Government
issued its Treasury notes of various denominations, amounting to nearly $156,000,000,
which notes were immediately added to the currency in circulation among our people.
Such notes were by the law made legal tender in payment of all debts, public and
private, except when otherwise expressly stipulated, and were made receivable for
customs, taxes, and all public dues, and when so received might be reissued. They
were also permitted to be held by banking associations as a part of their lawful
reserves.
On the demand of the holders these Treasury notes were to be redeemed in gold
or silver coin in the discretion of the Secretary of the Treasury; but it was declared
as a part of this redemption provision that it was “ the established policy of the
United States to maintain the two metals on a parity with each other upon the
present legal ratio or such ratio as may be provided by law.” The money coined
from such bullion was to be standard silver dollars, and after directing the immedi-
ate coinage of a little less than 28,000,000 ounces, the law provided that as much of
the remaining bullion should be thereafter coined as might bo necessary to provide
for the redemption of the Treasury notes issued on its purchase, and that “ any gain
or seigniorage arising from such coinage shall be accounted for and paid into the
Treasury.”
This gain or seigniorage evidently indicates so much of the bullion owned by the
Government as should remain after using a sufficient amount to coin as many stand-
ard silver dollars as should equal in number the dollars represented by the Treasury
notes issued in payment of the entire quantity of bullion. These Treasury notes
now outstanding and in circulation amount to $152,951,280, and although there has
been thus far but a comparatively small amount of this bullion coined, yet the so-
called gain or seigniorage, as above defined, which would arise from the coinage of
the entire mass, has been easily ascertained to be a quantity of bullion sufficient to
make when coined 55,156,681 standard silver dollars.
Considering the present intrinsic relation between gold and silver the maintenance
of the parity between the tAvo metals, as mentioned in this law, can mean nothing
less than the maintenance of such a parity in the estimation and confidence of the
people who use our money in their daily transactions. Manifestly the maintenance
of this parity can only be accomplished so far as it is affected by these Treasury
notes, and in the estimation of the holders of the same, by giving to such holders,
on their redemption, the coin, Avhether it is gold or sih-er, which they prefer. It
follows that while in terms the law leaves the choice of coin to be paid" on such re-
demption to the discretion of the Secretary of the Treasury, the exercise of this dis-
cretion, if opposed to the demands of the holder, is entirely inconsistent with the
effecti\re and beneficial maintenance of the parity between the two metals.
If both gold and silver are to serve us as money, and if they together are to sup-
ply to our people a safe and stable currency, the necessity of preserving this parity is
obAuous. Such necessity has been repea, tedly conceded in the platforms of both
political parties and in our Federal statutes. It is nowhere more emphatically rec-
ognized than in the recent law which repealed the provision under Avhich the bullion
now on hand was purchased. This law insists upon the “ maintenance of the par-
ity in value of the coins of the two metals, and the equal power of every dollar at
all times in the markets and in the payment of debts.”
TheSecretary of the Treasury has therefore, for thebest'of reasons, not only promptly
complied with 6Arery demand for the redemption of these Treasury notes in gold, but
the present situation, as well as the letter and spirit of the law^ appear plainly to
justify, if they do not enjoin upon him, a continuation of such redemption.
The conditions I ha\re endeaArored to present may be thus summarized:
First. The Go\rernment has purchased and now has on hand sufficient silver bul-
lion to permit the coinage of all the silver dollars necessary to redeem, in such dol-
lars, the Treasury notes issued for the purchase of said silver bullion and enough
besides to coin, as gain or seigniorage, 55,156,681 additional standard sihver dollars.
Second. There are outstanding and now in circulation Treasury notes issued in
payment of the bullion purchased amounting to $152,951,280. These notes are legal
tender in payment of all debts public and private except when otherwise expresslv
•stipulated; they are receivable for customs, taxes, and all public dues; when held
by banking associations they may be counted as part of their lawful reserves, and
they are redeemed by the Government in gold at the option of the holders. These
advantageous attributes were deliberately attached to these notes at the time of
734
their issue; they are fully understood by our people to whom such notes have been
distributed as currency and have inspired confidence in their safety and value, and
have undoubtedly thus induced their continued and contented use as money, instead
of anxiety for their redemption.
Having referred to some incidents which I deem relevant to the subject, it remains
for me to submit a specific statement of my objections to the bill now under consid-
eration.
This bill consists of two sections, excluding one which merely appropriates a sum
sufficient to carry the act into effect. The first section provides for the immediate
coinage of the silver bullion in the Treasury which represents the so-called gain or
seigniorage, or which would arise from the coinage of all the bullion on hand, which
gain or seigniorage this section declares to be $55,156,681. It directs that the money
so coined or the certificates issued thereon shall be used in the payment of public
expenditures, and provides that if the needs of the Treasury demand it, the Secre-
tary of the Treasury may in his discretion issue silver certificates in excess of such
coinage, not exceeding the amount of seigniorage in said section authorized to be
coined.
The second section directs that as soon as possible after the coinage of this seign-
iorage the remainder of the bullion held by the Government shall be coined into
legal-tender standard silver dollars and that they shall be held in the Treasury for
the redemption of the Treasury notes issued in the purchase of said bullion. It pro-
vides that as fast as the bullion shall be coined for the redemption of said notes, they
shall not be reissued but shall be canceled and destroyed in amounts equal to the
coin held at any time in the Treasury derived from the coinage provided for, and
that silver certificates shall be issued on such coin in the manner now provided by
law. It is, however, especially declared in said section that the act shall not be con-
strued to change existing laws relating to the legal-tender character or mode of
redemption of the Treasury notes issued for the purchase of the silver bullion to be
coined.
The entire bill is most unfortunately constructed. Nearly every sentence presents
uncertainty and invites controversy as to its meaning and intent. The first section
is especially faulty in this respect, and it is extremely doubtful whether its lan-
guage will permit the consummation of its supposed purposes. I am led to believe
that the promoters of the bill intended in this section to provide for the coinage of
the bullion constituting the gain or seigniorage, as it is called, into standard silver
dollars; and yet there is positively nothing in the section to prevent its coinage into
any description of silver coins now authorized under any existing law.
I suppose this section was also intended, in case the needs of the Treasury called
for money faster than the seigniorage bullion could actually be coined, to permit the
issue of silver certificates in advance of such coinage ; but its language would seem
to permit the issue of such certificates to double the amount of the seigniorage as
stated, one-half of which would not represent an ounce of silver in the Treasury.
The debate upon this section in the Congress developed an earnest and positive dif-
ference of opinion as to its object and meaning. In any event, I am clear that the
present perplexities and embarrassments of the Secretary of the Treasury ought not
to be augmented by devolving upon him the execution of a law so uncertain and
confused.
I am not willing, however, to rest my objection to this section solely on these
grounds; in my judgment, sound finance does not commend a further infusion of
silver into our currency at this time unaccompanied by further adequate provision
for the maintenance in our Treasury of a safe gold reserve.
Doubts also arise as to the meaning and construction of the second section of the
bill. If the silver dollars therein directed to be coined are, as the section provides,
to be held in the Treasury for the redemption of Treasury notes, it is suggested that,
strictly speaking, certificates can not be issued on such coin “in the manner now
provided by law," because these dollars are money held in the Treasury for the
express purpose of redeeming Treasury notes, on demand, which would ordinarily
mean that they were set apart for the purpose of substituting them for these Treasury
notes. They are not, therefore, held in such a way as to furnish a basis for certifi-
cates according to any provision of existing law.
If, however, silver certificates can properly be issued upon these dollars, there is
nothing in the section to indicate the characteristics and functions of these certifi-
cates. If they were to be of the same character as silver certificates in circulation
under existing laws they would at best be receivable only for customs, taxes, and
all public dues; and under the language of this section it is, to say the least,
extremely doubtful whether the certificates it contemplates would be lawfully
received even for such purposes.
Whatever else may be said of the uncertainties of expression in this bill, they
certainly ought not to be found in legislation all'eoting subjects so important and
735
far-reaching as our finances and currency. In stating other and more important
reasons for my disapproval of this section, I shall, however, assume that under its
provisions the Treasury notes issued in payment for silver bullion will continue to
be redeemed as heretofore iu silver or gold at the option of the holders; and that if
when they are presented for redemption, or reach the Treasury in any other manner,
there are in the Treasury coined silver dollars equal in nominal value to such
Treasury notes, then and iu that case the notes will be destroyed, and silver certifi-
cates to an equal amount be substituted.
I am convinced that this scheme is ill advised and dangerous. As an ultimate
result of its opex-atiou Treasury notes which arc legal tender for all debts, public and
private, and which are redeemable in gold or silver, at the option of the holder, will
bo replaced by silver certificates which, whatever may be their character and descrip-
tion, will have none of these qualities. In anticipation of this result, and as an
immediate effect, the Treasury notes will naturally appreciate in value and desira-
bility. The fact that gold can be realized upon them, and the further fact that their
destruction has been decreed when they reach the Treasury must tend to their with-
drawal from general circulation to be immediately presented for gold redemption,
or to be hoarded for presentation at a more convenient season. The sequel of both
operations will be a large addition to the silver currency in our circulation and a
corresponding reduction of gold in the Treasury. The argument has been made that
these things will not occur at once, because a long time must elapse before the coin-
age of anything but the seigniorage can be entered upon.
If the physical effects of the execution of the second section of this bill are not to
be realized until far in tho future, this may furnish a strong reason why it should not
be passed so much in advance; but the postponement of its actual operation can not
prevent the fear and loss of confidence and nervous precaution which would immedi-
ately follow its passage and bring about its worst consequences. I regard this sec-
tion of the bill as embodying a plan by which the Government will be obliged to
pay out its scanty store of gold for no other purpose than to force an unnatural addi-
tion of silver money into the hands of our people. This is an exact reversal of the
policy which safe finance dictates if we are to preserve parity between gold and
silver and maintain sensible bimetallism.
We have now outstanding more than $338,000,000 in silver certificates issued under
existing laws. They are serving the purpose of money usefully and without ques-
tion. Our gold reserve, amounting to only a little more than $100,000,000, is directly
charged witli the redemption of $346,000,000 of United States notes. When it is
proposed to inflate our silver currency it is a time for strengthening our gold reserve
instead of depleting it. I can not conceive of a longer step toward silver mono-
metallism than we take when we spend our gold to buy silver certificates for circu-
lation, especially in view of the practical difficulties surrounding the replenishment
of our gold.
This leads me to earnestly present the desirability of granting to the Secretary of
the Treasury a better power than now exists to issue bonds to protect our gold reserve
when for any reason it should be necessary. Our currency is in such a confused con-
dition and our financial affairs are apt to assume at any time so critical a position
that it seems to me such a course is dictated by ordinary prudence.
I am not insensible to the arguments in favor of coining the bullion seigniorage
now in the Treasury, and I believe it could be done safely and with advantage, °if
the Secretary of the Treasury had the power to issue bonds at a low rate of interest
under authority in substitution of that now existing and better suited to the pro-
tection of the Treasury.
I hope a way will present itself in the near future for the adjustment of our mone-
tary affairs in such a comprehensive and conservative manner as will accord to silver
its proper place in our currency; but in the meantime I am extremely solicitous that
whatever action we take on this subject may be such as to prevent loss and dis-
couragement to our people at home, and the destruction of confidence in our finan-
cial management abroad.
Grover Cleveland.
Executive Mansion, March 29, 1S94.
[April 4, 1894.]
Mr. Bland. Mr. Speaker, I call up for present consideration the seigniorage bill
and move that it pass, the objections of the President to the contrary notwithstand-
ing.
The Speaker. The bill will be read.
#*»*##*
736
\
The Speaker. The question is. Will the House on reconsideration pass the bill, the
objections of the President to the contrary notwithstanding? On this the Consti-
tution requires that the yeas and nays be entered upon the Journal. The Clerk will
call the roll.
#
* *
* *
# #
The question
lows :
being taken, there
were — yeas 144, nays
YEAS— 144.
114, not voting 95; i
Aitken,
Cox.
Lane.
Pickier,
Alderson,
Alexander,
Crawford,
Latimer,
Post,
Culberson,
Lawson,
Richards. Ohio.
Allen,
Curtis, Kans.
Layton,
Richardson, Mich.
Arnold,
Davis,
Lester
Richardson, T’enn.
Bailey,
De Armond,
Livingston,
Ritchie,
Baker, Kans.
Dinsmore,
Maguire,
Robbins,
Bankhead
Dockery.
Mallory,
Russell, Ga.
Bell, Colo.
Doolittle,
Marsh,
Sayers,
Bell, Tex.
Edmunds,
Marshall,
Shell,
Black, Ga.
Ellis, Oregon.
Martin, Ind.
Sibley,
Bland,
Enloe,
McCleary, Minn.
Simpson,
Boatner,
Epes,
McCreary, Ky.
Snodgrass,
Boen,
Bower, N. C.
Funston,
McCulloch.
Springer,
Geary,
MeDannold,
Stallings,
Bowers, Cal.
Grady,
McDearmon,
, Stockdalc,
Branch,
Gresham,
McGann,
Stone, Ky.
Breckinridge, Ark.
Hall, Mo.
McLaurin,
Strait,
Bretz,
Hammond,
McMillin,
Sweet,
Broderick.
Hare.
McNagny,
Talbert, S. C.
Brookshire,
Harris,
McRae.
Tate.
Brown.
Hartman,
Meredith,
Taylor, Ind.
Cabaniss,
Hatch,
Money,
Terry,
Caminetti,
Henderson, X. C.
Montgomery,
Tucker,
Cannon, Cal.
Hepburn,
Moon,
Turner, Ga.
Capehart,
Hermann,
Morgan,
Turner, Va.
Catchings,
Holman,
Moses,
Tyler,
Clark, Mo.
Hooker, Miss.
Neill,
Washington,
Clarke, Ala.
Hudson,
Oates,
Wheeler, Ala.
Cobb, Ala.
Huntpr,
O’Neill, Mo.
Whiting,
Cockrell.
Hutcheson,
Paschal,
Williams, III.
Coffeen,
Ikirt,
Patterson,
Williams, Miss.
Conn,
Jones,
Paynter,
Wilson. Wash.
Cooper, Fla.
Kilgore,
Pence,
Wise,
Cooper, Ind .
Kyle,
Pendleton, Tex.
Woodard,
Cooper, Tex.
Lacey,
Pendleton, W. Va.
NAYS— 114.
The Speaker.
Adams, Pa.
Cummings.
Curtis, N. Y.
Hitt,
Ray,
Apsley,
Hopkins, 111.
Rayner,
Avery,
Davey,
Ilulick,
Reed,
Babcock.
De Forest,
Hull,
Reyburn,
Baker, N. n.
Dingley,
Johnson, N. Dak.
Russell, Conn.
Baldwin,
Dunn,
Kiefer,
Ryan,
Bartlett,
Dunpliy,
Kribbs,
Schermerhorn,
Barwig,
English, X. J.
Lefever,
Lockwood.
Sherman,
Belden,
Erdman.
Sickles,
Berry,
Everett,
Loudenslager,
Smith,
Blair,
Fletcher,
Lynch.
Stephenson,
Brickner,
Funk,
Marvin, N. Y.
Stone, C. W.
Brosius,
Gardner, ■
McAleer,
Straus,
Burrows,
Gear,
McEttriek,
Talbott, Md.
Bynum,
Geissenhaincr,
McKaig,
Meiklejohn,
Tawney,
Cadmus,
Goldzier,
Thomas,
Campbell,
Gorman,
Mercer,
Tracey,
Cannon, 111.
Grout,
Mover,
Miilikon,
Turpin,
Caruth,
Grow,
IJpdegraff,
Causey.
Hager,
Morse,
Walker,
Chickering,
Hainer,
Mutcliler,
Wanger,
Childs,
Haines,
Nortliway,
Warner,
Clancy,
Hall, Minn.
O’Neill, Ylass.
Wells,
Cobb. Mo.
Harter,
Outhwaitc,
Wever,
Cock ran,
Hayes,
Henderson, 111.
Payne,
Wilson, Ohio
Coombs,
Perkins,
W olverton,
Cornish,
Cousins,
Covert,
Hendrix, Phillips,
Hicks, Pigott,
Hines, Qtiigg,
HOT VOTING— 05.
Wright, Mass.
Abbott.
Black. III.
Burnes,
Daniels,
Adams. Ky.
Boutelle,
Caldwell,
Denson,
Aldrich,
Brat tan.
Cogswell,
Do 1 liver,
Barnes,
Breckinridge, Ky.
Compton,
, Donovan,
Bartholdt,
Bryan,
Cooper, Wis.
Crain,
Draper,
Belt /.hoover,
Bundy,
Durborow,
Bingham,
Bunn,
Dalzell,
Ellis, Ky.
737
English, Cal.
Hopkins, Pa.
New lands,
Stone, W. A.
Fielder,
Honk,
Page,
Storer,
Fithian,
Johnson, I ml.
Pearson,
Strong,
Forman,
Johnson, Ohio
Powers,
Swanson,
Fvan,
Korn,
Price,
Tarsnoy,
Gillot, N. Y.
Lapham,
Randall,
Taylor, Tenn.
Gillett, Mass.
Linton,
Reilly,
Van Voorhis, N. V.
Goodnight,
Lisle,
Robertson, La.
Van Voorhis, Ohio
Graham,
Loud,
Robinson, Pa.
Wadsworth,
Grillin,
Lucas,
Rusk,
Waugh,
Grosvenor,
Maddox,
Scranton,
Weadock,
Manner,
Magner,
Settle,
Wheeler, 111.
Haugen,
Mahon,
Shaw,
White,
Heard,
McCall,
Sipe,
Wilson, W. Vu.
Heiner,
McDowell,
Seniors,
“Wooiner,
1 ltndorson, Iowa.
McKeighan,
Sperry,
Wright, Pa.
Hooker, N. Y.
Murray,
Stevens,
So (two-thirds not voting in the affirmative) the bill was not repassed.
S. Eep. 235 47
INDEX TO BOUND CONGRESSIONAL RECORD OF DEBATE ON SILVER AND
BANK CIRCULATION, FIFTY-THIRD CONGRESS, SECOND SESSION.
SENATE.
Aldrich, Nelson W 2059, 2062, 2064, 2242, 2243, 2245-2247,
3207, 3208, 3237. 3344, 3353, 3407, 3540-3543, 3545, 3555, 3556, 3558, 3560-3562. 3592, 3835.
Allen, William Y 744, 745, 907, 1365, 1367, 1368, 1504, 1922,
1975-1070, 2120, 2121, 2239, 2241, 2242, 2246, 2465, 2906, 2907, 3543, 3544, 3549, 3581, 3896
Allison, William 15 1216,
1217, 1976-1978, 2016-2020, 2064, 2241, 2249, 3353, 3405, 3478, 3501, 3632, 3635, 3833-3839
Bate, William B , 2122
Berry, J antes H 2019
Butler, Matthew- C 2463-2405,3541,3542
Call, Wilkinson 2021, 2022, 2465, 2466
Carey, Joseph M 2245
Cockrell, Francis M. 3205, 3277. 3278, 3592, 4013, 4398
Daniel, John W 19S0, 2068, 2240, 2241, 2465
Dolph, Joseph N 2016, 2022, 2067-2071 , 2462, 3205, 3516, 3563-3581, 4397, 4398, 5549, 5550
Dubois, Fred T 2020.2021,2463,3283,3631,4277
Faulkner, Charles J 3208, 3340, 3352, 3353, 3406, 3541
Gallinger, Jacob JL 4396, 4397, 7751
George, James Z 3541, 3542, 3547, 3591-3593, 3595, 3667-3673, 3836, 3838
Gorman, Arthur 1’ 1217, 1218, 1923, 2019, 2057-2064, 2465, 3207, 3208, 4397, 4398
Gray, George 2122
Hfle, Eugene 2243, 2244, 3206, 3208, 3276, 3277
Harris, Isharn G 2017-2020, 2067, 2068, 2071, 2120, 3236, 3237,
3276, 3279, 3284, 3334, 3335, 3342, 3352, 3353, 3405-3408, 3478, 3543, 3545, 3589, 3593-3595
Hawley, Joseph It 1927, 2065, 2066, 2122, 3633
Higgins, Anthony 3349,3632
Hoar, George F 744, 745, 1011, 1922, 1923, 1976, 2057, 2062, 2063, 2120, 2122, 2124, 2244,
2246-2248, 2907, 32S5, 3351-3353, 3479, 3513, 3551, 3552, 3556, 3561, 3835, 3837, 3838, 3897
Lindsay, William 3516, 3553-3563, 7835
McPherson, John R 3557, 3561, 3562, 4342, 4343
Manderson, Charles F 3343, 3344, 3405, 3406, 3594, 7751
Mitchell, John H. (Oregon) 3541,3545,3546,3590,3631-3633,3719,3837
Morgan, John T 3406
Morrill, Justin S 2463, 3284, 3286
Palmer, John M 2907, 3281, 3282
P offer, William A 496, 634, 2120, 2121, 2262, 2465, 2466, 3549, 4181, 4214, 4335, 4345, 5443, 7751
rettigrew, K. F 3635
Platt, Orville H 1975, 2121, 2906, 3540, 3544, 3551
Quay, Matthew S 2463
Sherman. John 1849-1853. 1923-1926, 2012, 2057-2060,
2120, 2122, 2242, 2463, 3276-3278, 3286, 3287. 3342, 3.344-3347, 3896, 4013, 4274, 4341-4343, 4398
Squire, Watson C 3836, 3837
Stewart, William M 159-162, 1013. 1305, 1810. 1976, 1980, 1981, 2013-2016. 2121,
2462, 2463, 2467, 2906, 2907, 3207, 32u8, 3236, 3241, 3279, 3282, 3285, 3406, 3511-3516, 3541,
3542, 3550, :jfi72, 3721, 3834, 3838, 4012. 4013, 4178, 4342, 5441, 5442. 5548, 5550, 7538-7540
Teller, Henry M 216-1218, 1852-1855, 2017. 2019, 2061, 2241. 2242, 2245,
2464, 2405, 3240-3243. 3346. 3539 3347-3553. 3562, 3589-3593, 3834, 4273-4276, 5444, 5445
Vilas William F 1976, 2123. 2237-2249, 2464, 3408, 3478, 3539-3553, 3670, 3671, 3673
Voorhees, Daniel W 1926, 1979-1982, 2012, 2060, 2063, 3205, 3206, 3284, 7696
Washburn, William D 2121
Wolcott, Edward O 4339-4343, 4396, 4397
HOUSE OF REPRESENTATIVES.
Abbott, Jo
Allen, J. Mm
Bailey, J oseph W
Bankhead. John II
Bell, Charles K. (Texas)
Bingham. Henry li
Blair, Henry w
Bland, Richard P..1
2510,2542-
3014, 3049.
Boatnor, Charles J
Boon. II. E -
Bowers. William W
Breckinridge. Clifton R. (Arkansas).
Broderick, Case
Brookshire, Elijah V
Brosius, Marriott
Bryan, William J 4
Cabaniss. T. B
Campbell. Timothy J
Cannon, Joseph G. (Illinois)
Cannon, Marion (California)
Catehings, Thomas ('
Cold., James E. (Alabama)
Cockvan, W. Bourko
.... 3099, 3101, 3185
3050.3181-3185
2634. 2635, 2638, 2639
2640,2845-2849
2630-2636
2745.6896
2741
. . 2448-2452, 2506-
2545, 2642, 2689. 2738, 2739. 2712. 2745, 2747. 2758, 2759. 2766. 2768, 3012,
3052, 3055. 3096, 3098, 3099, 310.1, 3104. 3231, 2232. 323k 4220, 4221, 9399
2450, 3012. 0381. 6634. OGii.y 6804, 8504, 8505
7559
2687,3049.6803
2508,2509
6817,7009
°847 -1848
. . . 2688, 2757. 2701 . 8496-8500, 8503, 8557, 8043-8048
2673. 2074, 2740, 2745, 3055, 3050, 6818, 7128
6891
6821,6822
3050-3053, 3098, 6809, 6821 . 8497, 8498, 8524, 8525, 8542
7340
3012,0801
4391,6755
2507,2508,6890,0897
738
Coflfecn, Henry A 6822, 7354
Conn, C. G 7010
Coombs, William J 2507,2640,0822
Cox, Nicholas N 2450,2451,8582,
3051 , 3052, 5455, 6472, 6524, 6566, 6633, 6634, 6700, 6705, 7006, 8490, 8500, 8504, 8505, 8521
CumniisigH, Amos J 3103
Dalzoll, John 6750,6998-7004
Davis, John 7112
Denson, William H 2530,2545,2040,3021-3028
Dingley, Nelson, jr 3103, 3104, 6801, 6802, 6899
Dunn, John T 3100
Ellis, William T - 7006
Enloe. Benjamin A 2449, 2452, 2529, 2530, 2751-2753, 6650, 6810
Everett, William 6823
Fit, Ilian, George W 3014, 3034, 3037
Gear, John A 6706, 6823, 7286
Goodnight, I. H 1 2754, 3031
Grosvenor, Charles H 8498, 8499, 8523, 8524, 8530, 8537
Hainer, E. J 7271
Hall, O. M. (Minnesota) 2753
Hall, TJ. S. (Missouri) 3233, 6896, 8190-8498, 8500, 8505, 8521-8523, 8526, 8527, 8643, 8645, 8646, 8648
Harter, Michael D 2510, 2541-2540, 6817, 6823, 6824, 7277-7284
Hartman, Charles S 3102
Heard, JohmT 3054, 3055, 8497
Henderson, David B 8524, 8525, 8045
Hendrix, Joseph C 2450, 2451, 2739-2745, 2748, 2749, 2752, 2753
Hepburn, William P 3017, 3037, 8500, 8526
Hicks, Josiah D 6897
Hopkins, Albert J. (Illinois) 2745,8647
Hulick, George W 8521.8522,8524
Hunter, Andrew J 3102, 3986
I zlar, J. F 0601,6649.6650
Johnson, Henry IT. (Indiana) 3101, 6472, 6515, 8500, 8535=8541
Johnson, Martin N. (North Dakota) *. 2636-2640,3096,3099
Kilgore, C. Buckley 2510,2630
Kyle, J. C •- 8525
Lacey, John Fletcher 6802,6810
Lane, Edward 0817
Latimer, A. C 2739,2761
Livingston, Leonidas F 2449, 2740-2742, 2765-2767, 6813, 7489
Lucas, William Y 6941
Lynch, T 6821,7425-7428
McCall, Samuel W 8521,8541
McCreary, James B 2743, 2745, 3233
McKeiglian, William A 2510, 2533
McRae, Thomas C 6824
Maguire, James G 6898
Marsh, Benjamin F 2450-2452,8644
Meyer, Adolph 6655
Miiliken, SethL 8503,8504
Neill, Robert 3015, 3016
Newlands, Francis G 3102, 6824
Northway, S. A *. 8521, 8523, 8524, 8542, 8543
Oates, William C 6755,7195
Outhwaite, J. H 3096,3099,3232
Patterson, Josiah 2509, 3011, 3012
Pence, Lafe 2745, 3007-3010, 7941-7944
Pendleton, George C. (Texas) 0809,6937
Pickier, John A 2451, 2759, 2760
Powers. H. Henry 8500, 8503, 8506, 8644
Quigg, Lemuel E 6816, 6817, 6898
Rawlins, Joseph L. (Dolegate from Utah) 2688,2723-2726
Ray, George W 6818, 8555, 8556
Rayner, Isidor 6750
Reed, Thomas B 6801
Richardson, George F. (Michigan) 7480
Richardson, James D. (Tennessee) 6802
Robinson, J. B 6896, 7558
Sickles, Daniel E 1044
Simpson, Jerry 3100
Springer, William M 2452, 6368-6381, 6382, 6544, 6548, 6901
Stockdale, Thomas R 6821
Stone, Charles W. (Pennsylvania) 2448, 2451, 2510, 2529-2533, 3101
Stone, William J. (Kentucky ) 2083-2686
Straus, Isidor 3097
Swanson, Claude A 3102, 6734
Sweet, Willis 2687, 2718
Talbert, W. Jasper 6381,6627,6639,6816,7002,7124
Terry, W. L 6631
Tracey, Charles 3103
Tucker, Henry St. George 6601
Turner, Henry G. (Georgia) 6890,6891
Walker, Joseph H 2687, 2764-2771, 3013, 0472, 6544, 6626, 6635, 6642, 6708, 6867
Waimer, John De Wit t 2642, 2671-2674, 6655, 6693-6707
Wheeler, Joseph (Alabama) 3103,6549,6826
Williams, John S. (Mississippi) 2673,2745. 2753,6825,7106
Wise, G. D 8499,8500
W oomer, E. M 6813
OTHER BILLS AND RESOLUTIONS ON BANKING, COINAGE, AND CURRENCY
INTRODUCED IN THE SENATE AND HOUSE, FIFTY-THIRD
CONGRESS, SECOND SESSION.
V
—? "
SENATE RILLS.
• S. 1177.
A BILL to increase the circulating medium by issuing Treasury notes based on gold and silver coin
and bullion, and to amend tbe coinage laws accordingly.
Be it enacted by the Senate and Bouse of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury he, and he is hereby, directed
to prepare, without unnecessary delay, Treasury notes similar to those issued under
the provisions of the act of Congress approved July fourteenth, eighteen hundred
and ninety, except that he may, in his discretion, vary the designs of the engraving,
to an amount equal to three and one-half dollars for every one dollar’s worth of
gold and silver coin and bullion belonging to the United States and not specially
set apart by law for a particular purpose and not including the gold coin reserved
for the redemption of United States notes, commonly known as “ greenbacks/’ nor
the gold and silver coin on whicli certificates have been issued and are outstanding,
nor of so much of the silver bullion purchased under the act of Congress approved July
fourteenth, eighteen hundred and niuety, as is represented, dollar for dollar, accord-,
ing to the coin value thereof, by Treasury notes issued in payment for said bullion.-
One-sixth part in value of said notes shall be of the denomination of oue dollar, one-
sixth part of the denomination of two dollars, and one-sixth part in each of the fol-
lowing-mentioned denominations : Five dollars, ten dollars, fifty dollars, and one bun
dred dollars. The provisions of this section shall apply to all goid and silver coin
and bullion which shall hereafter become the property of the United States. The
notes prepared under the provisions of this section shall be at once deposited in the
Treasury and be paid out as other public moneys.
Sec. 2. That from and after the taking effect of this act the Secretary of the Treas-
ury shall purchase in the open market, at least once a month, all the gold and silver
bullion offered, at not to exceed one dollar for twenty-three and twenty-two oue-
liundredths grains of pure gold and three hundred and seventy-one and twenty-five
one-hundredths grains of pure silver, and pay for the same with Treasury notes of
form and dimensions similar to those which were issued under the provisions of the
act of July fourteenth, eighteen hundred and ninety.
Sec. 3. That the notes provided for in this act shall be redeemed with coin or bul-
lion at the option of the holder when presented at the Treasury in Washington City,
or at the subtreasury in the city of New York, in sums of one hundred dollars or any
multiple thereof; and for this purpose any coin or bullion belonging to the United
States and not expressly set apart by act of Congress for a particular use may be
used. Whether the coin or bullion so used to redeem the notes as aforesaid shall bo
gold or silver may be determined by the Secretary of the Treasury, it being the intent
hereof that preference shall not be given to either metal for any reason other than
the interest of the Government. For the purpose of carrying out the provisions of
this section the Secretary of the Treasury is hereby directed to have coined, under
and subject to existing laws, as much of the bullion purchased under the provisions
of this act as may be required to redeem the notes( And there shall be no gold or
silver bullion coined for any other purpose, except only subsidiary coin as it maybe
needed in the business of the people.
Sec. 4. That the notes issued under the provisions of this act shall be lawful money,
and they shall be legal tender at their face value iu payment of all debts whatso-
ever, public and private, and shall be received for all public dues from citizens of
the United States to the Government : Provided, That all alien persons and others
trading in the ports of the United States as importers, or agents or factors of for-
eign manufacturers, importers, and traders, shall pay all dues from them to the
United States with gold coin or bullion.
Sec. 5. That all acts and parts of acts inconsistent with tho provisions of this act
are hereby repealed.
Sec. 6. That this act shall take effect and be iu force on and after the first day of
January next following its approval.
743
744
current
of gold
8. 1I7S.
money eq^i^qu^itje^of^legal tender ^nd^o^rohilnt606^ m0neyi to ?ive to all sorts of
coin or bullion as money. to< °1K e'’ ant to l)r°bibit and prevent discriminations in favor
in Congressa^embledf Thlt alf Sin^o/moti ’KdlS f™^ Siate8 °f America
s be r :
States notes, Treasury notes o-old certfficates? ;i,aper °}}'?nh}tmg as money— United
and other paper if there l? f ?? f tlhcates> siiver eertifieates, national-bank notes
interchangSbMl^ W tenpin “ ^l^11 Rafter be equally and
soever nature public and S nt“ payment of all debts and demands of what-
receivable for taxes ^and all imblic^due^^Pro^de^^r^^^dl i??ovdded> and shall be
trading in the ports of the United States \ Jhat al all°n persons and others
manufacturers, importers and traders shn ii 1 orters, or agents or factors of foreign
States with gold e?S ot ffiio? w i d"“ fr°m them to the United
as established from time to time by Congress. ^ standards of weight and value
payment of al^debts and^^^ublMt^the1 oroWsi e?6 legal tender in
to the extent of twenty-five dollars nil ^ provisions of section one of this act
at^he^^fT/deMor^an?^ $ TT"' m<m6*; ShaI1 1)8 WaM*
paper ; and all contracts for payment in 'mid orTvitW^’ whether of metal or
when the intent and meaning of“be narS to tHt \md °?,class of property,
is to take the place of money in orde? fo etal ? COnt?act are, that Sllcb property
“> Prohibit n6 I“*e"t
payment of ^debts shall be void, and shall not be enforceable in any court ^ m
hereby repealec? *** PaFtS °* **■ m Couflict with provisions of this act are
the fi^st calendar mon^^ b^th? Presfdent?11^ ^ th° *“* da>’ of
8. 1284.
A BILL providing for of small denominations of gold
inBcv:;r
the coinage of silver bullion unde? the Art? J 1 winch has resulted from
hundred and seventy-S and J.ilv i LueenH, ?,?U'y eighteen
which would »M«' ?■■><%, «
l.™ »r standard weight mid lineu^^withUllUI legal-tender mlalHv^attlm
Treaoury.tW° “ml“ d#,ta» pm “»“«*. «&> XS'& Solemlloto Te
Secretary of the IreaHury to purchase each month silver bullion, at the market v.w
in quantities sufficient to coin not less than two million fin'll area nooi* ■ \aluc,
month ; and he is hereby directed to coin the said bullion monthly as
chased, into standard silver dollars, and a sum sufficient to Carry into offfiot +tf pur'
visions of this act is hereby appropriated out of any: motley u To
otherwise appropriated. J J " treasury not
..r.f r i * Ilat wl‘?n anji PaP®r circulating notes or certificates, of whatsoever ohir
actor, of denominations loss than ten dollars, issued under authority of thl Uni t?d
States, except national-bank notes or certificates, redeemable only in silver dX™
s a be received at the Treasury or any subtreasury, they shall not be Sued but
sl.a I be assorted, counted, and recorded, and immediately destroyed in icc ml? ce
with existing provisions of law; and as rapidly as said notes or ceUificiUes ^e
destroyed they shall be replaced by an equal amount of like notes <>r cortScaL of
denominations not loss than ten dollars. ceruncates ot
Skc 1. That hereafter no national-bank note shall bo issued of a less denomina
tion than ten dollars, and all such national-bank notes, when received at the Treis
ury or any subtreasury, shall ho destroyed in accordance with law; and the national
banking associations whose notes are destroyed under the provisions of tL ^ect on
745
shall bo respectively required to substitute notes of denominations not less than ten
dollars in lieu of those destroyed.
Sec. 5. That from and after the passage of this act the coinage of the two-and-one-
lialf-dollar gold piece and the flve-dollar gold piece is hereby prohibited, and the
coins above named shall not be struck or issued by the Mint of the United States;
and such coins, when received at the Treasury or any subtreasury, shall be with-
drawn from circulation and recoined into eagles and double eagles, in accordance
with law.
Sec. 6. That the President of the United States is hereby authorized to appoint
five commissioners to an international conference, to be held at a place to be here-
after designated, with a view to secure, internationally, a fixity of relative value
between gold and silver as money by means of a common rat io between those metals,
with free mintage at such ratio, and for compensation of said commissioners, and for
all reasonable expenses connected therewith, to bo approved by the Secretary of
State, including the proportion to be paid by the United States of the joint expenses
of such conference, eighty thousand dollars, or so much thereof as maybe necessary,
is hereby appropriated out of any money in the Treasury not otherwise appropri-
ated.
8. 1388.
A BILL increasing the circulating medium, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the unit of value in the United States of America shall
be the dollar; and from and after the passage and approval of this act standard sil-
ver, as now defined by law, shall be coined at the several mints of the United States
into dollars, half-dollars, quarter-dollars, and dimes at the ratio of sixteen grains of
standard silver to one grain of standard gold, under the same conditions as to mint-
age and other charges as are now, or may hereafter be, in force with reference to the
coinage of gold; and it shall be the duty of the Secretary of the Treasury, without
unnecessary delay, to cause all uncoined silver bullion owned by the Government of
the United States to be coined into standard silver dollars.
Sec. 2. That, it being tho policy of this Government to retire and extinguish its
bonded and interest-bearing indebtedness as rapidly as the same matures, the Secre-
tary of the Treasury is hereby authorized and directed, within six months from and
after the passage and approval of this act, to commence the retirement of all
national-banknotes; and whenever a national-bank note shall come into the pos-
session of the Government of the United States of America in the ordinary course
of business, the Secretary of the Treasury shall replace the same with a legal-tender
Treasury note of the same denomination, identifying on its face in appropriate
words and figures the national-bank note in lieu of which it is issued, and he shall
then destroy said national-bank note by causing the same to be burnt to ashes, mak-
ing a note of the fact of destruction on a book to be kept for that purpose.
Sec. 3. That the Secretary of the Treasury is hereby further authorized, required,
and directed, by an appropriate rule for that purpose to be promulgated by him, to
call in and cause to be surrendered to the Treasury Department, monthly, not les's
than three million dollars of the national-bank notes now outstanding and replace
the same with legal-tender Treasury notes of the United States of America, in the
same manner as is prescribed in the preceding section of this act, at the same time
causing said national-banknotes thus surrendered to be burnt to ashes and a note of
the fact to be entered upon an appropriate book kept for that purpose; and he shall
continue calling in and destroying the national-bank notes now in existence and tho
replacement of the same with legal-tender Treasury notes until all national-bank
notes now in existence are taken out of circulation, destroyed, and replaced with
legal-tender Treasury notes.
Sec. 4. That the legal-tender Treasury notes issued under the provisions of this
act shall be redeemable in gold and silver coin, and in the redemption thereof the
Secretary of the Treasury shall not discriminate against either metal, but shall
redeem said legal-tender Treasury notes as nearly as may be practicable in equal
parts of gold and silver.
Sec. 5. That all money coined, and all legal- tender Treasury notes issued, under
the provisions of this act, shall be a full legal tender in payment of all debts, public
and private, any note or provision in any contract or obligation to the contrary not-
withstanding.
Sec. 6. That no national banking association shall hereafter be permitted to issue
any bank note or notes or other evidence of debt to circulate as money. All acts or
parts of acts in any manner conllicting with this act are hereby repealed.
746
S. 1566.
A BILL authorizing and directing the issue of an increased volume of constitutional legal-tende :
money by repealing all laws that have been enacted relating to the coinage or use of silver sine
January first, eighteen hundred and seventy-three, and to re-enact all laws relating to silver and ii:r
force previous to that date, by authorizing and directing the issue of United States legal-tende :
notes, and to prohibit the further issue of United States interest-bearing bonds.
Be it enacted by the Senate and House of ^Representatives of the United States of Americi <
in Congress assembled, That as the founders of this Government gave both gold
and silver equal privileges as to their coinage, and alike becoming constitutiona ]
legal-tender money of the United States, and as the Supreme Court of the United
States, on March third, eighteen hundred and eighty-four, decided that “ Unitec
States legal-tender notes, commonly known as greenbacks, when issued by directioi
ot Congress to meet the requirements of the Government or the necessities of tin
people, are,” also, “constitutional legal-tender money of the United States,” and ass
such requirements and necessities now exist, therefore it is hereby enacted that al ii
laws or parts of laws that prevent the free coinage of silver on equal terms with
gold, or in any other way deprives silver of its former rights of being a full legal-, -
tender money of the United States, and which have been enacted since January first.:,
eighteen hundred and seventy-three, are hereby repealed, and that all laws relating,
to the coinage of silver that were in force previous to that date are hereby re-en
acted.
Sec. 2. That the Secretary of the Treasury be, and he is hereby, authorized andd
directed to have prepared five hundred million dollars in noninterest-bearing United:
States legal-tender notes, in convenient denominations for use as money among tht<
people, fifty million dollars of which legal-tender notes said Secretary is hereby:
directed to have ready to put in circulation within sixty days and the entire five
hundred million dollars within six months from the passage of this act.
Sec. 3. That the United States legal-tender notes authorized and directed to bee
issued bv this act shall be a full legal tender in payment of all debts, public and:
private, except those which special laws now provide shall be paid in coin, andi
when any of said legal-tender notes are not in actual circulation they shall be
counted as lawful money in the Treasury, and be paid out to meet the current daily:
expenses of the Government, and for the othor uses herein provided for. And wheu
any of said legal-tender notes have been paid out and again returned to the Treasury
they shall be reissued, and when injured, defaced, or worn out they shall be replaced!
with others of like denomination and character, audit shall bethe duty of the Secre-
tary of the Treasury to redeem saidUnited States legal-tender notes, when so requested i
by their holders, in the lawful money of the United States, at any time after ten
years from the passage of this act, and the Secretary of the Treasury is hereby pro-
hibited from issuing any more United States interest-bearing bonds until after all of:
the constitutional legal-tender money of the United States authorized and directed
to be issued by this act has been paid out and is in actual circulation among the
people.
Sec. 4. That the Secretary of State, the Secretary of the Treasury, the Secretary
of War, the Secretary of the Navy, the Secretary of the Interior, the Postmaster-
General, the Attorney-General, and the Secretary of Agriculture, respectively, is*
hereby directed, immediately after sixty days from the passage of this act to com-
mence and to press to speedy completion allpublic work and improvements which the
law provides shall be done under the direction of his Department, and to pay for all
work performed and material furnished under contracts made through his Depart-
ment by authority of law, and to pay all outstanding debts or obligations heretofore
created through his Department under authority of law by drawing his warrants on
the Secretary of the Treasury to meet such payments at any time after sixty days-
from the passage of this act.
Sec. 5. That it shall be the duty of the Secretary of the Treasury to pay all war-
rants drawn on him in accordance with the provisions of the preceding section of
this act, and to pay all other current expenses of the Government, as soon as there
is a sufficient amount of United States legal-tender money in the Treasury available
for such purposes after the passage of this act.
Sec. 6. That the sum of one hundred thousand dollars is hereby appropriated, and
made immediately available, or so much thereof as may be required, to prepare and
to get ready for use the first fifty million dollars of legal-tender notes authorized
and directed to be issued under this act, which notes shall bear the date of the pas-
sage of this act, and tho manner of their payment; and all expenses connected with
the prepara tion and issue of said legal-tender notes shall be carried on and paid for
under tho direction of the Secretary of the Treasury, according to the provisions of
this act.
Sec. 7. That this act shall take effect immediately.
747
9. 1914.
A BILL to provide for the free and unlimited coinage of silver.
Be it enacted by the Senate and House of Representatives of the United States of
America in Congress assembled, That the silver coins of the United States shall be
composed of standard silver. That of the silver coins the dollar shall be of the
weight of four hundred and twelve and one-half grains ; the half-dollar of the weight
of two hundred and six and one-fourth grains; the quarter- dollar of the weight of
one hundred and three and one-eiglith grains; and the dime or tenth part of a dollar,
of the weight of forty-one and a quarter grains. And that dollars, half-dollars, quar-
ter dollars, and dimes shall he legal tenders of payment, according to their nominal
value, for any sum whatever.
Sue. 2. That silver bullion brought to any mint of the United States for coinage
shall be received and coined by the proper officers for the benefit of the depositor:
Provided, That it shall be lawful to refuse, at the mint, any deposit of less value than
one hundred dollars and any bullion so base as to be unsuitable for the operations
of the mint.
Sec. 3. That the depositor of silver bullion at any mint of the United States for
coinage shall, as soon as the coinage value thereof can be determined, receive there-
for, at his option, such coinage value in silver coin or silver certificates issued
thereon equal in amount to such coinage value and of the description now provided
bylaw; and such silver certificates and all other silver certificates heretofore or
hereafter issued by the United States shall be a legal tender in payment of all debts,
public and private.
S. J923.
A BILL to repeal sections thirty-four hundred and twelve and thirty-four hundred and thirteen of
the Revised Statutes, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That sections thirty-four hundred and twelve and thirty-four
hundred and thirteen of the Revised Statutes be, and the same are hereby, repealed.
Sec. 2. That from and after the passage of this act no State bank, banking asso-
ciation, other than national banks, no corporation, person, or partnership shall issue
or emit any note, bill, certificate, or other paper, in any form or similitude, to be used
or circulated as money. And all and every such note, bill, certificate, or other paper,
in any form or similitude whatever, issued or emitted by any State bank, banking
association, other than national banks, corporations, person, or partnership be, and
the same is hereby, declared null and void.
Sec. 3. That every State bank, banking association, other than national banks,
every corporation, person, or partnership who shall offend against the provisions of
this act shall forfeit and pay for each and every offense a sum not exceeding one
thousand dollars.
S. 1986.
A BILL to repeal section thirty -four hundred and twelve of the Revised Statutes of the United
States, relating to the payment of the tax of ten per centum on the notes of State banks.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That section thirty-four hundred and twelve of the Revised
Statutes of the United States, relating to the payment of the taxes of ten per centum
on the amount of notes of State banks used for circulation, be, and the same is
hereby, repealed.
S. 2029.
A BILL to authorize the free coinage of silver; to coin the gold and silver bullion now owned and
held by the United States Government; to provide for the payment of the interest-hearing debt, of
the United States ; to take up the national-hank notes, United States Treasury notes of all kinds,
gold and silver certificates, both coin and bullion, and all other noninterest-bearing indebtedness of
the United States now outstanding; to repeal the act of July fourteenth, anno Domini eighteen
hundred and ninety, known as the silver-bullion purchase act; to repeal all laws providing for the
issue of Treasury notes, gold and silver certificates, either coin or bullion, or other certificates; to
repeal all laws for the refunding of the national debt; to repeal the national banking act; to repeal
all tariff and internal-revenue laws, and for other purposes.
Be it enacted by the Senate avid House of Representatives of the United States of Amer-
ica in Congress assembled, That the Secretary of the Treasury be, and be is hereby,
authorized and directed to coin all the silver bullion of the required fineness pre-
sented at the Treasury, any subtreasury, Government mint, or assay office, for the
benefit of the person or persons presenting the same, as provided by law for the
748
coinage of gold and silver bullion in force prior to tlie year eighteen hundred and
seventy-three, and for the purpose of carrying this act into effect the mint laws in
force prior to the year eighteen hundred and seventy-three are hereby reenacted.
Sec. 2. That the Secretary of the Treasury is hereby authorized and directed to
coin the gold and silver bullion now owned and held by the United States Govern-
ment as rapidly as possible, and call in the interest-bearing obligations of the United
States, and pay off' the same at par value and accrued interest with the gold and
silver coin herein provided for, and he is hereby directed to call in within thirty
days after the passage of this act two hundred and fifty million dollars of the inter-
est bearing bonds of the United States bearing the highest rate of interest, and pay
the same at par value and accrued interest out of any gold and silver coin now in
the Treasury, any subtreasury, mint, or Government depository, and thereafter to
call in not less than twelve and one-half million dollars monthly of the interest-
bearing bonds of the United States until all of said interest-bearing bonds shall have
been called in, paid off, and canceled and destroyed; and for the purpose of carrying
into effect the provisions of this section all the gold and silver coin now held for the
redemption of greenbacks, Treasury notes, gold and silver certificates, both coin and
bullion, is hereby released and made available; said bonds shall be canceled and
destroyed as rapidly as the same shall be naid off'.
Sec. 3. That the Secretary of the Treasury be, and he is hereby, authorized and
directed to have engraved and printed (coined) a sufficient amount of paper money
to take up all national-bank notes, United States Treasury notes of all kinds, gold
and silver certificates, both coin and bullion, and all other certificates of indebted-
ness issued by the United States and now outstanding, and shall call in all of said
national-bank notes, United States Treasury notes of all kinds, gold and silver cer-
tificates, both coin and bullion, and all other certificates of indebtedness so issued
and now outstanding as rapidly as possible, and exchange at par value therefor tbe
paper money herein provided for, and shall cancel and destroy said notes, certificates,
and other evidences of indebtedness as fast as the exchange herein provided for
shall have been made. The Secretary of the Treasury is further authorized and
directed to issue from time to time a sufficient amount of said paper money herein
provided for, in addition to the amount necessary to redeem the aforementioned
notes and certificates, to pay, and shall pay, all salaries of officers, wages of Govern-
ment employes, appropriations made by Congress for whatsoever purpose, in main-
taining or carrying on the General Goveimment of the United States. The paper
money herein provided for shall be issued in denominations of one, two, five, ten,
twenty, fifty, one hundred, five hundred, and one thousand dollars, and said paper
money provided for in this act is hereby made a legal tender at its face value, in pay-
ment of all debts, dues, and demands of whatsoever kind, both public and private,
within the United States of America, and shall have said legal-tender clause printed
on the face of each note.
Sec. 4. That there is hereby appropriated, out of any money in the Treasury not
otherwise appropriated, a sufficient sum of money to carry this act into effect.
Sec. 5. That the act of July fourteenth, anno Domini eighteen hundred and ninety,
and known as the silver-bullion purchase act, is hereby repealed.
Sec. 6. That the national banking act of eighteen hundred and sixty-three, together
with all acts amendatory thereof and supplemental thereto, are hereby repealed.
Sec. 7. That all acts providing for the issue of United States Treasury notes, gold
and silver certificates, both coin and bullion, or other certificates, and all laws pro-
viding for issuing or refunding interest-bearing bonds, or other evidences of indebt-
edness of the United States, are hereby repealed.
Sec. 8. That all tariff and internal-revenue laws are hereby repealed.
8. 2115.
A BILL to provide for the regulated free coinage of silver bullion into standard dollars of the United
States, and for tlio preservation of the parity of value of the various kinds of coined money of tlie
United States.
He it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That any owner of silver bullion the product of mines or
refineries located in the United States may deposit the same at any mint of the
United States, to be formed into standard dollars of the present weight and fineness,
for his benefit, as hereinafter stated; but it shall bo lawful to refuse any deposit of
less value than one hundred dollars or any bullion so base as to be unsuitable for
the operation of the mint: Provided , however, That there shall bo delivered or paid
to tlie person depositing such silver bullion only such number of standard silver
dollars as shall equal the commercial value of said silver bullion on the day of
deposit, as ascertained and determined by the Secretary of the Treasury; the differ-
ence, if any, between the mint or coin value of said standard silver dollars and the
749
commercial value of the silver bullion thus deposited shall ho retained by the Gov-
ermnoufc as seigniorage, and the gain or seigniorage arising from such coinage shall
he accounted for and paid into the Treasury. The amount of such seigniorage or
gain shall be retained in the Treasury as a reserve fund in silver dollars, or such
other form of equivalent lawful money as the Secretary of the Treasury may from
time to time direct, for the purpose of maintaining the parity of value of every
silver dollar issued under the provisions of this act with the gold dollar issued by
the ‘United States: Provided, That the deposits of silver bullion for coinage into
silver dollars under the provisions of this act shall not exceed the sum of four mil-
lion dollars per month: Provided further, That the coinage of silver dollars provided
for in this act shall not be further continued when the aggregate amount of lawful
money of all kinds in the United States shall equal the sum of forty dollars per
capita of the population of the United States; but such coinage may at any time
bo resumed whenever the aggregate amount of lawful money in the United States
shall fall below forty dollars per capita, to the end that the aggregate amount of
lawful money in the United States may approximately equal, and be kept equal to,
tho sum of forty dollars per capita, and no more: Provided further, That the Secre-
tary of the Treasury may, in his discretion, cause to bo coined two silver half dol-
lars of the present weight and fineness in lieu of each of tho standard silver dollars
to be coined under the provisions of this act; and all the provisions of this act shall
be equally applicable in maintaining every two such half dollars at a parity with
the gold dollar issued by the United States.
Sec. 2. That the said silver dollars and silver half dollars shall be a legal tender
in all payments at their nominal or coin value.
RESOLUTIONS.
[January 9, 1894.]
INCREASE OF GOLD COIN.
Mr. Allen. I submit a resolution, and ask that it be printed and lie on the table.
The resolution was read as follows:
Resolved, That the Secretary of the Treasury be, and he is hereby, directed to
, inform the Senate from what source or sources the gold coin in this country outside
of the Treasury of the United States was increased to the amount, of $86,8(i9,482
during the fiscal year 1893, as expressed in his recent report for that year, and if
derived from different sources, give the sources respectively from which derived and
the amount thereof.
[January 29, 1894.]
ISSUE AND SALE OF BONDS.
Mr. Stewart. I submit a resolution, and ask that it may go over until tomorrow
morning.
The resolution was read as follows :
Resolved, That, in the judgment of the Senate of tho United States, tho Secretary
of the Treasury is not at this time clothed, under existing laws, with any legal
authority to issue and sell the bonds or other interest-bearing obligations of the
Government.
[As amended by Mr. Quay.]
Resolved, That, in the judgment of the Senate of the United States, the Secretary
of the Treasury is not at this time clothed, under existing laws, with any legal
authority to issue and sell the bonds or other interest-bearing obligations of the
Government, except to provide for the redemption of the legal-tender notes pre-
sented at the subtreasury of the United States in the city of New York ; and that
the money derived from the sale of bonds issued under that act can not be lawfully
applied to any other purpose.
[February 1, 1894.]
REDEMPTION OF CURRENCY — GOLD RESERVE.
Mr. Allen. I submit a resolution, and ask for its present consideration.
The resoln lion was read as follows:
Resolved, That the Secretary of the Treasury be, and he is hereby, directed to
inform the Senate what amount, if any, of the different kinds of paper money or
currency issued by the Government has beenredeemed since January 14, 1875, to this
date, classifying such money or currency, giving the amounts, respectively, by years
of such redemption, and what portion of such currency or money thus redeemed, if
any, was destroyed, and what portion was reissued, giving the amounts and classes
750
by years, respectively. Also, by what right or authority the so-called gold reserve
now maintained in the Treasury was established, when established, and under what
authority it is now maintained.
[February 1, 1894.]
ISSUE AND SALE OF BONDS.
Mr. Puffer. I submit a resolution, and ask that it may be read and printed anti lie
over until to-morrow, under the rule.
The resolution was read as follows :
Resolved, That the Secretary of the Treasury be, and he is hereby, directed to
inform the Senate how many offers have been presented for the purchase of bonds
proposed to be issued and sold in his notice under date of February 17, 1894, giving
the names and places of business of the persons and firms, and companies or corpora-
tions making such offers, for what amounts, and at what prices the offers were
made, also the names and places of business of the persons to whom the said bonds
have been sold, in what amounts to each and at what price; .also when the offers of
each and all of the bidders were received at the Department.
[February 21, 1894.]
LEGAL STATUS OF SILVER CERTIFICATES.
Mr. Allen. I submit a resolution, and ask unanimous consent for its present con-
sideration.
The resolution was read as follows:
Resolved, That the Attorney-General be, and he is hereby, directed to furnish the
Senate with complete copies of any opinions furnished by him to the Secretary of
the Treasury relating to silver certificates and of all correspondence between the
Treasury Department and the Department of Justice in relation thereto.
[February 22, 1894.]
PERMANENT FINANCIAL SYSTEM.
Mr. Martin. I submit a resolution, which I ask shall be read, printed, and lie on
the table for the present.
The resolution was read as follows:
Whereas it is manifest that the framers of the Constitution of the United States
intended that gold and silver should at all times constitute the principal currency
of this country, and to that end it was clearly provided in the Constitution that Con-
gress shall coin money and regulate the value thereof and of foreign coins; and
° Whereas the continued and unrestricted coinage and use of both gold and silver
without discrimination against either metal has been from the foundation of the
Government, and still is, the settled policy of the United States: Therefore, be it
Resolved, That the Senate Committee on Finance be, and hereby is, instructed to
formulate and report to the Senate at the earliest possible moment, a bill or bills pro-
viding for a permanent American financial system which shall include the free, unre-
stricted, and unlimited coinage and use as money of both gold and silver upon the
basis and ratio of 16 of silver to 1 of gold.
[March 28, 1894.]
ISSUE OF BONDS.
Mr. Peffer. I submit a resolution, which I ask to be read and ordered printed,
and that it lie over under the rule.
The resolution was read and ordered to lie on the table and be printed as follows:
Resolved, That the Committee on Finance be, and it is hereby, instructed to pre-
pare and report as soon as practical a bill to repeal all laws authorizing or permit-
tin"- the Secretary of the Treasury to issue bonds or other interest-bearing obliga-
tions of the Government, and to prohibit any and all such issues in future without
express authority by act of Congress first had and obtained.
[June 19, 1894.]
PUBLIC SAVINGS BANKS.
Mr. Peffer. I submit a resolution, which I ask may be read, printed, and lie
over. The resolution was read and ordered to lie over, and to be printed as follows:
Resolved, That the Committee on Post-Offices and Post-Koads be, and it is hereby,
directed to prepare and report, as soon as practicable, a bill providing for the estab-
lishment of a system of public savings banks, to be conducted under the surveil-
lance of public' officers in connection with the Post-Office Department.
751
HOUSE BILLS.
II. It. 4477.
A BILL for the coinago of silver mined in the United States.
Be it enacted by the Senate and House of Representatives of the United States of America ,
in Congress assembled, That any citizen of the United States may at any time present
at any mint ol the United States any amount of silver bullion in lots of one hundred
ounces or more, the same being the product of mines located anywhere in the United
States, and it shall be the duty of the officers in charge of such mint, as speedily as
practicable, to coin the said bullion into standard silver dollars of the present legal
weight and fineness for such citizen so presenting the same.
Sue. 2. That satisfactory proof shall be furnished to said officer as to such citizen-
ship and that said silver is the product of mines located in the United States.
Sec. 3. That the officers of said mints shall deduct from said bullion, or receive in
payment as a chargo for such coinage, the difference in value between the coinage
value at the legal ratio and the market value of said silver bullion at date of such
presentation or deposit.
Sec. 4. That this law shall be and remain in force for three years from the date of
its passage.
Sec. 5. That the fixed purpose of the United States to maintain such coined
standard dollars at a parity with all other coined standard money of the United
States is hereby declared and affirmed.
II. R. 4664.
♦
A BILL to provide for tlie free and unlimited coinage of silver and gold at the present ratio and
upon equal terms.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That on and after the passage of this act the mints of the
United States shall be opened to the coinage of both silver and gold, upon the same
terms as existed prior to eighteen hundred and seventy-three: Provided, however,
That all silver and gold coined hereafter for the account of the owners shall not
have any legal-tender function, and instead of being stamped “one dollar,” “five
dollars/’ “ten dollars,” and so forth, it shall be stamped “ten dimes,” “fifty
dimes,” “one hundred dimes,” and so forth, and on the reverse side of every piece
of such coiu shall bear the words “ Not a legal tender.”
Sec. 2. That nothing in this act shall be construed as taking away the legal-
tender function of any silver or gold already coined, or which may hereafter be
coined upon the account of the United States.
Sec. 3. That all laws or parts of laws in conflict with this act shall be, and
hereby are, repealed.
II. R. 4896.
A BILL to provide for the free and unlimited coinage of silver and gold at the present ratio and upon
equal terms.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That on and after the passage of this act the mints of the
United States shall be opened to the coinage of both silver and gold, upon the same
terms as existed prior to eighteen hundred and seventy-three : Provided, however,
That all silver and gold coined hereafter for the account of the owners shall not
have any legal-tender function, and instead of being stamped “one dollar,” “five
dollars,” “ ten dollars,” and so forth, it shall be stamped “ ten dimes,” “fifty dimes,”
“one hundred dimes,” and so forth, and on the reverse side every piece of such coin
shall bear the words “Not a legal tender.”
Sec. 2. That nothing in this act shall be construed as taking away the legal-
tender function of any silver or gold already coined.
Sec. 3. That all laws or parts of laws in conflict with this act shall be, and hereby
are, repealed.
752
■I. R. 4950.
AN ACT directing the coinage of the silver bullion held in the Treasury, and for other purposes.
Beit enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury shall immediately cause
to l>e coined as fast as possible the silver bullion held in the Treasury, purchased
under the act of July fourteenth, eighteen hundred and ninety, entitled “An
act directing the purchase of silver bullion and the issuing of Treasury notes
thereon, and for other purposes,” to the amount of the gain or seigniorage of such
bullion, to wit: The sum of fifty-five million one hundred and fifty-six thousand six
hundred and eightv-one dollars, and such coin or the silver certificates issued thereon
shall be used in the payment of public expenditures, and the Secretary of the Treas-
ury may, in his discretion, if the needs of the Treasury demand it, issue silver cer-
tificates in excess of such coinage: Provided, That said excess shall not exceed the
amount of the seigniorage as herein authorized to be coined.
Sec. 2. After the coinage provided for in the first section of this act, the remain-
der of the silver bullion purchased in pursuance of said act of July the fourteenth,
eighteen hundred and ninety, shall be coined into legal -tender standard silver dollars
as fast as possible, and the coin shall be held in the Treasury for the redemption of
the Treasury notes issued in the purchase of said bullion. That as fast as the
bullion shall be coined for the redemption of said notes, the notes shall not be reis-
sued but shall be canceled and destroyed in amounts equal to the coin held at any
time in the Treasury, derived from the coinage herein provided for, and silver certifi-
cates shall be issued on such coin in the mannernow, provided by law : Provided, That
this act shall not bo construed to change existing law relating to the legal-tender
character or mode of redemption of the Treasury notes issued under said act of
July fourteenth, eighteen hundred and ninety.
Sec. 3. That a sufficient sum of money is hereby appropriated to carry into effect
the provisions of this act.
Passed the House of Representatives March 1, 1894.
Attest :
James Kerb, Clerk.
II. K. 49««.
A BILL to provide a national currency.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That there is hereby created iu the Treasury Department a
commission, which shall consist of the Secretary of the Treasury, the Treasurer of
the United States, and the Comptroller of the Currency, and shall be known as the
national-currency commission. The Secretary of the Treasury shall be the president,
the Treasurer of the United States shall be the treasurer, and the Comptroller of the
Currency shall be the secretary of the commission. It shall be the duty of this com-
mission to execute and carry into effect the provisions of this act and to perform
such other duties as may be required of it by law. It shall meet at least once in
each mouth, shall keep a record of its proceedings, and shall prescribe rules for its
government and for carrying this act into effect, which rules, not being in conflict
with any act of Congress, shall have the same force and effect as if prescribed by
law.
Sec. 2. That the national-currency commission shall cause to be engraved and
printed, at the Bureau of Engraving and Printing, national-currency notes of the
denominations of five dollars, ten dollars, twenty dollars, fifty dollars, one hundred
dollars, five hundred dollars, and one thousand dollars, of such designs as said com-
mission may approve and in such amounts as may be necessary to meet the require-
ments of this act.
Such national-currency notes shall be a legal tender in payment of all debts,
public and private, except where otherwise expressly stipulated in the contract, and
shall be receivable for customs, taxes, and all public dues, and when so received
may be reissued, unless as otherwise provided in this act; and such notes, when
held by any national-banking association, may be counted as a part of its lawful
reserve.
Sec. 3. That the said currency notes issued in accordance with the provisions of
this act shall be redeemable on demand, in coin, at the Treasury of the United States,
or at the office of any assistant treasurer of the United States ; and when so redeemed
may be reissued, except as is otherwise expressly provided in this act.
Sec. 4. That national-currency notes which are authorized to be issued by this act
shall be issued in the first instance in the manner herein provided : Any bauk, bank-
ing association, or corporation having banking powers, organized in pursuance of
753
the laws of tho United States or of any State or Territory, or in pursuance of tlie
laws in force in tlie District of Columbia, being solvent, and which lias a capital
stock of which at least twenty-live thousand dollars have been paid up in cash,
may, upon complying with the provisions of this act, i*eceive national-currency
notes upon the deposit with the national-currency commission of the bonds herein-
after required and provided for and subject to all the provisions of this act. But
no bank shall receive such currency notes in excess of the capital stock of such bank
actually paid up in cash, or in excess of tho par value of tho bonds of the United
States or in excess of ninety per centum of the par value of bonds other than those
of tho United States, which may be deposited.
Sec. 5. That no bonds shall be received on deposit by the national-currency com-
mission, as security for the national-currency notes which maybe issued to any bank
herein authorized to receive the same, except such as are herein provided for:
First. The bonds of the United States, and bonds the principal and interest of
which have been guaranteed by the United States; and any bank making a deposit
of such bonds shall be entitled to receive national-currency notes to the amouut of
the par value of such bonds.
Second. The bonds of any State of the United States which have been continu-
ously for two years preceding the date of their deposit at par in the market and the
interest upon which has at no time since the issue thereof been in default.
Third. The bonds of any county or parish of any State, or the bonds of any city
or town in the United States, which had at the last preceding census of the United
States a population of not less than live thousand, and which bonds have been for
two years preceding their deposit at par in the market and the interest upon which
has at no time been in default. All such bonds must have been issued in pursuance
of law and for municipal purposes exclusively; and must be, in the opinion of the
national-currency commission, ample and valid security for the purposes for which
they are deposited; and the several States in which they are issued must, have made
tho necessary provisions for the payment of the principal and interest thereon.
Sec. 6. That the national-currency notes issued under the provisions of this act
shall not be subject to the payment of the tax of ten per centum imposed by sections
thirty-four hundred and twelve and thirty-four hundred and thirteen of the Revised
Statutes of the United States, and by sections nineteen, twenty, and twenty-one of
the act approved February eighth, eighteen hundred and seventy-tive, on the
amount of notes of any State bank or State banking association which may be
authorized by the laws of the several States to issue circulating notes, nor to any
tax under the laws of the United States, except as provided in this act; nor to the
payment of any tax under the laws of any State or Territory, or any municipality
in the United States; nor shall the bonds deposited for their security, while they
remain on deposit with the national-currency commission, be subject to the pay-
ment of any such tax.
Sec. 7. That the national-currency commission shall have the right to reject any
bonds offered for deposit as provided in this act.
Sec. 8. That any bank making a deposit of bonds as provided herein, other than
bonds of the United States or bonds the principal and interest of which have been
guaranteed by the United States, shall be entitled to receive, on depositing the same
with the national-currency commission, national-currency notes to the amount of
ninety per centum of the par value of such bonds, but the bank depositing such
bonds other than national bonds shall first guarantee the payment of the principal
and interest of the same.
Sec. 9. That if at any time any bonds deposited with the nation al-currency com-
mission under the provisions of this act should be depreciated to the amount of five
per centum, or if the interest thereon should not be paid as provided in such bonds,
or if the said commission should be of the opinion that any bonds so deposited were
not ample security for the purpose for which they were deposited, said commission
shall notify the bank depositing the same to deposit other or additional bonds, or to
return to the commission national-currency notes equal to ninety per centum of the
estimated depreciation of said bonds, in order that the currency notes outstanding
may not at any time exceed ninety-five per centum of the market value of the bonds,
other than national bonds, which may be held as security therefor.
Sec. 10. That the United States shall have a first lien upon all the assets of any
bank making deposit of bonds and receiving national-currency notes under the pro-
visions of this act, to the extent of indemnifying the United States for any loss
which may be sustained by reason of the depreciation of bonds deposited or by
reason of any loss which the United States may sustain in disposing of the same;
and thesaid national-currency commission is authorized to institute proper proceed-
ings, in the name of the United States, in the courts of the United States, to
enforce the provisions of this act.
Sec. 11. That the national-currency notes issued under tho provisions of this act
shall be known as Series A, 13, and C. The banks to which such notes are issued
S. Eep. 235 48
754
shall pay a tax to tlie United States at the rates per annum herein indicated upon
the amount of such notes issued to them, respectively; that is to say, upon the
issues of notes of Series A they shall pay a tax of one per centum, upon the issues
of Series B they shall pay a tax of two per centum, and upon the issues of Series C
they shall pay a tax of four per centum. The uotes of Series A issued to any hank
shall not exceed in amount fifty per centum of its capital stock ; and the notes of
Series B may he issued to any hank to an amount equal to twenty-five per centum
of the capital stock thereof, and the notes of Series C may he issued to any such
hank to a like amount.
Sec. 12. That in case any hank depositing such bonds shall fail to comply with
any demand of the national-currency commission to deposit additional security as
provided in this act, or shall fail to comply with any rules or regulations of the
commission in reference to such bonds so deposited, such bonds shall be forfeited to
and become the property of the United States; and said commission is authorized
to dispose of the same at public or private sale under such rules and regula-
tions as said commission may have prescribed. And the proceeds realized from the
sale of such bonds shall be held as a special fund for the redemption or retirement of
the amount of outstanding national-currency notes for the security of which they
were deposited. If such bonds should l'ealize an amount in excess of the national-
currency notes for which they were deposited and in excess of the cost of their sale,
such excess shall be paid to the bank which deposited them. If such bonds should
not realize an amount equal to the amount of currency notes issued thereon and the
cost of disposing of such bonds, the said commission is authorized and required to pro-
ceed to collect such deficiency from the bank depositing them iu the proper tribunals
of the United States, or in such manner as said commission may determine.
Sec. 13. That any bank having deposited bonds with the national-currency com-
mission as herein provided shall be entitled to have such bonds or any portion thereof
returned to it in the manner hereinafter provided ; that is to say, whenever any such
bank shall deposit with said national1 currency commission national-currency notes,
national-bank notes, or any Treasury notes issued by the United States bonds to the
amount deposited for security of a like amount of national-currency notes shall be
returned to said bank. The United States currency notes so deposited shall be can-
celed or retired from circulation, and the national-bank notes and Treasury notes so
deposited shall be held as a special fund, and shall be exchanged and substituted
for a like amount of any national-currency notes which may be paid into the Treas-
ury of the United States at anytime; and, when so exchanged for national-currency
notes, such currency notes shall be cam eled or retired from circulation and the
natiorfal-bank notes and Treasury notes shall be again issued and put in circulation.
Whenever any bank shall deposit national-currency notes, national-bank notes, or
any Treasury notes as provided herein, the tax upon a like amount of national-cur-
rency notes theretofore issued to such bank shall thereafter be remitted, and such
remission shall be made upon the outstanding series bearing the highest rate of
interest.
Sec. 14. That the faith and credit of the United States are hereby pledged to the
redemption in coin, on demand, of the national-currency notes issued in pursuance
of this act ; and, to enable the United States to so redeem such currency notes, or to
retire the same from circulation, the amount of currency deposited by any bank
and the proceeds of the sale of any bonds which may be disposed of as provided in
this act shall be held as a special fund for such redemption; and, in addition to
such special fund, and to better enable the said national currency commission to
prepare and provide for the redemption of such national-currency uotes in this
act authorized or required, it is authorized to use any surplus revenues from time to
time in the Treasury of the United States not otherwise appropriated; and should
such revenue be insufficient, to issue, sell, and dispose of, at not less than par in coin,
either of the descriptions of bonds of the United States described in the act of
Congress approved July fourteenth, eighteen hundred and seventy, entitled “An act
to authorize the refundingof the national debt,” with like qualities, privileges, and
exemptions to the extent necessary to carry this act into full effect, and to use the
proceeds thereof for the purposes aforesaid: Provided, That the bonds issued in pur-
suance of this act shall bear a rate of interest not exceeding four per centum per
annum, and shall be payable at the pleasure of the UViited States after five years
from their issue.
Sec. 15. That whenever national- currency notes have been issued to the extent of
fifty million dollars, as provided in this act, the said national-currency commission is
authorized and required to issue bonds of the United States, as provided in this act,
to the extent of twenty per centum of the national-currency notes so issued, and
shall hold the proceeds thereof as a special fund for the redemption of national-cur-
rone.y notes, as herein provided; and whenever any additional amount of national-
currency notes to the extent of fifty million dollars shall be issued, there shall be a
like issue of bonds to a like amount, so that at all times there shall be a special fund
adequate for the redemption of such currency notes as maybe outstanding. When-
755
ever, by the retirement from circulation of such currency notes, this special fund for
their redemption shall exceed twenty per centum of the amount of such currency
notes outstanding, the excess may be used by said national-currency commission for
the purchase or redemption of any outstanding bonds of the United States. If, at
any time, the special redemption fund herein provided should be reduced to an
amount equal to ten per centum of the outstanding currency notes, the said national-
currency commission is hereby authorized and required to sell bonds, as herein pro-
vided, to an amount which will be necessary to maintain the reserve at twenty per
centum of outstanding currency notes. The currency notes redeemed in coin under
the provisions of this act shall bo reissued.
Sec. 16. That the Secretary of the Treasury is hereby authorized to detail any of
the officers or employees in the Treasury Department to perform any duties which
may be required of them by the national-currency commission ; and the said national-
currency commission is authorized to use the Treasury of the United States and the
subtreasuries thereof for the safe-keeping of the bonds and moneys of which said
commission may have custody and control as provided in this act. But said national-
currency commission shall keep separate books and accounts of all its transactions.
Skc. 17. That the national-currency commission is authorized and directed to
make the necessary and proper regulations to secure the speedy and frequent redemp-
tion of the national-currency notes issued under this act and of all other United
States paper currency, including all United States notes, gold certificates, silver
certificates, and Treasury notes of eighteen hundred and ninety, and all national-
bank notes which have become soiled, impure, unclean, or otherwise unfit for use,
when presented in sums of not less than one hundred dollars, and for the' prepara-
tion and issue of new United States paper currency in place of such as shall have
been redeemed on account of having become soiled, impure, unclean, or otherwise
unfit for use, and for the transportation of such national-currency notes, United
States paper currency and of such national-bank notes to the Treasury of the United
States or any of the subtreasuries thereof, and for the transportation of the new
national or United States currency or new national-bank notes in return for the
United States currency or national-bank notes which have become so unfit for circu-
lation: Provided, That all national-bank notes which are redeemed because they
have become unfit for use shall be disposed of and replaced as now provided by law.
except that the expenses of all transportation shall be paid out of the Treasury of
the United States.
Sec. 18. That all the provisions of “An act to provide a national currency, secured
by a pledge of United States bonds, and to provide for the circulation and redemp-
tion thereof/’ approved June third, eighteen hundred and sixty-four, which may
now be in force, and all the provisions of Title LXII of the Revised Statutes, entitled
“National banks,” and all amendments thereof relating to the examination of bonds
which may be deposited to secure circulating notes, to the custody of such bonds,
to the printing, denominations, and form of circulating notes, to the plates and dies,
to the destroying and replacing of worn-out and mutilated notes, and all the pro-
visions of sections fifty-two hundred and eight, fifty-two hundred and nine, fifty-
two hundred and ten, fifty-two hundred and eleven, fifty-two hundred and twelve, and
fifty-two hundred and thirteen of the Revised Statutes, in so far as they are appli-
cable, shall be in force and applicable to the national- currency notes issued under
this act, and to the banks and banking associations to which such national-currency
notes may be issued, and to the officers, clerks, and agents of such banks and bank-
ing associations. And the provisions of sections fifty-one hundred and eighty-seven,
fifty-one hundred and eighty-eight, fifty-one hundred and eighty-nine, fifty-four
hundred and fifteen, fifty-four hundred and thirty, fifty-four hundred and thirty-
one, fifty-four hundred and thirty-two, fifty-four hundred and thirty -three, and fifty-
four hundred and thirty-four of the Revised Statutes of the United States prescrib-
ing penalties for issuing circulating notes to unauthorized persons, for imitating
such notes, and for defacing the same, and for counterfeiting obligations of the
United States, so far as they are not inconsistent with the provisions of this act, are
hereby made applicable to the notes issued under the provisions of this act.
Skc. 19. That the national-currency commission shall report to Congress annually,
at the beginning of each session, all its transactions which may be of interest to the
public; and shall from time to time furnish Congress, or either House thereof, such
information as may be required by it.
II. K. 4988.
A BILL to provide for the coinage of the silver bullion now owned by the United States, and for other
purposes.
Whereas it appears by the report of the Secretary that there is now in the Treas-
ury one hundred and forty million six hundred and ninety-nine thousand seven
hundred and sixty fine ounces of silver bullion belonging to the United States, pur-
756
BBSS mmmm
i» nU 5thJ °f the United State° of America
I. 1 1 \J!lt a11 of the silver bullion now owned by the United States
sb. 1 be coined as speedily as practicable into standard silver dollars of the wriJhft
“lloy m mw prescribed by Iw flVlr^h c^hrage!"1 ““ °f pm'° silvOT sM
Sec. -a. That the Secretary of the Treasury shall sot apart forty millions of the
were 'paid1 out fo^then11 * *''1^ °r th? red.emPtiou of the notes now outstanding which
weie pan! o it foi the purchase ot said silver bullion in the manner provided in the
“ d act of July fourteenth, eighteen hundred and ninety; and whenever the said
S “™*"ced \elr/0rty millious °t dollars by the redempSon^ of Zd Votes £
said Secretary shall, from any other silver dollars in the Treasurv not ,
approprnated, add to the said sum so as to keep it up to forty million dollars unti'l
ie aggregate amount of said outstanding uotes is reduced below that sum and then
siieverdolfetaryi^all+ikeei) in thc treasury for their redempthm an Srf
. er dollars equal to the amount of said notes outstanding, until they are all
cah^emmlT^l116 T<1 Sec.rctar.Y sha11 immediately issue an amount of silver eertil U
patn Ji ,i i t l0 Sllv<l.r smgniorage now owned by the United States, which eertili-
Ct.Sl‘ T,bG; in 00“1”inity to existing laws as to denominations and ckculatioll
e b< . 3. lhat any contract hereafter made by the Government of the United States'
or between corporations, or between a corporation and a person or ^persons or
between pnvate persons, which is by its terms, or by law, payable in dollars or do]
UnitedStates’ ^ ^ at ltS maturit‘V’ 01' thereafter, in any lawful coin of the
II. IS. 5011.
A BILL for the free coinage of silver.
Be it enacted by the Senate and Howe of Representatives of the United States of America
in Congress assembled, t hat it shall be the duty of the Secretary of the Treasun on
January hrst, eighteen hundred and ninety-live, and for sixty days prior thereto to
ascertain and keep a record of the daily relative market values of gold and silver
bu lion in the markets of New York and London, and the average market value
obtained from such record, when ascertained, shall be declared by the Secretary of
the 1 leasury, and shall thereafter be the legal ratio between gold and silver
i i r i r OI\aild afteJ January first, eighteen hundred and ninety-live, 'it shall
be lawful for any holder of silver bullion to deposit the same at any mint of the
United states and receive therefor silver dollars coined at the ratio provided in the
preceding section. 1 ime
SEC. 3. That such dollars when coined shall be legal tenders of payment at their
face value for any sums whatever. J
Skc. 4. lhat it shall be lawful 1 to refuse at the mint any deposits oi'less value than
one hundred dollars and any bullion so base as to be unsuitable for the operations
ot the mint. i
Si:C 5 'that it shall be la wful to charge the holder of silver bullion the actual
costoi the alloy used in coming lus deposit of bullion into dollars, and also the
actual cost for refining, when the bullion is below standard, and for ton-hen
when metals are contained in it which render it unfit for coinage. ® °
r,Tlmt any holder of tho c°in authorized by this act ma’v deposit the same
with the Treasurer or any assistant treasurer of the United States, in sums not less
than ten dollars, and receive therefor certificates of not less than ten dollars each
corresponding with the denominations of tho United States notes The coin denes’
itod or representing tho certificates shall bo retained in the Treasurv for the nav
ment of the same on demand. Said certificate shall bo receivable for customs taxes
and all public dues, and when so received may be reissued.
Skc. 7. That all laws and parts of laws inconsistent with this act be, and the same
aro hereby, repealed,
757
.
II. It. 5380.
A RILL to provide fertile withdrawal of the discretionary power of the Secretary of the Treasury,
to provide for the coinage of silver, and so forth, and for the immediate relief of the Treasury.
Beit enacted by the Senate and the House of Representatives of the United States of America,
in Congress assembled, That the discretionary power heretofore given the Secretary
of the Treasury to issue bonds be, and the same is hereby, withdrawn, and that
hereafter no bonds for any purpose whatsoever shall be issued by the Secretary of the
Treasury until the necessity theretofore is first specially determined by Congress.
Sec 2. That all silver in the Treasury shall be coined as rapidly as the conven-
iences of the Government will permit, and certificates issued as heretofore provided
on all uncovered silver and paid out on the obligations of the Government.
Sec. 3. That the Secretary of the Treasury shall pay out, upon the obligations of
the Government, sixty-six and two-thirds per centum of all silver now in the 'Treas-
ury held for the redemption of silver certificates, and shall not be required hereafter
to retain in the Treasury more than thirty-three and one-third per centum of silver
coin for the redemption of outstanding silver certificates.
Sec. 4. That if at any time the current revenues of the Government shall be
insufficient to meet the current expenses, the Secretary of the Treasury shall issue
noninterest-bearing Treasury notes, redeemable at the pleasure of the Government
in coin, which shall be a full legal tender for all obligations of the Government or
of private persons, except as otherwise provided by contract.
Sec. 5. That it is hereby declared to be the duty of the Secretary of the Treasury
to protect the gold reserve and to refuse the payment of more than a moiety of an
obligation of the Government exceeding one thousand dollars in gold coin unless the
obligation is specially payable in gold, or unless the interest of the Treasury reserve
would be benefited thereby, excluding any supposed benefits of a public policy of
the Treasurer that it would be advisable to pay in gold; the intent of this section
being that one-half of all coin obligations shall be paid in gold and one-half in sil-
ver, unless the large quantity of gold and scarcity of silver in the Treasury would
make a different course advisable.
II. K. 5401.
A BILL for tho free coinage of American silver.
Be it enacted by the Senate and House of Representatives of the United States of America
in Conyress assembled, That it shall it lawful for the owner or owners of silver ore
or buliion mined or produced in the United States to have the same coined into
standard silver dollars of four hundred and twelve and one-lialf grains of standard
silver at any of the mints in tho United States, upon the same terms and conditions
that gold is now coined, and such silver dollars shall be a legal tender for all
demands public or private.
II. R. 5446.
A BILL to provide an adoquato volume of full legal-tender coin and papermoney, fortlie classification
of the funds in tho United States Treasury, for the establishment of a general system of Govern-
ment banking, anil for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and after the passage of this act there shall be estab-
lished in the Treasury Department a bureau to be known as the Government Hank-
ing and Loan Uureau ; thata chief and deputy chief of such bureau shall beappointed
by the President of the United States, by and with the advice and consent of the
Senate. The salary of the chief of such bureau shall be live thousand dollars per
annum, and that of the deputy shall be four thousand dollars per annum; before
entering upon their duties, the chief and deputy chief of the bureau shall each make
to the United States and deliver to the Secretary of the Treasury a sufficient bond
for the faithful discharge of all his official duties. When such bonds shall have been
approved by the Secretary of the Treasury, they shall be filed with the Secretary of
State who is hereby made the custodian of all bonds given under the provisions of
this act.
Sec. 2. That it shall be the duty of the chief of such bureau, under the direction
and with the approval of the Secretary of the Treasury, to superintend the affairs
of the bureau ; to make and enforce all proper rules necessary to carry into effect the
provisions ot this act; and to appoint all necessary clerks, whose salaries shall be no
greater than those now paid Ibr similar clerical work in the Treasury Department.
SEC. 3. That the chief of the bureau, by and with the consent of the Secretary of
758
tlie Treasury, shall establish branches of the United States Treasury, or subtreat
uries, to be known as Government banks, in each county which has a population o
one thousand or more, in each State and Territory of the United States, and in th
District of Columbia, under the following conditions.
First. The first Government bank in any county shall be established on applies;,
tion by petition of not less than one hundred resident citizens of the county, each o
whom shall be owner of property within the county.
Second. In any county having one or more Government banks, an additional ban!
may be established upon a petition as aforesaid, and upon a recommendation of th
bank examiner for that district showing that the business needs of the people wouh
be better supplied thereby,
Sec. 4. That, for each bank established the chief of the bureau, by and with th
consent of the Secretary of the Treasury, shall appoint a bank director. Wlieneve i
any person shall have received an appointment as bank director, he shall, befor
entering upon his duties, make to the Government of the United States and delive
to the Secretary of the Treasury, a sufficient bond for the faithful discharge of al
his official duties. The duties of the bank director shall be to exercise a genera
control and supervision over the business of the bank and employ all necessary,
clerks, such clerks to be subordinate to the director, who shall be responsible on hi: -
bond for their official acts.
Sec. 5. That the chief of the bureau shall classify all the banks into first, second .,
third, and fourth class banks, on the basis of the volume of business done. Each)
director of a bank of the first class shall receive a salary of four thousand dollar: s
per annum ; each director of a bank of the second class shall receive a salary of tine:
thousand five hundred dollars; each director of a bank of the third class shalll
receive a salary of three thousand dollars, and each director of a bank of the fourth:
class shall receive a salary of two thousand dollars.
Sec. 6. That the chief of the bureau, by and with the consent of the Secretary off
the Treasury, shall appoint a sufficient number of bank examiners to examine the
condition of each and every bank not less than twice each year and report the samee
to the chief of the bureau. Each bank examiner shall receive a salary of four thou-
sand dollars per annum and necessary traveling expenses.
Sec. 7. That no person who owes money to a Government bank shall be appointed!
bank director or bank examiner; no person who holds the position of bank director,
or bank examiner shall be entitled to borrow any money from any Government bank;:
no person who is owner or part owner of any private bank or other money-loaning,
institution, or who is stockholder in any banking corporation, or any corporation
engaged in the business of loaning money, shall at the same time be permitted to
act as a bank director or bank examiner under the provisions of this act; no person
shall be appointed bank examiner, or bank director, or employed as a clerk iu any
Government bank unless he shall first have passed a civil-service examination; and!
no person shall be removed from the office of bank director or bank examiner except
for immorality, incompetency, or failure to faithfully discharge the duties of his<
office.
Sec. 8. That all Treasury notes, United States notes, gold certificates, silver cer-
tificates, gold and silver coins heretofore or hereafter issued by authority of the
United States shall be full legal tender for all public and private debts contracted
after the passage of this act, and shall be receivable by the Government for all dues.
Sec. 9. That any owner of silver bullion may deposit the same at any mint of the
United States to be coined into standard silver dollars for his benefit and without'
charge, except a sufficient sum to cover the actual cost of preparing the bullion for
coinage: Provided, That it shall be lawful to refuse any deposit of bullion so base as-
to be unsuitable for the operations of the mint. ’
Sec. 10. That iu lieu of the various reserve funds and deposits of coin and bul-
lion held in the United States Treasury for the redemption of United States notes,
Treasury notes, gold certificates and silver certificates there shall be established a
single reserve fund in the United States Treasury. In this single reserve fund the
Secretary of the Treasury shall place all the gold coin and bullion now held to
redeem United States notes, all the gold coin and bullion now held to redeem gold
certificates, all the silver dollars now held to redeem silver certificates, and all the
silver bullion, and dollars coined therefrom, purchased and held under the pro-
visions of the act of .July fourteenth, eighteen hundred and ninety, all of which
coin and bullion shall bo held and used for the redemption of such notes and cer-
tificates.
Sec. 11. That whenever any notes or certificates shall be presented for redemption
the Secretary of the Treasury shall redeem them as follows: Gold certificates iu gold
coin, silver certificates in standard silver dollars, and United States notes and
Treasury notes in either gold coin or standard silver dollars according as either may
be more plentiful in the single reserve fund. And whenever any gold or silver cer-
tificates shall come into the Treasury, either by redemption or by the collection of
759
dues and taxes, the same shall he destroyed, and in their stead shall he issued new
legal-tender Treasury notes of like denominations, to the end that all the paper
currency of the United States may be uniform. And whenever any United States
notes or Treasury notes shall have been redeemed, if lit for further use, they shall
be immediately reissued; but if unfit for further use, they shall be destroyed and
new legal-tender Treasury notes shall be issued in their stead.
Sec. 12. That the Secretary of the Treasury is hereby authorized and directed to
have prepared new legal-tender Treasury notes of suitable denominations, and suf-
ficient in quantity, when added to the total sum of all United States notes, Treasury
notes, gold certificates, and silver certificates outstanding, to make the whole paper
currency of the United States equal in amount to three times the coin and bullion
placed in the single reserve fund.
Sec. 13. That the Secretary of the Treasury shall have coined into standard silver
dollars all the silver bullion purchased under the act of July fourteenth, eighteen
hundred and ninety, and shall have coined into standard gold coins all the gold bul-
lion now held in the Treasury of the United States.
Sec. 14. That the Secretary of the Treasury shall establish in the United States
Treasury a fund to be known as the permanent loan fund, and he shall place therein
all the Treasury notes provided for in section twelve of this act, all redeemed notes
which shall be reissued, and all Treasury notes issued to replace certificates and
notes redeemed under the provisions of section eleven of this act.
Sec. 15. That the chief of the bureau shall distribute all moneys in the permanent
loan fund among all the Government banks, placing in each bank such apart of the
whole as is proportional to the business needs of the community which such bank
is intended to supply. In determining the amount to be placed in each bank the
chief of the bureau shall be guided by reports of bank examiners, reports of bank
directors, and such statistics of population, production, and commerce as may be
available.
Sec. 16. That each bank director shall make a report to the chief of the bureau
every six months showing fully and clearly the condition of the bank under his
supervision, and the kinds and amount of business done in the previous six months.
Sec. 17. That any person may deposit money in any Government bank in any sum
not less than one dollar. Depositors shall be entitled to draw interest on their
deposits at the rate of three per centum per annum, payable annually or at the date
of withdrawal, at the option of depositors: Provided, That no interest shall be paid
on any deposit that remains in the bank less than four months.
Sec. 18. That all deposits made in Government banks shall be classified into short-
time deposits and long-time deposits; all deposits of one hundred dollars or more
made for a period of one year or more shall be known as long-time deposits; all
others shall be known as short-time deposits. The United States shall be responsi-
ble for the safekeeping and return to depositors of all money deposited. Each bank
shall keep on hand to pay depositors not less than fifteen per centum of all short-time
deposits made therein.
Sec. 19. That all long-time deposits shall be subject to the order of the chief of
the bureau for distribution among the various Government banks in like manner as
the moneys in the permanent loan fund: Provided, That the chief of the bureau
shall order not less than fifteen per centum of every long-time deposit to be placed
in some first-class bank to be designated by him, there to be safely kept and used
as a fund for the repayment of all long-time deposits : Provided further, That no long-
time deposit may be withdrawn without the depositor’s giving thirty days’ notice
to the bank wherein such deposit is made.
Sec. 20. That every post-office in the United States, outside of the cities and
villages where Government banks are established, shall be a receiver of deposits in
sums of one hundred dollars or less. When such deposits are made the postmaster
shall give the depositor a receipt for the amount deposited, and shall immediately
forward, by mail or express, such deposit to the nearest Government bank, upon the
receipt of which the director of such bank shall return to the postmaster a receipt
for the amount received; all deposits so made shall draw interest from date of post-
master’s receipt, subject to the provisions of section seventeen of this act. Every
postmaster shall be responsible on his bond to the United States for all moneys
deposited with him while they remain in his hands, and the United States shall be
responsible to depositors for all such deposits from the time they are received by
postmasters.
Sec. 21. That any citizen of the United States may borrow money from any Gov-
ernment bank by giving ample personal or real-estate security. The bank director
shall be judge of the sufficiency of all security offered. No greater sum than three
thousand dollars shall be loaned to any person, firm, or corporation at any one time.
Sec. 22. That all loans made by Government banks throughout the United States
shall be at the uniform rate of four per centum per annum: Provided, That when it
is fully demonstrated that a decrease in the rate of interest is safe and practicable
760
the Secretary of the Treasury shall order a uniform reduction in the rate of interest
to be made, and such rate shall be no higher than is sufficient to defray the expenses
of the system : Provided further, That all reductions in the rate of interest shall apply
to the unpaid portion of all loans made before such reductions are ordered.
Sec. 23. That loans may be made for any period not less than three months noi
greater than twenty years : Provided, That no loan on personal security shall he
made for a greater period than one year.
Sec. 24. That interest on every loan made for a greater period than one year shall
he due and payable annually, hut interest on every loan made for a period of one
year or less shall be due and payable at the same time as the loan.
Sec. 25. That in case of loans made for more than one year the borrower may,
in addition to the interest, pay not less than live per centum of the principal at the
end of each year, and shall thereafter pay interest only on the amount of principal
remaining unpaid: Provided, That the borrower may at any time pay all the debt or
a greater percentage than is herein required.
Sec. 26. That whenever any borrower shall fail to make payments as required
under the provisions of this act it shall be the duty of the bank director to proceed
to collect the amount duo by process of law.
Sec. 27. That after the passage of this act no bank shall be chartered under the
present national-bank laws, ancl no charter of any existing national bank shall be
extended.
Sec. 28. That all acts and parts of acts in conflict with the provisions of this act
be, and are hereby, repealed.
H. It. 5448.
A BILL To reduce tariff taxation and to provide revenue for the Government.
P>e it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the revenue law approved October first, eighteen hun-
dred and ninety, is hereby repealed, and the revenue law approved March third,
eighteen hundred and eighty-three, is hereby revived and reenacted, except as here-
inafter provided.
Sec. 2. That at the end of the present fiscal year, June thirtieth, eighteen hundred
and ninety-four, the rates of customs in all the schedules of the law hereby revived
shall be reduced one-l'ourth, except such as are hereinafter placed on the free list.
Sec. 3. That at the close of the fiscal year ending June thirtieth, eighteen hundred
and ninety-five, the rates or schedules of duties as they then exist shall be reduced
one-third.
Sec. 4. That at the close of the fiscal year ending June thirtieth, eighteen hun-
dred and ninety-six, the duties on imports as they then exist shall be reduced one-
fourth: Provided, That the internal taxes of the revenue law of eighteen hundred
and ninety-three shall be reduced by the same percentages each year when the cus-
tom duties are reduced: And provided, That the articles enumerated as prohibited by
the aforementioned law of eighteen hundred and eighty-three shall remain in the
prohibited list, and it will become the duty of the Secretary of the Treasury, on and
after June thirtieth, eighteen hundred and ninety-four, to add to such prohibited
list any and all articles and commodities which, in his judgment, are dangerous to
the health, lives, or property of the people of the United States.
Sec. 5. That the free list of the aforesaid law of eighteen hundred and eighty-
three, which is hereby reenacted, shall be enlarged by adding all timber, round,
split, hewn, or sawed, and all lumber, rough and dressed, used in the construction
of fences, houses, boats, ships, and cooperage, but not advanced in value by manu-
facture beyond the condition of hewn, split, sawed, or dressed, on and after the
passage of this act.
Sec. 6. That in order to provide and maintain revenues for the Government there
are hereby authorized and levied taxes as follows: •
First. On all incomes of individuals amounting to four thousand dollars per
annum or over, but not exceeding ten thousand dollars, one per centum per annum.
Second. On all incomes of individuals amounting to ten thousand dollars per
annum, but not exceeding thirty thousand dollars, two per centum per annum.
Third. On all incomes of individuals amounting to thirty thousand dollars per
annum, but not exceeding sixty thousand dollars, three and one-half per centum per
annum.
Fourth. On all incomes of individuals amounting to sixty thousand dollars per
annum, but not exceeding one hundred thousand dollars, six per centum per annum.
Fifth. On all incomes of individuals amounting to one hundred thousand dollars
per annum, but not exceeding live hundred thousand dollars, ten per centum per
annum.
Sixth. On all legacies, and gifts to heirs of estates, and all inheritances of proper-
ties and values of all sorts, counted in the aggregate, before division among the
7G1
heirs, there is hereby authorized and levied taxes as follows : On all legacies or inher-
itances of ten thousand dollars or over but less than one hundred thousand dollars,
a tax of live per centum; on all legacies of one hundred thousand dollars or over-, a
tax of ten per centum per annum.
Seventh. Ou all lauds and landed estates held by individuals, firms, or corpora-
ations there is hereby authorized and levied taxes as follows: On estates of the
value of ten thousand dollars or over (not counting improvements), but less than
fifty thousand dollars, two per centum per annum; on estates of the value of fifty
thousand dollars or over (not counting improvements), but loss than one hundred
thousand dollars, four per centum per annum; on estates of the value of one hun-
dred thousand dollars or over (not counting improvements), six per centum per
annum.
Sec. 7. That for the purposes of restoring and maintaining a just and equitable
volume of currency the Secretary of the Treasury is hereby authorized and directed —
First, to issue one hundred million’s of dollars in legal-tender Treasury notes to
replace the estimated losses and waste of United States notes during the past thirty
years, the volume of which, under the law of May thirty-first, eighteen hundred
and seventy-eight, prohibited the further retirement of United States notes.
Second, to issue one hundred and fifty millions of dollars in legal-tender Treasury
notes to replace the retirement of national-bank notes below the maximum volume
of bank currency formerly iu circulation; and
Third, to issue annually one hundred millions of dollars in legal-tender Treasury
notes to meet the increasing necessities of an increasing population. Said Treasury
notes shall be executed in the highest style of art on the distinctive paper best
suited to the manufacture of the United States notes, and said notes shall be of the
usual denominations, similar to the notes now in circulation; and the United States
notes issued under this section shall be receivable in the revenues of the Geueral
Government and lawful money in all payments, both public and private, except
where contracts in existence prior to the passage of this act have provided other-
wise.
The United States notes authorized by this act shall be added to the funds of the
United States Treasury, and shall be paid out and circulated through and by the
usual and lawful disbursements of the United States Government.
Sec. 8. That the Secretary of the Treasury of the United States is hereby author-
ized and directed to prepare and print rules and details ofprocedure, books, blanks,
and other necessary documents, appoint tax collectors with instructions as to their
duties, requiring adequate bonds and the usual oath of office, and to do and perform
all other acts which may be necessary to collect the taxes and to issue the Treasury
notes herein authorized.
Sec. 9. That this act shall take effect from the date of its passage, and all acts or
parts of acts inconsistent herewith are hereby repealed.
H. R. 5654.
A BILL directing the coinage of the silver bullion held in the Treasury, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury is hereby authorized and
required to transfer to the several mints of the United States and cause to be coined
into legal-tender standard silver dollars, and into such minor silver coins as he may
deem advisable, at least two millions of ounces per month of the silver bullion pur-
chased under the provisions of the act entitled “An act directing tliepurchase of silver
bullion and the issue of Treasury notes thereon and for other purposes,” approved
July fourteenth, eighteen hundred and ninety, and a sum sufficient to carry into
effect the provisions of this act is hereby appropriated out of any money in the
Treasury not otherwise appropriated.
Second. That after the passage of this act, the Secretary of the Treasury is
directed, that whenever the Treasury coin notes issued in accordance with the pro-
visions of the said act of July fourteenth, eighteen hundred and ninety, or when-
ever the silver certificates issued by virtue of any act of Congress authorizing the
issue of such certificates on the deposit of silver dollars, are presented l'or redemp-
tion, to redeem such notes and certificates in either gold or silver: Provided, That in
case the amount of coined gold in the Treasury exceeds the amount of the coined
silver, the Secretary of the Treasury shall redeem such notes and certificates in gold
coin, but in case the silver coin in the Treasury exceeds the amount of gold coin,
such notes and certificates shall be redeemed in silver coin.
Third. That the Secretary of the Treasury is authorized and directed to issue
Treasury coin notes in amount equal to the gain or seigniorage of the silver bullion
purchased under the provisions of said Act of J uly fourteenth, eighteen hundred and
7G2 '
ninety: Provided, That hereafter no Treasury notes of less denomination than five
dollars shall be issued.
Fourth. That upon the. deposit in the Treasury of any gold or silver coin the Sec-
retary of the Treasury shall issue Treasury coin notes to the nominal amount of such
deposit, and all laws authorizing the issue of gold and silver certificates are hereby
repealed, and all laws in conflict herewith are hereby repealed.
II. It. 5749.
A BILL to provide for the distribution of a national currency and for the circulation and redemp-
tion thereof.
Jie it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and after the passage of this act any association or
corporation; having not less than five directors, duly organized or to be organized,
and transacting a banking business under and in accordance with the laws of the
State or Territory or district whore the same may be located, denominated for the
purposes of this act as “State banks,” and all national banks or national banking
associations shall be entitled to issue circulating notes, subject to the provisions
and conditions of this act.
Sec. 2. That a State bank desiring to avail itself of this act must submit to the
Comptroller of the Currency a statement of the capital of such bank, which must
be fully paid in, and the amount of the surplus or reserve fund of such bank, if
any, which said statement shall be subscribed and duly verified by the affidavits of
the president, cashier, and a majority of the directors of said bank or association,
•and shall be in the form the Comptroller of the Currency may prescribe.
Sec. 3. That the Comptroller of the Currency shall, under the direction of the
Secretary of the Treasury, cause to be engraved plates and dies, in the best man-
ner to guard against counterfeiting and fraudulent alterations, and shall have
printed therefrom and numbered such quantity of circulating notes in blank of the
denomination of five dollars, ten dollars, twenty dollars, one hundred dollars, five
hundred dollars, and one thousand dollars, as may bo required to supply the banks
or associations by this act entitled to receive the same, but not more than one-
sixth part of said notes shall be of the denomination of five dollars.
Sec. 4. That the plates and dies to be procured by the Comptroller of the Currency
for the printing of such circulating notes shall remain under his control and direc-
tion, and the expenses necessarily incurred in executing this act, respecting the pro-
curing of such notes and the issuing thereof, and all other expenses connected there-
with, shall be paid by the banks or associations availing themselves of this act in
proportion to the amount of notes issued to them respectively.
Sec. 5. That any bank or association, upon having complied with the provisions
of section two, shall be entitled to receive from the Comptroller of the Currency circu-
lating notes in blank, registered and countersigned in the manner and amount as
hereinafter provided. The aggregate amount of the notes to be issued by the Comp-
troller of the Currency shall at no time exceed the ratio of ten dollars per capita of
population of the United States, calculated on the basis of the last preceding census,
but whenever the circulating notes now issued by the United States Treasury (not
including notes under the national-bank act) shall be withdrawn from circulation, the
Comptroller of the Currency, under the direction of the Secretary of the Treasury,
may increase the issue of notes under this act to an amount not exceeding fifteen
dollars per capita, calculated on the basis of the last preceding census of the United
States at that time.
Sec. 6. That no bank or association shall be allowed to issue notes in excess of
one-tliird of its paid-up capital, and in no event to exceed one million dollars.
Sec. 7. That every bank or association must keep on hand and iu reserve at all
times not less than twenty-five per centum of the amount of the notes issued to such
bank or association in coin or its equivalent in the lawful money of the United
States.
Sec. 8. That each bank or association shall pay to the Treasurer of the United
States in the month of July in each year a tax of one per centum upon the amount
of its authorized circulation under this act.
Sec. 9. That the Comptroller of the Currency, whenever the exigencies of the
occasion shall in his opinion demand it, is authorized and empowered to issue fo the
banks or associations having a circulation of notes under this act an additional
amount of notes over and above the amount authorized by the sixth section of this
act, but the amount of such additional issue of notes shall in no event exceed twenty
per centum of the paid-up capital of the respective banks or associations. And in
the event that the Comptroller of the Currency shall not make such additional issues
as hereinbefore in this section provided, then whenever not less than one-tliird in
number of the banks or associations having a circulation of notes under this act
763
shal 1 make a request in writing to the Comptroller of the Currency for an additional
issue of such notes, the Comptroller of the Currency must make such additional
issue to such of the banks or associations applying for the same, but in no event
shall such additional issue exceed twenty per centum of the paid-up capital of the
respective hanks or associations receiving such additional issue of notes, and each
of the hanks or associations receiving such additional issue of notes shall pay to the
Treasurer of the United States a tax of one per centum on such additional issue for
every six months or part of six mouths the same shall remain in circulation and
until the same shall he returned to the Comptroller of the Currency.
Sec. 10. That within ten days before the lirst day of July of each year, and at such
other times as the Comptroller of the Currency may demand the same, each State
hank shall file with said Comptroller of the Currency a certificate, subscribed and
sworn to by the president, cashier, and a majority of the directors of said hank,
stating that the capital and the twenty-five per centum reserve provided for in sec-
tion seven are intact. Every hank or association which fails so to file such certifi-
cate shall he liable to a penalty of two hundred dollars, to he collected in the man-
ner in which penalties are to he collected from other corporations or associations
under the laws of the United States.
Sec. 11. That any hank or association going into voluntary liquidation must first
pay over to the Treasurer of the United States the amount of notes issued to such
hank or association, deducting therefrom the aggregate amount of taxes paid by
such hank or association to the Treasurer, and such payment shall he made before
any other debt or obligation.
Sec. 12. That whenever any hank or association fails to redeem, in the lawful
money of the United States, any of its circulating notes, upon demand of payment
duly made during the usual hours of business at the office of such hank or associa-
tion, the Comptroller of the Currency, on notice of such refusal to pay, duly certified
by a notary public, shall at once take possession of all the assets of such hank or
association, and shall collect therefrom a sufficient amount to coverall the outstand-
ing or unredeemed notes of said hank or association ; and in the case of a national
hank or association shall proceed thereafter in the manner and in accordance with
the provisions of the national-hank act in eases of insolvency of a national hanking
association; and in the event of the failure of a State hank to redeem any of its cir-
culating notes said Comptroller of the Currency shall pay over any surplus over the
amount of such outstanding or unredeemed notes, and the expenses of collecting
the same, to the hank entitled to the same or the receiver thereof duly appointed;
and in the event the sum realized from the assets of such insolvent hank or association
shall not he sufficient to cover the amount of the outstanding or unredeemed notes of
said insolvent hank or association the holders of record of the capital stock of such
insolvent hank or association, or such who shall have been holders of record of the
capital stock of said hank or association for six months preceding such insolvency,
shall he jointly and severally liable for such deficiency.
Sec. 13. That moneys received for taxes, provided for in sections eight and nine of
this act, shall be appropriated by the Treasurer of the United States, under the
direction of the Secretary of the Treasury, as an accumulative sinking fund, and
shall be invested in interest-hearing bonds of the United States, or in the event of
there not being a sufficient amount of United States bonds, then in such State bonds
as Congress may direct; and whenever the amount of such sinking fund shall have
reached a sum equal to seventy-five per centum of all outstanding notes issued under
this act the hanks or associations shall pay over to the Treasurer of the United
States the twenty-five per centum held by them, respectively, as a reserve fund and
as provided in section seven; and upon such payment being made the bank or asso-
ciation making the same shall he relieved and released from all further liability by
reason of the notes of said hank in circulation under this act, or for the redemption
thereof.
Sec. 14. That the Treasurer of the United States shall apply such reserve fund so
paid over as in the preceding section provided for the purpose of redeeming the
notes in circulation as the same shall be presented for payment, and the Treasurer
of the United States, under the direction of the Secretary of the Treasury, shall,
from time to time, sell such amounts of said bonds of the sinking fund as provided
for in section thirteen as may be required to keep the reserve fund of twenty-five
per centum in his hands intact and complete, and the Treasurer of the United States
shall also apply the interest arising from the bonds held by said sinking fund for
the purpose of redemption of said notes in circulation.
Sec. 15. That the provisions of the national-bank act, and relating to matters not
hereinbefore provided for, as to the obtaining and issuing of said notes and as to the
redemption thereof, not in compliance with the provisions of this act, and for the
redemption of mutilated and worn-out notes and as to the penalties and punish-
ments for counterfeiting the same, shall be deemed a portion of this act.
764
II. IS. 5820.
BILL directing the coinage of the silver bullion hold in the Treasury, and for other purposes.
be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury shall immediately cause to
he coined as fast as practicable the silver bullion held in the Treasury, purchased
under the act of July fourteenth, eighteen hundred and ninety, entitled “An act
directing the purchase of silver bullion and the issuing of Treasury notes thereon,
and for other purposes,” to the amount of the gain or seigniorage of such bullion, to
wit: The sum ot fifty-five million one hundred and fifty -six thousand six hundred
and eighty-one dollars, and such coin or the silver certificates issued thereon shall be
used in the payment of public expenditures, and the Secretary of the Treasury may,
in his discretion, if the needs of the Treasury demand it, issue silver certificates in
excess of such coinage: Frovided, That said excess shall not exceed the amount of
the seigniorage as herein authorized to be coined.
Sec. 2. That the remainder of the silver bullion purchased in pursuance of said
Act of July fourteenth, eighteen hundred and ninety, shall be coined into legal-ten-
der standard silver dollars as fast as practicable, and the coin held in the Treasury
for redemption of the Treasury notes issued in the purchase of said bullion. That
as last as the bullion shall be coined for the redemption of said notes, the notes shall
not be reissued but shall be canceled and destroyed in amounts equal to the coin
held at any time in the Treasury, derived from the coinage herein provided for, and
silver certificates may be issued oil such coin in the manner now provided by law.
Skc. 3. That a sufficient sum of money is hereby appropriated to carry into effect
the provisions of this act.
II. II. 5864.
A BILL for the encouragement of the mining of silver in the United States and for the formation of
silver guaranty banks.
Re it enacted by the Senate and House of Representatives of the United States of America
in Cotigress assembled, That any person or persons, association, corporation, or mining
company interested or engaged in the mining or purchasing of silver bullion within
the United States of America, and having a properly certified “certificate of officers
and directors” transmitted to the Comptroller of the Currency, may apply to the
Comptroller of the Currency for a certificate to engage iu the business of banking in
any specified place within the United States. Such association, corporation, or
mining company shall be known as a “silver guaranty banking association,” and
shall be subject to the laws regulating national banks within the United States,
excepting wherein the said laws do not come in conflict with this act.
Sec. 2. That any person or persons, association, corporation, or mining company
aforesaid, before securing authority to commence a banking business under this act,
shall transfer and deliver to the keeping of the Treasurer of the United States silver
bullion to the full value of fifty thousand dollars and upward, but not exceeding five
hundred thousand dollars, at its then market value in gold. Such silver bullion
shall be received by the Secretary of the Treasury, and shall by him be held iu trust
as a basis of banking for the association making such deposit and for the security of
its circulating notes.
Sec. 3. That the Secretary of the Treasury shall demand of and receive from every
person or persons, association, corporation, or mining company organized under this
act United States bonds, bearing interest, pay’ble to such person or persons, associa-
tion, corporation, or mining company, semi-annually, in gold, iu such an amount as
he may deem necessary to insure the original cash value in gold of all silver bullion
so deposited with him in trust by the depositing association, not exceeding twenty
per centum of the value* of the bullion so deposited. Whenever the cash value in
gold of the silver bullion so deposited with the Secretary of the Treasury by any
said person or persons, association, corporation, or mining company shall depreciate,
the Comptroller of the Currency shall demand of and receive from such person or
persons, association, corporation, or mining company the full amount of such
depreciation in gold so long as such depreciation shall continue. If any such person
or persons, association, corporation, or mining company shall fail or refuse to pay up
any depreciation in its bullion deposited with the Secretary of the Treasury for the
space of ninety days after being duly notified by the Comptroller of the Currency,
the Comptroller of the Currency is hereby authorized and required to appoint a
receiver to close up the business of«uch person or persons, association, corporation,
or mining company, according to section fifty-two hundred and thirty-four of the
Revised Statutes. Whenever the silver bullion on deposit under this act shall
increase its value in gold, the Comptroller of the Currency shall issue to the said per-
son or persons, association, or mining company owning the deposit circulating notes
7(>5
to the full value of such increase, or in lieu thereof, but at his discretion, remit the
amount to such person or persons, association, corporation, or mining company, in
gold, so long as such increase in its cash value in gold shall continue. The compu-
tation of said increase shall be made on the first day of January, April, July, and
October of each year, it being, however, expressly provided that at no time shall
the reserve for the security for the circulation of said banking company be less than
twenty per centum of the amount of said notes issued to said association.
Sec. 4. That any association or mining company depositing silver bullion guaran-
teed as prescribed in section three of this act shall, on producing the receipt of the
Secretary of the Treasury therefor, be entitled to receive registered and numbered
circulating notes, in blank, in denominations of five dollars, ten dollars, twenty
dollars, fifty dollars, one hundred dollars, live hundred dollars, and one thousand
dollars, and in no other denominations, from the Comptroller of the Currency to
the full value of the silver bullion such association or mining company may have on
deposit with the Secretary of the Treasury. And such circulating notes, after being
signed by the president and vice-president and the cashier of such association, bank-
ing, or mining company, may circulate the same as money, and the same shall be
received at par in all parts of the United States in payment of taxes, excises, public
lands, salaries, and all other debts and demands, both public and private, except
duties on exports and imports. And every national banking association, and every
silver guaranty association existing under this act, shall take and receive at par, for
any debtor liability to it, any and all notes or bills issued by any lawfully organized
silver guaranty banking association existing under this act within the United
States, and the same shall be a legal tender for the payment of all debts, excepting
duties due the United States on imports and exports. Mutilated and destroyed notes
shall be treated as required by section fifty-one hundred and eighty-four in regard
to the like notes of national banking associations.
Sec. 5. That when any person or persons, association, corporation, or mining
company may elect to go into voluntary liquidation it. shall deposit a sufficient
amount of lawful money with the Secretary of the Treasury to redeem its outstand-
ing circulation. Upon such deposit the Secretary of the Treasury shall reassign to
it the silver bullion and the United States bonds he holds in trust to secure the
redemption of its notes and the cash value in gold of its silver bullion on deposit.
When the Secretary of the Treasury is satisfied that any association organized under
this act has refused to redeem its circulating notes he may cause its silver bullion
and its United States bonds on deposit with him to be sold at public auction in the
city of Now York, after giving sixty days’ notice of such sale to the association.
The proceeds of such sale shall go to the redemption of its circulating notes and for
the reimbursing of the United States to the amount expended in such sale. The
balance shall be transmitted to the association within thirty days after the sale has
been consummated.
Sec. 6. That in order to encourage the production of silver within the United
States of America, the president or vice-president and the cashier of every associa-
tion, corporation, or mining company organized under this act must swear or affirm
that tho silver bullion offered by them to the Secretary of the Treasury is, to the
best of their knowledge and belief, the product of mines located within the terri-
tory of the United States of America, or was in said territory at the time of the pas-
sage of this act. No silver bullion or silver coin for the purpose of recoinage shall
be imported into the United States under a specific duty of twenty cents for every
ounce so imported.
Sec. 7. That the aggregate amount of circulating notes issued under this act shall
not exceed eight dollars per capita of the representative population of the United
States of America. »
II. K. 6077.
A BILL to construe tho law which gives the Secretary of tho Treasury the right to redeem coin
obligations in gold or silver, at his discretion.
Whereas an Act entitled “An Act directing the purchase of silver bullion and the
issue of Treasury notes thereon, and for other purposes,” approved July fourteenth,
eighteen hundred and ninety, provides “that upon demand of the holder of any of
the Treasury notes herein provided for tho Secretary of the Treasury shall, under
such regulations as he may prescribe, redeem such notes in gold or silver coin, at
his discretion, it being the established policy of the United States to maintain tho
two metals on a parity with each other upon the present legal ratio, or such ratio
as may be provided by law; ” and
Whereas this provision and other similar provisions for redemption in coin have
been construed to mean that the Secretary of the Treasury has no discretion, but
must redeem in that coin which the holder of the obligation demands; and
Whereas such construction violates both the letter and the spirit of the law,
766
destroys the principle ot bimetallism, and places the Treasury at the mercy of any
avIio may conspire to reduce the gold reserve for the purpose of forcing an issue of
bonds: Therefore,
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That all obligations heretofore or hereafter incurred by the
Government ot the United States, whether such obligations bear interest or not,
which, according to their terms, call for payment in coin, shall be payable in gold
or silver coin of present weight and fineness, at the discretion of the Secretary of
the treasury, and the right of the holder of any such obligation to demand payment
in a particular kind of coin, whether gold or silver, is hereby expressly denied; and
that the Secretary of the Treasury is directed to maintain gold and silver coin on a
P.a-ity with each other upon the present legal ratio, or such ratio as may be provided
by law, by receiving the same without discrimination against either metal, in pay-
ment of all public dues, customs, and taxes.
II. R. 5941.
A BIL L to provide for the free and unlimited coinage of silver and gold at the present ratio and
upon equal terms.
Be it enacted by the Senate and House of Representatives of the United Slates of America
in Congress assembled, That on and after the passage of this act the mints of the
United States shall be opened to the coinage of both silver and gold, upon the same
terms as existed prior to eighteen hundred and seventy-three: Provided, however,
That no silver or gold coined hereafter for the account of the owners shall be a legal
tender, and instead of being stamped “one dollar,” “ five dollars,” “ten dollars,” and
so forth, it shall be stamped “one globe,” “five globes,” “ten globes,” and so forth,
and on the reverse side every piece of such coin shall bear the words “Not a legal
tender.”
Sec. 2. That nothing in this act shall be construed as taking away the legal-ten-
der function of any silver or gold already coined.
Sec. 3. That all laws or parts of laws in conflict with this act shall be, and hereby
are, repealed.
II. II. 6481.
A BILL directing the coinage of the silver bullion held in the Treasury.
Be it enacted by the Senate and House of Representatives of the, United States of America
in Congress assembled, That the Secretary of the Treasury shall immediately cause to
be coined into legal-tender standard silver dollars as fast as possible the silver bul-
lion held in the Treasury, purchased under the act of .July fourteenth, eighteen hun-
dred and ninety, entitled “An act directing the purchase of silver bullion and the
issuing of Treasury notes thereon, and for other purposes.”
Sec. 2. That a sufficient sum of money is hereby appropriated to carry into effect
the provisions of this act.
II. R. 65 17.
A BILL to provide for the free and unlimited coinage of silver.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and after the passage of this act all holders of silver
bullion to the amount of one hundred dollars or more, of standard weight and fine-
ness, shall be entitled to have the same coined at the mint of the United States into
silver dollars of the weight and fineness provided for in the second section of this
act.
Sec. 2. That the silver dollar provided for in this act shall consist of four hundred
and twelve and one-half grains of standard silver; said dollars to be a legal tender
for all debts, dues, and demands, both public and private.
Sec. 3. That the holder of the silver dollars herein provided for shall bo entitled
fo deposit the same and to receive silver certificates in the manner now provided by
law for the standard silver dollars.
II. K. 6613.
A BILL to provide for the coinage of standard silver dollars, and for the issue of bonds in lien of
bonds heretofore authorized, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United Stales of America
in Congress assembled, That so much of the act entitled “An act to provide for the
resumption of specie payments,” approved January fourteenth, eighteen hundred
and seventy-five, as authorizes the Secretary of the Treasury to issue and sell cer-
767
tain classes of bonds of tlio United Statos, bearing interest at the rate of four per
centum, four and a half por centum, and live per centum, respectively, be, and the
same is hereby, repealed; and in lieu of said bonds the Secretary of the Treasury is
hereby authorized to issue and sell coupon or registered bonds of the United States
in denominations of twenty dollars and multiples thereof, payable in coin after live
years from date, bearing interest at a rate not exceeding three per centum per
annum, payable quarterly in coin, and to sell and dispose of the same at not less
than par, in coin, which bonds shall have like qualities and exemptions as the bonds
authorized by said act of .July fourteenth, eighteen hundred and seventy-live; and
the Secretary of the Treasury shall hold and use the proceeds of said bonds for the
purposes specified in said act, and the act entitled “An act directing the purchase
of silver bullion and issue of Treasury notes thereon, and for other purposes,”
approved July fourteenth, eighteen hundred and ninety.
Sec. 2. That the Secretary of the Treasury is hereby authorized to issue and sell
bonds of the character and description mentioned in the preceding section of this
act at not less than par, in coin, and apply the proceeds thereof to the redemption of
the ten-year live per centum bonds of the United States now outstanding, or he may
exchange the same for such ten-year live per centum bonds; but in making such
exchanges and redemptions the live per centum bondsshall be received at the Treasury
Department at a price not less favorable to the Government than a three jrer centum
basis on the investment in said five per centum bonds for the period they have to run
from the date of such redemption or exchange.
Sec. 3. That the Secretary of the Treasury be, and he is hereby, authorized and
directed to coin into standard silver dollars, as rapidly as practicable, forty-two
million six hundred and sixty thousand two hundred and forty-live line ounces of the
silver bullion now held in the Treasury, and the said coins shall be paid monthly
into the Treasury as miscellaneous receipts, and such dollars shall be a legal tender
at their nominal value for all debts and dues public and private, except where other-
wise expressly stipulated in the contract. The Secretary may issue certificates on
said coin in the forms and of the denominations now authorized by law, which cer-
tificates shall be receivable for customs, taxes, and all public dues, and when so
received may be reissued.
Sec. 4. That the Secretary of the Treasury may receive silver certificates on
deposit, without interest, from any national banking association, in sums of not less
than five thousand dollars, and issue certificates therefor in such form as he may
prescribe, in denominations of not less than five thousand dollars, payableon demand
in silver certificates, or in standard silver dollars, at the places where the deposits
were made. The certificates so deposited shall not be counted as part of the lawful
money reserve of the association, but the certificates issued therefor may be counted
as part of its lawful money reserve and may be accepted in the settlement of clear-
ing house balances at the places where the deposits therefor were made.
Sec. 5. That a sum sufficient to carry the provisions of this act into effect is hereby
appropriated, out of any money in the Treasury not othewise appropriated.
II. R. 6618.
A BILL to provide for the maintenance in the Treasury of a safe gold reserve, for the coinage of
standard silver dollars, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury is authorized to purchase
gold coin and gold bullion with Treasury notes, silver coin, or silver certificates, and
to exchange silver coin or silver certificates for gold coin or gold bullion, and all
gold coiu or gold bullion which shall hereafter be purchased or otherwise become
the property of the United States shall be held in the Treasury as a permanent gold
reserve fund for the redemption of United States notes heretofore or hereafter issued,
and for no other purpose; and none of the gold coin or gold bullion so purchased or
acquired shall be paid out of the Treasury for any purpose except for the redemption
of United States notes heretofore or hereafter issued. But the Secretary of the
Treasury shall issue new United States Treasury notes equal in amount and value to
the gold coin and gold bullion hereby directed to be accumulated in the Treasury, so
tha t there shall always be an amount of such notes outstanding as will equal in value
the gold coin and gold bullion held in the 'Treasury under the'provisions of this act;
and such new Treasury notes shall be a legal tend'erfor all debts, public and private,
except where otherwise expressly stipulated in the contract, and shall be receivable
for customs, taxes, and all public dues, and when so received may be reissued; and
such notes, when held by any national banking association, may be counted as a part
of its lawful reserve.
Sec. 2. That the Treasury notes issued in accordance with the provisions of this
act shall be redeemable on demand in coin at the Treasury of the United States or
at the office of any assistant treasurer of the United States, and when so redeemed
768
may be reissued. . Such Treasury notes shall bo prepared by the Secretary of the
i reasury in such form and of such denominations, not less than one dollar nor more
than one thousand dollars, as he may prescribe.
.Sec. 3. That the Secretary of the Treasury be, and he is hereby, authorized and
directed to coin into standard silver dollars, as rapidly as practicable, the silver
bullion now held in the Treasury, and the said coins shall be paid monthly into the
Treasury as miscellaneous receipts, and such dollars shall be a legal tender at their
nominal value for all debts and dues, public and private, except where otherwise
expressly stipulated in the contract. The Secretary may issue certificates on said
coin iu the forms and of the denominations now authorized by law, which certificates
shall be receivable for customs, taxes, and all public dues, anti when so received
may be reissued.
Sec. 4. That the Secretary of the Treasury may receive silver certificates on deposit
without interest, from any national banking association, in sums of not less than
live thousand dollars, and issue certificates therefor in such form as he may pre-
scribe, in denominations of not less than five thousand dollars, payable on demand
in silver certificates or in standard silver dollars, at the places where the deposits
were made. The certificates so deposited shall not be counted as part of the law-
ful money reserve of the association, but the certificates issued therefor may be
counted as part of its lawful money reserve, and may be accepted in the settlement
of clearing-house balances at the places where the deposits therefor were made.
Sec. 5. That a sum sufficient to carry the provisions of this act into effect is
hereby appropriated, out of any money in the Treasury not otherwise appropriated.
II. It. 67 63.
A BILL for the repeal of the tax upon the notes of State banks and banking associations under
certain conditions.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That all Acts and parts of Acts imposing a tax on notes of State
banks or State banking associations, either when used for circulation and paid out, or
when used for circulation or paid out, shall be, and the same are hereby, repealed as
to all notes of such State banks or State banking associations as shall be authorized
to issue notes by the laws of the State in which they are respectively situate: Pro-
vided, That the law of the State under which said banks or banking associations issue
notes, or the charter of incorporation of said State bauk or State banking association,
shall contain the following requirements, namely:
First. That no such bank or banking association shall issue or have in circulation
notes in excess of seventy-five per centum of its paid up and unimpaired capital stock.
Second. That the holders of the circulating notes have a first lien upon all the
assets of such bauk or banking association for the i>ayment of said circulating
notes.
Third. That each shareholder of such bank or banking association is made per-
sonally liable for the payment of all of its outstanding notes of circulation to an
amount equal to the par value of the shares held by him, together with any amount
not paid up on such shares.
Fourth. That the notes issued by such State bank or State banking association
shall be redeemed upon presentation and demand at the counter of such bank or
banking association in money made a legal tender by the laws of the United
States.
Fifth. That an examination of the affairs of such bank or banking association
shall bo made at least five times per year by some State officer thereto duly
authorized by the State, and that the results of such examinations shall be pub-
lished in some newspaper or newspapers, to be designated by the laws of the Stato
or by some officer of the State thereto duly authorized.
Sec. 2. That the imposition of the foregoing conditions shall not prevent any
State from imposing other conditions not inconsistent with the requirements of
this Act
II. R. 6811.
A BILL to coin gold and silver money, establish a parity between gold and silver coin, and provide •
a means of maintaining the same with legal-tender notes, and to equalize the utility of the national
banks.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury is hereby authorized and
directed to have coined into standard silver money of denominations of one dollar,
halves, quarters, and dimes of proportionate weight and nine-tenths fine, the silver
769
bullion and defaced coin and subsidiary coin now or hereafter in the Treasury of the
United States as rapidly as practicable. During the progress of the coinage the
Secretary of the Treasury is hereby authorized and directed to have prepared and
pay out as money certificates redeemable on demand in silver coin, which certificates
shall be a legal tender for all debts, public and private, and all dues ; but in no event
whatever under this act shall the certificates exceed the amount in money of the
bullion or coin on hand when coined.
Skc. 2. That whenever the Secretary of the Treasury shall have issued or paid out
of the Treasury a certain sum, not exceeding one hundred millions of dollars in cer-
tificates or silver coin, in pursuance of the provisions of the foregoing section of
this act, designated as section one, or when the Treasury shall need gold coin or
bullion, it shall bo lawful for and the Secretary of the Treasury is hereby authorized
to have prepared and offer for sale and sell bonds of the United States in sums not
less than fifty dollars nor more than one thousand dollars each, hearing a rate of
interest not exceeding three per centum per annum, payable quarterly, the princi-
pal thereof payable in gold coin of present standard in not less than ten nor more
than thirty years from the date of issue therefor, at the pleasure of the United States,
which bonds shall only be sold or issued for gold coin or gold bullion of standard
value, and for not less than the par or face value of the bonds; and the aggregate
amount, of said bonds shall not exceed the aggregate amount of the certificates orof
the silver coined under this act on the ratio of sixteen parts of silver equivalent to
one part of gold as the parity established by law between these metals for coinage
into money. And the gold derived from said bonds shall be coined as needed and
covered into the Treasury to meet the lawful demands therefor. But no bonds shall
be issued to an amount greater than this parity of amount of value between silver
and gold on the ratio above stated in possession of the Treasury. And gold bullion
presented at the mints and owned by citizens of the United States may, in the dis-
cretion of the Secretary of the Treasury, be coined under existing laws whenever
practicable to coin the same.
Sec. 3. That whenever the Secretory of the Treasury shall require bullion for
coinage, in accordance with section one ortwo of this act, he is hereby authorized and
directedto purchase the bullion either of silveralone, orof gold and silver, in theopen
marketon due notice, and preferably of United States production, at the commercial
rate or value thereof, notexceediug tliecoinage value, less seigniorage, and to pay for
the same in lawful money or in certificates payable in either, or both gold and silver
coin, at the option of the United States. And the Secretary of the Treasury may
exchange the said certificates for not less than par in lawful money in lieu of direct
payment with the certificates. But in any event the parity of amount of coinage, or
of purchase of gold and of silver for coinage, on the said ratio of value shall be main-
tained, and certificates to be paid out as money to represent such uueoined bullion
in the Treasury may be issued, payable in the coin, on demand, as provided in sec-
tion one, and the bullion be coined as practicable. The standard legal weight of the
silver dollar, exclusive of mint tolerance, shall be computed as four hundred and
twelve grains and eight-tenths of a grain, and its subdivisions in proportions, with
the tolerance added, in estimating the bullion value, at nine-tenths fine.
Sec. 4. That the bonds, coin, and certificates issued under the provisions of this
act shall in all respects have the same legal status and effects as other bonds and
lawful money of the United States, ami be free and exempt from all taxation; but
the amount of bonds, or of certificates, at one time issued and outstanding under the
provisions of this act shall not exceed five hundred millions of dollars; and the bonds
hereby authorized may be exchanged for or used to pay off any other bonds issued
under prior acts of Congress whenever such bonds shall become due or payable by
the United States, and also be available at par as security for bank-note circulation
which may be authorized by the several States.
Sec. 5. That when the commercial value of gold and silver shall be on a parity on
the ratio of one part of gold equivalent to sixteen parts of Silver, or within a deci-
gram as the mint tolerance of coinage, it shall be lawful for the Secretary of the
Treasury to receive or to purchase these metals to bo coined and to coin them into a
bimetallic unit of gold and silver combined, on the metric system of the denomina-
tions of one dollar and of four dollars. The unit of one dollar, consisting of eight
hundred and eighty-five milligrams of gold, nine grams and nine hundred and fifteen
milligrams of silver, and one gram and two decigrams of copper, total weight twelve
grams, value one hundred cents, and be denominated the “ metric dollar,” with
suitable distinctive inscriptions. The four-dollar “ metric gold” coin for domestic
and for international use shall consist of six grams of gold, three decigrams of silver,
and seven decigrams of copper, for which coinage a seigniorage shall be charged iu
his discretion ; and said metric coins shall be a legal tender in all respects as fully
as any other lawful money of the United States, they being of the same standard
value as the coin of troy weight.
S, Eep. 235 49
770
Sec. 6. That it shall be lawful for the national banks to loan money on promis-
sory notes or on bond and mortgages, secured by real estate or land/as well as on
commercial notes and other security; and the tax of ten per centum heretofore
authorized on State bank notes shall not be levied and collected in relation to notes
issued, when based upon securities deposited with State treasurers, respectively,
and authorized by the State in which the bank issuing the notes is located, and when
such notes are redeemable and redeemed on demand in lawful money of the United
States.
Sec. 7. That sufficient money to carry into effect the provisions of this act is
hereby appropriated out of any money in the Treasury not otherwise appropriated;
and tho Secretary of the Treasury is hereby authorized to charge and pay for the
same out of the seigniorage fund of coinage, to be kept as a separate fund of the
Treasury, and to cover any surplus not needed into the Treasury in general account.
Sec. 8. That all acts and parts of acts inconsistent with the provisions of this act
be, and the same are hereby, repealed.
H. R. 6S64.
A BILL to provide for the free coinage of silver dollars of value equal to gold dollars.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That from and after six months after the passage of this act,
silver bullion shall be received and coined at the mint into silver dollars for tho
benefit of the depositor, upon the same terms and conditions as gold bullion is
received and coined, and such silver dollars shall be of the proportions of fineness
and alloy now provided by law for silver dollars, and shall bear the devices and
superscriptions now provided by law for silver dollars, and shall be of such weight,
1o be fixed as hereinafter provided, as shall make each silver dollar equal in value
to a gold dollar.
Sec. 2. That before the mint is opened for the free coinage of silver dollars, as
aforesaid, the Secretary of the Treasury shall ascertain, declare, and proclaim the
average commercial ratio of value of silver to gold for the period of ninety days
next preceding such proclamation, and shall fix and proclaim the required weight of
each silver dollar to be coined under this act so as to make each such silver dollar
of value equal to a gold dollar, upon the basis of the average commercial ratio of
value of silver to gold for said period of ninety days, and the weight so fixed and
proclaimed shall be the weight of all silver dollars which shall be coined after the
time herein fixed for the commencement of coinage under this act.
Sec. 3. That the silver dollars which shall be coined under this act shall be a legal
tender at their nominal value for all debts and dues, public and private, except
where otherwise expressly stipulated in the contract ; and other silver dollars coined
before the time hereinbefore specified for the commencement of coinage under this
act shall continue to be legal tenders as though this act had not been passed.
Sec. 4. That silver dollars coined under this act may be deposited in the Treasury
and certificates shall be issued therefor as now provided by law for issuance of cer-
tificates for silver dollars, and such certificates shall be receivable for customs, taxes,
and public dues, and, when so received, may be reissued, and all provisions of law
concerning silver certificates now in force shall be applicable thereto.
II. K. 0951.
A BILE to provide for tlie retirement of United States legal-tender and national-bank notes of small
denominations, and tlie issue of coin certificates in lieu or gold and silver certificates and Treasury
notes issued under the act of July fourteenth, eighteen hundred and ninety, and for other pur-
poses.
Be it enacted by the Senate and House of Representatives of the United Stales of America
in Congress assembled, That hereafter no United States note shall be issued of a
denomination less than ten dollars nor more than five hundred dollars, and the
denominations higher than fifty dollars shall not exceed in value one-fourtli of the
value of the total amount outstanding at any time; and not more than one-fourth in
value of the amount of circulation issued to national banks outstanding at anytime
shall be of less denomination than ten dollars, and no national-bank note hereafter
issued shall be of a higher denomination than one hundred dollars. The Secretary
of the Treasury is directed to make the changes in the denomination of the legal-
tender notes and national-bank notes needed to comply with the provisions of this
act whenever said notes are received at the Treasury for any purpose.
Sec. 2. That hereafter coin certificates shall be substituted for silver certificates
and gold certificates and Treasury notes issued under the act of duly fourteenth,
eighteen hundred and ninety, wherever any such currency is authorized to be issued
771
under existing laws; and all gold and silver certificates and Treasury notes issued
under said act of July fourteenth, eighteen hundred and ninety, now outstanding
shall be retired, when they are received for any purpose at the Treasury or any sub-
treasury of the United States, and coin certificates of the denominations hereby pro-
vided for issued in their stead; and the Secretary of the Treasury is hereby author-
ized and required to issue coin certificates as herein provided on all the surplus
silver and gold coin and gold bullion hold at any time by the United States in excess
of one hundred million dollars in value of gold coin, and the Secretary of the Treas-
ury shall issue coin certificates in lieu of all the Treasury notes issued under the act
of July fourteenth, eighteen hundred and ninety, now in circulation as above pro-
vided, and shall also further issue coin certificates on the silver bullion now owned
by the United States not covered by said Treasury notes until all of such bullion is
covered by coin certificates not exceeding one dollar for three hundred and seventy-
one and one-fourth grains of pure silver; and it shall be the duty of the Secretary
of the Treasury to pay out the coin certificates herein provided for in discharge of
all the obligations of the United States except such as have been heretofore made
payable expressly in gold and silver coin.
Sec. 3. That any person or persons may deposit gold or silver coin of the United
States in the sum of ten dollars, or any multiple thereof, with the Treasurer of the
United States, or with any assistant treasurer at any United States subtreasury, and
demand coin certificates of like amount therefor. It shall be the duty of the Treas-
urer of the United States, upon the receipt of said money or of any original certifi-
cate of deposit issued by any United States assistant treasurer at any United States
subtreasury, stating that there has been deposited therein, by any person or corpor-
ation, gold coin or standard silver dollars of the United States in the sum of ten dol-
lars or any multiple thereof, to order payment of a like amount in coin certificates, at
the counter of any United States depository designated by the depositor, in such
denominations as he may request in writing, of not less than one dollar nor more
than five hundred dollars, subject to the limitations hereinafter provided, which
shall be redeemable in either gold or silver coin, at the option of the United States;
and all the certificates hereby authorized, when received at the Treasury in any
form or for any purpose, shall be reissued, or new certificates of the same denomina-
tion substituted for such as are returned because of being mutilated or defaced, as
now provided by law in regard to the notes of the United States. No coin certifi-
cates shall be issued of a denomination greater than five hundred dollars, and at least
two-thirds in value of such certificates outstanding at any time shall be of denomi-
nations not exceeding fifty dollars.
Sec. 4. That it shall be the duty of the Secretary of the Treasury to cause a suffi-
cient number of coin certificates of the various denominations hereby authorized to be
prepared and distributed among the United States depositories to enable them to
comply with the provisions of this act; and the sum of fifty thousand dollars is
hereby appropriated, out of any money in the Treasury not otherwise appropriated,
to enable him to prepare and distribute said certificates.
Sec. 5. That this act shall take effect ninety days after its passage, except as to
the fifty thousand dollars appropriated in section four, and as to that appropriation
it shall take effect on the passage of this act, and said sum shall be immediately
available.
H. R. 6907.
A BILL to stop the interest on national debt, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Conf/ress assembled, That the Bureau of Engraving and Printing, by the desiou
and direction of the Secretary of the Treasury of the United States, shall pre-
pare plates and print therefrom curreucy bills of the United States of America
in the denominations of one dollar, two dollars, five dollars, ten dollars, twenty dol-
lars, fifty dollars, and one hundred dollars, equal to the full amount of the bonded
indebtedness of the United States of America. These currency bills are to state
upon their face that they are full legal tender for their face value for all dues of the
United States or citizens thereof, and are receivable for all duties and taxes due
the United States of America, and are convertible at face value into coin of both
silver and gold of the mintage of the United States of America at their face value
and are in every respect a full legal tender for any and all duties to and from the
United States of America and between its citizens.
Sec. 2. That all outstanding bonds of the United States of America now extant
must be presented at the United States Treasury within ninety days from the pas-
sage of this bill by a two-thirds vote of the House and Senate of the United States
of America, there to be exchanged, dollar for dollar, for the currency bills of the
United States.
772
Sec. 3. That all bonds of the United States of America failing to be presented
within the ninety days allowed by this bill will be debarred payment forever.
Sec. 4. That all payments of pension, twelve months after the passage of this act
by a two-thirds vote of the House and Senate of the United States of America, shall
be made and met by an annual issue of currency bills from said plates, printed
annually, equal to the total footings of the annual amount due in pensions, and no
pension shall be paid out of any other moneys the United States of America may
have on hand.
Sec. 5. That the Secretary of the Treasury shall, immediately upon the passage of
this bill by a two-thirds vote of the House and Senate of the United States of
America, proceed to put this bill and its provisions into effect, and shall issue a call
and advertise for ninety consecutive days that all bonds of the United States of
America extant must be presented at the Treasury of the United States to be con-
verted into, or exchanged for, United States currency bills, dollar for dollar, and no
more.
Sec. 6. That failing to comply with the provisions of this bill to issue currency
bills of the United States of America, equal to the full amount of all United States
bonds extant, and for an annual issue of said bills equal to amount due as pensions
by the United States, the Secretary of the Treasury shall be impeached and removed
from office.
II. K. 7047.
A BILL to authorize the appointment of a currency commission.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That a commission is hereby created, to be known as the
“United States Currency Commission.”
Sec. 2. That the President of the United States shall, by and with the advice and
consent of the Senate, appoint fifteen commissioners, one of whom, the first named,
shall be president of said commission; not more than seven of the said commissioners
shall be directly and actively engaged in the business of banking; not less than two
of the said commissioners shall be appointed from each of the geographical divisions
of the United States, to wit : The north Atlantic division, the south Atlantic division,
the northern central division, the southern central division, and the western divi-
sion ; and as far as practicable the various leading opinions on the currency ques-
tion shall be represented in the membership of said commission.
Sec. 3. That the said commissioners shall receive as compensation for their serv-
ices each at the rate of ten dollars per day, when engaged in active duty, and their
actual traveling and other necessary expenses; and the commissioners shall have
authority to employ stenographers and two messengers; and the Secretary of the
Treasury is hereby authorized to assign from among the officers and employees of
the Treasury Department throughout the United States, from time to time, such per-
sons may be necessary to assist the commission, which persons as shall be allowed their
actual traveling and other necessary expenses. The foregoing compensation and
expenses to be paid by the Secretary of the Treasury out of any moneys in the
Treasury not otherwise appropriated.
Sec. 4. That it shall be the duty of the said commission to take into consideration
and thoroughly investigate the past and present condition of the currency of the
United States, with a view to the determination of the question as to the best and
most practicable form or forms of currency (both metallic and paper) for the United
States, with special reference to the volume, terms and conditions of issue, extent of
circulation, and provisions for redemption. To this end it shall take testimony and
collect and collate statistics and other data relating to the issue and use of bank
notes (both state and national), the issue and circulation of notes of the Treasury of
the United States, as well as the issue and cancellation of gold and silver coins,
together with such other information as it may deem necessary for the object in
view.
Sec. 5. That the said commission shall have its principal place of meeting in the
' city of New York, New Y’ork, but committees 'composed of any one or more of the
members thereof shall also hold sessions and take testimony in the following-named
cities: Boston, Massachusetts; Baltimore, Maryland; New Orleans, Louisiana; Cin-
cinnati, Ohio; Memphis, Tennessee ; Saint Louis, Missouri ; Minneapolis, Minnesota ;
Saint Paul, Minnesota; Kansas City, Missouri ; San Francisco, California; Philadel-
phia, Pennsylvania; Atlanta, Georgia ; Galveston, Texas ; Dallas, Texas ; Louisville,
Kentucky; Chicago, Illinois; Omaha, Nebraska; Denver, Colorado; Portland, Ore-
gon; and such other trade centers as the commission may deem expedient.
Sec. 6. That the said commission shall make a final report of the result of its
uvestigations to the President, to bo transmitted to C ongress, together with the tea-
timony taken in the course of the same, not later than the thirty-first day of Decem-
ber, eighteen hundred and ninety-four; and the testimony taken and statistics
obtained shall, from time to time, bo transmitted to the Secretary of the Treasury to
be printed and distributed to the members of Congress.
II. K. 7007.
A BILL to amend the laws applicable to national banks, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury be, and he is hereby,
authorized and directed to coin into standard silver dollars, as rapidly as practicable,
such amount of the silver bullion now in the Treasury, purchased under the Act of
July fourteenth, eighteen hundred and ninety, as will produce in said dollars fifty-
five million one hundred and fifty-six thousand five hundred and thirty-seven dol-
lars, and the said standard silver dollars shall be deposited in the Treasury of the
United States and become a part of the general cash in the Treasury, and they shall
have all the qualities of the standard silver dollars coined under the Act of February
twenty-eighth, eighteen hundred and seventy-eight.
Sec. 2. That the Secretary of the Treasury be, and he is hereby, authorized to
issue and sell, at not less than par, in such denominations, not less than twenty dol-
lars, and under snob regulations as he may prescribe, bonds of the United States
bearing interest, in coin, at the rate of three per centum per annum, payable quar-
terly, and redeemable, in coin, at the Treasury of the United States, after five years,
and to use the proceeds for the purpose of maintaining a parity between gold and
silver at the ratio provided bylaw; and the Secretary of the Treasury may also
issue the bonds herein described in exchange for any outstanding bonds of the
United States bearing a higher rate of interest: Provided, That the three per centum
bonds shall be issued at not less than par: And provided further, That the bonds
received in exchange shall be surrendered at a valuation not greater than the equiv-
alent of said three per centum bonds at par.
Sec. 3. That from and after the enactment of this statute there shall be no tax
levied or collected by the United States upon the circulating notes of banks doing
business under State authority.
Sec. 4. That from and after the enactment of this statute the tax on the circulating
notes of national banks shall be one-fourth of one per centum per annum.
Sec. 5. That from and after the enactment of this statute any national bank shall
be entitled to receive and issue its circulating notes to an amount equal to the par
value of its bonds deposited with the Treasurer of the United States as security
therefor : Provided, That in case of default in the redemption of said notes they shail
constitute a first lien on all the assets of the bank in default.
Sec. 6. That all acts and parts of acts inconsistent with the provisions of this act
are hereby repealed, and a sum necessary to carry into ell’ect the provisions of this
act is hereby appropriated out of any money in the Treasury not otherwise appro-
priated.
II. II. 7211.
A BILL to provide a more uniform interconvertible national currency, for coining the silver bullion in
the Treasury, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That the Secretary of the Treasury is hereby authorized
and directed to retire, cancel, and destroy, whenever received into the Treasury, all
the silver certificates outstanding issued under the acts of February twenty-eighth,
eighteen hundred and seventy-eight, August fourth, eighteen hundred anil eighty-
six, and March third, eighteen hundred and eighty-seven; also the gold certificates
issued under the act of March third, eighteen hundred and sixty-three, and July
twelfth, eighteen hundred and eighty-two, and the Treasury notes issued under the
act of July fourteenth, eighteen hundred and ninety, and he shall cause to be issued
iii lieu thereof United States Treasury notes of such form and denominations as he
shall deem expedient, payable to the bearer on demand fit the Treasury in standard
coin of the United States. Said notes when so issued shall belong to the general
fund in the Treasury and be available for the payment of current expenses and appro-
pi iations. The United States Treasury notes hereby authorized shall be receivable
in payment of all taxes, internal duties, excises, debts, and demands of every kind
due to the United States, and all demands against the United States, except where
otherwise expressly stipulated in the contract, and shall be a legal tender for all
debts within the United States, except where contracts heretofore made were, by
their terms, expressly payable in gold. Said United States Treasury notes shall, oil
774
demand of the holder, he redeemed in the standard coin of the United States, if
presented in sums of fifty dollars, or any multiple thereof, and when so redeemed
shall he reissued and become a part of the general fund of the Treasury, and shall
be available for the payment of current expenses and appropriations.
Sec. 2. That as fast as any of the Treasury notes issued for the purchase of silver
pursuant to the act of July fourteenth, eighteen hundred and ninety, and any of
the certificates referred to in section one of this act are retired and canceled a like
amount of coin held under the provisions of the existing laws for the redemption of
such notes and certificates shall be covered into the Treasury and become available
for the payment of current expenses and appropriations. The Secretary of the
Treasury shall cause to be coined, as rapidly as convenient, all the gold and silver
bullion now belonging to the Government iuto standard coin of the United States.
Fifty per centum of the full reserves now required by law to be kept in national
banks shall hereafter be kept in and consist of standard silver dollars.
Sec. 3. That a gold reserve fund, consisting of standard gold coin equal to fifteen
per centum of the amount of all legal-tender Treasury notes outstanding, including
the so-called greenbacks, shall be set apart for the redemption of said Treasury notes,
and a reserve fund of standard silver dollars in like amount and for the like pur-
pose shall be created. The gold and silver reserve funds shall, as near as possible
in each, equal fifteen per centum of the Treasury notes outstanding and may he
reenforced at any time from the standard coin that may be received into the Treas-
ury not specially dedicated to other purposes.
Sec. 4. That if at any time either the gold or the silver reserve fund shall fall below
six per centum of the amount of notes outstanding, the Secretary of the Treasury is
authorized to replenish the delinquent reserve fund with the standard coin of its
kind by the sale of bonds bearing the lowest rate of interest at which the bonds can
be negotiated for at par in the kind of coin needed. Bonds authorized by this act
shall not be for a longer term than twenty years, and shall be payable after five years
from the date of their issue.
Sec. 5. That a sum of money sufficient to carry into effect the provisions of this act
is hereby appropriated out of the general fund of the Treasury of the United States.
Sec. 6. That this act shall be carried into effect as soon after its approval as is
consistent with the ability of the Secretary of the Treasury to provide suitable and
necessary arrangements therefor.
II. R. 7530.
A BILL to provide a uniform national currency, and to provide for the circulation and redemption
thereof.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That section three hundred and twenty- four, Revised Statutes,
bo amended so it will read :
“ Sec. 324. There shall be in the Department of the Treasury a bureau charged
with the execution of all laws passed by Congress relating to the issue and regula-
tion of a national currency, secured by United States bonds or a deposit of lawful
money, the chief officer of which bureau shall be called the Comptroller of the
Currency, and shall perform his duties under the general direction of the Secretary
of the Treasury.”
Sec. 2. That section fifty-one hundred and fifty-nine, Revised Statutes, be
amended by adding at the end of the section: “or in lieu of bonds, shall pay into
the Treasury of the United States in lawful money an amount equal to the circulat-
ing notes to be received by said association, for which amount of money the Treas-
urer shall sign a certificate of deposit, payable to the respective association (not
negotiable or assignable), bearing a rate of interest of two per centum, payable
semiannually, on the first day of January and July in each year. The said certificate
of deposit to be payable in lawful money, and to be retained in the custody and
safe-keeping of the Treasury of the United States, for the sole purpose of securing
the redemption and payment of the circulating notes issued to said association.”
Sec. 3. That any association formed under the provisions of the national-bank
act, or any association authorized by any State or Territorial law to carry on the
business of banking, upon the delivery of bonds as prescribed in said national-bank
act, or upon a deposit of lawful money as herein provided, the association making
the same shall be entitled to receive from the Comptroller of the Currency circulat-
ing notes as provided by sections fifty-one hundred and seventy-two and fifty-one
hundred and seventy-three, Revised Statutes, of said national-bank act, equal iu
amount to the money deposited or to the par value of the bonds delivered. And so
much of section fifty-one hundred and seventy-one, Revised Statutes, as restricts or
limits the amount of circulating notes to bo issued is hereby repealed.
Sec. 4. That all acts or parts of acts requiring any banking association to keep five
per centum of its circulation in the Treasury of the United States as a redemption
775
fund, and all acts or parts of acts requiring such association to keep a percentage
of their capital or of their circulating notes as a reserve fund is hereby repealed.
Sec. 5. That all restrictions as to the amount of money any association receiving
circulating notes from the Comptroller of the Currency may loan to any one indi-
vidual, firm, or company (except officers of the association) are hereby repealed.
Sec. 6. That any association may retire any portion of its circulation in the man-
ner provided for the retirement of circulating notes by the national-bank act: Pro-
vided, That not more than one-tenth of its outstanding circulation shall be retired
at any one time, and the interval between the times of retirement shall be not less
than thirty days.
Sec. 7. That in lieu of all taxes by the Government of the Union, every associa-
tion receiving circulating notes under this act, or under the national- bank act,
shall pay to the Treasurer of the United States, in the months of January and July,
a duty of three-fourths of one per centum each half year upon the amount of its
capital stock beyond the amount invested in United States bonds. No taxation
shall be imposed upon the circulating notes herein provided for by any State or
municipal authority, but the shares of stock and the real estate owned by said asso-
ciation shall be subject to local taxation the same as they would be under the
national-bank act.
IT. It. 7575.
A BILL to provide for the free coinage of the standard silver dollar, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America
in Congress assembled, That on and after the passage of this act the mints of the
United States shall be opened to the coinage of both gold and silver, and that there
shall be coined dollars of the weight of four hundred and twelve and a half grains
troy of standard silver, as provided by the act of January eighteenth, eighteen
hundred and thirty-seven, and upon the same terms as existed prior to the demone-
tization act of eighteen hundred and seventy- three : Provided, That the coinage of
silver dollars provided for in this act shall not exceed four and one-half million dol-
lars per month: Provided further , That the coinage of silver dollars shall be discon-
tinued when the total amount of lawful money in the United States shall have
reached the sum of forty dollars per capita of the total population of the United
States as shown by the last census, and such coinage shall again be promptly
resumed whenever the total amount of money in the United States shall have fallen
below forty dollars per capita as shown by the latest census report.
Sec. 2. That all gold and silver coins of the United States shall be a legal tender
for all debts, public and private, at their nominal value, and the same be inter-
changeable at the Treasury at the will of the holder, and the faith and credit of the
Government of the United States is hereby pledged to maintain this interchangeable
relation of said coins.
Sec. 3. That international balances shall be accepted in silver by the United States
from only such of the great commercial nations as shall have opened their mints to
the coinage of silver into legal-tender money and are therefore willing to accept
silver in turn from the United States when the balances are reversed.
Sec. 4. That a person or persons depositing with the Treasurer or Assistant
Treasurer of the United States silver dollars hereby authorized, in sums of not less
than one hundred dollars, may receive therefor from the Treasury of the United
States certificates corresponding with the denominations of the United States notes,
and the coin deposited therefor shall be retained in the Treasury for the payment
of the same and the certificates so issued against deposited coin shall be a legal
tender for all debts, public and private.
Sec. 5. That the Secretary of the Treasury shall cause to bo paid to the national
banks one-half the interest as it accrues to them on their bond deposit in silver coin.
Sec. 6. That all laws or parts of laws that are in variance or conflict with the
provisions of this act shall be, and the same are hereby, repealed.
776
[Senate Mis. Doc. 33, Fifty third Congress, second session.]
Letter from the Secretary of the Treasury relative to the 'necessity for issuing loads in order
to replenish the coin reserve and meet public expenses.
Mr. Voorkees, from tlie Committee on Finance, presented the following letter from
the Secretary of the Treasury submitting statement showing the actual condition
of the Treasury on the 12th day of January, 1894, together with draft of bill.
Treasury Department, January 13. 1S94.
Dear Sir: In compliance with your verbal request I have the honor to submit,
for the consideration of the Finance Committee of the Senate, statements showing
the actual condition of the Treasury on the 12th day of the present month, and an
estimate of the receipts and expenditures during the remainder of this month and
the month of February.
It will be seen from these statements that there is an urgent necessity for such
immediate action as will replenish the coin reserve and enable this Department to
continue the payment of public expenses and discharge the obligations of the Gov-
ernment to pensioners and other lawful creditors.
When my annual report was prepared it was estimated that the expenses during
the current fiscal year would exceed the receipts to the amount of about $28,000,000,
and I ashed Congress for authority to issue and sell bonds, or other forms of obliga-
tions, to an amount not exceeding $50,000,000, bearing a low rate of interest and
having a reasonably short time to run, to enable the Secretary of the Treasury to
supply such deficiencies as might occur in the revenues. The estimate then made
Avas based upon the assumption that the worst effects of our financial disturbances
had already been realized and that there would be a substantial increase in the
rer-enues for the remainder of the year. While it was not believed that the defi-
ciency then actually existing would be supplied by increased revenues in the future,
it Avas hoped that no additional deficiency would occur; but the receipts and expend-
itures during the month of December, and up to the 12th day of the present month,
sIioav that the estimate of a deficiency of $28,000,000 at the close of the year Avas
much too low. The actual receipts and expenditures during each month of the year,
and the monthly deficiencies, have been as follows :
Receipts and expenditures fiscal year 1S94.
Receipts.
Expenditures.
Excess of
expenditures.
1893.
$30, 905, 776. 19
23, 890, 885. 30
24, 582, 756. 10
$39, 675, 888. 60
33, 305. 228. 48
25, 478, 010. 17
$8, 770, 112. 41
9,414.343.18
895, 254. 07
Actual for three months
80, 870, 621. 90
24, 553, 394. 97
23, 979, 400. 81
22, 312, 027. 00
10.369. 939. 37
98, 430, 694. 59
29, 588, 792. 34
31,302, 020.41
30, 058, 260. 51
16. 263. 655. 14
17, 560, 072. 09
5, 035, 397. 37
7. 322, 625. 60
7, 746, 233. 51
5, 893, 715. 77
1894.
162, 085, 384. 05 205, 643, 428. 99
43, 558, 044. 94
If the same average monthly deficiencies should continue, the total difference
between receipts and expenditures on the 30th day of July next Avill be $78,167,532.
According to the best estimate that can be made, the total receipts during the pres-
ent month, and the month of February, aauII be $41,900,000, and the total expend itur< s
will be $60,300,000, showing a deficiency during the two months of $18,400,000;
but this does not include any payments on account of the sugar bounty, claims for
Avkich to the amount of nearly $5,000,000 have already been presented, and are
now under investigation in the Department.
The assets of the Treasury, and the current liabilities in excess of certificates and
Treasury notes outstanding, Avere as lolloAvs on the 12th day of the present month :
777
ASSETS.
Gold $74,108,149
Silver dollars and bullion 8, 092, 287
Fractional silver coin 12, 133, 903
United States notes 5, 031, 327
Treasury notes of 1890 2, 476, 000
National-bank notes 14, 026, 735
Minor coin 988,625
Deposits in banks 15, 470, 863
Total cash assets 132, 327, 889
LIABILITIES.
Bank note 5 per cent fund 7, 198, 219
Outstanding checks and drafts 5, 653, 917
Disbursing officers’ balances 28, 176, 149
Post-Office Department account 3, 897, 741
Undistributed assets of failed national banks 1, 927, 727
District of Columbia account 142, 613
Total agency account 46, 996, 366
Gold reserve 74, 108, 149
Net balance 11, 223, 374
Total liabilities 132, 327, 889
It will appear from this statement that the coin reserve has been reduced to
$74,108,149, and it is evident from the condition of the Treasury that the Depart-
ment will have no means to defray the ordinary expenses of the Government unless
a large part of the payments are hereafter made out of that fund. If this is done,
the coin reserve will be reduced by the 1st of February to about $66,601,864, a sum
wholly inadequate for the purposes for which it was created.
On account of this critical condition of the Treasury, I have considered it my
fduty, in addition to the earnest recommendations contained in my annual report, to
appear twice before your committee and after full explanations of the situation
urge prompt legislative action on this subject. With the permission of the commit-
tee, I have prepared and presented for its consideration a bill which, if promptly
passed, would, in my opinion, meet all the requirements of the situation by provid-
ing the necessary means for defraying the public expenses and replenishing the coin
reserve to such an extent as to assure the maintenance of the parity of all forms of
I United States currency.
While this proposed measure of relief has not yet been disposed of or considered
by the committee, the great differences of opinion which are known to exist in both
branches of Congress concerning the propriety of granting additional or amended
authority to issue bonds in any form or for any purpose render it doubtful whether
new legislation upon the subject can be secured in time to provide the means which
are imperatively demanded in order to preserve the credit and honor of the Govern-
ment. Authority to issue and sell bonds for the purpose of maintaining specie pay-
ments was expressly conferred upon the Secretary of the Treasury by the act of .Jan-
uary 14, 1875, hut it has not been exercised since 1879, and on account of the high
rate of interest provided for, and the length of time such bonds would have to run,
I have noc been satisfied that such an emergency has heretofore existed as would
clearly justify their issue. But the necessity for relief at this time is so urgent,
and the prospect of material improvement in the financial condition of the Govern-
ment is so problematical, that unless authority to issue and sell shorter bonds or
other obligations, bearing a lower rate of interest than that specified in the existing
law, is granted by Congress at a very early day, I shall feel constrained by a sense
of public duty to exercise the power already conferred, to the extent at least of pro-
viding an adequate coin reserve.
If this action should be taken, Congress ought, nevertheless, to provide promptly
for the deficiency in the revenue during the current fiscal year, and I will from time
to time advise your committee of the condition of the Treasury, in order that this
subject may receive due consideration.
I have the honor to be, yours, very respectfully,
J. G. Carlisle,
Secretary.
Hon. D. W. Voorhees,
Chairman Committee on Finance , U. S. Senate.
AH ACT to amend section three of “An act to provide for the resumption of specie payments,”
approved January fourteenth, eighteen hundred snd seventy-five.
Be it enacted by the Senate and House of Representatives of the United States of Amer-
ica in Congress assembled, That section three of “An act to provide for the resumption
of specie payments,” approved January fourteenth, eighteen hundred and seventy-
iive, he, and the same is hereby, so amended that in lieu of the descriptions of bonds
therein authorized, the Secretary of the Treasury is hereby authorized to issue from
time to time, as he may deem necessary, and in such form as he may prescribe, cou-
pon or registered bonds of the United States, in denominations of twenty-five dol-
lars and multiples thereof, redeemable in coin at the pleasure of the United States
after years from date, bearing interest at a rate not exceeding three per centum
per annum, payable quarterly in coin, and to sell the same at not less than par in
coin ; and the proceeds of such bonds shall be held and used to maintain the parity
of all forms or money coined or issued by the United States, but the Secretary of
the Treasury is hereby authorized to use from time to time such part of such pro-
ceeds as may be necessary to supply deficiencies in the public revenues during the
fiscal year eighteen hundred and ninety-four.
Sec. 2. That a sum sufficient to carry the provisions of this act into effect is hereby
appropriated out of any money in the Treasury not otherwise appropriated.
[Senate Ex. Doe. Ho. 38, Fifty-third Congress, second session.]
Letter from the Secretary of the Treasury, in answer to the resolution of the Senate of Feb-
ruary 2, 1894, calling for information as to the number of offers for the purchase of
bonds proposed to be issued and sold in the notice of January 17, 1894, with the names
arid places of business of those making the offers and of those to whom sales have been
made, the amount to each and at what prices, and when the offers were received, and trans-
mitting a statement showing the facts called for.
Treasury Department, February 7, 1894.
Sir: In response to Senate resolution dated the 2d instant, as follows:
“ Resolved , That the Secretary of the Treasury be, and he is hereby, directed to
inform the Senate how many offers have been presented for the purchase of bonds
proposed to be issued and sold in his notice under date January 17, 1894, giving the
names and places of business of the persons and firms and companies or corpora-
tions making such offers, for what amount and at what prices the offers were
made; also the names and places of business of the persons to whom the said bonds
have been sold, in what amount to each, and at what prices; also when the offers of
each and all of the bidders were received at the Department,”
I have the honor to transmit herewith a statement showing the names of subscribers
offering 117.223 for the bonds whose subscriptions were accepted, their addresses,
the respective dates ,of the recent of their subscriptions, the amount thereof, aud
the amount of bonds allotted to each subscriber at that price. I also inclose a
statement showing in the same way the offers to purchase at a higher price than
117.223 which were received and accepted, and a list of offers which were not con-
sidered. Among the latter the offers, amounting in the aggregate to $50,000,000,
received from C. L. Riker were not considered because that gentleman’s financial
standing, as stated to this Department, did not warrant the belief that he would be
able to complete his subscription; and the offer of Clarence T. Walker for $3,000,000
was laid aside because he gave only a temporary address and an effort made by the
Department to communicate with him with a view of obtaining his permanent
address was unsuccessful. The bid of the Central Trust Company of New York was
conditional. The remaining offers, which were not considered, constitute all that
were received after 12 o’clock, noon, on the 1st instant. Proposals received later
than the 1st instant are not included in any of these statements.
Respectfully, yours,
J. G. Carlisle,
Secretary.
The President of the Senate.
779
Subscriptions to 5 per cent loan of 1904. — Price, 117.223.
Date of
receipt.
Subscriber.
Residence.
Amount.
Less 5.331
per cent.
Allotment.
1804.
Jan. 10
19
R. E. Tilden
$12, 000
1,000
$639
53
$11, 350
950
Townsend, Desmond &
Voorhis.
New York
10
Fanny Nolan
do
4, 000
10, 000
300
213
533
3, 800
20
East Saginaw,
9,450
18
16
300
31
American Exchange Na-
tional Bank.
Now York
2, 500, 000
133, 275
2, 366, 700
22
20
10, 000
50, 000
533
9,450
47, 350
New York
2,665
53
20
Earned, Kaiis
L 000
950
23
Independence National
Bank.
Philadelphia, Pa
200j 000
10, 662
189, 350
23
1,000
25, <100
53
950
24
Evening Post Publishing
Co.
New York
1,333
23, 650
25
200
11
200
27
Traders' National Bank.. .
Lowell, Mass
10,000
533
9, 450
25
1, 500
100, 000
80
1,400
94, 650
27
Bay State Trust Co
Boston, Mass
5, 331
27
Virginia Erwin
Painted Post, N. V
5, 000
5, 000
266
4,750
4,750
2(5
H. C. White
North Bennington, Vt
266
20
Merchants’ National Bank -
San Diego, Cal
50, 000
2, 665
47, 350
28
W. E. Hazel tin©
Prescott, Ariz
10, 000
50
533
9, 450
50
29
E. W. Townsend
Salmon Falls, N. H
2
29
Hawley I. White
North Bennington, Yt
5, 000
266
4, 750
31
German - American Sav-
ings Bank.
Burlington, Iowa
10, 000
533
9,450
30
Silas Wt aver
East Greenwich, R. I
20, 000
500, 000
400, 000
1,066
26, 655
21, 324
18, 950
473, 350
31
Chase National Bank
31
Gallatin National Bank.. .
.... do
378, 700
946, 700
31
National Park Bank
do
i,ooo| 000
250, 000
1, 000, 000
50, 000
53i 310
13, 327
53, 310
2, 665
31
Manhattan Trust Co
do
233, 650
31
National City Bank
do
946, 700
31
Drovers’ anil Mechanics’
National Bank,
Baltimore, Md
47, 350
31
Seaboard National Bank . .
New York
200, 000
10, 662
189, 350
22
B. E. Tilden
rhicaoo 111
10, 000
1, OOo
800
533
9,450
950
31
J. TV\ Free
53
31
C. F. Spurgin
Kinsley, Kans
43
750
Feb. 1
Hanover National Bank . .
New York
1,500,000
79, 965
1, 420, 050
1
Bank of Manhattan Co. . . .
do
500, 000
26, 655
53, 310
473, 350
946, 700
1
Importers’ and Traders’
National Bank.
do
1, 000, 000
1
Merchants’ National Bank.
do
500, 000
26, 655
473, 350
1
Kuhn, Loeb & Co
do
1, 500, 000
100, 000
500, 000
500, 000
700, 000
250, 000
25, 000
79, 965
5, 331
26, 655
26, 655
37, 317
13, 327
1, 333
1, 420, 050
1
Naumburg, Lauer & Co
. . ..do
94; 650
473, 350
1
Bank of America
do
1
Y ermilye & Co
473; 350
662, 700
1
L. von Hoffman & Co
1
1
Continental National
Bank.
A. Grover
do
236, 650
23, 650
1
J. and W. Selignian & Co. .
do
1, 000, 000
500, 000
53, 310
946. 700
1
Mechanic. ’ National Bank.
do
26; 655
473, 350
1
Miiller, Scliali & Co
do
100, 000
5, 331
26, 655
58, 310
94, 650
473, 350
946, 700
284, 000
1
Unger, Smithers & Co
500 ! 000
1
Speyer & Co
1,000, 000
300, 000
1
Heidelbach, Ickelheimer
& Co.
do
15; 993
1
White & Hartshorne
200, 000
10, 662
26, 655
53, 310
13, 327
13, 327
53
189, 350
470, 350
946, 700
236, 650
236, 650
950
1
Morton, Bliss & Co
500, 000
1, 000, 000
250, 000
250, 000
1,000
1
Chemical National Bank. .
do
1
Baring, Magoun & Co
do
1
Ha 11 gar ten & Co
do
1
Wm. H. Stuart
Richmond, Me
1
New York Life Insurance
and Trust Co.
New York
1, 000, 000
53, 310
946, 700
1
Lazard Frdres
do
1, 000, 000
250, 000
144, 000
100, 000
1,000, 000
2, 500, 000
200, 000
500, 000
53, 310
13, 327
7, 677
5,331
53, 310
133, 275
10, 662
26, 655
946, 700
236, 650
136, 300
94, 550
946, 700
2, 366, 700
189, 350
473, 350
J
Metropolitan Trust Co.
do
1
S. R. McLean
1
Schafer Bros
do
1
Brown Bros. & Co.
1
United States Trust Co...
1
People’s Bank
do
1
Bank of New York Na-
tional Banking Associa-
tion.
do
1
State Trust Co
do
250, 000
100, 000
13, 327
5, 331
236, 650
94, 550
1
National Citizens’ Bank ..
do
Subscription to 5 per cent loan of 1904.— Price, 117.223— Continued.
Date of
receipt.
Subscriber.
Residence.
1894.
Feb. 1
1
1
1
1
1
1
1
1
1
1
1
Girard Life Insurance,
Annuity aud Trust Co.
Kidder, Peabody & Co
Mrs. Harriet Kelly
German National Bank
A. J. Burhler
Farmers’ Loan and Trust
Co.
Phenix National Bank
Sixth National Bank
Central National Bank
Knickerbocker Trust Co . .
Union Trust Co
New York Life Insurance
Philadelphia, Pa..
Boston, Mass
Baltimore, Md
Cincinnati, Ohio..
Washington, D. C
New York
do
clo
do
do
do
do
1
1
1
1
1
1
1
1
1
1
1
1
1
Jan. 19
Feb. 1
1
Co.
National Bank of Com-
merce.
New York Security and
Trust Co.
Fifth Avenue Bank
Merchants’ National Bank.
J. D. Probst & Co
do
R. L. Day & Co
Hudson River Bank
Bank of State of New Y ork .
Bolognesi, Hartiield & Co.
Ailing & Secor
Brooklyn Trust Co
Rochester Trust and Safe
Deposit Co.
W. J. Neil
Fourth National Bank
I. & S. Wormser
do
do
do
Middletown, Ohio
New York
do
Boston
New York
do
do
do
do
Rochester, N. Y . .
Butchel, Ohio
New York
do
Amount.
Less 5.331
per cent.
Allotment
$47, 35C
$50, 000
1, 000, 000
1,000
25. 000
400
2, 000, 0U0
50, 000
50. 000
1, 000, 000
500, 000
2, 500, 000
3, 000, 000
1, 000, 000
500, 000
500, 000
200, 000
500. 000
200, 000
1, 000, 000
30, 000
100, 000
25. 000
300. 000
200, 000
100, 000
2, 600
1,000,000
1, 000, 000
42, 996, 850
$2, 665
53,310
53
1,333
21
106, 620
2. 665
2, 665
53, 310
26, 655
133, 275
159, 930
53,310
26, 655
26, 665
10, 662
26, 665
10, 662
53,310
1,599
5, 331
1,333
15, 993
10, 662
5,331
138
53,310
53, 310
2, 292, 151
946. 701
951
23, 050
400
1, 893, 400
47, 350
47, 250
946, 700
473, : 50
2, 366. 700
2, 840, 050
946, 700
473, 350
473, 350
189, 350
473, 350
189, 350
946. 700
28. 400
94, 650
23, 050
284. Ot'O
189, 350
94, 650
2,450
946, 700
946, 700
40, 704, 700
Treasury Department,
Washington, D. C., February 8, 1894.
The allotment of bonds to subscribers bidding 117.223,
gate to $40,704,700, is hereby approved.
amounting in the aggre-
J. G. Carlisle,
Secretary.
Subscriptions to 5 per cent loan of 1904. — Price, 117.224 to 200.
Date.
Subscriber.
Residence.
1894.
Jan. 31
23
Feb. 1
1
1
1
1
1
Jan. 31
Feb. 1
1
Jan. 31
23
25
26
31
19
20
20
22
26
20
27
27
30
31
Third National Bank.
T. M. Moseley
Sailer & Stovenson . . .
Eutaw Savings Bank . . .
Petndo's Trust Co
A. J. Mayer
I,, von Hoffman & Co .
Eutaw Savings Bank . . .
American ^Exchange
National Bank.
Kidder, Peabody & Co..
Lee, Higginson <fc Co ...
Central National Bank.
Mrs. Mattie J. Berry
E. J. Hnrdtner
Ambrose Snow
Daniel W. Cosgrove
J. E. Tower
First National Bank
C. J. Cooper
People’s Trust Co
B. E. Tilden, trustee
Jas. Conway
Morris Marie
L. J. Ledorer
Van Sohaick & Co
First National Bank
Cincinnati, Ohio]
West Point, Miss
Philadelphia
Baltimore
Brooklyn
New York
do
Baltimore
New York
Boston
do
Springfield, Mo
Athens, Ohio
I’inevilie, La
Rockland, Me
Marlboro, Mass
Now York
Milford. Del
( Ixford, X. C
Farmington, Me
Chicago
Harpers Ferry, W. Va..
Herkimer, N. Y
Baltimore
New York
San Francisco, Cal
Amount.
Coupon.
Regis-
tered.
Price.
$100, 000
$100, 000
117.224
1, 000
1,000
117.225
100. 000
$100, 000
117.225
50. 000
50, 000
117. 225
500. 000
500, 000
117.225
250, 000
117. 225
300, 000
300, 000
117. 225
50, 000
50, 000
117.225
500, 000
500, 000
117.225
250, 000
117. 227
250. 000
117 228
25, 000
25, 000
117.23
300
300
117.23
2, 000
2, 000
117. 23
10, 000
10, 000
117.23
1, 000
1,000
117.237
50
50
117.24
15, 000
15, 000
117.25
100
117. 25
20. 000
20. 000
117.25
10, 000
to, 000
117.25
1. 500
500
1.000
117.25
100, 000
loo, ooo
117.25
100
100
117.25
5, 000
5, 000
117.25
100, 000
100, 000
117. 25
781
Subscriptions to 5 per cent loan of 1904. — Price, 117.224 to 200 — Continued.
Date.
Subscriber.
Residence.
Amount.
Coupon.
Regis-
tered.
1894.
Feb. 1
Jan. 31
31
31
Heidelbach, Iekelhei-
iner & Co.
Nation a 1 Shoe and
Leather Bank.
Bank of British North
America.
Albany County Savings
Bank.
New York
do
do
Albany, N. Y
$100, 000
200, 000
250, 000
70, 000
$100, 000
250, 000
70, 000
$200, 000
22
31
31
31
31
Feb. 1
1
1
1
Jan. 31
Feb. 1
1
1
1
Jan. 31
Feb. 1
1
1
1
1
1
1
Jan. 31
22
30
31
Feb. 1
Jan. 28
23
31
Feb. 1
1
Jan. 22
T'el). 1
Jan. 31
31
31
Feb. 1
Jan. 31
J. \Y. Leggett
Merchants’ • National
Bank.
■ Lawrence National
Bank.
Fallkill National Bank .
Heidelbach, Ickelhei-
mer & Co., account
Ohio Valley National
Bank, Cincinnati,
Ohio.
Caldwell &. Bunker
Chas. C. Burke
Merchants’
Bank.
Irving S. Lothrop
International Trust Co.
L. W. Morrison
United States Mortgage
Co.
E. Rollins Morse & Bro.
Stein Bros
Bank of British North
America.
E. H. Bonner & Co
Kidder, Peabody & Co..
E. Rollins Morse & Bro .
Ohio Valley National.
Bank.
National Bank of Re-
public, Washington,
D. C., for First Na-
tional Bank, Cincin-
nati, Ohio.
E. Rollins Morse & Bro.
Maier Berliner
First National Bank
East Tennessee Na-
tional Bank.
W. E. Newbert
People's National Bank.
J. H. Hecht
Manufacturers’ Na-
tional Bank.
Roche & Coulter
Merchants’ Loan and
Trust Co.
National Bank of Re-
demption.
New England Trust Co.
C. F. Troutman
Kidder, Peabody & Co..
Rummer & Becker
Bullitt County Bank . . .
Eliz’th F. Leifingwell . . .
Hambleton & Co
Northwestern National
Bank.
Moscow, Tex
Boston
Lawrence, Mass
Poughkeepsie, N. Y
Now York
do
do
Richmond, Va..
lialcour, La
Boston
New York
do
Boston
Baltimore, Md..
New York
do
Boston
do
Cincinnati, Ohio
Boston
New York
Bonham, Tex
Knoxville, Tenn .
Kansas City, Mo.
Burlington, Kans
Boston
Baltimore
Boston
do
Shepherdsville, Ky
Boston
Baltimore
Shepherdsville, Ky
Summit, N. J
Baltimore
West Superior, Wis
National
do .
Chicago
6,000
100, 000
20, 000
100, 000
100, 000
6, 000
600
100, 000
100, 000
19, 400
10, 000
5,000
150, 000
4, 000
500, 000
125, 000
500, 000
10, 000
5, 000
100,000
400/000
125, 000
500, 000
200, 000
100, 000
250, 000
200, 000
100, 000
250, 000
5, 000
250, 000
200, 000
100, 000
5, 000
200, 000
100, 000
100, 000
100, 000
4,500
30, 000
50, 000
400
25, 000
50, 000
25, 000
100, 000
400
50, 000
4, 500
50, 000
25, 666"
25, 000
50, 000
250, 000
200, 000
500, 000
500
250, 000
10, 000
2, 500
400
50, 000
100, 000
50, 000
250, 000
200, 000
500, 000
"io.ooo
so, 666
500
2, 500
400
100, 000
31
Feb. 1
Jan. 31
19
20
20
18
20
20
22
23
23
23
D. W. Cosgrove
National Bank of the
Republic for First
National Bank, Cin-
cinnati, Ohio.
Frank Rosenburg & Co.
First National Bank
G. Sclireitmiller
Louis Schraidt
James Levy & Bro
Farmers’ National Bank .
Charles Braden
H. O. Hall
Roche & Coulter
J. W. Crosby
Jos. J. Sweeney
Marlboro, Mass..
Washington, D. C
Baltimore, Md ...
Brewsters, N. Y. .
New York
do
Cincinnati, Ohio .
Hudson, N. Y
West Point, N. Y
Washington, D. C
Baltimore, Md . . .
New York
Baltimore, Md . . .
500
100, 000
500
50, 000
20, 000
100
100
10, 000
6, 000
500
150
50, 000
500
2, 000
50, 000
20, 000
100
100
6, 000
500
150
50, 000
500
1,000
1,000
Price.
117. 25
117. 25
117.25
117. 25
117.25
117. 25
111. 25
117. 25
117. 25
117.25
117. 25
117. 25
117. 25
117. 251
117.26
117. 26
117. 26
117.27
117. 30
117.30
117. 319
117. 33
117. 35
117. 21
117.38
117. 446
117. 50
117. 50
117. 50
117. 50
117. 50
117.50
117.51
117.52
117. 52
117. 55
117. 575
117. 697
117. 75
117. 80
117. 815
117. 815
117. 825
117. 85
117. 875
117. 875
118
118
.118
118
118
118
118
118
118
118
782
Subscriptions to 5 per cent loan of 1904.— Price 117.224 to 200— Continued
Date.
Subscriber.
Residence.
1894.
Jan. 27
20
28
28
29
29
29
27
30
29
23
28
30
31
Feb. 1
Jan. 31
Feb. 1
1
Jan. 31
Planters’ National Bank .
George M. Wright
Franklin Bank
Geo. M. Wright for
Mrs. S. H. Dewey.
I. Wind
David King, jr., com-
mittee, etc.
David King, jr., guar-
dian, etc.
J. Tauber
William B. Matthews...
E. J. Dougherty
James Keith
L. Wormser & Bro
Merchants’ National
Bank.
Silas E. Hurin, attor-
ney for Ella P. Corn-
elian, guardian.
National Bank of Com-
merce.
National Bank of Com-
merce.
J. Mayer
E. M. Cronin
BradfordNational
Richmond, Ya
New York
St. Louis, Mo
New York
Huntsville, Ala. . .
Washington, D. C
do
Eau Claire, Wis . .
Washington, D. C.
Indianapolis, Ind .
Little Rock, Ark .
Jeanerette, La
Boston, Mass
Findlay, Ohio
New York . . .
St. Louis, Mo
New York ...
do
Bradford, Pa
Bank.
Feb.
1
Jan.
31
Fob.
X
Jan.
31
Feb.
1
Jan.
22
30
25
31
26
20
27
Feb.
1
1
Jan.
22
31
31
Feb. 1
1
1
1
Jan. 26
27
26
28
20
20
22
20
26
26
27
27
25
31
Feb. 1
1
Jan. 28
27
29
23
William T. Owsley
C. F. Southmayd
Frank Rosenborg & Co.
A. C. Downer
First National Bank
G. J. Van Schott
Emory Freed & Co
A. W". Evans ...1
Alexander Seibald
Miss Katharine Gibbon.
R. H. Cook
First National Bank
Hambleton & Co
Chas. A. Wissmann
Geo. D. Hawks
Merchants’ National
Bank.
Bradford National
Bank.
Adolph Rothbarth
Henry McEnroe
Geo. E. Morgan
Col u m b ia N at i onal
Bank.
Mary Connor
Farmers’ National
Bank.
Rose Magee
Bay State Trust Co
James Spear
R. Reifegerste
J. C. O’Connor
Miss E. C. Todd
Rev. V. F. Schmitt
Wm. D. Nier8te
Jny Brooks
M. J. Hess
Susanna K. May
Matthew L. Brett
Laura J. Crawford
Silas E. Hurin, att’y, etc.
Wm. Connor
W. Graves & Co
Michael Treston
Wichita National Bank.
Washington, D. C
New York
Baltimore, Md
Philadelphia, Pa
Mexico, Mo
Passaic, N. J
Philadelphia, Pa
Elkton, Md
Baltimore, Md
Philadelphia, Pa
Whitehall, N. Y
Miners ville, Pa
Baltimore, Md
New York
Weldon, N. C
Boston
Bradford, Pa
New York
Washington
Fulton, 111
Minneapolis, Minn ...
Philadelphia
Greenville, Ohio
Philadelphia
Boston
Philadelphia
Bellport, Long Island
Joliet, 111
Asbury Park, N. J
Washington
Baltimore
Chicago
New York
New Albany, Ind —
Washington, Ind
Washington, D. C
Findlay, Ohio
Philadelphia
Frankfort. N. Y
Philadelphia
Wichita, Kans
Amount.
Coupon.
| Regis-
j tered.
Price.
$200, 000
$200, 000
118
600
600
118
200. 000
$200, 000
118
COO
600
118
50
50
118
20, 000
20, 000
118
40, 000
40, 000
118
500
500
118
300
300
118
500
500
118
5. 000
5, 000
118
4, 000
4, 000
118
200, 000
200, 000
118
1,000
1,000
118
25, 000
25, 000
118
70, 000
70, 000
118
5, 000
118
27 | 000
27, 000
118
25, 000
118
450
450
118
10, 000
10, 000
118. 100
50, 000
50, 000
118. 125
2, 000
2, 000
118. 250
10, 000
10, 000
118. 250
000
600
118. 330
20, 000
20, 000
118. 350
500
500
118. 400
3, 000
3, 000
118.410
1.500
1,500
118.411
10, 000
10, 000
118.411
40, 000
118. 411
5oj 000
50, 666
118.411
300
300
118. 42
300
300
118.50
100, 000
100, 000 '
118. 50
25, 000
118. 50
500
500
118. 875
300
300
119
600
300
300
119
500
500
119. 01
8, 000
8, 000
119. 01
10, 000
10, 000
119. 55
8, 000
8, 000
119.613
50, 000
50, 000
119.913
20, 000
20, 000
120
800
800
120
50
50
120
50
50
120
300
300
120
50
50
120
5,000
5. 000
120
50
50
120
500
120
500
500
120
250
120
400
400
120
8, 000
8. 000
120. 219
1. 000
1,000
120.50
8, 000
8, 000
120. 829
50
50
200
9,295,300
EEC A PI TTTLATTON.
Bonds at 117.223
Allotment of same
Bonds at higher prices
$42, 996, 850
$40,704,700
9. 295, 300
Total
50, 000, 000
783
The a stjry Departm ent,
Washington, J). C., February 3, 1894.
The proposals of subscribers bidding more than 117.223, amounting in the aggregate
to $9,295,300, are hereby accepted.
.J. G. Carlisle,
Secretary.
Subscriptions to 5 per cent loan of 1904. — Bids not considered.
Date.
Subscriber.
Residence.
Amount.
Price.
1894.
Feb. 1
1
Central Trust Company
C. T. Walker
New York
Greenville, N. C:
$2, 000, 000
3, 000, 000
50, 000
500. 000
5, 000
150, 000
100
117. 223
117. 815
(*)
<*>
(*)
(*)
(*)
Jail. 30
119. 613
National Bank of the Republic
Kewaneo ^National Bank
New York
Kewanee, 111
117. 223
117. 815
Town-topics Financial Bank
New York
Wallingford, Vt
117. 223
122. 059
C. L Riker
Woodruff Hotel, Chicago
t 50, 000, 000
55, 705, 100
‘Received after 12 o’clock in., February 1, 3894.
t Fifty separate offers of $1,000,000 each, at prices ranging from 118.60 to 119.58.
[Senate Ex. Doc. 47, Fifty-third Congress, second session.]
Letter from the Secretary of the Treasury in response to the Senate resolution of Feb-
ruary 2, 1894, giving a statement of the paper money redeemed and reissued or
destroyed since January 14,1875; also giving statements relative to the establishment
and maintenance of the gold reserve.
Treasury Department, February 21, 1894.
The President of the Senate:
I have the honor to acknowledge the receipt of a resolution of the Senate, dated
the 2d instant, as follows:
“Resolved, That the Secretary of the Treasury be, and he is hereby, directed to inform
the Senate what amount, if any, of the different kinds of paper money or currency
issued by the Government has been redeemed since January 14, 1875, to this date,
classifying such money or currency, giving the amounts, respectively, by years of
such redemption, and what portion of such currency or money thus redeemed, if
any, was destroyed, and what portion was reissued, giving the amounts and classes
by years, respectively ; also by what right or authority the so-called gold reserve
now maintained in the Treasury was established, when established, and under what
authority it is now maintained. ”
In response I respectfully submit the followiug tabular statement, which exhibits
the statistical details specified in the resolution by fiscal years:
Kind.
Redeemed.
Destroyed.
Reissued.
1875 (January 15 to June 30).
Demand notes
$2, 180
55, 047, 010
38, 655, 000
35, 075, 000
19, 229, 950
$2, 180
6, 228, 420
6, 151, 800
United States notes
$48, 818, 590
32, 503, 200
35, 075, 000
15, 999, 200
Gold certificates
Currency certificates
Fractional currency
3, 230, 750
Total
148, 009, 140
15, 613, 150
132, 395, 990
1876.
Demand notes
3, 190
97,177,054
83, 734, 000
108, 305, 000
36, 058, 729
3,190
5, 999, 296
Gnited States notes
91, 177, 758
83, 734, 000
82, 400, 000
28, 375, 900
Gold certificates
Currency certificates
25, 905, 000
7, 682, 829
Fractional currency
Total
325, 277, 973
39, 590, 315
285, 687, 658
784
Demand notes
United States notes .
Gold certificates
Currency certificates
Fractional currency.
Total
Demand notes
United States notes.
Gold certificates
Silver certificates —
Currency certificates
Fractional currency
Total
Demand notes
United States notes .
Gold certificates
Silver certificates —
Currency certificates
Fractional currency.
Total
Demand notes
United States notes. .
Gold certificates
Silver certificates
Currency certificates
Fractional currency. .
Total
Demand notes
United States notes..
Goid certificates
Silver certificates
Currency certificates
Fractional currency..
Total
Demand notes
United States notes..
Gold certificates
Silver certificates
Currency certificates
Fractional currency. .
Total
Demand notes
United States notes .
Gold certificates
Silver certificates ...
Currency cert ificates
Fractional currency.
Total
Demand notes
United States notes.
(iold certificates
Silver certificates . -
Currency certificates
Fractional currency.
Kind.
1877.
1878.
1S79.
1880.
1881.
1882.
1883.
1881.
Redeemed.
Destroyed.
Reissued.
$2, 955
82, 448, 851
45, 250, 000
56, 045, 000
14, 043, 458
$2, 955
10, 007, 952
$72, 440, 899
45, 250, 000
56, 045, 000
14, 043, 458
197, 790, 264
24, 054, 365
173, 735, 899
1, 665
80, 359, 267
47, 548, 000
1, 665
13, 083, 316
67, 275, 951
47, 548, 000
94, 415, 000
3, 855, 368
7, 735, 000
3, 855, 368
86, 680, 000
226, 179, 300
24, 675, 349 1 201, 503, 951
827
64, 107, 833
41.270, 700
8, 460, 050
106, 680, 000
705, 159
827
64, 107, 833
12, 317, 400
8, 460, 050
89, 765, 000
28, 953, 300
16, 915, 000
705, 159
221, 224, 569
46, 574, 286
174, 650, 283
495
81, 302, 563
7, 409, 100
183, 680
62,110, 000
251, 717
495
81, 302, 563
7, 409, 100
183, 680
47, 055, 000
15, 055, 000
251, 717
151, 257, 555
22, 716, 312
128, 541, 243
440
54, 545, 334
2. 221, 680
2,119, 740
20, 225, 000
109, 001
440
54, 545, 334
2, 221, 680
2, 119, 740
17, 565, 000
2, 660, 000
109, 001
79, 221, 195
4, 991, 121 | 74, 230, 074
840
79, 520, 424
745, 800
9, 369, 820
15, 165, 000
58, 706
840
79, 520, 424
745, 800
9, 369, 820
15, 165,(100
58, 706
104, 860, 590
805, 346
104, 055, 244
710
109,764, 714
9, 368, 480
12, 519, 879
20,210, 000
46, 557
710
109, 764, 714
9, 368, 480
12, 519, 879
20, 030, 000
180, 000
46, 557
151,910,340
227, 267
151, 683, 073
545
85, 948, 236
25, 455, 980
20, 005, 140
27, 820, 000
20, 629
545
85. 948, 236
25, 455, 980
20. 005, 140
26, 870, 000
950, 000
20, 629
159, 250, 530
1 -
971,174
158, 279, 356
Total
Demand notes
United States notes .
Gold certificates
Silver certificates . . .
Currency certificates
Fractional currency.
Total
Demand notes
United States notes -
Gold certificates
Silver certificates - - .
Currency certificates
Fractional currency.
Total
Demand notes
United States notes .
Gold certificates
Silver certificates . . .
Currency certificates
Fractional currency.
Total
Demand notes
United States notes .
Gold certificates
Silver certificates —
Currency certificates
Fractional currency.
Total
Demand notes
United States notes .
Gold certificates
Silver certificates ...
Currency certificates
Fractional currency.
Total
Demand notes
United States notes -
Gold certificates
Silver certificates - - -
Currency certificates
Fractional currency.
Total
Demand notes
United States notes —
Treasury notes of 1890
Gold certificates
Silver certificates
Currency certificates . . .
Fractional currency . . .
Total
Demand notes
United States notes. . .
Treasury notes of 1890
Gold certificates
Silver certificates
Currency certificates . .
Fractional currency. . .
Total
Kind.
1885.
188C.
1887.
1888.
1889.
1890.
1891.
1892.
Redeemed.
Destroyed.
Reissued.
$490
84, 493, 153
21, 069, 520
20, 990, 045
39, 500, 000
15, 886
$490
$84,493, 153
21, 069, 520
20, 990, 045
39, 500, 000
15, 886
166, 069, 094
16, 376
166, 052, 718
505
63, 000, 000
10, 188, 895
28, 523, 971
58, 825, 000
10, 088
505
63, 000, 000
1, 040, 000
4, 600, 000
47, 650, 000
9, 148, 895
23, 923, 971
11, 175, 000
10, 088
160, 548, 459
44, 258, 459
116, 290, 000
315
74, 068, 000
9, 687, 428
22, 286. 525
37, 490, 000
7, 123
315
74, 068, 000
9, 687, 428
22, 286, 525
28, 400, 000
9, 090, 000
7, 123
143, 539, 391
18, 784, 866
124, 754, 525
223
63, 652, 000
64, 623, 667
21, 947, 378
24, 555, 000
24, 321
223
63, 652, 000
64, 623, 667
21, 947, 378
24, 555, 000
24, 321
174, 802, 589
24, 544
174, 778, 045
365
59, 450, 000
67, 249, 598
40, 614, 026
30, 320, 000
5, 953
365
59, 450, 000
67, 249, 598
40, 614, 026
30, 320, 000
5,953
197, 639, 942
6, 318
197, 633, 624
410
78, 132, 000
45, 555, 573
55, 569, 995
28, 285, 000
5, 180
410
• 78, 132, 000
45, 555, 573
55, 569, 995
23, 480, 000
4, 805, 000
5, 180
207, 548, 158
4, 810, 590
202, 737, 568
385
70, 792, 000
1,624,000
68, 601, 550
71, 728, 566
28, 050, 000
3,831
385
70, 792, 000
1, 624, 000
63, 520, 000
71, 728, 566
28, 050, 000
5, 081, 550
3, 831
240, 800, 332
5, 085, 766
235, 714, 566
66, 264, 000
8, 646, 770
66, 387, 500
92, 956, 881
64, 160, 000
4, 217
66, 264, 000
8, 646, 770
66, 387, 500
92, 956, 881
64, 160, 000
4, 217
298, 419, 368
4, 217
298, 415, 151
S. Rep. 235 50
At
786
Kind.
Redeemed.
Destroyed.
Reissued.
1893.
Demand notes
United States notes
$91,116, 000
41,759, 950
70, 822, 740
110, 628, 800
60, 650, 000
2, 958
$91, 116, 000
41, 759, 950
13, 070, 000
109. 972, 000
42, 635, 000
Treasury notes of 1890
Gold certificates
$63, 752, 740
656, 800
18, 015, 000
2, 958
Silver certificates
Currency certificates
Fractional currency
Total
380, 980. 448
82, 427, 498
298, 552, 950
1891 (to February 2).
Demand notes
United States notes
56. 780, 000
27, 117, 000
17, 047, 420
72, 065, 000
14, 210, 000
1,722
56, 780, 000
27, 117. 000
100, 000
72, 065, 000
14, 210, 000
Treasury notes of 1890 ?
Gold certificates
16, 947, 420
Silver certificates
C urrency cer ti ti eat.es
Fractional currency
1, 722
Total
187, 221, 142
16, 949, 142
170, 272, 000
The $100,000,000 gold coin heretofore maintained in the Treasury was accumulated
under the following provision of the act approved January 14, 1875, commonly called
the resumption act :
“ And on and after the first day of January, anno Domini eighteen hundred and
seventy-nine, the Secretary of the Treasury shall redeem in coin the United States
legal-tender notes then outstanding, on their presentation for redemption at the office
of the assistant treasurer of the United States in the city of New York, in sums of
not less than fifty dollars. And to enable the Secretary of the Treasury to prepare
and provide for the redemption in this act authorized or required, he is authorized
to use any surplus revenues from time to time in the Treasury not otherwise appro-
priated, and to issue, sell, and dispose of, at not less than par in coin, either of the
descriptions of bonds of the United States described in the act of Congress approved
July fourteenth, eighteen hundred and seventy, entitled ‘An act to authorize the
refunding of the national debt/ with like qualities, privileges, and exemptions, to
the extent necessary to carry this act into full effect, and to use the proceeds thereof
for the purposes aforesaid. And all provisions of law inconsistent with the provi-
sions of this act are hereby repealed.”
This fund is not mentioned in any statute of the United States, except in the pro-
viso contained in section 12 of the act approved July 12, 1882, entitled “An act to
enable national banking associations to extend their corporate existence, and for
other purposes,” which is as follows:
“ Provided, That the Secretary of the Treasury shall suspend the issue of such gold
certificates whenever the amount of gold coin and gold bullion in the Treasury
reserved for the redemption of United States notes falls below one hundred millions
of dollars.”
The fund was accumulated subsequently to the passage of the resumption act by
the application of surplus revenues and the sales of bonds. The first sale of bombs
for this purpose was made in the month of May, 1877, and the proceeds of all bonds
then and thereafter disposed of wore deposited in the Treasury, but no separate
account of this fund has at any time been kept in the books of the Department.
In the monthly debt statement issued on the 1st day of April, 1885, there appeared,
for the first time in the list of “liabilities,” the following statement:
“ Held for redemption of United States notes, acts of January 14, 1875, and Julv
12, 1882, $100,000,000.”
And since that time this, or a substantially similar entry, has been contained in all
the monthly debt statements.
The authority under which the fund is now maintained is the same as that under
which it was originally established.
Kespectfully, yours,
J. G. Carlisle,
Secretary.
(Senate Ex. Doc. 48, "Fifty -third Congress, second session.]
Letter from the Attorney-General, in response to the Senate resolution of February SI,
1S94, transmitting a copy of a letter from the Acting Secretary of the Treasury with
respect to silver certificates and the reply of the Attorney-General thereto.
Department op Justice, February S3, 1894.
Sir: In response to tlie resolution of the Senate of the 21st instant, directing the
Attorney-General “to furnish the Senate with complete copies of any opinions fur-
nished by him to the Secretary of the Treasury relating to silver certificates, and of
all correspondence between the Treasury Department and the Department of Justice
in relation thereto,” I have the honor to transmit herewith copy of letter bearing-
date the 17th instant from Hon. W. E. Curtis, Acting Secretary of the Treasury, and
copy of the Attorney-General’s reply thereto, bearing date the 20th instant.
Very respectfully,
Richard Olney,
Attorney-General.
The President op tiie Senate.
Treasury Department, February 77, 1894.
Sir: I have the honor to request your opinion as to whether silver certificates,
authorized by section 3 of the act of February 28, 1878, are lawful money within the
meaning of the statutes as set forth in section 4 of the act of June 20, 1874, and sec-
tion 9 of the act of July 12, 1882, which provide for the deposit of lawful money in
the Treasury for the withdrawal of the circulating notes of national banks.
Respectfully, yours,
W. E. Curtis,
Acting Secretary.
The Attorney-General.
Department of Justice, February 20, 1894.
Sir: I have the honor to acknowledge your favor of the 17th instant, requesting
my opinion upon the question whether silver certificates authorized by section 3 of
the act of February 28, 1878, are lawful money within the meaning of section 4 of
the act of June 20, 1874 (18 Stat. L., chap. 343), and section 9 of the act of July 12,
1882 (22 Stat. L., chap. 290).
Silver certificates are just what they purport to be on their face and by their terms —
that is, they attest the fact that the United States ha.s on deposit so many silver dol-
lars which will he paid to the holder upon the presentation and surrender of such
certificates. If they can be regarded as money at all, it is only because the United
States agrees to receive them “for custoips, taxes, and all public dues,” and only to
that extent and for those specific purposes.
In my opinion they are not “lawful money” within the meaning of the statutes
above referred to. to wit : Section 4 of the act of June 20, 1874 (18 Stat. L., chap.
343), and section 9 of the act of July 12, 1882 (22 Stat. L., chap. 290).
Respectfully,
The Secretary of the Treasury,
Richard Olney,
Attorney -General.
788
[Senate Ex. Doc. 91, Fifty-third Congress, second session.]
Letter from the Secretary of the Treasury, in response to the Senate resolution of March
28, 1894, relative to the currency and the productions of India, Russia, and the Argen-
tine Republic during certain years.
Treasury Department, May 7, 1894.
Sir : I have the honor to acknowledge the receipt of the following resolution
adopted hy the Senate March 28, 1894 :
“ In the Senate of the United States, March 28, 1894.
“ Resolved, That the Secretary of the Treasury be, and he is hereby, directed to send
to the Senate, at his earliest convenience, answers to the following inquiries accord-
ing to the best information now in his Department :
“ First. Whether any change has been made in the weight, fineness, or otherwise,
in the legal-tender value of the cc'ned silver money used by the people of India,
Kussia, or the Argentine Republic, for the transaction of their domestic business ;
and if so when and to what extent, and by what authority of law, during the past
twenty years.
“ Second. Whether prices for the chief products of said countries, like wheat, cot-
ton, etc., have advanced or declined in their prices, when exchanged in their home
markets for the legal-tender silver or paper money in common use among their peo-
ple, and if so, how much during the past twenty years.
“ Third. Whether the production, export, or the manufacture of the products of
said countries have increased or decreased, and if so, how much, in the quantity
and value of each, during, the past twenty years, using their annual reports to
ascertain amounts produced, exported, and manufactured, and their legal-tender
silver and paper money to ascertain their home prices for the four years between
1872 and 1877, as compared with like averages between 1888 and 1893, as a basis on
which to answer these inquiries.”
To the above I respectfully submit the following replies:
Answer to first inquiry:
(1) India. — There has been no change in the weight, fineness, or legal-tender power
of the silver coins of India during the last twenty years, or, indeed, since the law of
August 17, 1835, which established the present monetary system of that country,
with the single silver standard, went into force on September 1, 1835. That law
provided that the company rupee, a name which it introduced, should weigh a new
East India tola, or 180 grains, or .916f fine — that is — that it should contain 165
grains of pure silver.
The act of the Governor-General of India, in council of June 26, 1873, did not change
the weight, fineness, or legal-tender power of the rupee, although it closed the
Indian mints to the free coinage of silver from and after the date of its passage.
Silver may, however, still be coined in India, on Government account, and the Gov-
ernment holds itself ready to furnish new rupees to individuals in exchange for
gold, at the rate of 1 silver rupee for 16d. in gold, or 15 rupees for 1 pound sterling.
(2) Russia. — Twenty years ago, and up to the 1st of January, 1886, the monetary
system of Russia was that established by the law of June 20 (old style), correspond-
ing to our 2d of July, 1810. Under this law, Russia had the silver standard, the
ruble containing 20.7315 grams, or 319.9286 grains, with a fineness of .8681^, ora
fine weight of 17.9961 grams, or 277.7161 grains. The coinage of silver, however,
was suspended in Russia by the law of September, 1876.
The law of December 17, 1885, which went into force on the first day of 1886,
introduced the double standard, and made the weight of the silver ruble 19.90
grams, or 307.0968 grains, with a fineness of .900, and its fine weight, therefore,
17.9961 grams, or 277.7161 grains, the same as it had been under the law of 1810.
No silver was coined, however, on private account, under the new law. Its coinage
on private account continued suspended.
The actual currency of the country since 1854 has been paper “ credit rubles,”
which are sometimes also called “silver rubles.”
(3) Argen tine Republic. — Twenty years ago, and up to 1881, the Argentine Republic
had a very incoherent monetary system. The peso fuerte, of 100 centavos, divided
into 8 reals, was the unit of account.
But that unit was represented, at least in the provinces of Buenos Ayres and
Corrientes, only by paper money of various kiuds, that fluctuated in value.
Apart from this paper money, and from the metallic piasters which still circulated
to a limited extent in the other provinces of the Republic, commercial operations
were carried on in foreign coins.
In 1875 the Cougress of the Republic decreed the coinage of national money
based on the gold peso fuerte, or pataca, fineness .900, weighing If grams and
divided into centimos. It was intended that this coinage should embrace: In gold,
789
5, 10, and 20 piaster pieces ; in silver, a piece ol' 1. piaster, .900 fine, of the legal
weight of 25 grams, with decimal divisions of. a proportional weight. The economic
conditions of the country, however, were such that the law of 1875 could not be
carried out.
The monetary law of November, 5, 1881, retained as the unit the gold piaster,
divisible into centimes, but lowered its weight to 1.6189 grams, that is, exactly the
weight of the French 5-franc gold pieces.
Silver was made legal tender only to the amount of 10 pesos. • Practically, there-
fore, the country has, legally, the gold standard. The actual money, however, is a
depreciated paper, fluctuating greatly in value.
The following table shows the weight and flneness of the silver coins of the
Argentine Republic up to 1881 and thereafter :
Weight and fineness of the silver coins of the Argentine Republic.
Coins.
Grams.
Grains.
Fineness
(thousandths) .
Fine
weight,
grains.
(1) Under the Argentine Confederation (accord-
ing to assays) :
26. 0670
402. 265
.900
362. 039
6. 7000
103. 394
.800
82. 715
26. 6972
411.991
.915
376. 971
(2) Pieces of the provinces of 'Rio de la Plata :
24. 6226
379. 975
.862
327. 539
Peso of 1828, better samples
27. 0860
417. 991
.800
334. 392
Ppiso of 1828, best samples
26. 6324
410.991
.822
337. 834
Half peso of 1815
13. 2838
204. 995
.888
182. 036
Half peso of 1813-1816
6. 3503
97. 997
.886
86. 826
(3) Silver coins under the law of 1881 :
Peso
25. 0000
385. 800
.900
347. 220
50 centavos
12. 5000
192. 900
.900
173. 610
20 centavos
5. 0000
77. 160
.900
69.444
2. 5000
38. 580
.900
34. 722
5 centavos
1. 2500
19. 290
.900
17. 361
Answers to the second inquiry :
(1) As to India. — In India the rupee price of such important articles as rice,
wheat, linseed, and gunny bags has risen during the last twenty years. The rupee
price of other important articles has fallen, as, for instance, of raw cotton, cotton
yarn, hides, indigo, opium, and tea. Three other articles of minor importance have
also fallen in price during the last twenty years. The following index-number tables
show the extent of the rise or fall in the prices of the above articles for the periods
mentioned, their prices in March, 1873, being taken to represent 100:
I. — Table showing the course of the prices of the articles which have risen during the years
1887-1892, as compared until their price in March, 1873.
Articles.
1873
(March) .
1887.
1888.
1889.
1890.
1891.
1892.
Wheat :
Bombay
100
97
100
103
90
93
118
Calcutta
100
83
88
89
81
87
103
Pice :
Moonghy
100
103
110
131
144
147
162
Ballam
Linseed :
100
106
115
144
154
143
169
Bombay
100
97
104
112
111
103
110
Calcutta
100
101
95
112
100
97
112
Jute:
Picked
100
137
153
192
197
126
236
Ordinary
100
118
141
203
186
115
231
Gunny bags
100
98
125
126
118
03
132
790
I- — Table showing the course of the prices of the articles which have fallen during the
years 1887-1892, as compared with their price in March, 1873.
Articles.
1873
(March).
1887.
1888.
1889.
1890.
1891.
1892.
Cotton :
Broach
100
85
95
93
95
84
75
Tarns, 20’s
100
69
74
79
74
70
65
T cloth
100
76
77
77
77
77
77
Rides, cow .
100
87
76
76
72
65
t>6
Indigo, good
Opium, Bengal
100
70
82
93
76
86
74
100
81
85
91
83
81
89
Opium, Malwa
100
90
100
98
88
87
88
Tea, good Souchong
100
55
50
52
50
50
41
III. — Table showing the course of the prices of certain articles of minor imporance which
have fallen during the period 1876-1892, as compared with that price in March, 1873.
Articles.
1873
(March).
1876.
1881.
1886.
1891.
1892.
Saltpeter
100
83
82
83
80
85
100
83
83
65
07
100
74
71
82
73
94
See report of Indian currency committee, pp. 161, etc.
(2) As to Russia. — I lind that the average prices of some of the principal articles
of Russian production during the years 1873-1877, as compared with their average
price during the period 1887-1891 have fallen, while those of others haverisen. The
prices which have fallen are those of wheat, rye, barley, oats, yarn, leather, and raw
wool. *
Those which have risen are the prices of maize, pease, groats, flour, flax, and
hemp.
The following table shows how the credit-rouble prices of the articles above men-
tioned fluctuated during the years 1873-1877, and 1887-1891, the last year for which
I find data at present attainable.
The prices in the table are wholesale export prices.
IV. — Table showing the prices of some of the principal articles of Russian production
during the periods 1873- 77 and 1887-91.
Articles.
1873.
1874.
1875.
1876.
1877.
Average,
1873-’77.
Rubles.
Rubles.
Rubles.
Rubles.
Rubles.
Rubles.
Corn and wheat
.per chetvert. .
11.55
10. 56
10. 41
11.02
12. 06
11. 12
Rye
(lo
6. 67
7. 68
7. 02
7. 08
8.40
•7.37
Barley
Oats
do....
6. 20
6.36
5. 99
6. 13
6. 82
6. 30
do
4.12
4.45
4.80
4. 76
5. 14
4. 65
Maize
6. 29
7. 13
6. 71
4. 76
5. 47
6.07
7. 79
9.57
8. 40
8. 67
7. 82
8.45
Croats
do....
8. 36
8.03
1.90
9.54
16. 36
8. 83
Flour
do
9. 95
12.46
14. 15
10. 93
11.78
11.85
Flax
4.50
4. 83
4. 89
4.81
5.63
4. 93
Hemp
do....
2. 96
3.48
3. 70
3. 49
4. 55
3. 64
Yarn
do....
25.45
25. 04
37.16
6.01
6. 93
20.12
Leather, untauned
do
10. 83
12. 42
12. 72
13. 23
10. 73
11.99
Wool, raw
10. 99
10. 77
9. 83
10. 13
16. 70
11.68
•
Articles.
1887.
1888.
1889.
1890.
1891.
Average,
1 887— ’91.
Rubles.
Rubles.
Rubles.
Rubles.
Rubles.
Rubles.
Corn and wheat
R vp
.per chetvert. .
10. 72
10. 40
10. 13
9.84
10. 56
10. 33
6.30
5. 68
5. 90
6. 00
7.90
6.36
Barley
Oats
5. 92
5. 95
5. 75
6. 06
6. 96
6. 13
4. 00
3. 75
3. 87
4. 16
4. 15
3. 99
6. 49
6.64
7. 34
7.27
6.95
6. 94
9.56
9.89
9. 10
9.00
9. 08
9. 33
do...
12. 57
11. 61
12. 88
12. 00
14. 17
12.65
do....
15.33
14. 89
18. 37
17. 42
15. 84
16. 37
Flax
per pood. .
5. 56
5. 39
5.16
4.71
4.27
5.02
Hemp
Yarn
5. 06
5. 10
5. 08
5.00
4. 82
5.01
do....
5. lJ
4.37
4.64
4.22
3.50
4. 35
10. 22
11.60
12. 86
11.80
9. 97
11.29
8. 82
10. 51
10. 89
8. 69
7. 61
9.31
•
(3) Ax to the Argentine Republic. — 1 find no official data at hand of the prices of
• the principal articles of Argentine production as far back as twenty or even ten
years ago. But even if the prices of the principal products of that country ten
or twenty years ago were readily attainable they could not well be compared with
their prices to-day, for the reason that the present currency of the Republic is very
different from what it was a decade or two decades ago, as has been intimated in
my answer to the first inquiry.
COMMERCIAL STATISTICS.
Replying to the last paragraph of the resolution, I have caused to be prepared in
the Bureau of Statistics the trade figures of the principal articles of import and
export constituting the foreign commerce of the three countries named. These
figures are taken from the official returns of the respective countries, and are as
complete in their scope as a general survey of the matter will permit. By taking
the leading articles a more definite result is reached. The aggregate of quantities
and values of articles of lesser importance will not modify the conclusions obtained
from a study of the principal items. The commercial statistics of British India in
full detail are published from year to year under the direction of that Government.
To reprint them for a period of twenty years would be a task involving so much
labor and expense that I have judged a summary to be better adapted to meet the
question of the Senate. A very full study of the relation of trade figures to prices
and the fall in the market value of silver was made by the Horschel Commission on
Indian Currency, and is, therefore, at the command of the Senate.
Yours, respectfully,
J. G. Carlisle,
Secretary.
The President of the Senate of the United States.
Imports into Russia.
Articles.
Agricultural
chiuery.
rna-
Books, maps, en-
gravings, etc.
Year.
Quantities.
Values.
Articles.
Year.
Quantities.
Poods.
Rubles.
•
Poods.
1867
1, 426, 355
Books, maps, en-
1874
1868
2, 102,' 167
gravings, etc.
1875
1869
711, 366
1876
1870
875| 085
1877
1871
1, 042, 828
1878
1872
1, 522, 203
1879
1873
1, 546, 479
1880
1874
2, 809, 004
1881
1875
3, 151, 960
1882
1876
1, 628, 885
1888
1877
1, 231, 130
1884
1878
3, 641, 435
1885
1879
3; 999, 863
1886
1880
5, 502, 000
1887
1881
7, 948, 000
1888
1882
5, 925, 000
1889
1883
5, 617, 000
1890
1884
5, 784, 000
1891
1885
2, 428, 000
Cement and lime . .
1867
1, 082, 971
1886
1,314, 000
1868
1. 217, 271
1887
1, 742, 000
1869
2, 807, 121
1888
2, 644, 000
1870
3, 370, 543
1889
2, 958, 000
1871
3, 721, 240
1890
2, 519, 000
1872
3, 360, 069
1891
2, 037, 000
1873
3, 780, 723
1867
571, 210
1874
4, 501,768
1868
691, 233
1875
5, 608, 802
1869
961, 127
1876
4, 808, 246
1870
1, 150, 082
1877
3, 677, 871
1871
1, 354, 246
1878
5, 040, 284
1872
2, 891, 328
1879
8, 411. 217
1873
I 2,831,629
1880
8, 258, 542
Values.
Rubles ,
2, 897, 480
3, 471, 402
3, 930, 019
3, 491, 227
4, 026, 216
5,113, 494
4, 051, 000
3, 213, 000
4, 892, 000
4, 639, 000
4, 758, 000
2, 800, 000
2, 877, 000
2, 059, 000
2, 148, 000
2, 163, 000
2, 065, 000
2. 247, 000
541, 485
108, 637
1, 403, 562
1, 685, 275
1, 860, 618
2, 230, 997
1, 723, 683
2, 479, 373
2, 784, 229
2, 127, 626
1, 188, 283
1, 917, 848
2, 518, 515
3, 075, 000
Articles.
Cement and lime. . .
Chemicals and
drugs.
Coal and coke
702
Imports into Russia — Continued.
Tear.
Quantities.
Values.
Articles.
Tear.
Quantities.
Values.
Roods.
Rubles.
Poods.
Rubles.
1881
4, 973, 046
1, 007, 000
Coffee
1887
317, 000
4, 079, 000
1882
5, 908, 995
1, 684, 000
1888
386, 000
5, 169, 000
1883
6, 840, 000
1, 906, 000
1889
355. 000
4, 809, 000
1884
7, 104, 000
2, 925, 000
1890
388, 000
5, 573. 000
1885
5, 881, 000
2, 001, 000
1891
345, 000
5, 230, 000
1886
5, 560, 000
1, 474. 000
Cotton :
1887
6,541,000
1, 599, 000
Kaw L .
1867
2, 535, 991
38, 039, 858
1888
5, 719, 000
1, 273, 000
1868
2, 398, 335
35. 974, 998
1889
5, 330, 000
1, 263, 000
1869
2, 973, 634
35, 683, 614
1890
6, 990, 000
1,424,000
1870
2, 605, 827
31, 269, 937
1891
6, 278, 000
1, 266, 000
1871
4, 002, 143
48, 025, 715
1807
949, 629
2, 687, 097
1872
3, 393, 001
46. 882, 200
1868
1, 610, 147
3, 713, 794
1873
3, 393, 945
37. 551, 075
1869
1, 206, 546
3, 112, 754
1874
4, 454, 758
53, 962, 550
1870
1,661,887
4, 233, 185
1875
4, 980, 687
52, 562, 277
1871
1, 968, 158
5. 095, 376
1876
4, 538, 879
38, 948, 705
1872
2, 139, 146
6, 252, 249
1877
3, 679, 556
35, 323, 637
1873
2, 533, 400
10, 772, 354
1878
6, 330, 433
67, 893, 517
1874
2, 569, 230
9, 718, 676
1879
5, 720, 055
60, 004. 028
1875
2, 676, 441
13,804,087
1880
4, 886, 560
51, 951, 000
1876
2, 806, 670
6, 499, 538
1881
8, 217, 308
84, 499, 000
1877
1, 893, 017
5, 249, 132
1882
6, 710, 200
72,417,000
1878
3, 136, 685
20, 667, 502
1883
8, 090, 000
93, 864, 000
1879
3, 357,182
22, 078,719
1884
6, 277, 000
76, 176, 000
1880
3, 460, 679
18, 532, 000
1885
6, 378, 000
65, 967, 000
1881
3,419,323
18, 043, 000
1886
7, 248, 000
71,986, 000
1882
4, 013,733
25, 907. 000
1887
10, 055, 000
96, 536, 000
1883
4, 385, 000
15, 322,000
1888
6, 890, 000
68, 248, 000
1884
4, 936, 000
15, 734, 000
1889
8, 620, 000
83, 509, 000
1885
4, 624, 000
13, 694, 000
1890
7, 995, 000
79. 121,000
1886
4, 830, 000
12, 821,000
1891
7, 131, 000
69, 397, 000
1887
4, 687, 000
12, 133, 000
Tarn
1867
152, 850
4, 742, 946
1888
4, 933, 000
11, 665, 000
1868
. 139, 745
4,343,311
1889
5, 164, 000
12, 555, 000
1869
164, 972
5, 192, 562
1890
4, 915, 000
12, 091, 000
1870
204, 744
6, 554, 373
1891
3, 899, 000
11,053, 000
1871
258, 582
8, 290, 779
1867
49, 000, 952
2, 450, 050
1872
304, 653
12, 607, 979
1868
35, 217, 011
1, 760, 857
1873
314, 962
13, 643, 396
1869
48, 992, 931
7, 348, 928
1874
331, 938
13, 475, 864
1870
51, 569, 996
7, 735, 497
1875
359, 116
15. 296, 983
1871
75, 550, 745
11, 332, 610
1876
330, 594
14, 472,678
1872
64, 782, 528
10, 598, 208
1877
157, 803
5, 987, 040
1873
50, 854, 034
10, 503, 918
1S78
503,614
18, 768, 181
1874
63, 283, 746
8, 947, 901
1879
874, 619
30, 428, 300
1875
63, 490, 753
8, 719, 859
1880
568, 419
20, 785, 000
1876
91, 424, 939
12, 446, 692
1881
380, 626
14, 267, 000
1877
90, 367, 840
12, 989, 405
1882
355, 148
15, 224, 000
1878
111,113,041
17, 059, 213
1883
226. 000
10, 438, 000
1879
90, 665, 908
12, 855, 308
1884
167. 000
8, 542. 000
1880
117, 264, 780
17, 605, 000
1885
172, 000
7, 775, 000
1881
109, 274, 000
14, 751, 000
1886
169, 000
7, 690, COO
1882
105, 574, 000
15, 478, 000
1887
219, 000
9, 644. 000
1883
138, 310, 000
18, 137, 000
1888
263, 000
10, 225, 000
1884
116, 760, 000
15, 955, 000
1889
271, 000
9, 837, 000
1885
111, 502. 000
15, 451, 000
1890
228, 000
8, 609, 000
1886
113,467, 000
13, 458, 000
1891
148, 000
4, 868, 000
1887
95, 710, 000
11,314, 000
Manufactures
1S67
3, 957, 560
1888
105, 456, 000
12, 960, 000
of.
1868
3, 234, 932
1889
126, 327, 000
15, 132. 000
1869
4, 064, 743
1890
106, 122, 000
12, 429. 000
1870
4, 405, 183
1891
106, 081, 000
12, 036, 000
1871
4, 862, 043
1867
407, 193
4,479.128
1872
7, 312,041
1868
317, 928
3, 497, 195
1873
............
6, 546, 820
1869
466, 664
5, 133, 297
1874
6, 113,538
1870
440. 461
4, 845, 082
1875
6,483,714
1871
492, 132
5, 413, 458
1876
5,184,138
1872
447, 680
4, 970, 866
1877
2, 037, 420
1873
409, 470
5, 034, 264
1878
4, 649, 414
1874
443, 065
5, 415, 598
1879
............
5, 990, 469
1875
457. 396
5, 638, 110
1880
6, 027, 000
1876
500. 589
5, 617, 074
1881
4,712,000
1877
287, 038
3,211,317
1882
5, 446. 000
1878
447, 221
5, 704, 782
1883
3, 890, 000
1879
472, 448
6, 840, 401
1884
..............
3, 395, 000
1880
500, 064
7, 129, 000
1885
2. 977, 000
1881
424,431
6,107,000
1886
2.318,000
1882
508. 877
7, 626. 000
1887
1,843,000
1883
387, 000
6, 541, 000
1888
1,519,000
1884
506, 000
8, 619, 000
1889
2, 134, 000
1885
470, 000
7. 429, 000
1890
1,913.000
1886
456, 000
6, 051, 000
1891
1, 706, 000
Coffee
793
Articles.
Knginea, machin-
ery, anil parts.
Fish : Herring salt-
ed in barrels.
Fruit and veget-
ables.
Furs
Imports into I’nssia — Continued.
Year.
Quantities.
Values.
Articles.
Year.
1
Quantities.
Values.
—
Foods.
Rubles.
Poods.
Rubles.
1 gf>7
lf> ()‘» (>71
1871
3,782,173
i fins
1 (>' 206
1872
3, 656, 082
18(39
1, 923, 827
lo| 922, 932
1873
3,099.216
1870
2, 489, 199
21,827,889
1874 i
3, 955, 686
1871
1, 970, 448
16, 036, 426
1875
4, 840, 358
1872
2, 199,849
16, 280, 827
1876 1
4, 219, 747
1873
2, 063, 475
18,148, 085
1877
2, 690, 008
1874
2, 447, 222
.17, 266,356
1878
5, 537, 015
1875
2, 930, 342
31, 826, 605
1879
4,728,613
187(3
2,511,044
19, 904, 937
1880
4, 064. 000
1877
1,928, 111
20, 363,712
1881
3, 9()9, 000
1878
3,219, 834
43, 178, 858
1882
5, 404, 000
1879
2, 507, 139
29. 522, 563
1883
8, 048, 000
1880
4,015, 709
45,816, 000
1884
7, 639, 000
1881
1, 418, 671
15, 134, 000
1885
4, 074, 000
1882
1, 896,211
20, 914, COO
1886
8, 378, 000
1883
1, 857, 000
19, 729, 000
1887
3,516. 000
1884
1,590,000
16, 849, 000
1888
4. 172, 000
1885
1,376,000
11, 93S, 000
1889
4, 554, 000
188(3
1, 566, 000
14, 451,000
1890
4, 509, 000
1887
1 , 363, 000
13, 258, 000
1891
4, 042, 000
1888
1 , 047, 000
16, 090, 000
Glass and glass-
1867
1, 118, 667
1889
2, 092, 000
19, 480, 000
ware.
1868
1, 185, 872
1890
1,941,000
18, 030, 000
1869
1, 078, 972
1891
2,121,000
18, 776, 000
1870
1. 347, 506
Barrels.
1871
1 , 704, 822
1S07
337, 928
3,186, 997
1872
2, 554, 371
1808
326, 552
3, 109. 865
1873
3, 005, 871
1869
320,016
3,200, ICO
1874
3, 032, 375
1870
328, 199
3, 281,990
1875
3, 490, 087
1871
283, 871
2, 838,710
1S70
3, 179. 422
1872
502, 935
5, 283, 409
1877
1, 238. 896
1873
359, 855
4, 249, 978
1878
2, 812, 556
1874
430, 430
5, 095, 600
1879
3, 759, 350
1875
432, 622
4, 832, 255
1880
4, 142, 000
1876
364, 694
4, 037, 127
1881
2, 526, 000
1877
2(1,878
2, 955, 638
1882
3, 328, 000
1878
427, 275
5, 362, 449
1883
3, 049, 000
1879
336, 504
4, 347, 087
1884
2, 757, 000
1S80
6, 302, 000
1885
2, 717, 000
1881
507, 670
6j 822, 000
1886
2, 387, 000
18S2
244, 584
3, 073, 000
1887
1,716, 000
Poods.
1888
1, 302, b00
1883
4, 253, 000
6, 875, 000
1889
1, 746. 000
1884
5, 878, 000
8, 044, 000
1890
1, 590, 000
1885
4, 967, 000
6, 021, 000
1891
1, 524, 000
1886
4, 889, 000
6, 921, 000
Indigo
1867
48, 171
5, 198, 698
1887
5. 146, 000
6, 675, (100
1868
49, 203
5,301,376
1888
4, 617, 000
6, 082, 000
1S69
47, 029
6, 113, 851
1889
5, 969, 000
8, 001, 000
1870
40, 997
5, 329, 663
1890
5, 431, 000
7, 622, 000
1871
59, 557
7, 742, 415
1891
4, 683, 000
6, 439, 000
1872
53,417
4, 595, 353
1867
5, 249, 634
1873
44, 725
5, 083, 678
1868
6, 560, 896
1874
53, 421
6, 008, 714
1869
7, 239, 397
1875
46, 246
4, 803, 509
1870
6, 722, 484
1870
42, 481
4, 684, 879
1871
8, 474, 213
1877
35, 772
4, 871, 827
1872
11, 331, 775
1878
47, 171
5, 083, 392
1873
10, 478, 560
1879
48, 723
4, 849, 628
1874
9, 767, 119
1880
36, 742
4, 098, 000
1875
10, 266, 390
1881
54,900
6, 205, 000
1876
12, 367, 688
1882
^ 45, 934
5, 762, 000
1877
5, 626, 012
1883
43,000
5, 624, 000
1878
9,094,917
1884
45, 000
6, 306, 000
1879
11.137,369
1885
42, 000
4, 995, 000
1880
10, 422, 000
1886
32, 000
3, 654, 000
1881
10, 525, 000
1887
35, 000
3, 791, 000
1882
12, 017, 000
1888
50, 000
5, 975, 000
1883
11,840, 000
1889
53, 000
6, 507, 000
1884
11, 915, 000
1890
55, 000
6, 539. 000
1885
10, 106, 000
1891
42, 000
4, 818, 000
1880
9, 041, 000
Iron :
1887
6, 244, 000
Pi<r
x *
1807
1, 134, 274
850 708
1888
5, 884| 000
1868
1, 863, 194
1, 397,' 397
1889
6, 764,000
1869
1, 934, 057
1,160,435
1890
5, 941 , 000
1870
1,834, 110
1, 100. 463
1891
5,441,000
1871
2, 923, 305
1, 753, 982
1867
2, 178, 897
1872
1, 624, 547
1,011, 305
1868
1,859,911
1873
2, 334, 657
1, 422, 704
1869
3,441,167
1874
2, 795, 215
1, 553, 460
1870
3, 635, 409
1875
3, 508, 069
2, 439, 420
704
Import a into Hussio — Continued.
Articles.
Year.
Quail ti ties.
Values.
Articles.
Year
Quantities.
Values.
Iron — Continued.
Poods.
Rubles.
Iron — Continued.
Poods.
Rubles.
fit;
1876
2, 965. 032
1,816, 526
Steel, othe'r
1880
2, 393, 607
15, 201, 000
1S77
3, 229, 269
1, 850, 946
than rails.
1881
630, 341
1, 934. 0*0
1878
6, 395, 697
4, 485, 618
s
1882
281, 055
1, 166, 000
1879
11,317, 642
6, 844, 497
[
1883
231. 000
957, 000
1880
14, 887, 296
9, 055, 000
!
1884
339, 000
1, 450, 000
1881
14, 293, 486
9, 200, 681
1885
268, 000
1, 120, 000
1882
13, 363, 352
9, 657, 000
1886
507, 000
2,319, 000
1883
14,491,000
9, 620, 000
1887
586, 000
1. 895, 000
1884
17, 330, 000
11, 243, 000
1888
502, 000
2, 226, 000
1885
13, 509, 000
8, 729. 000
1889
860, 000
2, 970. 000
1886
14, 510. 000
8, 212, 000
1890
847. 000
2, 840, 000
1887
8, 785, 000
5, 543, 000
1891
665, 000
2, 741,000
1888
4, 541, 000
2, 499, 000
Lead
1867
511,719
1,535,158
1889
6, 363, 000
3, 938, 000
1808
388, 073
2, 064. 218
1890
7, 569, 000
4,839, 000
1869
755, 269
2, 265, 807
1891
4, 586, 000
2, 837, 000
1870
841,426
2, 524, 278
Rods, sheet, etc
1867
11, 484, 730
15, 433, 071
1871
585, 986
1, 757, 956
1868
7, 221, 705
9, 952, 862
1872
708, 730
2, 075, 515
1869
2,511,042
4, 446, 766
1873
921,266
2, 370, 859
1870
4, 196, 024
6, 460, 596
1874
1.041.110
2, 933, 061
1871
6, 909, 031
10,423, 385
1875
948, 306
2, 051, 775
1872
4, 705, 630
8, 645, 251
1876
1, 492, 485
3, 330, i68
1873
6, 339, 176
11, 205, 626
1877
1, 120, 266
3, 121, 365
1874
6,441,612
9, 745, 809
1878
1, 238, 150
3, 737, 552
1875
7, 248, 016
12,241,304
1879
1, 178,319
3. 645, 534
1876
6, 990, 837
11, 762, 963
1880
1, 009, 315
2. 949, 000
1877
4, 526, 698
8, 048, 316
1881
1. 111.381
2, 877, 000
1878
7, 179, 449
12, 100, 066
1882
958, 362
2, 327, 000
1879
8, 403. 069
14, 065, 251
1883
1. 123, 000
2, 391, 000
1880
9,419, 527
17, 100, 000
1884
1, 107, 000
2, 340. 000
1881
6. 485, 971
11,960, 000
1885
668, 000
1,733, 000
1882
6, 708, 893
13, 223, 000
1886
812, 000
1. 833, 000
1S83
6, 472, 000
14, 053, 000
1887
1, 076, 000
2, 421, 000
1884
4, 871,000
10, 368, 000
1888
1, 146, 000
2, 658, 000
1885
3, 878, 000
8, 616, 000
1889
1, 179,000
3, 067, 000
1886
4, 025, 000
8, 799, 000
1890
1, 263, 000
3, 093, 000
1887
2, 798, 000
5, 717. 000
1891
1,123, 000
2, 888, 000
1888
3, 263, 000
6, 910, 000
Lace, cotton
1867
1, 065
525, 517
1889
4, 513, 000
9, 049, 000
1868
863
425, 837
1890
4, 905, 000
9, 423, 000
1869
4, 500
834, 388
1891
3, 124, 000
6, 509, 000
1870
4, 341
841, 320
Rails
1867
(«)
(«)
1871
5, 984
1, 247,414
1868
(a)
(a)
1872
7, 347
1, 524, 122
1869
12, 705, 960
12, 705, 960
1873
8, 201
1, 946. 983
1870
13, 939, 401
13, 939, 401
1874
9, 396
2, 146, 265
1871
6, 981, 786
6, 981,780
1875
9, 943
1,926, 473
1872
6 002, 167
7. 285, 541
1876
7, 346
1,343,697
1873
7, 119, 175
9, 528, 360
1877
2,888
• 625, 675
1874
5, 224, 596
5,803,310
1878
6. 864
1, 464, 445
1875
3, 548, 523
4, 040, 779
1879
8, 584
1, 527, 425
1876
1,631,899
1,984,654
1880
8, 300
1, 346. 000
1877
1, 029, 084
998, 574
1881
6, 878
1. 171.000
1878
347, 824
460, 564
1882
8, 963
1, 860, 000
1879
169, 106
234, 013
1883
7, 400
1, 546, 000
1880
282, 538
478, 000
1884
5, 600
1, 326, 000
1881
58, 278
154,415
1885
6, 800
1.091,000
1882
55, 114
156, 000
1886
8, 000
1,132, 000
1883
39, 000
109,000
1887
6, 000
'881,000
1884
11,000
30, 000
1888
4,000
793, 000
1885
37, 000
47, 000
1889
2, 000
548, 000
1886
23, 000
59, 000
1890
2, 000
403. 000
1887
6, 000
10, 000
1891
2, 000
520. 000
1888
9,000
22, 000
Linen, manufac-
1867
3, 533, 980
1889
14, 000
33, 000
tures of.
1868
4. 018, 757
1890
44, 000
97, 000
1869
2, 804, 123
1891
27, 000
71,000
1870
3, 465, 247
1867
194, 660
924, 647
1871
4, 260, 247
1868
182, 900
868, 772
1872
b, 162, 941
1869
154, 842
735, 496
1873
5. 745, 368
1870
223,110
1,059, 765
1874
7, 603. 336
1871
812, 355
3, 858, 692
1875
............
5, 680, 854
1872
276, 913
1, 367, 336
1870
5. 388, 958
Steel, other
1873
209, 193
1,339, 115
1877
5, 107,814
than rails.
1874
421,910
2, 184,902
1 STS
9, 088, 226
1875
1, 198, 880
4, 064, 103
1879
7,814,178
1876
641,366
4, 172, 951
1880
7, 375. 000
1877
671,383
4, 348, 295
1881
5, 673, 000
1878
1, 091,613
7, 263, 680
1882
3, 950, 000
1879
1, 712, 825
10, 690, 435
1883
2.918,000
(o) Included in rods, sheets, etc.
Imports into Hiissio — Continued
Articles.
I, i n on , manufac-
tures of.
Metal wares
Oil:
Petroleum, etc.
Other than
mineral.
Year.
Quantities.
Values.
Articles.
Year.
Quantities.
Values.
Poods.
Rubles.
Oil— Continued.
Poods.
Rubles.
18S4
3, 823, 000
Other than
1890
646, 000
5,714. 000
188o
4,154, 000
mineral.
1891
654, 000
5, 790, 000
188(1
3, 937, 000
Plants and seeds . .
1867
120, 797
2, 778, 244
1887
2,113, 000
1
1868
134. 612
3, 096, 076
.1888
1,608,000
1869
251, 902
4, 030, 427
4,503, 945
1880
1,682,000
1870
281, 496
1800
1, 300, 000
1871
321, 629
5, 146, 071
1891
1,0(57,000
1872
392, 948
2, 163, 554
18(17
14, 709, 268
1873
328, 837
970,486
1868
17, 865, 330
1874
385, 000
1, 218, 472
1869
29, 106, 640
1875
455, 859
1, 489, 034
1870
25, 551, 941
1876
495, 588
2,041,250
1871
18,277,280
1877
479, 212
2, 080, 949
1872
20, 363, 629
1878
503, 034
2, 130, 749
18711
...
30, 352, 567
1879
593, 223
2, 208, 433
1874
26, 922, 205
1880
672, 366
2,419, 000
1875
28, 021, 777
1881
806, 403
2, 406, 000
1870
26, 924, 518
1882
906, 324
3, 217, 000
1877
17, 193, 604
1883
925, 000
3, 962, 000
1878
27, 039. 322
1884
1, 314, 000
4, 334, 000
1879
21, 244, 031
1885
1 , 956, 000
6, 690, 000
1880
18, 419, 000
1886
2, 535. 000
8, 619, 000
1881
24,837,000
1887
1,915, 000
4, 867, 000
1882
29, 687, 000
1888
1, 692, 000
4, 965, 000
1883
22, 437, O00
1889
1, 791, 000
4, 630, 000
1884
20, 409, 000
1890
2, 101, 000
4, 943. 000
1885
14,708, 000
1891
2, 062, 000
4, 608, 000
1880
16, 285, 000
11,878, 000
Rico
1867
347, 683
345, 717
1, 251, 659
1, 244, 598
1887
1868
1888
13, 752, 000
1869
442, 835
1, 594, 199
1889
14, 625, 000
1870
267, 318
962, 340
1890
14, 487, 000
1871.
615, 293
2, 215, 050
1891
13,908, 000
1872
1873
296, 788
718, 058
1, 706, 221
1, 927, 606
1867
552. 497
2, 209, 976
1874
735, 235
1,812,296
1808
792, 000
3, 168, 001
1875
621, 373
1, 687, 225
1869
1. 099, 472
4, 397, 891
1876
633, 583
1, 733, 070
1870
1,440, 971
5, 763, 885
1877
264, 400
656, 227
1871
1, 720, 420
6, 881. 685
1878
506, 625
1, 569, 721
1872
1, 798, 273
5, 647, 233
1879
593, 759
2, 065, 267
1873
2,716.381
10, 313, 607
8, 018, 802
1880
936, 527
3, 518, 000
1874
2, 532, 395
1881
760,102
2, 797. 000
1875
2, 660, 996
7, 590, 023
1882
804, 517
2, 940, 000
1876
2, 678, 931
9, 157, 934
1883
785, 000
2, 989, 000
1877
1, 722, 688
5, 749, 641
1884
791, 000
3, 130, 000
1878
2, 004, 067
7,112,617
1885
669, 000
2, 458, 000
1879
1, 719, 890
4, 965, 977
1886
376, 000
1, 434, 000
1880
1,445, 558
4, 072, 000
1887
79, 000
228, 000
1881
1,213, 182
3. 847, 000
1888
104, 000
312, 000
1882
1,046,817
2, 766, 000
1889
123, 000
380,000
1883
459, 000
1, 226, 000
1890
110,000
396, 000
1884
276, 000
738, 000
1891
131, 000
427, 000
1885
142, 000
389, 000
Salt, table
1867
11,426, 829
2, 284, 603
1880
41,000
128, 000
1868
10, 266, 863
2, 252, 687
1887
15, 000
56, 000
1869
11, 288, 670
4,514,311
1888
12, 000
55, 000
1870
10, 453, 720
4, 181, 460
1889
14, 000
50, 000
1871
11, 832,324
4, 732, 924
1890
8, 000
31,000
1872
11, 712,536
7, 140, 120
1891
19, 000
975, 273
66, 000
1873
12, 407, 558
7, 372, 915
1807
7, 318, 113
1874
12, 145, 976
7, 212, 589
1808
1, 088, 383
8, 167, 580
1875
11, 826, 170
6, 913, 138
1869
1, 112, 880
9, 956, 431
1876
17, 279, 925
8, 351, 584
1870
1, 228, 197
10, 910, 503
1877
6,180,850
3, 440,439
1871
1, 481, 074
13, 120, 788
1878
10, 057, 170
6, 346, 863
1872
1, 625,718
14,092,673 !
1879
9, 949, 821
6, 554, 752
1873
1,491,974
12, 807, 064
1880
9, 059, 770
6, 161, 000
1874
1,621,755
14, 742, 450
1881
11,368, 798
7, 129, 000
1875
1. 867, 305
12, 426, 062
1882
10, 290, 747
6, 675, (100
1876
1, 928, 601
11,449, 931
1883
9, 470, 000
5, 852, 000
1877
1. 036, 762
8, 690, 132
1884
5, 330, 000
3, 244, 000
1878
1, 339, 252
13, 930, 193
1885
2, 648, 000
1, 120, 000
1879
1,467, 981
15, 109, 274
1886
1, 407, 000
631,000
1880
1, 524, 198
14, 553, 000
1887
887. 000
293, 000
1881
1,274,750
12, 300, 000
1888
706, 000
228, 000
1882
1, 399, 496
14. 236, 000
1889
1,405,000
421, 000
1883
1, 548, 000
16, 763, 000
1890
1,050, 000
289, 000
1884
1885
1,471,000
1, 117, 000
15, 317, 000
10, 913, 000
Si lie:
1891
832, 000
222, 000
1886
938, 000
9, 217, 000
Raw, thrown,
1867
15, 290
5, 107, 564
1887
70o, 000
8, 213, 000
etc.
1868
11,867
4, 285, 103
1888
607, 000
7,194,000
1869
14, 806
5, 441, 799
7, 263, 694
1889
679, 000
6. 344, 000
1870
20, 959
Imports into Russia — Continued
Articles.
Tear. | Quantities.! Values.
Silk — Continued.
Kaw, thrown,
etc.
Manufactures
ol'.
Tea.
Tobacco, in leaves
and stalks.
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1867
1808
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
18S0
1887
1888
1889
1890
1891
1867
1868
1809
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1867
1868
1869
1870
1871
1872
1873
1874
1875
Foods.
15, 756
16, 596
15, 030
15, 955
18, 292
16, 070
10,227
27, 390
34, 224
30, 712
25, 786
25, 596
27, 000
27, 000
28, 000
27. 000
29, 000
41.000
41,000
39, 000
45, 000
465, 587
515, 807
573, 988
543, 036
690, 240
790, 443
729, 998
720, 579
794, 121
942, 976
373, 086
741, 023
855, 701
1, 140, 041
625, 339
838, 030
907, 000
989, 000
769, 000
924. 000
607, 000
095, 000
702, 000
835. 000
744, 000
141.983
122,022
185, 425
173, 506
181,979
220, 539
225, 094
231,540 I
253,007 I
Rubles.
6, 663, 601
6, 507, 527
8, 053, 319
7, 539, 480
9, 367, 611
7, 955, 855
3, 237, 717
11, 905, 955
14, 055, 178
11, 025, 000
10, 857, 000
10, 543,000
10, 671, 000
9, 981, 000
7, 089. 000
6, 940, 000
7, 894, 000
11, 156, 000
10, 474, 000
8,651,000
9, 007, 000
5, 012, 567
5, 422, 540
4, 001,796
4, 020, 446
5, 251, 811
7, 120, 462
5, 689, 584
5. 661, 256
6, 664, 354
4, 579, 434
1, 747, 066
3, 046, 785
3, 132, 385
3, 488, 000
2, 252, 000
2, 208, 000
2, 216, 000
2, 246, 000
1, 965, 000
1,599, 000
1, 380, 000
1, 362, 000
1,859, 000
1, 765, 000
1, 375, 000
14, 345, 575
15, 895, 149
17,424,101
16, 464, 014
20, 957, 510
35, 163, 064
32, 948, 370
21,398,355
38, 603, 861
39, 375, 553
16, 126, 604
35, 615, 011
40, 581, 008
63, 648, 000
37.410.000
48.091.000
52, 447, 000
56, 898, 000
29, 244, 000
35, 693, 000
15. 153. 000
14, 407, 000
14, 320, 000
17, 079, 000
15, 364, 000
2, 981,073
2, 562, 483
3, 893, 939
3, 643, 635
3,821,561
8, 845, 289
4, 453, 297
6, 940, 446
7, 039, 344
Articles.
Tobacco, in leaves
and stalks.
Tear. Quantities.
■Watches,
etc.
clocks,
Wearing apparel,
ready-made.
Wine:
In casks.
1876
1877 |
1878 i
1879 :
1880 I
1881 j
1882 I
1883 i
1884 j
1867
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1885
1886
1887
1888
1889
1890
1831
1867
1868 i
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1867
1868
1869
187*
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
Poods.
509, 968
82, 562
84, 627
99, 495
143, 354
72, 612
95, 196
86, 000
80, 000
76, 000
76, 000
70, 000
54, 000
62, 000
59, 000
52, 000
666, 646
695. 490
677. 229
719, 860
876, 964
1, 096, 467
1, 069, 409
958, 051
1,028,130
1, 542, 618
294, 833
724, 226
898, 573
Values.
Rubles.
17, 594,219
1, 288, 429.-
4, 384, 489 •
4, 237, 144
8, 653, 000
4, 297, 000
5, 234, 000
4, 402, 000
4, 257, 000
3, 930, 000
3, 603, 000
2, 931, 000
2, 004, 000
2. 565, 000
2, 127, 000 I
1,916, 000
1,302, 017
1, 585, 717
1,573,492
1, 783, 540
2, 084, 342
5, 685, 987
5, 224, 023
5, 097, 346
6, 067, 790
3, 069, 223
1,753, 781
5, 082,711
5, 765, 145
4, 782, 000
6, 440, 000
5, 153, 000
3, 076, 000
3, 786, 000
2, 336, 000
2, 135, 000
1,891,000
2, 427, 000
3, 407, 000
3, 649, 000
2, 797, 000
575, 571
705, 102
1, 298, 396
1, 270. 830
1,733,791
2, 093, 724
1,977,990
2, 181,717
2, 481, 727
1, 897, 473
1,324,290
2, 730, 020
2, 134, 580
2, 501, 000
1, 999, 000
2, 386, 000
'2, 809, 000
3, 160, 000
3, 166, 000
2.041,000
1, 060, 000
578, 000
619, 000
569, 000
545. 000
5, 599,818
5, 840, 098
fi. 688, 691
6, 046, 822
7, 366, 484
9, 449, 432
11, 642, 663
11, 075, 487
12,811,963
13, 402, 611
2,035,353
7,450, 199
9, 667. 569
797
Imports into Russia — Continued
Articles.
Year.
Quantities.
Values.
Articles.
Year.
Quantities.
Values.
W ine — Continued.
Poods.
Rubles.
Wool — Continued.
Poods.
Rubles.
In casks
1880
1, 141,677
14, 936, 000
Manufactures
1874
............
13, 329, 492
1881
689, 691
9,819,000
of.
1875
16,120,057
1882
826, 991
11,140, 000
1870
12, 635, 560
1883
828, 000
•14,519, 000
1877
6, 536, 367
1884
889, 000
15, 728, 000
1878
10, 536, 940
1885
530, 000
6, 902, 000
1879
12, 331,290
1886
431, 000
5, 279, 000
1880
12, 103, 000
1887
379, 000
4, 577, 000
1881
7,711,000
1888
364, 000
4, 317, 000
1882
8, 964, 000
1889
391, 000
4, 447, 000
1883
6, 520, 000
1890
514, 000
5, 239, 000
1884
5, 467, 000
1891
510, 000
5, 725, 000
1885
4, 628, 000
Bottles.
1886
3, 682, 000
Sparkling
1867
813 R59
1 990 320
1887
2, 680, 000
1868
88l' 612
1, 326, 925
1888
2, 308j 000
1869
999, 220
1, 498, 830
1889
3, 277, 000
1870
1, 033, 824
1, 550, 740
1890
3, 325, 000
1871
1, 079, 247
1, 618, 870
1891
3, 361,000
1872
1, 195, 970
2, 784, 834
Total merchandise,
1867
232, 791, 000
1873
1, 191, 940
3, 277, £54
European frontier.
1868
239, 892, 000
1874
1, 159, 383
3, 099, 887
1869
319, 375, 000
1875
1 193 5R9.
9 FSFiQ 919
1870
309 130 000
1876
1, 570, 914
3, 459, 772
1871
344,’ 57 000
1877
189, 277
476, 947
1872
407, 657, 000
1878
562, 424
1, 494, 512
1873
412, 476, 000
1879
749, 639
2, 105, 309
1874
440, 153, 000
1880
1, 100, 359
3, 087, 000
1875
498, 886, 000
1881
359, 864
1, 371, 000
1876
442, 789, 000
1882
572, 847
2, 460, 000
1877
291, 461, 000
1883
612, 000
2, 448, 000
1878
557, 715, 000
1884
609, 000
2, 469, 000
1879
548, 212, 000
1885
437, 000
2, 187, 000
1880
578, 334, 000
1886
454, 000
1, 473, 000
1881
476, 134, 000
1«R7
444 000
1 5Xfi 000
1882
518 363 000
1888
423’ 000
1, 432^ 000
1883
513, 709^ 000
1889
447, 000
1, 570, 000
1884
486, 251,000
1fl90
590 000
1 050 000
1885
381 403 000
1891
484,’ 000
l! 52lj 000
1886
373’ 913’ 000
Wool :
Poods.
1887
*141, 080, 000
itiw and yarn .
1867
196, 823
8, 542, 695
1888
330, 570, 000
1868
138, 410
9, 759, 974
1889
371,562,000
1869
295, 311
11, 097, 046
1890
357,011,000
1870
349, 653
13, 086, 022
1891
320, 818, 000
1871
380, 411
13, 810, 629
Gold
1872
383, 662
15, 161, 663
rubles.
1873
470, 441
13, 282, 227
Total bullion and
1867
33, 229, 000
1874
536, 057
16, 468, 323
specie, European
1868
38, 835, 000
1875
648, 532
19, 775, 260
frontier.
1869
2, 310, 000
1876
443, 367
12, 725, 406
1870
2, 283, 000
1877
355,182
11, 526, 607
1871
7, 168, 000
1878
794, 561
24, 487, 205
1872
12, 969, 000
1879
979, 127
29, 694, 183
1873
19, 898, 000
1880
821, 754
24, 405, 000
1874
15, 981,000
1881
747, 658
24, 052, 000
1875
•
5, 786, 000
1882
807, 916
18, 717,000
1876
4, 046, 000
1883
610, 000
22, 431, 000
1877
10, 236. 000
1884
503, 000
18, 607, 000
1878
16, 086, 000
1885
626, 000
21. 449, 000
1879
13, 874, 000
1886
550, 000
18, 555, 000
1880
11, 399, 000
1887
504, 000
23, 051, 000
1881
8, 876, 000
1888
786, 000
24, 571, 000
1882
9, 149, 000
1889
702, 000
20, 938, 000
1883
5, 927, 000
1890
557, 000
20, 686, 000
1884
5, 320, 000
1891
454, 000
15, 993, 000
1885
5, 902, 000
TST n mi f art.nr p.s
1867
(3, 195, 822
1886
5, 803 OOO
of.
1868
a', 133| 355
»
1887
4, 736, 000
1869
9, 019, 556
1888
29,519 000
1870
8, 556, 684
1889
9, 349, 000
1871
10, 109j 705
1890
20, 663 000
1872
14, 199,542
1891
77, 463, 000
1873
12, 752 234
798
Exported from Russia.
Articles.
Tear.
Quantities.
Values.
Articles.
Tear.
Quantities.
Values.
Animals:
No.
Rubles.
Poods.
Ptdles.
Horses
1867
4, 427
354, 160
Bristles
1872
111,560
5, 722. 222
1868
10, 041
803, 280
1873
120! 529
2, 688 111
1869
19, 418
1, 262, 170
1874
101, 526
3,101,459
1870
20, 029
1, 301, 885
1875
133, 933
4, 134, 488-
1871
10, 632
691,080
1876
114, 753
3, 592. 136.
1872
13, 432
914, 131
1877
139, 836
3,531. 644-
1873
18, 986
1, 606, 510
1878
140, 983
4, 547. 816
1874
24, 711
1, 906, 373
1879
115, 336
3, 349, 428>
1875
33, 343
2, 113, 143
1880
130, 993
4,415, 000
1876
42, 195
2, 859, 524
1881
123, 460
4,069,000
1877
370
35, 835
1882
131, 469
5, 879, 000
1878
15, 648
1, 150, 850
1883
145, 000
5,126, 000
1879
32, 970
2, 327, 021
1884
163,000
5, 099, 000
1880
22, 331
1, 576, 000
1885
137, 000
5, 520. 000
1881
23, 577
1, 671, 000
1886
139, 000
6,016, 000
1882
39, 295
2, 733, 000
1887
150, 000
7, 218, 000
1883
45, 000
3, 609, 000
1888
163, 000
9, 223. 000
1884
40, 000
3, 412, 000
1889
168, 000
10, 991,000
1885
33, 500
2, 744, 000
1890
155, 000
9, 073, 000
1886
25, 500
2, 785, 000
1891
161, 000
7, 816. 000
1887
20, 600
2, 570, 000
Butter
1867
146, 959
1, 080, 147 '
1888
41, 072
4, 573, 000
1868
192, 365
1, 413, 879 »
1889
36, 788
4, 354, 000
1869
211, 678
1, 693, 424 1
1890
43, 099
4, 149, 000
1870
167. 666
1,341,328-
1891
54, 974
5, 206, 000
1871
237, 401
1, 899, 208 *
Other
1867
276, 829
3, 938, 251
1872
144, 075
1, 007. 538 •
1868
356, 491
6, 181, 995
1873
112, 925
1, 030, 096
1869
426, 399
7, 608, 172
1874
156, 945
1, 394, 674
1870
486, 670
7, 216, 643
1875
163, 051
1, 562, 534
1871
533, 745
6, 358, 264
1876
181, 586
1,531,644
1872
703, 592
10, 159, 755
1877
185, 663
1, 580, 096
1873
806, 251
10, 667, 544
1878
174, 110
1,548,561
1874
606, 493
7, 664, 906
1879
198, 953
1, 872, 259
1875
748, 976
9, 624, 295
1880
187, 551
1, 779, 000
1876
816, 778
11,766,633
1881
155,826
1,567. 000
1877
1, 055, 384
15, 724, 367
1882
214,907
2, 126, 000
1S78
1, 420, 247
16, 793, 184
1883
290, 000
3, 418, 000
1879
1,116, 129
14, 546, 725
1884
210, 000
2, 732, 000
1880
1,140,575
13, 497, 000
1885
227, 000
1, 977, 000
1881
674, 478
10. 026, 000
1886
267, 000
2, 301, 000
1882
1,013,434
14, 853, 000
1887
307, 000
3, 128, 000
1883
2, 970, 000
12, 290, 000
1888
383, 000
4, 139, 000
1884
2, 723, 000
10, 337,000
1889
425, 000
4, 640, 000
1885
2, 862, 000
11, 368, 000
1890
293, 000
3, 085, 000
1886
3, 016, 000
8, 528, 000
1891
416, 000
4,148,000
1887
4, 383, 000
9, 399, 000
Caviar
1867
100, 112
580, 757
1888
5, 390, 000
8, 135, 000
1868
116, 017
523, 829
1889
6, 813, 000
8, 388, 000
1869
132, 710
972, 270
1890
5, 871, 000
6,411,000
1870
136, 405
931, 326
1891
6, 498. 850
10, 306, 000
1871
128, 367
747, 576
Poods.
1872
140,111
1, 224, 916
Branrlv and corn
1867
81,504
342, 317
1873
154, 224
1 , 282, 793
spirit.
1868
68, 790
288. 918
1874
106, 989
1, 105, 365
1869
175, 027
350, 054
1875
96, 903
1, 052, 994
1870
647, 516
1, 295, 032
1876
92, 299
984. 515
1871
499, 325
998, 650
1877
57, 569
1, 001. 767
1872
655, 763
2, 009, 870
1878
124, 877
1, 672, 745
1873
707, 100
2, 722, 666
1879
201. 746
1,876,343
1874
1,939,075
6, 690, 519
1880
185, 223
2, 158, 000
1875
1, 505, 621
4, 383, 717
1881
174,245
2, 233, 000
1876
1,367,409
2, 355, 027
1882
226, 016
3, 592, 000
1877
1,760, 509
4, 424, 720
1883
251, 000
3, 150, 000
1878
1, 175, 108
2, 190, 450
1884
304, 000
3,416,000
1879
1, 905, 479
4, 684, 954
1885
155, 000
1,494,000
1880
1, 495, 120
3. 846, 000
1886
168, 000
• 1, 760, 000
1881
623, 489
1,644,000
1887
186,000
2, 044, 000
1882
1, 838, 586
6,619, 000
1888
230, 000
2, 403, 000
1883
10, 235, 000
1889
242, 000
2, 879. 000
1884
5, 869, 000
1890
199, 000
2, 495, 000
1885
7, 900, 000
1891
238, 000
2, 319, 000
1886
8, 985, 000
Breadstuff's:
Chetverts.
1887
8 775 000
Wheat
1867
8, 612, 391
61,147,976
1888
7, 813' 000
1868
6, 754, 452
47, 956, 608
1889
5, 773, 000
1869
6, 366,816
63,668. 160
1890
5, 744, 000
1870
9, 649. 728
96, 497, 280
1891
5, 344, 000
1871
11,526,404
115. 264, 040
1807
87, 680
3, 033, 729
1872
9, 847, 839
99, 954, 655
1868
90, 506
3, 131,506
1873
6, 957, 164
80, 407, 958
1869
89, 490
8, 949, 000
1874
8. 122, 799
85, 854, 588
1870
86,112
8, 611,200
1875
9. 528, 583
99,267,013
1871
98, 607
9, 800,700
1876
9,236.518 1101,789,818
799
Exported from Russia — Continued.
Articles.
Year
Quantities
Values.
Articles.
Year.
Quantities.
Values.
Broarl stuffs— Con’d.
Wheat
1877
Ghetverts.
8, 658, 261
/tables.
104,431,894
Breadstuff's — Con’d.
Oats - -----
1882
Chetvertx.
9, 393, 453
Itubles.
47, 075, 000
1878
17, 265' 944
204! 483,' 165
1883
10i 029, 000
52,110,000
1879
13, 921, 880
185,768, 316
1884
10, 147, 000
52, 77*, 000
1880
6, 139, 297
89, 059, 000
1885
6, 285, 000
29, 633, 000
1881
8, 222, 397
119, 255, 000
1886
5, 775, 000
26, 457, 000
1882
12, 822, 957
166, 404, 000
1887
10, 169, 000
40, 686, 000
1883
14, 066, 000
170, 194, 000
1888
14. 648, 000
55, 025, 000
1884
11,371,000
129, 932, 000
1889
11,509,000
44, 771,000
1885
15, 406, 000
144, 671, 000
1890
8, 186, 000
34, 080, 000
1886
8, 666, 000
90, 715, 000
1891
7, 517, 000
31, 264, 000
1887
13, 062, 000
140, 041, 000
Com
1867
94, 822
521, 122
1888
21, 174, 000
220, 409, 000
1868
172, 658
949,619
1889
18, 007, 000
182, 485, 000
1869
163, 929
1, 106, 521
1890
16, 607, 000
163, 514, 000
1870
1,111, 925
7, 505, 494
1891
16, 206, 000
171, 230, 000
1871
577, 820
3, 900, 284
Eye
1867
3, 368. 611
18, 527, 373
1872
416, 101
2, 202, 227
1868
1, 867, 597
10, 271, 792
1873
663, 990
4, 179,414
1869
1, 154, 507
7, 792, 920
1874
134, 826
961, 770
1870
3, 042, 096
20, 534, 142
1875
120, 964
810,433
1871
3, 900, 729
26, 329, 913
1876
376, 800
1, 766, 108
1872
2, 728, 361
17, 644, 686
1877
502, 060
2. 747, 582
1873
7, 389, 182
49, 348, 467
1878
998, 313
4, 215, 508
1874
9, 707, 673
74, 577, 856
1879
1, 558, 392
7, 806, 007
1875
5,710, 971
40, 141, 535
1880
1,417, 059
10, 304,000
1876
8, 071, 433
57, 208, 150
1881
1, 358, 825
6,418,000
1877
9, 997, 397
84, 029, 697
1882
1, 646, 764
14, 366, 000
1878
10, 010, 996
76, 228,011
1883
1, 109, 000
8, 728, 000
1879
12, 020, 956
96, 251,725
1884
1, 714, 000
14, 433, 000
1880
5, 967, 444
65, 193, 000
1885
903, 000
6, 128, 000
1881
4, 258, 272
48, 055, 000
1886
1, 970, 000
12, 644, 000
1882
5, 649, 722
51, 329, 000
1887
2, 976, 000
19, 339, 000
1883
7, 683, 000
67, 864, 000
1888
1, 689, 000
11, 227, 000
1884
7, 662, 000
66, 238, 000
1889
2, 059. 000
15, 126, 000
1885
8, 340, 000
58, 317, 000
1890
1, 436, 000
10, 451,000
1886
7, 225, 000
47, 550, 000
1891
2, 092, 000
14, 545, 000
1887
8, 617, 000
54, 363, 000
Pease
1867
28, 060
168, 360
1888
11, 796, 000
67, 093, 000
1868
66. 191
397, 146
1889
9, 059, 000
53, 496, 000
1869
78, 667
786, 670
1890
8, 220, 000
49, 366, 000
1.870
234, 744
2, 347,440
1891
7, 200, 000
56, 935, 000
1871
112, 974
1, 129, 740
Earley
1867
551, 191
2, 755, 955
1872
J50, 537
498, 164
1868
699, 751
3, 498, 755
1873
173, 377
1, 350, 761
1869
636, 874
3, 134, 370
1874
363, 350
3, 480, 473
1870
1,879,216
9, 396, 080
1875
176, 172
1,579,969
1871
1, 442, 493
7, 212, 465
1876
107, 736
934, 066
1872
1,097,214
5, 326, 315
1877
319, 059
2, 497, 000
1873
1,160,717
7, 201, 222
1878
222, 247
1, 993, 682
1874
2. 174, 804
13, 848, 657
1879
195, 745
1,541,515
1875
1,466, 286
8, 784, 743
1880
154, 183
1, 450, 000
1876
1, 473, 004
9, 043, 044
1881
129, 543
1,218,000
1877
2. 186, 224
14, 577, 858
1882
462, 653
3, 965, 000
1878
4.556,126
26, 989, 879
1883
383, 000
3, 781, 000
1879
2, 881, 587
18, 196, 448
1884
324, 000
3, 079. O00
1880
1,743,845
13, 641,000
1885
296, 000
2, 652, 000
1881
2, 585, 372
16, 668, 000
1886
179, 000
1, 634, 000
1882
3, 399, 007
25, 502, 000
1887
419, 000
3, 907, 000
1883
4, 983, 000
33, 590, 000
1888
644, 000
6, 371, 000
1884
4, 241, 000
28, 980, 000
1889
441, 000
4,017, 000
1885
3, 844, 000
24, 907. 000
1890
375, 000
3, 378, 000
1886
4, 126, 000
25, 953, 000
1891
665, 000
6, 038, 000
1887
5, 854, 000
34, 668, 000
Groats
1867
2,796
28, 798
1888
7, 930, 000
47,221, 000
1868
40, 700
419, 211
1889
6, 241, 000
35, 894, 000
1869
51, 980
023, 760
1890
5, 543, 000
33, 599, 000
1870
49, 522
594, 264
1891
4, 338, 000
30. 220, 000
1871
292, 947
3, 515, 364
Oats
1867
1, 875, 811
5,815, 013
1872
65,155
810, 905
1868
2,278, 710
7, 063, 998
1873
441,131
3, 689. 959
1869
1,550, 704
6, 202,816
1874
245, 034
1,968, 360
1870
4, 173, 307
16, 693, 228
1875
1, 747, 790
3, 334, 035
7871
4, 742, 788
18, 971, 152
1876
345, 930
3, 302, 786
1872
1,396, 868
4, 770. 583
1877
481, 398
' 7,880,319
1873
3, 437, 940
14. 275, 949
1878
616, 939
6. 237, 444
1874
5, 373, 119
24, 962, 077
1879
581,876
6, 528, 376
1875
4,900,419
23,531,484
1880
31 6. 802
3, 736, 000
1876
5, 230, 088
24, 947, 157
1881
257. 520
3, 752, 000
1877
7, 621,099
39, 224, 928
1882
313. 100
4, 109, 000
1878
7,629,722
38, 425, 738
1883
248, 000
2, 900, 000
1879
7, 795, 148 i
39, 880. 452
1884
270, 000
3, 440, 000
1880
7,196,339 |
36, 645, 000
1885
100, 000
1, 165, 000
1881
6,508,861 1
41. 279, 000
1886
57, 000
767, 000
800
Exported from Russia — Continued
Articles.
Year.
Quantities.
Values.
Articles.
Year.
Quantities.
Values.
Breadstuff's— Con'd.
Ohetverts.
Rubles.
Flax— Continued.
Poods.
Rubles.
Groats
1887
134, 000
1, 684, 000
Tow . .
1891
1, 339, 000
3,894 000
1888
222! 000
2, 579, 000
Yarn
1867
8,566
19, 274
1889
132. 000
1, 701, 000
1868
21,917
49, 315
1S90
155, 000
1, 860, 000
1869
19,911
358, 398
1891
105, 000
1, 488, 000
1870
106, 418
1,915, 524
Flour
1867
495, 350
4, 953, 500
1871
115, 009
2, 070. 162
1868
296, 982
2, 969, 820
1872
339, 079
4, 112, 538
1869
293, 825
3, 232, 075
1873
215, 828
5, 495, 220
1870
718, 430
7, 902, 730
1874
144, 874
3,628, 656
1871
526, 762
5, 794, 382
1875
6, 635
240, 578
1872
220, 305
2, 913, 309
1876
38, 867
233, 846
1873
305, 746
3, 043, 890
1877
47, 994
332,911
1874
405, 702
5, 059, 032
1878
11,803
83, 352
1875
296, 307
4, 193, 513
1879
5, 934
38, 438
1876
334, 182
3, 653, 214
1880
14, 462
95. 000
1877
636, 933
7 505,382
1881
1878
400, 277
5, 238, 216
1882
1879
347! 482
A, 170, 639
1883
1880
255, 049
4, 120, 000
•
1884
1881
196, 490
2,’ 915| 000
1885
1882
280, 047
5, 082, 000
1886
1883
238| 000
4| 174 j 000
1887
1884
274, 000
6^ 337j 000
1888
1885
500, 000
8j 143’ 000
1889
1886
364’ 000
5, 996, 000
1890
1887
366, 000
5, 588, 000
1891
1888
400i 000
5, 957, 000
Fur skins
1867
28, 090
732, 331
1889
307, 000
5, 642, 000
1868
40, 981
1, 025, 682
1890
243, 000
4, 234, 000
1869
42, 134
1,651,735
1891
254, 000
4, 025, 000
1870
38,316
1,867, 085
Poods.
1871
929, 766
2, 324, 413
Flax
1867
4, 956, 967
19, 827, 868
1872
81,220
3, 184, 194
1868
7, 257, 527
29, 030, 108
1873
38, 373
2, 134, 679
1869
5, 974, 024
32, 857, 136
1874
23, 311
1.535,616
1870
10, 381, 449
57, 097, 968
1875
30, 791
2, 560, 652
1871
9, 015, 049
49, 582, 768
1876
44, 780
2, 650, 392
1872
7, 238, 837
7, 914, 394
1877
51, 229
1, 695, 795
1873
9, 041, 480
40, 753, 782
1878
37, 888
1, 123, 768
1874
9, 989, 270
48, 295, 855
1879
62, 815
2, 490, 901
1875
9, 451, 090
46, 281, 606
1880
80, 215
3, 263, 000
1876
6, 821, 718
32, 851, 493
1881
90, 683
8, 353, 000
1877
11,210,277
63, 179, 956
1882
79, 100
4, 147, 000
1878
9,739,615
56,519, 416
1883
82, 000
3, 226, 000
1879
11,255, 952
69, 669, 073
1884
242, 000
3, 785, 000
1880
9, 591, 868
55, 570, 000
1885
123, 000
1, 847, 000
1881
12, 976, 727
69. 783, 000
1886
307, 000
4, 809, 000
1882
12, 133,001
65, 485, 000
1887
209, 000
3, 175, 000
1883
10, 942, 000
56, 735, 000
1888
238, 000
3, 760, 000
1884
11,111,000
58, 716, 000
1889
339, 000
5, 831, 000
1885
9, 346, 000
47, 155, 000
1890
‘ 369,000
4, 906, 000
1886
7, 080, 000
38, 484, 000
1891
445, 000
5, 912, 000
1887
8, 550, 000
47, 595, 000
Hemp
1867
2, 891, 394
8, 674, 182
1888
11, 268, 000
60, 749, 000
1868
2, 699, 746
8, 099. 238
1889
11,210,000
57, 901, 000
1869
3, 129. 154
10,482,665
1890
12, 093, 000
56, 963, 000
1870
3, 285, 123
11,005, 160
1891
11, 309, 000
48,381,000
1871
3, 651, 924
12, 233, 942
Tow
1867
543, 501
1, 331. 577
1872
3, 790, 080
11,956, 881
1868
936, 175
2, 293, 628
1873
3, 776, 270
11.190. 477
1869
1, 067, 265
2. 668, 164
1874
3, 808, 892
13, 295, 555
1870
1,130,959
2, 827, 397
1875
154, 855
11,681,236
1871
40, 428
1,828, 645
1876
2, 673, 563
9, 348, 629
1872
775, 530
2, 808, 403
1877
3, 392, 383
15, 467. 204
1873
610, 545
1,762,186
1878
3, 034, 250
15, 777. 449
1874
691,549
2, 040, 695
1879
3, 660, 199
18,078,018
1875
639, 641
2, 052, 997
1880
3, 826, 996
17, 533, 000
1876
1,591,882
4, 673, 070
1881
4, 740, 257
17, 449, 000
1877
1,622, 112
4, 183, 701
1882
3. #>6, 556
16, 954, 000
1878
1,161,779
4, 147, 292
1883
3, 745, 000
17, 671. 000
1879
1,281,713
4, 442,715
1884
2, 851. 000
13,752,000
1880
1,530, 587
5, 254, 000
1885
3, 056. 000
12, 925, 000
•
1881
1,856,313
6, 909, 000
1886
2, 343, 000
11.410.000
1882
1, 506, 349
5, 453, 000
1887
3, 837, 000
19, 413,000
1883
1 , 487, 000
5. 402, 000
18S8
3, 296, 000
16, 832, 000
1884
1,668.000
6, 075, 000
1889
4, 044, 000
20. 565, 000
1885
1,911, 000
5,821,000
1890
3, 282, 000
16. 222, 000
1886
1,487,000
4. 448, 000
1891
3, 395, 000
16, 396, 000
1887
1,841,000
5, 442, 000
Yarn
1867
385, 833
1,543, 332
1888
1,845, 000
5, 773, 000
1868
311,971
1,247,884
1889
1,225, 000
4. 279, 000
1869
216, 899
867, 596
1890
1, 145, 000
3, 686, 000
1870
29U, 071
1, 160, 284
801
Exported from Russia — Continued.
Articles.
Year.
Quantities.
Values.
Articles.
1
Year.
Quantities.
Values.
Hemp — Coil tinned.
Poods.
Rubles.
!
; Seeds, oleaginous—
Yarn
1871
168, 465
673, 860
Continued.
Chetverts.
Rubles.
1872
165, 335
767, 800
Linseed
1875
2, 553, 271
28, 696, 454
1873
181.054
664, 021
1876
2, 126, 493
23, 804. 738
1874
146, 223
1,739, 871
1877
1, 709. 265
22, 722, 064
1875
222,411
1,038,595
1878
2, 684, 032
35, 919, 372
1876
271,967
1, 522, 359
1879
2, 966, 402
41,076, 592
1877
276, 378
1,359,274
I860
2, 485, 003
37, 277. 000
1878
317, 855
1, 769, 98S
1881
2, 367, 933
32, 277, 000
1879
221, 818
873, 467
1882
2, 980, 075
37, 347, 000
i 1880
191, 075
1,511,000
1883
2, 251,000
29, 821, 000
! 1881
297,714
1, 294, 000
1884
1 , 670, 000
21 , 452, 000
1882
215, 676
2, 444, 000
1885
740. 000
8, 608, 000
1883
306, 000
2, 336, 000
1886
1, 134, 000
14, 545, 000
1884
141, 000
1, 244, 000
1887
2, 169, 000
26,871,000
1885
112, 000
476, 000
1888
27, 477, 000
1886
117,000
485, 000
1.-89
28. 662, 000
1887
144, 000
741,000
1890
25, 792, 000
1888
101, 000
442, 000
1891
19, 584, 000
1889
167.000
776, 000
Other
1867
188, 504
1, 093, 323
1890
139, 000
586, 000
1868
199, 405
1, 156, 547
1891
131, 000
458, 000
1869
149, 597
1, 495, 970
Leather, untanned.
1867
267, 058
1, 948, 331
1870
156, 571
1, 565, 710
1868
383, 382
3, 001,604
1871
341.951
3,419,510
1869
404, 812
4, 213, 378
1872
383, 160
2, 820, 475
1870
209, 918
2, 266, 185
1873
231. 902
3, 013, 900
1871
165, 255
1,833, 106
1874
370, 464
3, 136, 758
1872
267, 588
3, 260, 734
1875
434, 611
2, 865, 648
1873
349,183
3,782,017
1876
315, 959
2, 063, 902
1874
266, 488
3, 311, 620
1877
192, 859
1, 885, 165
1875
231,378
2, 944. 516
1878
916, 172
8, 814. 774
1876
218, 188
2, 887, 753
1879
685, 757
7, 765, 818
1877
297, 091
3, 187, 054
1880
765,051
7, 505, 000
1878
207, 938
2, 820, 771
1881
555, 560
5,921,000
1879
248, 201
3, 557, 326
1882
610.732
5,719, 000
1880
382. 098
4, 369, 000
1883
459, 000
4, 595, 000
1881
371, 783
3, 640, 000
1S84
343, 000
3, 502, 000
1882
422, 447
4, 132, 000
1885
315. 000
2, 588, 000
1883
433. 000
4,951,000
1886
448, 000
3, 479, 000
1884
328, 000
4, 024, 000
1887
653, 000
6, 617, 000
1885
327, 000
3,817,000
1888
6, 367, 000
1886
393, 000
4,837,000
1889
6, 026, 000
1887
534, 000
5,458, 000
1890
10, 818, 000
1888
378, 000
4, 386, 000 |
1891
7, 815, 000
1889
316, 000
4, 085. 000
Sugar:
Poods.
1890
443, 000
5. 239, 000
Haw and re-
1867
6
55
1891
762, 000
7, 597, 000
lined.
1868
4, 192
38, 986
Metals, unwrought.
1867
539, 054
1, 421,633
1869
442
3,094
1868
546, 646
1,414,567
1870
1,688
11,816
1869
455, 166
1, 947, 630
1871
7, 697
53, 879
1870
754.515
1, 888. 480
1872
611
4, 292
1871
363, 735
1,214,917
1873
1, 243
3,381
1872
1,245.328
4, 024, 588
1874
4
29
1873
1, 087. 098
2, 352, 479
1875
20
136
1874
481, 822
1, 878, 778
Eaw
1876
496, 100
2,015. 001
1875
409, 924
1, 628, 221
1877
3,609, 417
14, 949, 203
1876
980, 733
958, 800
1878
243. 867
1,013, 143
1877
235, 996
719, 326
1879
144, 395
508, 891
1878
328, 680
678, 318
1880
104, 577
386, 000
1879
681,256
1. 021, 368
1881
1, 372
5, 500
1880
8, 366, 385
8, 328. 000 !
1882
417
2, 000
1881
214, 938
817,000 |
1883
1882
481, 680
3, 160,000 1
1884
1883
187,710
1,023, 000 !
1885
1,268. 060
5. 062, 009
1884
195, 031
1,218 000 ’
1886
1885
194, 000
2, 138, 000
1887
1
1886
204, 000
1, 889, 000
1888
1887
201, 000
2, 006, 000
1889
1888
71, 000
1, 574, 000
1890
1889
103, 000
2, 041, 000
1891
1890
133, 000
2, 231, 000
Eefined
1867
1891 I
85, 000
1, 985, 000
1868
Seeds, oleaginous: 1
1
Ohetvcrts.
1869
Linseed !
1867 |
1, 791, 252
18, 360, 342
1870
1868 ■
2, 607, 587
26, 727, 769
1871
1869 |
2,583.513
31, 002, 156
1872
1870 :
2, 261, 865
27, 142. 380
1873
1871 i
2,395,251
28,743, 012
1874
1872 !
2, 250. 197 |
22, 293, 548
1875
1873 j
2,429,971 !
27, 716, 888
1876
3.362 1 IS 850
1874
2,851,042 |
31, 767, 662
1877
282, 4S5
1, 407, 906
3. Bep. 235
51
802
Exported from Russia — Continued
Articles.
Sagar — Continued. ■
.Refined i
Tallow
"Wood, of all kinds.
fear. I
|
Quantities.
Values.
1
Articles.
i
Tear.
i
i
Poods.
Rubles.
1
1878 !
53. 726
323, 388
Wool, raw
1874
1879
15,518
94, 651
1875
1880
34, 699
186, 000
1876
1881
49, 444
250, 300
1877
1882
94, 525
584, 000
1878
1883
8, 000
67. 000
1879
1884
34, 000
229, 000
1880
1885
2, 800, 000
13, 903, 000
1881
1886
3, 223. 000
10, 027, 000
1882
1887
3,582,000 |
13,898, 000
1883 !
1888
4, 229, 000 !
16, 398. 000
1884 '
1889
3,511,000 i
13, 745, 000
j
1885 !
1890
1,741,000 :
6, 727, 000
1886
1891
5. 744, 000
23, 293, 000
1887
1867
2, 956, 572
11,826,288
1888 !
1868
2, 439,919
9, 759, 676
j
1889 ;
1869
1,671. 178
8, 355, 890
1890
187Q
1, 329, 970
6,649,880
!
1891 1
1871
931 , 976
4, 659, 880
1872
655, 548
2,914,839 1
Total merchandise
1873
784, 922
3. 897. 213
(European Iron-
1867 1
1874
544, 690
2, 695, 992
tier.
1868 !
1875
411,585
1,974, 769
I860
1876
666. 407
3, 159, 112
1870
1877
1, 110, 729
6, 083, 075
1871
1878
619,301
3, 347, 344
1872
1S79
357, 198
1,953, 066
1873
1880
420, 539
2, 319, 000
1874
1881
284, 784
1,465, 000
1875
1882
380, 301
2, 184, 000
1876
1883
231, 000
1 , 409, 000
1877
1884
204, 000
1. 219, 000
1878
1885
185.000
873, 000
1879
1886
274, 000
1,103, 000
I860
1887
218,000
907, 000
1881
1888
187, 000
928, 000
1882
1889
228. 000
1, 069, 000
1883
1890
233, 000
1. 061,000
1884
1891
201, 000
905. 000
1885
1867
10. 660, 753
1886
1868
12, 521,251
1887
1809
11, 638, 334
1888
1870
.
13, 145, 568
1889
1871
14,026,284
1890
1872
22. 404,229
1891
1873
29. 904, 582
Total bullion and
1874
33, 500, 630
specie (European
1867
1875
27, 226, 355
frontier.
1868
1870
1
31, 035, 664
1869
1877
31,336.641
1870
1878
30, 454, 093
1871
1879
25, 240, 795
18 1 2 '
1880
1881
1873
29, 635, 000
1874
1882
35, 044, 000
1875
1883
37,941, 000
1876
1884
35. 153, 000
1877
1885
23. 349, 000
1878
1886
23. 747, 000
1879
1887
1888
1889
27, 296, 000
38. 204, 000
1880
1881
' 54, 863. 000
1882
1890
1891
1867
53, 024, 000
1883
1884
762. 985
9,613,615
1885
1868
858, 170
i 11,424,978
1886
1869
924. 173
7, 667, 055
1887
1870
896, 282
| 7,867,015
1888
1871
974, 129
1 7, 625, 760
1889
1872
1. 199. 800
j 13,995.311
1890
1873
678, 183
7. 453, 992
1
1891
Poods.
1,053, 030 !
879,598 i
i, 179,088 i
1, 339, 682 !
1,093,939 !
953, 408 i
1,441,406 ]
1,015.802
1, 208, 984
1, 860, 000
1,674, 000
1,433, 000
2, 296, 000
1,760. 000
1, 192, 000
2, 168, 000
1, 651, 000
1. 816, 000
Rubles.
11.357, 254
8, 648, 026
11,954.458
22, 374, 598
11,961,230
10, 937, 206
13.659.000
11,189, 400
12.323.000 ft
17. 646, 000
15.685.000
12, 003,000
20. 954, 000
15, 526. 000
12, 538, 000
23,618, 000
14, 357, 000
13. 820, 000
Silver
rubles.
:207. 607, 000
209. 530. 000
247. 095, 000
342. 853. 000
352, 758, 000
311.553.000
345, 859, 000
411.211.000
360, 601,000
379, 25S, 000
508, 228, 000
596, 545, 000
600.414.000
476, 365, 000
481. 367, 000
590, 723, 000
007, 788, 000
550, 505, 000
497, 946, 000
436.515.000
568, 520, 000
728.013, 000
685. 0S5. 000
610.450.000
627.300.000
• Gold mbits.
• 12,131.000
3,421,000
14. 139. 000
22, 882, 000
. 16,336,000
5, 712, 000
. 13,155.000
.! 16,019.000
26, 127, 000
101.896. 000
18. 240, 000
10, 802. 000
7. 116. 000
24. 299. 000
66, 478. 000
76. 620, 000
19, 632, 000
3. 457. 000
6, 838. 000
14. 136. 000
18. 688. 000
34, 452. 000
17.411.000
17, 832, 000
194, 000
Wool, raw
Imports (a) into British India.
[From the statistical abstract lor the several colonial and other possessions of the United Kingdom.]
Principal articles.
Apparol .
Books, paper, and
stationery.
Coal and coke.
Years
end- |
iug Quantities.
M ar.
ai-
ms
1 Still
1870
1871
1872
187a
1874
1875
1870
1877
1878
1879
1880
1881
1882
188a
1884
1885
18.80
1887
1888
1889
1890
1891
1892
18926
1808
1809
1870
1871
1872
1872
1874
1875
1870
1877
1878
1879
1880
1881
1882
1882
1884
1885
1880
1887
1888
1889
1890
1891
1892
18926
1808
1809
1870
1871
1872
1872
1874
1875
1870
1877
1878
1879
1880
1881
1882
1883
1884
1885
1880
1887
1888
1889
Tons.
385, 331
349, 927
437, 023
280, 180
374, 107
324, 038
359, 903
350. 997
379. 144
519, 579
601, 159
475, 900
587, 928
683, 708
637, 124
628, 824
708, 358
741, 129
790, 930
765, 068
848. 878
833, 478
a Exclusive of frontier trade.
Values.
Principal articles.
Year
end-
ing
Jlar
31—
1
; Quantities
Values.
£
439,417
497, 891
451,230
433. 098
499, 571
Coal and coke
Cotton twist and
1890
1891
1892
18931
1868
Tons.
601,670
784, 064
736, 971
J; 648, 185
£
1,308, 590
1,54.3,442
1,250,493
1,141,450
2, 698, 350
2, 779, 934
2,715,370
3, 357, 393
2, 424, 522
2, 628. 296
2, 628, 959
3, 157, 780
2. 794, 769
2, 733, 514
2, 850, 403
2, 779, 772
2. 745. 306
3, 699, 177
3, 222, 065
3, 378, 190
3. 465, 943
3, 360. 420
3, 172, 083
3, 318, 377
3, 581,906
3, 746, 797
3, 482, 529
3, 768. 362
3, 514, 620
2. 683, 850
14.099,917
16, 072, 551
13, 555. 846
15, 687, 476
15. 058, 81 1
14, 605, 953
15, 155, 666
10, 263, 560
16, 450, 212
15, 991,718
17,322,313
14, 120. 784
10,915,511
22.910,717
20, 772, 099
21, 431, 872
21,642, 388
21, 197, 414
21,110,545
25, 846, 508
23, 924, 468
27, 764, 508
26, 391, 399
27, 241. 987
25. 174,852
22, 942,015
c254, 565
c222, 715
c210, 107
c239, 984
236, 353
315, 254
271, 885
297, 765
287, 692
307, 721
291, 975
277,463
316, 075
327, 533
381. 888
391,073
362. 844
358. 278
001,258
yarn.
1809
578, 220
1870
020, 450
1871
015, 901
1872
524. 899
1873
«
557, 597
1874
510, 522
1875
531, 031
1876
658, 440
1877
'
041,404
1878
709, 752
1879
869, 097
1880
843, 437
1881
931,732
1882
982, 428
1883
1, 142, 370
1884
1, 131,333
1, 175,207
1885
1886
1,213,509
1887
1. 259, 403
1, 259, 881
1888
1889
436, 978
1890
447, 851
1891
414. 912
1892
423, 233
413, 959
Cotton manufac-
18936
1868
428, 003
tures.
1809
475, 027
1870
472. 968
1871
448, 019
1872
463, 355
1873
507,991
1874
511, 728
1875
523, 739
1876
725, 800
1877
739, 936
1878
625, 431
1879
696, 863
1880
663, 401
1881
685, 441
1882
676, 612
1883
819, 145
1884
848, 510
1885
854, 038
1886
877, 711
1887
937, 500
1888
928, 704
1889
853, 984
1890
715, 803
1891
544, 477
1892
467, 090
18936
514, 794
Drugs and medi-
1868
497, 942
cines.
1809
740, 026
1870
680, 463
1871
6G5, 535
1872
931, 710
1873
1, 008, 155
1874
8S9, 477
1S75
1,138, 208
1876
1, 239, 855
1877
1, 020, 044
1878 .
1,019.883
1879 .
1, 103, 790
1880 .
1, 267, 213
1881 .
1. 308, 415
1882 .
1,316. 615
1883 .
1,663,911
1884 .
1,907, 213
1885 .
b Subject to correction. c Including chemicals.
804
Imports (a) into British India — Continued-
Principal articles.
Drugs and medi-
cines.
Fruits and vegeta-
bles.
Glass and manu-
factures of.
Jewelry, precious
stones, and
plate. id)
Years
end-
ing
Mar.
31—
Quantities.
Values.
Principal articles.
Years
end-
ing
Mar.
31—
Quantities.
Values.
Tons.
&
Tons.
£
1886
340, 083
Jewelry, precious
1882
308, 924
1887
384, 867
1883
307, 189
1888
337, 677
plate. ( d )
1884
228, 071
1889
430j 339
1885
317, 752
1890
390| 571
1886
285, 412
1891
479, 797
1887
251 ! 446
1892
482! 869
1888
253, 304
189:16
473' 588
1889
278, 739
1808
364! 928
1890
231, 211
1869
227, 202
1891
224, 420
1870
345' 453
1892
232. 465
1871
37ljoi4
1893
300, 785
1872
265, 825
Gallons.
1873
263, 888
Malt liquors
1868
2, 268, 298
435, 770
1874
279, 775
1869
1,652,893
381,773
1875
234, 632
1870
1, 747, 721
413, 520
1876
c 70, 898
1871
1, 365, 303
311, 686
1877
93, 748
1872
1, 323. 927
305,319
1878
89, 027
1873
1,536,496
363, 496
1879
102, 795
1874
1, 435, 345
337, 916
1880
90, 802
1875
1, 481. 698
349, 844
1881
130, 042
1876
1, 143, 157
268, 107
1882
158,216
1877
1, 176, 922
270, 664
1883
211,435
1878
1, 328, 077
313, 070
1884
223, 755
1879
1,089,211
244, 568
1885
132, 202
1880
1, 065, 347
254, 262
1886
173, 473
1881
1, 152, 678
284, 935
1887
201, 653
1882
1,199,395
284, 612
1888
241,651
1883
1, 170, 554
272, 323
1889
271, 295
1884
1, 261, 444
303, 224
1890
217, 952
1885
1, 066,913
249, 927
1891
178, 891
1886
1, 299, 408
300,610
1892
134, 255
1887
1,715,638
354. 026
18936
143, 552
1888
2,138. 518
397. 153
1868
230, 289
1889
2, 398, 580
412, 852
1869
271, 100
1890
2, 797, 965
462, 110
1870
308, 086
1891
2, 785, 574
419, 771
1871
276, 855
1892
2, 973, 943
445. 142
1872
240, 421
1893
3, 052, 894
454,571
297, 236
Mnohinery and
1868
1, 057, 861
1874
333’ 334
millwork.
1869
793, 183
318, 881
1870
555, 742
1
349, 931
1871
447, 543
1 877
280, 390
1872
405, 835
1878
291 ’ 376
1873
517, 316
1879
318, 704
1874
1.002,347
1
329, 321
1875
1, 185,943
1881
380, 241
1876
1, 391. 667
1 889
454’ 802
1877
882, 373
483! 743
1878
850, 997
1 88<1
560, 062
1879
863,455
188^
49J 701
1880
616,833
1880
505, 304
1S81
769, 844
1 887
500, 850
1882
1, 221, 045
1888
578! 959
1883
1. 342, 398
1889
658, 054
1884
1, 789, 066
1890
647, 127
1885
1,484 124
1891
051)! 237
1886
991, 553
1892
728, 203
1887
1.371,459
1 80'*
670, 804
1888
1,800,218
244] 686
1889
2,316, 871
1869
231, 952
1890
2, 435. 385
1870
264| 808
1891
2, 063, 863
1 871
176, 937
1892
2, 111,597
1872
210, 423
1893(7
2, 359, 103
1873
221, 321
Metals:
diet.
171,438
Copper and
1868
1,939,665
190 993
brass.
1869
1.743, 097
176, 831
1870
1,753.634
197, 766
1871
1,361.759
223| 553
1872
1, 036. 674
166! 213
1873
578, 788
193, 230
1874
513, 023
1881
421, 277
1875
863, 873
a Exclusive of frontier trade.
b Subject to correction. ,
d Including plate
c Exclusive of dried fruits, etc., from 1S76 to
1893, see Provisions,
from 1873 to 1893.
805
Imports (a) into British India — Continued
Principal articles.
Years
end-
ing
Mar.
31—
Quantities.
Values.
Principal articles.
Years
end-
ing
M a r.
31—
Quantities.
Values.
Metals— Cont’d.
Cwt.
£
Metals— Cont’d.
Tons.
£
Copper a 11 d
1876
243, 476
1, 256, 024
1871
114, 837
brass.
1877
279, 605
1, 443, 549
1872
87, 126
1878
330, 469
1, 551,819
1873
78, 638
1879
296, 887
1, 322, 762
1874
56, 680
1880
396, 452
1, 674, 003
1875
95, 987
1881
393, 242
1,680, 884
1876
4, 108
88, 996
1882
347, 612
1,521,437
1877
5, 432
112, 245
1883
462, 060
2, 003, 064
1878
4, 373
81, 063
1881
548, 052
2, 294, 401
1870
3, 574
65. 671
1885
566, 209
2. 138, 056
1880
4, 798
84,547
1886
662, 728
2, 140, 070
1881
4, 152
74, 409
1887
626, 055
2, 043, 258
1882
8,740
132, 097
1888
541,928
2, 048, 536
lo83
10, 645
163,415
1889
108, 637
618, 568
1881
12, 671
181,379
1890
580, 954
2, 294, 019
1885
14, 496
185, 555
1891
459, 285
1, 892, 527
1886
13, 939
174, 572
1892
522, 099
2, 154, 445
1887
17, 466
209. 862
18936
433, 250
1,840, 133
1888
21, 046
258,811
Tons.
1889
27, 119
344, 589
Iron ....
1868
1 461 300
1890
23, 420
328 HO
1869
1, 425, 655
1891
35! 273
472, 188
1870
1,188,086
1892
38, 652
459, 525
1871
799, 895
18936
31, 140
386, 130
1872
841, 490
Tin
1868
on 8.6K
1873
752 576
1869
14fi 075
1874
795 516
1870
156 377
1875
1 247 349
1871
141 74‘?
1876
101, 192
1, 424, 598
1872
116, 209
1877
112, 559
1, 528, 406
1873
80, 064
1878
121,886
1, 435, 561
1874
147, 765
1879
118,252
1,446,015
1875
140, 001
1880
105, 558
1, 229, 385
1876
36, 159
169, 236
1881
133, 280
1, 547, 541
1877
37, 296
180, 794
1882
122, 626
1, 414, 384
1878
48, 671
222, 157
1883
157, 597
1,870. 494
1879
34, 989
151, 740
1884
179, 183
2, 140, 491
1880
20, 840
98, 846
1885
180, 114
2, 014, 909
1881
30, 957
177, 383
1886
174, 660
1.934, 888
1882
26, 977
169, 715
1887
164, 019
1,782, 990
1883
42, 718
277, 306
1888
216, 079
2, 447, 395
18S4
38, 988
235, 417
1889
200, 140
2, 515, 179
1885
41, 177
122, 454
1890
180, 420
2,414, 317
1886
36, 826
221, 813
1891
193, 828
2, 562, 307
1887
38, 357
267, 878
1892
184, 024
2, 321, 284
1888
20, 940
169, 278
18936
179, 536
2, 436, 071
1889
33, 693
255, 545
Cwt.
1390
39, 841
284! 553
Spelter
1868
204, 259
1891
41,984
278, 302
1869
192, 805
1892
38, 830
264, 331
1870
137, 045
18936
37, 603
296, 034
1871
122,205
Cwt.
1872
123, 791
Lead
1868
1873
121, 917
1869
1874
49' 523
1870
1875
47, 464
1871
1876
59, 118
82, 651
1872
1877
96, 593
143, 720
1873
1878
130, 280
179, 453
1874
1879
129, 061
156, 547
1875
1880
127, 138
144,360
1876
1881
148, 893
166, 701
1877
1882
135, 880
135, 235
1878
52,757
97, no
1883
127, 383
125, 669
1879
66,463
111, 593
1884
132, 647
128, 066
1880
73,499
106! 296
1885
113,248
101,015
1881
56, 782
93, 105
1886
149,131
136, 459
1882
67, 381
96, 497
1887
180, 201
184, 008
1883
73, 583
101 104
1888
134, 327
148, 195
1884
82, 564
105 596
1889
64, 706
84,514
1885
104, 324
117, 163
1890
83. 889
113,477
1886
76, 555
85 41 a
1891
111,944
177,435
1887
95, 283
119, 773
1892
118, 851
192,614
1888
111,990
150 400
18936
115, 782
185, 877
1889
113, 130
158, 863
Tons.
1890
105, 433
153 490
Steel
1868
83, 371
1891
1 03 nao
147, 906
170, 908
1869
111,937
1892
122, 568
1870
166, 377
18936
113, 076
155, 707
a Exclusive of frontier trade. b Subject to correction.
806
Imports (a) into British India — Continued.
Principal articles.
Provisions
Railway materials.
Salt
Years
end-
ing
Mar.
31—
Quantities.
Values.
Principal articles.
Years
end-
ing
Mar.
31—
Quantities.
:
Values.
Cwt.
£
Tons.
£
1868
351 , 452
Salt
1^00
410, 808
891, 532
I860
337^ 610
1891
395! 213
779, 034
1870
331,186
1892
373, 953
627, 953
1871
305, 320
1893c
360, 008
570, 951
1872
349, 224
Pounds.
1873
351,474
ISOS
1 0*27. 996
506, 583
1874
372, 867
1869
1,959,951
730, 934
1875
363,027
1870
2,016.726
901, 117
1870
6713,838
1871
2, 328, 854
895, 503
1877
601. 059
1872
1, 799, 591
651, 595
1878
858. 797
1873
1,930, 910
659, 480
1870
975, 835
1874
2, 282. 758
786, 914
1880
1,048. 832
1875
2, 469. 255
872, 927
18S1
920, 182
1870
2, 457, 244
694, 888
1882
1, 053. 083
1877
1. 461. 009
451, 895
1883
1.087, 186
1878
2. 102, 930
678, 009
1884
...... ......
1,033,931
1879
1,813,999
507, 241
1885
1, 103, 321
1880
2, 005, 020
683, 235
1886
1,191,882
1881
2,511,802
1, 067, 018
1887
1,179,474
1882
1,700. 595
749, 211
1888
1, 504, 436
1883
2,380,150
1,074,150
1889
1,588, 103
188!
2,210, 893
909, 575
1890
1, 590, 505
1885
1,831,702
747, 563
1891
1.476,070
1886
1,732,559
721, 917
1892
1,771.793
1887
1.737, 891
793, 376
1893c
1, 862, 054
1888
2, 598. 597
1.174.321
1868
2,401,906
1889
2, 045. 509
905, 939
1809
1, 591, 813
1890
2,360.407
1, 007, 045
1870
1, 217, 334
1891
2,406, 239
1,015. 068
1871
1, 406, 008
1892
2,701,009
1,264, 003
1872
516, 996
1893c
2, 292, 810
1, 010, 080
1873
327, 406
Silk goods
1808
423, 598
1874
439, 339
]869
486, 518
1875
538j 962
1870
406, 593
1870
59!)' 770
1871
425| 527
1877
09 1' 908
187 ‘2
48o! 948
1878
907, 002
1873
560, 646
1879
1 , 046, 832
1874
008. 374
1«80
1. 033, 019
1875
710,478
1881
3 ’ 3 17, 765
1870
708. 806
1882
1, 079, 509
1877
584. 789
1883
1. 110,434
1878
804, 883
1881
1, 633, 283
1879
924 1 044
1885
1 ’ 592! 620
1880
837, 890
] 880
Y 018, 005
1881
1 , 350, 3S4
1887
1 435’ 124
188?
1,211,706
1888
2, 577. 603
18S3
977, 768
1889
2’ 493, 239
1884
1,201,348
1890
l’ 821, 337
1885
1.273, 354
1891
2,001.853
1886
1,109.013
1 802
1,484,173
18S7
1,383,735
!B93c
1, 032, 939
1888
1, 743,818
Tone.
1889
1, 682, 106
1808
245, 286
677, 473
1890
1,778, 114
I860
260. 500
729, 270
1891
1, 386. 362
1870
272,818
750. 095
18112
1, 750, 695
1871
227, 610
715, 892
1893c
1,801,571
1872
306, 839
913, 915 Spices
1808
45, 203, 984
425, 267
1873
270, 847
828. 703
1809
30, 090, 708
286, 750
1874
279. 246
835, 354
1870
35,797,216
297, 381
1875
277, 085
755, 771
1871
29, 994, 944
222, 170
1870
365, 252
600, 934
1872
31, 893, 232
201,744
1877
298, 770
430. 890
1873
36, 090, 240
216, 381
1878
254, 231
401,306
1874
20, 149, 088
150, 562
1870
274, 180
593. 012
1875
25, 659, 648
179, 126
1880
352, 238
762, 532
1876
28. 534, 053
395, 988
1881
373, 376
065, 517
1877
29. 368, 456
432. 989
1882
357. 224
569, 067
1878
33, 123. 137
488, 884
1883
338, 005
515, 184
1879
30,816, 063
509. 043
1884
383. 090
623, 011
1880
33, 414, 205
526, 328
1885
412.839
049, 238
1881
37. 906, 762
542, 861
1880
363, 088
590. 048
1882
34,776. 134
507, 138
1887
417,442
708, 987
1883
33.463,961
510. 854
1888
423, 897
. 795,521
1884
37, 405, 271
557, 109
1889
398,810
882, 130
1885
39, 749, 713
602, 165
aFvclusive of frontier trade.
b Inclusive of dried fruits, etc., from 1876 to 1803. See Fruits and Vegetables.
e Subject to correction.
807
Imports (a) into British India — Continued
Principal articles.
Years
end-
ing
Mar.
31—
Quantities.
Values.
Principal articles.
Years
end-
ing
Mar.
31—
Quantities.
Values.
Pounds.
£
Pounds.
£
Spices
1886
52, 727, 670
718, 679
Tea. .........
1881
3, 322, 407
271,309
1887
38| 587,' 464
663| 845
1882
2, 845, 212
199, 691
1888
43, 011, 198
931,518
1883
2, 751,085
193, 052
1889
51, 788. 845
855, 228
1884
3, 065, 170
237, 614
1890
52, 830,819
852. 350
1885
3, 874,412
325, 548
1891
51,637. 169
813, 115
1880
4, 005, 637
304, 259
1892
58, 543, 588
797, 196
1887
4, 214, 342
324, 260
18936
48.510,623
623.633
1888
3, 623, 872
260,418
Gallons.
1889
4, 767, 004
317. 937
Spirits
1868
601, 610
455, 174
1890
5, 382, 851
363, 681
1869
681, 182
5(9, 819
1891
4, 470, 008
325, 141
1870
713,437
•564, 378
1892
6, 353. 017
443, 161
1871
461 323
385, 900
18935
6, 022, 883
443, 336
1872
671, 626
Woolen good a
1868
601, 957
1873
723i 609
553, 884
1869
764! 173
1874
608, 824
488, 597
1870
596, 713
1875
674, 987
553, 833
•
1871
583, 220
1876
704, 874
603, 476
1872
514, 194
1877
. 654, 527
622. 184
1873
719, 530
1878
737.714
647, 661
1874
668, 911
1879
692, 384
540, 785
1875
557, 585
1880
814, 334
659, 120
1876
809, 760
1881
848. 238
663, 184
1877
811,652
1882
842, 739
610, 827
1878
782.781
1883
849, 169
674, 969
1879
878, 042
1884
894,420
682, 098
1880
927, 876
1885
857, 970
629, 632
1881
1,299,130
1886
936, 984
667, 693
1882
1, 121, 232
1887
1. 064, 386
770, 599
1883
984. 873
1888
1, 084, 487
743, 305
1884
1,217, 053
1889
1, 1 19, 367
730, 027
1885
1, 234, 340
1890
1, 100,413
673, 742
1886
1, 391,862
1891
1,055,984
665, 144
1887
1,528, 865
1892
1, 010. 247
655, 006
1888
1,715. 755
18936
1,057,221
681, 635
1889
1, 561,950
Cwt.
1890
1. 455, 235
Sugar, etc ......
1868
434, 306
536, 884
1891
1 SIS 213
1869
525, 985
653, 611
1892
1, 762! 032
1870
572, 134
715, 553
18935
1, 523, 343
1871
440, 684
555, 801
Wines and liqueurs
1868
476, 406
1872
562, 559
709, 779
1809
574, 040
1873
342. 450
440. 146
1870
548,3 29
1874
435, 570
55S, 978
1871
433, 337
1875
395. 715
516, 564
1872
495, 783
1876
613,151
895, 927
1873
511, 864
1877
258. 105
403, 556
1874
476, 196
1878
475, 105
798, 036
1875
476, 640
1879
923. 381
1, 480, 881
1876
520, 544
*
1880
652, 009
1,068,788
1877
410, 744
1881
986, 321
1, 611, 157
1878
436, 020
1882
775, 982
1, 243. 756
1879
414. 174
1883
672, 672
1,086, 961
1880
392, 731
1884
736, 909
1, 148, 370
1881
435,316
1885
1. 616,874
2, 140, 838
1882
410, 112
1886
1.171, 186
1.458,097
1883
384, 570
1887
1, 749, 555
2, 080. 540
1884
401. 278
1888
1, 808, 479
2, 113,617
1885
336, 070
1889
1,617, 710
1,790, 939
1886
328, 022
1890
1, 723, 112
2, 200.019
1887
333, 121
1891
2, 931,901
3, 399, 886
1888
344, 842
1892
2,213, 125
2, 561,996
1889
340. 113
18936
1,959,818
2, 025, 683
1890
320, 837
Pounds.
1891
336, 754
Tea
1868
2. 526. 840
253, 364
330 rx7Q
1869
2, 029, 054
20 lj 987
18935
li'iil, U 1 o
309, 400
1870
1, 668. 567
160, 522
Total value of prin-
1868
35, 705, 783
1871
1, 140, 552
114, 055
cipal and other
1809
35, 990, 142
1872
2,025. 129
202, 513
articles of mer-
1870
32, 927, 520
1873
2,465,761
246, 576
cliandise.
1871
34, 469, 119
1874
1,828, 571
182, 859
1872
32, 091 , 850
1875
1, 701, 475
169. 982
1873
31, 874, 625
1876
2, 771, 204
247,566
1874
33, 819, 828
1877
1, 755, 300
140, 110
1875
36. 222, 1 13
1878
2, 323. 033
190,611
1870
38, 891, 656
1879
1, Sl*2. 345
130,518
1877
37, 440. 631
1880
2, 534,518
212, 062
1878
41, 464, 185
a Exclusive of frontier trade. b Subject to correction.
808
Imports (a) into British India — Continued
Tear
end-
Prinoipal articles.
ing
Mar.
31-
Quantities.
Values.
Principal articles.
Total value of prin-
cipal and other
articles of mer-
chandise.
Total bullion and
spocie.
Gold
1879
1880
1881
1882
1883
1884
1885
1880
1887
1888
1889
1890
1891
1892
18935
1868
1809
1870
1871
1872
1873
1S74
1875
1870
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
18935
1808
1809
1870
1871
1872
1873
Pounds.
£
37, 800, 594
41, 160, 003
53,116, 770
49, 113, 374
52. 095, 711
55. 279, 348
55, 703, 072
55. 655, 865
61.777, 351
65, 004,612
69,440,467
61, 197,489
71, 975, 370
69. 432. 383
68, 278, 622
11,775,374
15, 155, 954
13, 954, 807
5. 444, 823
11,573,813
4, 556. 585
5, 792, 534
8, 141.047
5, 300, 722
11, 436, 120
17, 355, 459
7, 056, 749
11, 655. 395
8, 988, 214
11,322, 781
13,453, 157
12, 877, 964
13, 888, 198
15, 477, 801
11,053,319
13, 825, 856
13, 844, 960
17, 459,501
21,934.480
14,722,662
17,009,810
4. 775. 924
5, 176, 976
5,690,400
2, 782, 574
3, 573, 778
2, 022, 371
Total bullion and
specie— Cont’d.
Gold
Silver
Tear
end-
ing
Mar.
31—
Quantities.
Values.
1874
Pounds.
£
1.648,808
2, 089. 230
1, 836, 381
1.443, 712
1875
1876
1877
1878
1, 578! 927
1,463, 050
2, 050, 393
1879
1880
1881
3! 672! 058
4. 856, 792
1882
1883
2, 095, 135
5, 469, 457
4, 778, 172
3. 091. 541
1884
1885
1886
1887
2, 833, 558
3, 236. 053
1888
1889
3! 119, 088
5, 071, 027
j. 500. 832
1890
1891
1892
4, 118, 929
1893
1868
6, 999. 450
9, 978. 978
1869
1870
S, 264. 407
2,062 249
8, 000, 035
1, 934, 214
4, 143, 726
1871
1872
1873
1874
1875
6, 051,811
3, 464, 341
1870
1877
9, 992. 408
1878
15! 776. 532
1870
5,' 593. 699
1880
9, 605, 002
5, 316, 156
6, 466. 389
8. 358, 022
7, 408. 506
9,110,025
12, 386, 260
8, 219. 761
10, 589, 803
10, 725, 872
12, 388, 474
15,433,654
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
10, 603! 733
1893
a Exclusive of frontier trade.
b Subject to corrections.
Exports from British India.
Principal articles.
Tear.
Quantities.
Values.
Principal articles.
Tear.
Quantities.
Values.
(hot.
£
Cw t.
£
Coffee
1808
296, 332
761, 345
Coffee
1886
376, 702
1,364,742
1869
426, 685
1,121,032
1887
374, 951
1,514,777
1870
322, 152
870, 189
1888
275, 583
1 . 539, 725
1871
301,935
809, 701
1889
367, 486
1,894,467
1872
507. 290
1,380,410
1890
241.688
1. 500, 008
1873
375, 887
1,146,219
1891
235, 016
1.463. 787
1874
367, 132
1, 499, 496
1892
316. 197
2. 023, 740
1875
312. 874
1,307,919
1893
299, 387
2,082.439
1876
373. 499
1, 633,395
Coir, and manufac-
1808
90, 700
66, 790
1877
30 1, 158
1, 353, 588
turns of.
1869
216,439
140.460
1878
298. 587
1,344,638
1870
171,627
151,401
1879
342, 268
1.518,481
1871
103,264
92. 751
1880
361.037
1 . 633, 032
1872
130.441
121,385
1881
370,713
1, 602. 594
1873
183.715
169, 982
1882
351, 981
1, 460, 729
1874
163,235
164,232
1883
364, 008
1,419, 131
1875
153, 132
137. 647
1 1884
351,910
1,470.801
1876
111,476
101,708
I 1885
342, 682
1, 287, 1)77
1877
176, 684
190, 270
809
Exports from British India — Continued.
Principal articles.
Year.
Quantities.
V alues.
Principal articles.
Year.
Quantities.
Values.
Gwt.
£
Ciut.
£
Coir, and manu-
1878
141,024
148, 595
Cotton manufac-
1881
1,777, 975
factures of.
1879
189,782
187, 720
tures.
1882
1,914,549
1880
132. 570
117,110
1883
2, 093, 146
1881
129,913
104, 741
1884
2, 326, 018
1882
230, 299
192,248
1885
2. 080, 017
1883
173, 209
152, 129
1886
2, 248, 973
1884
170,930
150, 526
1887
2, 436, 344
1885
239, 379
215, 004
1888
2, 798, 854
1886
207, 224
184, 531
1889
2, 872, 631
1887
220, 909
199, 184
1890
2, 733, 369
1888
186,405
160. 537
1891
2, 869, 769
1889
212, 072
185, 883
1892
3,081, 167
1890
278, 362
247,001
1893
3, 060, 054
1891
245, 373
210, 657
Dyes (other than
1868
1, 922, 272
1892
318, 547
265, 407
lac).
1869
3, 080. 861
1893
296, 598
260. 431
1870
3, 342, 685
Cotton, raw
1808
5, 482. 643
20, 092, 570
1871
3, 404, 661
1869
6, 228, 846
20, 149.825
1872
3^ 956, 869
1870
4, 953, 879
19, 079,138
1873
3, 692. 329
1871
5, 157, 150
19, 460, 899
1874
3, 724, 58 1
.1872
7,225,411
21,272,450
1875
2, 790, 55u
1873
4, 412, 629
14, 022, 858
1876
3, 015, 462
1874
4, 499, 698
13, 212, 241
1877
3, 249, 47.3
1875
5, 600, 086
15, 257, 342
1878
3, 879, 630
1876
5, 010, 785
13, 280, 959
1879
3, 360, 621
1877
4, 557, 914
11, 746, 184
1880
3, 225, 131
1878
3, 400, 568
9, 387. 354
1881
3, 793, 399
1879
2, 906, 569
7, 914, 091
1882
4, 720, 671
1880
3, 948, 476
11, 145, 453
1883
4, 171, 433
1881
4,541,548
13,241,744
1884
4, 913, 583
1882
5, 029, 544
14, 941, 423
1885
4, 410, 124
1883
6, 170, 173
16. 055. 758
1886
4, 510, 366
1881
5, 987, 278
14,401,902
1887
4,341,88"
1885
5, 069. 713
13,295, 124
1888
4, 696, 711
1880
4, 191,604
10, 782, 021
1889
4. 696, 019
1887
5, 435. 862
13, 475, 962
1890
4, 561 '457
1888
5, 374, 856
14,413,544
1891
3, 661, 747
1889
5, 331,581
15, 045, 679
1892
3, 997, 552
1890
6, 321,378
18,713,395
1893
4, 964, 670
1891
5, 924, 987
16. 533. 943
Grain: 'Wheat
1868
299, 385
101, 308
1892
4, 429, 679
10, 763. 558
1869
275, 481
98, 760
1893
4, 789, 201
12, 743, 679
1870
78, 208
32, 924
Cotton twist and
1868
175, 775
1871
248. 522
103, 833
yarn.
1809
128, 183
1872
637, 090
235, 645
1870
122, 619
1873
394,010
167, 690
1871
159,247
1874
1, 755, 954
827, 600
1872
121,469
1875
1, 073, 655
491, 451
1873
137, 936
1870
2, 510, 768
906, 331.
1874
181,173
1877
5, 586, 604
1, 957, 640
1875
203,817
1878
6, 373, 168
2, 873, 765
1876
324,376
1879
1, 056, 720
520, 138
1877
425, 726
1880
2,201,515
1, 124, 267
1878
744,791
1881
7,444 , 375
3, 277, 942
1879
937, 678
1882
19,901, 005
8, 869, 562
1880
1.163.946
1883
14. 193, 763
6, 088, 814
1881
1, 330, 051
1884
21, 001,412
8, 895, 811
1882
1, 410, 737
1885
15, 850, 881
6, 316,018
1883
1, 874, 464
1886
21, 068, 924
8, 005, 331
1884
2,013,019
1887
22, 263, 624
8, 025. 980
1885
2, 506, 617
1888
13, 538, 169
5, 502, 373
1886
2, 841,555
1889
17,611,408
7, 523, 280
1887
3, 418, 008
1890
13. 802, 209
5, 792, 615
1888
4, 146, 731
1891
14,320,496
6, 042. 426
1889
5,318, 614
1892
30, 306, 700
14, 382, 002
1890
5, 840, 114
1893
14, 973, 453
7, 440, 384
1891
6, 627, 165
No.
1892
5, 884, 698
Hides and skins . . _
1808
9, 487, 464
988, 282
1893
6, 864, 305
1869
11, 104, 039
1, 252, 898
Cotton manufac-
1868
1,259, 683
1870
13, 675, 997
1,691, 330
tures.
I860
1, 211, 638
1871
16, 300, 150
2, 020, 819
1870
1,176. 138
1872
20, 044, 607
2, 525 „ 925
1871
1, 250, 766
1873
22, 996, 617
2,921,910
1872
1,070,214
1874
19, 297, 051
2, 618, 358
1873
1. 279, 626
1875
18, 162,851
2, 677, 767
1874
1,414, 197
1876
19, 444, 133
2, 944, 933
1875
1,426, 539
1877
19, 804. 121
3, 000, 552
1870
1, 380, 577
Choi.
1877
1, 509, 472
1878
905, 972
3. 757, 480
1878
1.550,288
1879
809, 322
3, 097, 561
1879
1,644,125
1880
958, 723
3, 738, 455
1880
1. 573, 970
1881
812, 590
3, 735, 646
810
Exports from British India — Continued,
Principal articles.
Hides and skins . . .
Jewelry and pre-
cious stones and
plate.
Juto, raw
Jnte.m nnnfa ctnres
(including gun-
nies).
Year.
Quantities.
Values.
Principal articles.
Year.
Quantities.
Values.
Civt.
£
Cwt.
£
18S2
815, 490
3, 950, 052
1885
1 54 3 R70
1883
80u! 450
4,444.946
(including gun-
1886
•
1, 130,808
1884
916,318
4, 606. 788
nies).
1887
1,151.858
1885
1,010,809
4, 936, 509
1888
1, 746, 360
1880
1, 106, 891
5, 336, 229
1889
2, 571, 504
1887
991, 808
5, 149, 357
1890
2, 791,202
1888
883, 740
4, 800, 380
1891
2,481,901
1889
848, 550
4,746, 007
1892
2, 513, 194
1899
785, 346
4, 524, 362
1893
3, 237, 994
1891
826. 778
4. 60S, 772
Lac
1868
188 054
1892
873, 704
5,186, 738
1869
227, 17G
1893
873! 142
5,591.935
1870
253. 800
1868
95, 052
1871
100 825
1869
40, 139
1872
278 045
1870
37, 779
1873
203 P)80
1871
42, 653
1874
1872
53, 999
254 011
1873
54, 101
1876
1874
50,' 822
1877
536 979
1875
90, 825
1878
362 244
1876
80, 888
1879
300, 072
1877
48, 370
1880
371, 717
1878
108, 208
1881
578 321
1879
68, 080
1882
719, 698
1880
68! 970
1883
699, 113
1881
54, 058
1884
556, 738
1882
63, 208
1885
599. 982
1883
65, 177
1886
589, 773
1884
58, 929
1887
5°0 675
1885
58! 070
1888
501, 898
1886
63, 268
1889
401, 146
1887
50, 971
1890
488! 518
18S8
52, 994
1891
781. 449
1889
69. 529
1892
751, 247
1890
52. 886
1893
784. 951
1891
56, 525
Oils
1808
213. 991
1 892
54! 726
1809
380, 081
1893
59, 334
1870
325, 030
1868
2. 057, 442
1, 309, 537
1871
177,222
1869
3, 363, 048
1,891,899
1872
416. 186
1870
3, 361, 852
1 , 984, 495
1873
335, 600
1871
3, 754, 083
2, 577, 551
1874
262. 899
1872
6, 133, 813
4. 117, 308
1875
354. 259
1873
7,080,912
4. 142, 548
1876
426. 2 10
1874
6, 127, 279
3, 430, 015
1877
362. 960
1875
5. 493, 957
3, 246, 882
1878
374, 678
1876
5, 206, 570
2, 805, 340
1879
544, 163
1877
4, 533, 255
2, 638, 047
1880
583. 013
1878
5, 450. 276
3,518,114
1881
598, 341
1879
6, 021, 382
3, 800, 426
1882
494. 083
1889
6, 680, 670
4, 370, 032
*
1883
443, 764
1881
5,809,815
3, 934, 030
1884
520. 474
1882
7,510,314
5, 030, 302
1885
564, 746
1883
10, 348, 909
5, 846, 926
1886
412,198
1884
7, 017, 985
4, 592, 635
1887
472, 719
1885
8, 308, 680
4, 661, 368
1888
490. 101
1886
7, 782, 435
4, 355, 362
1889
45 », 038
1887
8, 306. 708
4.869,815
1890
557. 681
1888
9.638, 117
6. 040, 379
1891
586. 943
1889
10. 553, 143
7. 897, J 54
1892
618, 994
1890
10,255, 904
8. 639, 861
1893
019. 663
1891
11,985,967
7, 602, 010
Chests.
1892
8, 532, 430
6, 848, 494
Opium
1868
87, 139
12. 330, 709
1893
10, 537, 512
7, 944, 223
1869
74. 955
10. 695. 654
1868
291,555
1870
88. 083
11. 693.330
1809
187, 542
1871
85.518
10. 783, 803
1870
205, 923
1872
93, 364
13, 365, 2.8
1871
344,752
1873
82, 908
11,426, 200
1872
188, 850
1874
88, 727
11, 341,857
1873
189,541
1875
94. 746
11,956,972
1874
201,609
1876
88. 350
11, 148. 426
1875
238, 640
1877
130. 775
12, 404,748
1876
489, 181
1878
92. 822
12,374.505
1877
719. 478
1879
91,200
12. 993, 985
1878
771. 127
1880
105. 507
14,323. 314
1879
1,098,434
1881
92, 190
13,600. 148
1880
1 , 195, 362
1882
89. 338
12, 432. 142
1881
1 . 130. 072
1883
91,798
11.481,379
1 882
1, 097, 589
1884
91,963
11,294, 460
1883
1,487,831
1885
86, 578
10.882,606
1884
1. 334, 231
1
1886
87, 956
10, 735, 518
811
Exports from British India — Continued.
Principal articles.
Y ear.
Quantities.
Values.
Opium
1887
Chests.
95, 839
£
11.077, 609
1888
90, 090
10, 007, 704
1889
87. 789
10, 508, 082
1890
85, 100
10,115,930
1891
85, 753
87, 558
9,201,815
1892
9, 502, 201
1893
75, 384
9, 255, 014
Pico (including
1868
Cwt.
12. 097. 983
3, 647, 008
paddy).
1809
15, 377,073
4, 210, 925
1870
10, 014, 044
3. 020, 270
1871
10. 087,813
4, 203, 851
1872
17,311,285
4, 499, 101
1873
23, 293, 950
5, 701,030
1874
20, 245. 385
5, 549, 798
1875
17, 392. 938
4, 705. 334
1870
20,410, 032
5,311,095
1877
19,911, 334
5,815.221
1878
18,428, 625
6, 950, 386
1879
21, 250, 232
8, 978, 951
1880
22, 106. 308
8, 402. 750
1881
27, 266, 051
9, 057, 159
1882
28, 888, 436
8, 308, 175
1883
31, 258, 288
8, 476, 327
1884
27, 040. 330
8, 303, 280
1885
22, 051,826
7, 192, 325
1880
28, 222, 598
9, 247, 120
1887
20, 879, 272
8, 830, 827
1888
28, 533, 057
9, 291, 686
1889
23, 144,041
7,915,408
1890
27, 098, 906
10, 110, 482
1891
34, 963, 341
12, 877, 739
1892
33, 106, 929
13, 385, 971
1893
27. 938, 325
12,391,894
Saltpeter
1808
329, 986
256, 301
1809
397, 019
310. 758
1870
490, 110
394, 870
1871
482, 940
440, 554
1872
432, 210
• 397, 251
1873
518, 982
536,314
1874
451, 197
404, 974
1875
553, 330
501, 468
1870
415, 091
348, 956
1877
400,218
381, 706
1878
389, 002
379, 002
1879
382, 405
361, 766
1880
509, 372
469, 797
1881
352, 995'
351,728
1882
354,860
359, 437
1883
399, 565
388, 766
1884
491, 668
464,410
1885
451. 917
425, 000
1880
402, 174
370, 200
1887
397, 572
376, 091
1888
386, 396
364. 016
1889
420, 503
401. 801
1890
422, 229
411, 270
1891
399, 690
380. 059
1892
389, 185
365, 618
1893
443, 931
438, 940
Seeds
1808
4. 108, 542
2, 160, 572
1869
3, 984, 541
1, 994, 888
1870
4, 379. 784
2. 308, 942
1871
6, 737. 674
3, 522, 305
1872
5, 12 !, 765
2. 728, 788
1873
2, 779, 243
1, 508, 339
1874
4, 433, 270
2,301,451
1875
6, 074, 756
3, 235. 950
1870
10,507, 404
5, 462, 388
1877
9, 583, 109
5,319,447
1878
12.187. 618
7, 300, 683
1879
7,211. 790
4, 682, 512
1880
7, 240. 182
4. 781,465
1881
10. 303, 776
6, 392, 185
1882
10, 482,512
6, 004, 732
1833
13, 147, 982
7, 205; 924
1-884
17, 357, 884
10, 086, 088
1885
18, 259, 931
10, 752, 854
1880
17, 319, 898
9, 975, i29
1887
15, 906, 515
10, 081,801
9, 222, 870
1888
9, 399, 190
Principal articles.
Year.
Quantities.
Values.
Seed 8
1889
Cwt.
15.572, 172
£
9,564.217
1890
15, 798, 271
10. 031, 247
1891
14,801,857
9, 345. 991
1892
19, 105, 688
12,210,541
1893
10,510,989
11, 633, 374
Silk, raw
1808
2, 226, 201
1, 553, 229
1869
2, 463, 937
1.302,381
1870
2, 594, 701
1,501,512
1871
2, 280, 159
1, 351, 346
1872
1,987.867
1, 130, 709
1873
2, 373, 939
1,305.487
1874
2, 392, 230
1, 225, 599
1875
1. 730, 709
791). 676
1876
1,417,313
452, 370
1877
1, 508, 4( 0
835, 748
1878
1, 658, 005
750, 439
1879
1,534,715
023, 871
1880
1,673,203
604. 287
1881
1 , 509, 000
018, 287
1882
1, 274,511
443. 427
1883
1, 523, 345
590, 838
1884
1, 733. 187
671,555
1885
1 , 709, 285
509, 322
1886
1, 523, 224
365, 017
1887
1 , 708, 529
520, 363
1888
1,734,380
522, 894
1889
2, 233, 740
561, 495
1890
2. 206. 023
073, 769
1891
1, 905. 909
501, 093
1892
1,782,438
556, 125
1893
1, 929, 374
654, 799
Silk goods
1868
97. 344
145. 784
1809
1870
142, 062
1871
160. 425
1872
164, 825
1873
199. 804
1874
239. 805
1875
255. 487
1876
260.811
1877
238. 394
1878
168. 738
1879
195. 897
1880
248. 825
1881
250, 256
1882
250. 535
1883
306, 928
1884
315, 375
1885
359, 465
1886
366. 102
1887
355. 693
1888
425. 824
1889
352, 939
1890
318, 479
1891
267, 858
1892
250, 939
1893
268, 942
Spices
1868
Povnds.
160, 847
185. 482
1809
17, 334, 128
1870
19,351, 360
174,635
1871
22. 079, 456
204. 385
1872
33. 602. 352
304,712
1873
16,421, 552
171, 376
1874
25, 868, 304
238,217
1875
17. 059, 952
197. 891
1876
25. 206, 851
380, 552
1877
18,247, 955
307, 280
1878
14, 306, 269
247, 894
1879
23. 382, 834
397, 364
1880
18,051,301
326, 694
1881
17,671,838
368. 771
1882
15. 144,303
286, 698
1883
20,947. 105
417. 391
1884
! 18,514.377
400 930
1885
! 22,707.190
514,580
1880
25,422,848
528, 567
1887
! 33,321.707
706. 061
1888
28,703.565
743, 563
1889
| 28.933,734
734, 62?
1890
1 26, 19S, 322
580, 903
812
Exports from British India — Continued
Principal articles.
Year.
Quantities.
Yalues.
Principal articles.
Year.
Quantities.
Yalues.
Pounds.
£
Pounds.
£
Spices
1891
26, 958. 198
523, 809
1868
1 6, 580 575
61 1 5Q0
1892
25 j 348, 498
439| 157
1869
20, 392, 634
641,803
1893
27, 349, 568
545, 089
1870
13,327,836
472, 614
Cwt.
1871
19, 432, 838
670, 647
Sugar, etc
18(18
93, 187
128, 703
1872
24, 250, 904
906. 698
1809
450, 051
410, 974
1873
20, 821, 652
861. 626
1870
385, 638
327, 325
1874
20,981, 198
966, 832
1871
345, 300
295, 076
1875
21,443,135
965,919
1872
419, 282
347, 635
1876
24, 138, 636
1, 109, 740
1873
671,659
542, 395
1877
24, 588, 131
1, 102, 913
1874
337, 465
281, 743
1878
23, 612 9S3
966, 845
1875
559, 267
394, 384
1879
27, 791, 684
1,109, 702
1876
507, 403
377, 387
1880
28, 666, 852
1, 187, 799
1877
1,144,467
999, 503
1S81
25. 748, 121
1, 170, 624
1878
908, 212
850, 567
1882
26, 757, 352
1, 042, 246
1879
368, 546
350. 425
1883
26, 3S0, 327
1, 002, 833
1880
373, 242
289, 099
1884
25, 235, 180
983, 002
1881
644, 531
507, 055
1885
25, 530, 173
993, 869
1882
988, 341
723, 640
1880
31, 328, 347
1, 206, 113
1883
1, 428, 360
989, 069
1887
33, 749, 121
1,342,807
1884
1, 777, 157
1, 179, 720
1888
35.084, 143
1,494,837
1885
1. 251,059
791, 362
1889
35,117,810
1, 588, 280
1886
1,331, 103
730, 825
1890
38, 272, 528
l, 779. 164
1887
1, 144,718
702, 020
1891
34, 133, 059
1, 593, 003
1888
1, 195, 804
648, 869
1892
35, 655, 479
1, 644, 704
1889
1, 183, 203
751,044
1893
37,116,699
1, 714, 296
1890
1,615, 996
1, 184, 791
Woolen manufac-
1868
329, 313
1891
985, 309
615,221
tures.
1869
304, 357
1892
1, 137, 186
701,045
1870
255, 395
1893
1, 064, 900
835, 995
1871
148. 704
Pounds.
1872
198, 106
Tea
1868
7, 811, 429
729 714
1873
35:i 686
1869
11, 480, 213
983, 7
1874
229, 502
1870
12, 754, 022
1,080,515
1875
211,516
•
1871
13.232, 232
1, 139, 703
1876
217, 202
1872
17,460, 138
1, 482, 186
1877
232, 274
1873
17, 920, 439
1 590,926
1878
223, 324
1874
19, 442, 279
1 , 754, 618
1879
202, 289
1875
21, 392, 760
1, 963, 550
1880
162, 229
1876
24,561,826
2, 183, 881
1881
230. 601
1877
27, 925,400
2, 620, 140
1882
227, 692
1878
33. 656, 715
3,061,867
1883
183, 348
1879
34, 800, 027
3,170, 118
1884
156, 509
1880
38, 405, 632
3, 072, 244
1885
150, 823
1881
46. 918, 539
3, 099. 887
1886
116, 980
1882
49, 255, 342
3, 062, 859
1887
131, 945
1883
58, 233, 345
3, 738, 842
1888
169, 728
1884
60, 473. 113
4, 134, 221
1889
199, 498
1885
65, 147, 897
4, 137, 351
1890
176, 150
1886
69, 666,116
4, 397, 177
1891
169, 280
1887
80, 557, 329
4, 883, 143
1892
173, 090
1888
88, 982. 346
5. 302, 446
1893
178, 629
1889
99, 339, 868
5, 473, 137
Total value of prin-
1868
50, 874, u56
1890
105, 609, 533
5, 445, 488
cipal and other
1869
53, 062, 165
» •
1891
110,194,819
5,504.294
•articles of iner-
1870
52,471,376
1892
123, 518, 069
6, 283, 870
chandise.
1871
55, 336,186
1893
118, 131,184
6, 620, 499
1872
63, 209, 282
lftfift
128 178
1873
55, 250, 763
manufactures of
1 ft fiQ
28(5, 645
1874
54, 996! 010
1870
1 56, 1 23
1875
56, 359, 240
1871
256, 494
1876
58, 091.495
1872
326, 08Q
1877
61,013,891
18711
386, 019
1878
65, 222, 328
1871
415, 904
1879
60, 937,513
187:7
366, 399
1880
67, 212! 363
1870
471, (527
1881
74, 580, 602
1877
373, 878
1882
81,968,451
1878
458. 792
1883
83,485,123
1870
:’."1 868
1884
88, 176, 090
1880
:m<> in
1885
83, 255! 292
1881
515 831
1886
83,881,264
1 882
666 717
1887
88, 470, 117
18ft:t
672, 477
1888
90. 543, 655
1 88.1
582! 686
1889
97. 049. 532
1 8ftf>
582, 712
1890
103, 460, 398
1880
014' 891
1891
100, 227, 347
1887
302, 507
1892
108, 173, 591
1888
474, 005
1893
106, 574, 671
1880
664, 093
Total bullion and
1868
1, 571, 946
18-0
874! ? 1 1
specie.
1869
1,395,580
1801
557, 884
1870
1, 042, 353
"T «<v>[
614, 379
1871
2, 220, 765
1893
695, 259
1872
1, 476, 094
813
Exports from British India — Continued
Principal articles. Tear.
Total bullion and
specie.
Gold.
1873
1874
1875
1870
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
Quantities,
Pounds.
I
Values.
A
1, 298, 079
1,914, 071
1, 625, 309
2, 200, 236
4, 029, 898
2, 210, 996
3, 982, 228
2, 035, 148
1, 440, 141
1. 099, 747
1, 042, 059
1, 010, 307
1, 970, 630
1, 108, 238
1, 720, 516
1,604,624
1, 784, 347
1, 906, 322
1,213,179
3, 286, 686
6, 958, 924
166, 457
17, 624
98, 283
500, 453
8,434
79, 009
266, 169
215, 701
291, 250
1, 236, 362
1,110, 798
2, 359, 223
299, 889
1 6, 859
12, 408
164, 264
6, 952
Principal articles.
Total bullion and
specie — Cont’d.
Gold
Silver.
Year
1885
1886
1887
1888
1889
1890
1891
1892
1893
1868
1869
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
Quantities
Pounds.
Values.
A
106, 236
328, 606
656, 493
243, 572
305 154
455, 724
864, 660
1, 705, 137
1,405.
1,377,
944,
1, 720.
1, 467,
1,219,
1, 647,
1, 409,
1, 908,
2, 793,
1, 100,
1, 623,
1,735,
1,423,
1, 087,
877,
1,003,
1,864,
779,
1,064,
1,331,
1,479,
1,450,
1, 258,
1,581,
489
956
070
312
660
070
902
608
986
536
198
005
259
582
339
795
355 0
394
632
023
052
193
598
518
549
Imports into Argentine Republic.
Articles.
Tear.
Quantities.
Values.
Articles.
Tear.
Quantities.
Values.
Kilos.
Dollars.
Dozens.
Dollars.
Olive oil, not in
1876
2, 149, 304
687, 242
Olive oil, in bottles.
1889
bottles.
1877
2, 601, 680
750, 691
1890
1878
2, 446, 023
691, 172
1891
1879
3, 181, 810
977. 002
1892
1880
2, 933, 344
912, 870
Liters.
1881
2,575,100
806, 936
Spirits, distilled,
1876
7, 750, 150
1,067,549
1882
3,450,216
1, 069, 713
and liquors, in
1877
9, 346, 015
1,203,320
1883
3, 366. 502
1, 067, 098
casks.
1878
8, 533, 198
1,18% 887
1884
4, 263, 579
1, 372, 833
1879
8, 084, 741
1,073,404
1885
6, 462, 014
1, 373, 548
1880
9, 048,477
1, 072, 766
1886
4,351,529
1,507, 914
1881
9.068, 116
1, 1 : 6, 880
1887
5, 646, 026
1,976, 109
1882
6, 158, 672
785, 730
1888
4, 898, 097
1, 567, 379
1883
7. 546, 170
1, 091,618
1889
6,631,788
2, 121,981
1884
9, 689, 344
1,071, 784
1890
5, 111,828
1,686, 955
1885
3, 597, 542
575. 241
1891
2, 742, 676
905, 088
1886
661. 429
210. 227
1892
5, 967, 556
1, 9G9, 293
1887
345, 483
115, 850
JDuzens.
1888
1, 036, 514
188, 420
Olive oil, in bottles.
1876
18,763
54, 120
1889
242. 001
39, 658
1877
13, 777
31, 697
1890
426 161
68, 239
1878
14,447
37, 041
1891
59, 980
11, 121
1879
15, 674
43, 174
1892
65, 087
10,184
1880
13. 983
37, 147
Dozens.
Dollars .*
1881
8, 244
20. 854
Spirits, distilled,
1876
255, 134
751, 426
1882
28, 325
74. 703
and liquors, in
1877
232, 537
703, 277
1883
6. 243
18. 561
bottles.
1878
227, 289
720, 140
1884
4,397
12. 856
1879
208,518
694,638
1885
4 264
12. 970
1880
132. 735
532, 052
1886
7, 203
21, 621
1881
117, 341
511,625
1887
1882
155, 362
567, 928
1888
1883
211, 020
959, 505
‘National money.
814
Imports into Argentine Republic — Continued.
Articles.
Year.
Quantities.
Values.
Articles.
Year
Quantities.
Values.
Dozens.
Dollars.
Animals— Cont’d.
Dozens.
Dollars.
Spirits, distilled,
1884
303, 054
1 , 282, 041
Cattle
1878
39
8, 122
and liquors, in
1885
197, 478
945. 623
1879
53
11, 302
bottles.
1886
129, 678
707, 996
1880
807
33, 090
1887
30, 306
138. 720
1881
4, 784
58, 115
1888
19, 736
80,710
1882
17, 571
142, 248
1889
30, 183
127. 192
1883
51,040
218, 167
1890
11, 688
58, 639
1884
3. 544
150. 812
1891
3, 374
16, 204
1885
2, 007
42, 631
1892
3, 806
19, 576
1886
1, 463
67, 056
Kilos.
1887
942
156, 393
Wire for hoops
1876
5, 426, 398
451, 330
1888
4,527
93. 145
1877
5, 102, 618
499, 462
1889
628
35, 748
1878
5,499, 158
404, 670
1890
362
91,294
1879
9, 688, 574
620, 046
1891
103
17, 400
1880
13,447,570
796, 1 16
1892
85
24, 185
1881
21.847, 157
1, 332, 950
Kilns.
1882
14,434,179
1, 180,323
Rice
1870
6, 386, 956
557. 162
1883
19, 727, 103
1, 328, 484
1877
7, 774, 130
593, 804
1884
22. 323, 080
1, 584,512
1878
7. 832, 497
636,819
1885
22, 359, 663
1, 514, 374
1879
8, 067, 1 53
703. 018
1886
19. 855, 561
1. 294, 282
1880
9, 238, 931
803,019
1887
35, 145, 425
1. 863, 420
1881
10,218,984
938, 604
1888
28, 323, 076
1,515,368
1882
7, 922, 302
819, 289
1889
39, 414, 060
1,983,194
1883
10, 600,191
1, 111,389
1890
10, 205, 369
571, 132
1384
12, 268, 014
1,170, 306
1891
21, 846, 753
1, 158, 577
1885
12, 556, 741
1,097,715
1892
41. 118. 837
2, 226, 648
1880
11,378, 432
1, 007, 456
Animals:
Number.
1887
16,099,471
1, 448, 941
Assos
1870
1888
59.'* 79fi
1, 291 410
1877
1889
15 994 31 1
1. 433, 191
1878
1890
17 579 47S
1, 582, 152
1879
20
2,170
1891
11,836^ 362
946, 909
1880
5
1,308
1892
15, 220, 221
1, 217, 013
18S1
i
21
Sugar, brown
1876
6,619. 136
1, 026, 632
1882
9
1, 343
1877
9, 779, 566
1, 466, 376
1883
32
2. 000
1878
7, 598, 050
1, 353, 205
1884
28
3, 656
1879
0, 408, 841
949, 478
1885
15
440
1880
7, 439, 307
1, 008,438
1886
5
640
1881
0, 805, 756
999, 631
1887
20
650
1882
5, 733, 004
832, 678
1888
9
1,010
1883
3,066, 310
461.939
1889
1884
4, 347, 900
616. 257
1890
11
340
18S5
936] 983
128, 088
1891
8
630
1886
2, 189
284
1892
8
500
1887
Horses
1876
3
3, 100
1 888
1877
372
1889
1878
14
1, 245
1890
1879
7
3] 410
1891
1880
4
1, 860
1892
1881
65
14] 231
Sugar, refined
1876
12, 612, 662
2, 371.625
1882
1, 764
32, 230
1877
11,413,227
2,071,222
1883
1, 679
81,486
1878
13, 019, 409
2,381,810
1884
885
69, 151
1879
14, 898, 591
2,810,223
1885
487
21, 708
1S80
11,547 818
2, 093, 964
1880
857
24. 910
1881
17,568. 704
3, 046, 744
1887
1, 506
102, 744
1882
14,745. 172
2, 949, 156
1888
990
86, 985
1883
20, 068. 524
3, 875. 476
1889
547
73, 138
1884
28, 595, 445
5. 334, 852
1890
535
224 . 572
1885
17.983.161
3. 324. 093
1891
121
83, 394
1886
18.242, 831
3, 466, 136
1892
187
32, 065
1887
22, 912, 687
4, 353. 407
Sheep
1876
13
40, 300
1888
18, 637. 650
3,541. 152
1877
8
413
1889
33. 030, 577
6,275,810
1878
179
12, 932
1890
26, 427, 779
5,021.375
1879
430
12, 080
1891
11, 198,912
2. 127, 785
1880
133
9, 061
1892
18, 324, 045
3, 481, 572
1881
2, 028
30, 406
Sugar, candy
1876
2, 079, 707
256, 287
1882
9, 298
75, 050
1877
2. 078, 465
253, 867
1883
34, 257
54, 968
1878
1,578,433
203, 426
1884
24. 698
145, 721
1879
1 . 621, 065
200. 566
1885
15, 455
62.411
1880
1,641,022
190, 863
1886
18.716
01,863
1881
1,921,004
237. 374
1887
46,316
129,020
1882
1,929, 770
225, 663
1888
3, 351
51,245
1883
883. 996
98,261
1889
19. 479
43, 107
1884
1, 966. 772
234,640
1890
1. 030
81,410
1885
117,401
13, 903
1891
1,909
46, 920
1886
10. 161
1,296
1892
82, 982
312,015
1887
18,066
2, 349
Cattle
1876
4
1,757
1888
764, 903
99, 440
1877
1889
1, 435, 329
186, 591
815
Imports into Argentine Republic — Continued,
Articles.
Year.
Quantities.
Values.
Articles.
Year.
Quantities.
Values.
Kilos.
Dollars.
Hectoliters.
Dollars.
1890
3, 1L3. 249
404, 750
Coal
1885
268, 073, 200
2, 770, 471
1891
1 , 636, 721
212,773
1886
215, 122, 300
2, 151,223
1892
1, 447, 581
188, 205
1887
407,986,617
4, 079, 866
Candle, atoarino . .
1876
406, (519
146, 009
1888
333, 798, 549
3,337 985
1877
460, 131
152, 569
1889
658, 054, 486
6, 515, 141
1878
526, 959
162, 040
1890
514,582, 061
5, 145, 820
1879
650, 110
203, 420
1891
350, 680. 989
3, 506, 809
1880
488, 820
123, 376
1892
520, 771,418
5, 207, 713
1881
474, 133
101, 650
Kilos.
1882
486, 367
183, 271
Coke
1876
110. 082
2, 212
18811
748, 004
210, 184
1877
07, 128
1,388
1884
1,108, 520
323, 328
1878
1,412, 843
10, 644
1885
353, 999
100, 264
1879
9,484, 178
121,387
1886
436, 738
65, 511
1880
15, 983, 872
197, 794
1887
708, 401
212, 520
1881
10, 606, 083
133, 208
1888
589, 508
176, 852
1882
932, 533
27, 552
1889
407, 510
122, 203
1883
1,087.543
28, 688
1890
678, 339
203,411
1884
721, 046
12, 258
189 1
72, 927
21,878
1885
440,261
7,485
1892
144, 944
43, 486
1886
705,412
11,992
Cocoa and clioco-
1876
45, 882
28, 126
1887
1,104, 318
18, 773
late.
1877
64, 396
34, 258
1888
2. 007,481
34,127
1878
72, 385
34, 698
1889
2, 610, 340
44, 031
1879
115, 139
50, 356
1890
1,816, 380
30, 872
1880
113, 562
47, 982
1891
2, 982, 452
50, 694
1881
130,412
53, 498
1892
1, 366, 358
23, 227
1882
103, 315
65, 058
Tin, in blocks, etc. .
1876
13,530
8,719
1883
146, 031
75, 217
1877
12, 502
6, 179
1884
152, 770
96, 130
1878
14, 672
0, 102
1885
212, 740
121, 758
•
1879
22, 025
10, 628
1886
259, 148
152, 793
1S80
36, 735
15, 485
1887
281, 074
162, 492
1881
39, 630
15,454
1888
319, 707
210, 293
1882
13, 158
32, 794
•1889
442, 099
113,491
1883
43, 893
18, 248
1890
312, 482
178, 371
1884
64, 878
24, 545
1891
122. 586
35, 361
1885
158, 075
40. 253
1892
173, 341
83, 074
1886
145, 288
58, 614
Coffee
1876
1,245, 097
324, 861
1887
43, 613
17, 445
1877
1, 2S8, 525
388, 023
1888
62, 105
26, 084
1878
1,401,202
436, 009
1889
74, 124
31, 133
1879
1, 456, 381
461, 177
1890
133, 387
56, 025
1880
1, 804, 784
515, 209
1891
36, 885
15. 492
1881
1, 886, 553
556, 302
1892
v 51,232
21,517
1882
1, 784, 048
448, 954
Gross.
1883
1, 746, 612
503, 568
Phosphoric matches
1876
362, 303
449, 257
1884
2, 275, 350
691 , 227
1877
320.213
397, 065
1885
2, 439, 476
750, 964
1878
292. 766
363, 031
1886
2,931,488
878, 124
1879
403, 500
500, 341
1887
3, 026, 214
875, 688
1880
300, 965
373, 197
1888
3, 175,349
918, 920
1881
279, 620
346, 731
1889
2, 746, 524
803, 183
1882
275, 570
321, 401
1890
3,151,550
846, 781
18S3
375, 390
315, 425
1891
1,864,605
530, 946
1884
249. 249
187, 090
1892
2, 654, 679
747, 618
Kilos.
Lime
1876
3, 019, 955
18,860
1885
115,076
82, 075
1877
4,156,409
25,211
1886
76, 821
28. 224
1878
1, 137, 892
13, 299
1887
149, 430
56, 605
1879
902, 188
4, 837
1888
1880
504, 878
2, 019
1889
1881
42, 374
' 109
1890
1882
3, 928
137
1891
1883
319, 151
4, 617
1892
1884
941,302
6, 378
Flour and starch . .
1876
5, 024, 621
429, 923
1885
378. 853
2, 567
1877
2,581,924
235, 485
Hectoliters.
1878
1, 437, 728
151,532
1886
9, 796
7, 422
1879
2,619, 951
268, 486
1887
10, 852
7, 922
1880
5, 611, 273
456, 168
1888
9,217
6,728
1881
4, 674. 529
335, 691
1889
7, 330
5, 350
1882
3, 067, 950
324, 829
1890
8, 703
6, 357
1883
3, 290, 271
319, 736
1891
2,316
2, 085
1884
5, 094, 276
397, 160
1892
1885
85° 858
143 732
Coal
1876
54, 010,144
639, 302
1886
1,377,437
235, 240
1877
64,114, 258
822, 428
1887
1,002, 538
170, 481
1878
58, 945, 372
698,511
1888
934, 902
165. 441
1879
65, 745. 775
690, 474
1889
972,415
163, 312
1880
62, 823, 268
648, 177
1890
1,112,485
208, 419
1881
89, 293, 462
892, 935
1891
364,075
71,859
1882
105, 873, 208
1,058,732
1892
611, 663
120. 299
1883
111, 438, 079
1,114, 381
Iron and steel, un-
1870
6, 409, (>00
398, 043
1884
138, 494, 544
1, 384, 945 i
xnauulactuied.
1877
8, 888, 182
563, 841
816
Imports into Argentine Republic — Continued.
Articles.
Tear.
Quantities.
Values.
Articles.
Tear.
Quantities.
Values.
Kilns.
Dollars. !
Kilos.
Dollars.
Iron and steel, un-
1878
8, 448, 646
530,783
Cigarettes of all
1887
7, 246
11,316
manufactured.
1879
7, 832, 263
406, 778
kinds.
1888
12, 629
17, 938
1880
9, 080, 648
524, 658
1889
8, 921
16, 977
1881
12,470,818
754, 574
1890
3, 144
5, 923
1882
16, 329, 918
942, 800
1891
1,258
2,440
1888
22, 721, 857
1, 408, 362
1892
202
404
1884
34, 761, 185
2, 153, 725
Cigars of all kinds .
1870
71,395
86, 384
1885
33, 483, 837
3, 384,984
1877
44, 226
56, 836
1886
45, 942, 652
2, 689, 005
1878
59, 091
75, 939
1887
36, 471, 357
1, 544, 622
1879
45, 163
50, 902
1888
67, 332, 546
2, 947. 049
1S80
47, 223
60. 678
1889
89, 220, 712
3, 165, 836
1881
1, 253, 628
339, 251
1890
24, 326, 100
970, 342
1882
103. 954
143, 738
1891
12, 363, 077
518, 976
1883
108, 674
209, 673
1892
28, 634, 017
1, 163, 227
1884
156, 632
253, 800
Tin plate, unmanu-
1876
313, 135
50, 980
1885
192, 063
320. 183
factured.
1867
269, 544
37, 794
1886
153, 995
253, 313
1OT8
456, 922
69, 823
1887
257, 200
344,901
1879
474, 321
52. 063
1888
301, 458
378, 190
1880
436, 677
42, 653
1889
342. 654
422, 446
1881
883, 286
92, 961
1890
478, 833
595, 425
1882
727, 005
75, 6.10
1891
32, 200
42. 048
1883
964, 315
95, 142
1892
25, 501
33, 058
1884
975, 483
96, 294
Copper and bronze,
1885
1,919, 449
199, 797
unmanufactured .
1876
8, 353
5, 299
1886
1,804, 126
180,413
1877
7, 262
4, 009
1887
1, 729, 842
155, 688
1878
27, 192
18, 077
1888
1, 390, 821
111,265
1879
20, 408
6, 685
1889
1, 922, 137
151, 628
1880
16, 828
8. 589
1890
1, 959, 476
157, 389
1881
22, 146
11, 137
1891
1, 398, 298
114, 584
1882
24, 729
12, 664
1892
1, 337, 163
124, 378
1883
149, 404
35, 229
Liters.
1884
60, 040
28, 365
Beer, in casks
1876
35, 317
5, 127
1885
59, 214
33, 617
1877
47, 655
7, 183
1886
141,801
70, 300
1
1878
21, 670
2, 961
18S7
71,949
28, 780
1879
6,612
972
1888
131, 995
46, 198
1880
33, 863
5,488
1889
116. 732
49, 027
1881
24. 657
3,188
1890
65, 544
27. 530
1882
18. 865
2, 937
1891
39, 363
16. 531
1883
60, 712
15,409
1892
61,333
25, 760
1884
91, 249
15,394 |
Coca (a drug)
1876
49, '749
39,216
1885
95, 299
39, 538
1877
48, 687
38, 275
1886
100,343
16, 557
1878
37, 432
34,004
1887
52,812
8,978
1879
22, 245
22, 593
1888
524, 792
90, 213
1880
26, 123
23, 912
1889
647, 456
110, 007
18S1
41,504
38, 200
1890
92, 736
15, 766
1882
48,518
47, 363
1801
3, 290
559
1883
132, 205
47, 629
1 1892
25
4
1884
62,419
43,612
Dozens.
1885
59, 695
38, 588
Beer, in bottles
1876
125, 244
253, 199
1886
03,515'
44, 396
1877
62, 209
126, 638
1887
75, 226
37, 613
1878
87, 692
187, 555
1888
44, 286
31. 000
1879
64, 307
132, 559
1889
79, 186
55. 660
1880
90, 309
219. 786
1890
57, 633
40, 362
1881
140, 100
327, 930
1891
44. 624
31,238
1882
157, 611
391,640
1892
60, 742
42,519
1883
241, 660
569. 457
Mineral oil
1876
3, 364.225
290, 047
1884
349, 547
810, 323
1877
4, 814, 557
477, 748
1885
204. 896
461,978
1878
4, 639, 025
428, 420
1886
218, 531
508, 083
1879
4, 279, 779
442,612
1887
280, 997
654, 723
1880
5, 595, 651
413, 762
1888
249, 701
581,793
1881
9, 027, 953
431,956
1889
462, 245
1, 077, 032
1882
6, 951. 532
502. 785
1890
320, 626
747, 059
1883
5. 078. 844
666, 682
1891
17, 968
41.864
1884
7, 635, 048
1, 002, 226
1892
3, 829
8,919
1885
5, 161,799
476, 452
M.
1886
12. 856, 830
3,214,207
Cigarettes of all
1876
15.519
27, 703
1887
17, 869, 719
1. 340, 229
kinds.
1877
7,484
14,071
1888
14,124,976
706, 249
1878
11,316
18,377
1889
18, 165,516
908, 306
1879
8, 762
17, 090
1890
16. 677. 577
833, 877
1880
6,211
12, 574
1891
10, 354, 212
! 517.710
1881
3, 763
11,137
1892
16, 100. 303
805,017
1882
3, 007
8. 054
Hops
1876
42. 256
18, 028
1883
2, 133
8, 230
, 1877
46, 836
24, 620
1881
1878
64, 230
32, 024
Kilos.
1879
23, 456
9, 697
1885
4, 377
5, 607
1880
15, 810
7, 833
*88(5
6,236
3,489
1881
32, 450
17.287
817
Imports into Argentine Republic — Continued.
Articles.
Tear.
Quantities.
Values.
Articles.
Y ear.
Quantities.
Values.
Kilos.
Dollars.
Kilos.
Dollars.
Hops
1882
27, 928
14, 626
Tobacco, unman u-
1876
1, 694, 029
657, 941
1883
23, 361
11, 029
factured.
1877
3,412, 599
1, 012. 955
1884
14,070
14, 304
1878
2,281,586
803, 020
1885
31, 398
21,893
1879
2, 535, 072
719,829
1886
54, 609
38, 226
1880
2,439, 661
715, 519
1887
34, 988
17, 493
1881
2, 507, 250
678, 502
1888
63, 760
31,883
1882
3, 729, 999
826, 710
1889
56, 773
28, 390
1883
4, 650, 901
1, 015, 298
1890
77,019
38, 554
1884
3, 276, 402
845, 140
1891
43, 868
21,874
1885
3, 858, 330
964, 281
1892
42, 615
21, 306
1886
6, 061, 258
1, 253, 948
Gross.
1887
4, 962. 258
1, 145,003
Playing cards
1876
3,2)8
19, 165
1888
3,598, 141
1, 045, 288
1877
2. 382
17,049
1889
4, 482, 351
1, 090, 896
1878
5, 920
27,074 i
1890
7, 037, 091
1, 678,341
1879
3, 773
33,660 ;
1891
3, 221,662
390, 304
1880
4, 562
39, 985
1892
5, 463, 793
589, 103
1881
5, 683
46, 281
Tea
1376
195, 199
196, 272
1882
3, 843
38,409 '
1877
312, 870
305, 883
1883
4, 949
5J.950
1878
195,915
195,616
1884
6, 116
62, 872
1879
307. 564
312, 044
1885
3, 737
33, 414
1880
280. 806
283, 701
1886
1,226
18, 389
1881
288, 948
281, 954
1887
2, 726
40, 890
1882
256, 259
228. 403
1888
2, 232
33, 480
1883
370, 029
365, 692
1889
2, 507
37, 605
1884
495, 759
495, 759
1890
2,245
33, 675
1885
309, 394
309, 394
1891
83
1,245
1886
487, 275
487, 275
1892
10
150
18S7
624, 789
624,789
Kilos.
1888
668,618
668, 618
Lead, nnmanu-
1876
44, 485
6, 832
1889
459, 296
459, 296
factured.
1877
45, 539
4, 525
1890
508, 388
508, 388
1878
63,516
10, 077
1891
264, 026
264, 026
1879
42, 406
6, 008
1892
814, 791
814, 791
18S0
251, 201
27, 119
M.
1881
320, 895
33, 534
Roof tiles
1876
2. 217
83, 549
1882
263, 445
27, 800
1877
3, 569
129, 498
1883
526, 704
48, 494
1878
2, 744
96, 206
1884
579, 391
53, 667
1879
1, 904
73,406
1885
743, 122
72, 041
1880
2, 596
96. 880
1886
675, 297
65, 507
1881
3, 030
125, 096
1887
951, 301
76, 204
1882
3, 050
129, 865
1888
869, 282
67, 334
1883
2, 975
109, 976
1889
1, 829, 855
160,708
1884
4,866
174, 945
1890
4, 789, 096
338,612 |
1885
3, 974
183, 594
1891
61, 624
5,789
1886
6, 595
329, 813
1892
1, 347, 039
96. 368
1887
5,303
265, 150
Cheese
1876
398, 334
174, 60S
1888
2, 109
105, 450
1877
381, 223
162, 995
1889
1, 398
69, 9C0
1878
595. 052
303,851 ,
1890
2, 090
104, 500
1879
335, 564
145,828
1891
791
39, 550
1880
568, 111
254,459 1
1892
464
23, 200
1881
644, 163
249,439
Kilos.
1882
764, 074
367,977 |
Cotton textures —
1876
1, 485, 664
1,133,416
1883
751, 148
418,427
1877
3,211,004
2. 255, 703
1884
1, 043, 170
601,236
1878
2, 992, 192
2, 220, 867
1885
1, 009, 104
595, 322 !
1879
4, 760, 170
4, 022, 224
1886
1, 052, 015
628,740
1880
5,501. 299
4,510, 674
1887
1, 697, 961
1,073.629 1
1881
6, 893, 587
5, 536. 534
1888
1, 578,917
998,214 !
1882
6, 967,488
5, 826, 550
1889
1, 654, 077
954, 682
1883
7, 735, 420
6, 702, 179
1890
1, 188, 655
593, 967
1884
7, 731, 650
6,571,448
1891
154, 452
76,212
1885
7, 455, 708
6, 438. 339
1892
317. 684
158, 845 |
1886
5, 277, 485
3, 688, 715
Salt, common
1876
44, 017, 057
379, 038 ;
1887
7, 181, 859
5, 078, 595
1877
47, 317, 757
444,413
1888
6, 860, 609
5, 052, 507
1878
39, 609, 363
331,662 !
1889
6,379 441
4, 975, 607
1879
33, 389, 099
332, 815
1890
6, 866, 004
5, 675, 105
1880
32, 762. 744
211,049
1891
5, 637, 935
4, 644, 806
1H8L
24, 669, 108
275, 756
1892
13. 648. 299
11, 383,959
1882
29, 550, 283
185. 525
Meter.
1883
22, 437, 336
149,296 i
Cotton textures
1876
43, 469, 033
4, 239, 012
1884
50, 075, 707
307, 733
1877
19, 232, 278
1,955, 345
Hectols.
1878
28,379,241
2, 842, 115
1885
474, 994
294, 678
1879
32, 805, 500
3, 519, 980
1886
470, 845
291,922
1880
11,210, 100
1, 365, 434
1887
348, 981
216,368
1881
7, 663, 012
1, 166, 515
1888
391, 779
242, 903
1882
9, 757, 068
1, 163,892
1889
603, 829
374,401
1883
10, 880, 958
644. 896
1890
731,735
453, 675
1884
11,511.691
1,362.736
|
1891
512, 640
317,820
1885
3, 262, 802
317, 304
1
1892
622, 273
385, 807
1886
1, 654, 196
211,961
S. Kep. 235 52
818
Imports into Argentine Republic — Continued.
Articles.
j
Year.
Quantities.
Values.
Meters.
Dollars.
Cotton textures . . .
18S7
1888
1889
1890
1891
1892
Kilos.
1876
1877
1878
1879
30, 397
145, 259
.1880
45, 023
102, 040
1881
70, 800
244. 556
1882
74,114
232, 171
1888
90, 077
215,276
1884
80, 001
258. 847
1885
933, 547
2, 085, 436
1880
207,712
740, 083
1887
439, 276
1,079.284
1888
346, 503
967, 835
1889
349, 406
965, 752
1890
291, 194
844, 859
1891
223, 475
572, 325
1892
455, 086
1, 222, 123
Meters.
Wool textures
1870
1, 206, 333
259, 883
1877
2, 306, 032
436, 924
1878
2, 037, 908
436, 0u9
1879
1,174,414
282, 990
1880
836, 977
216, 657
1881
1, 570, 484
1, 375, 209
1882
2. 585, 451
1, 598, 941
1888
2, 473, 862
1, 812, 005
1884
2, 868, 378
2, 124, 247
1885
834, 037
745. 303
1880
34, 400
13, 182
1887
18S8
1889
1890
1891
1892
Kilos.
Silk textures
1870
1,827
35, 835
1877
0, 025
83, 764
1878
8, 424
131, 873
1879
0,815
1 IS, 592
1880
9. 862
114, 886
1881
10, 557
204, 334
1882
9, 020
172, 768
1883
9. 802
220, 320
1884
16, 905
299, 476
1885
22, 892
332, 198
1880
30, 752
482. 894
1887
55, 131
796, 568
1888
46, 4 19
777, 209
1889
70,231
1, 163, 415
1890
27, 383
477, 203
1891
13, 128
231,260
1892
29, 319
457, 753
Cement, hydraulic
1870
2, 901,044
59, 721
1877
1, 985, 164
42, 581
1878
3, 004, 020
74, 367
1879
4,430, no
90,813
1880
3, 585, 234
03, 671
1881
4,148.952
95, 769
1882
8, 620, 739
197, 529
1883
13,247, 718
300, 015
1884
12, 979, 360
293, 220
1885
20, 544, 222
472, 032
188G
30, 151,305
603, 026
1887
28. 977. 759
579, 555
1888
33,718, 836
(574, .{75
1889
44,978,716
899, 508
1890
24,051.478
394, 423
1891
18,794.160
300,710
1892
23,037.079
378, 199
Sq. meters.
Glass, window
1870
155, 979
73, 183
1877
131.934
64. 494
I 1878
1 204, 191
97, 101
Articles.
Year.
Quantities.
Values.
Glass, window
1879
Sq. meters.
164, 343
Dollars.
79, 714
1880
71, 139
38, 461
1881
170, 579
67, 102
89, 648
1882
209,545
1883
225, 192
114, 945
1884
272, 904
136, 746
1885
521, 058
159, 862
1886
444. 305
198.347
1887
526, 905
243, 071
1888
588, 417
291.911
1889
414, 122
176, 160
1890
402, 182
186, 204
1891
182, 920
86, 382
1892
378, 407
161, 008
Y erba paraguaya
1876
Kilos.
1, 007, 368
565, 655
(Paraguay tea).
1877
2, 815, 190
435, 875
1S78
2, 828, 135
433, 634
1879
3, 061, 030
533, 633
1880
4, 951, 555
649. 078
1881
5, 173, 277
714, 193
1882
6, 179, 524
860, 645
18S3
6,293, 108
781, 761
1884
6, 314, 887
870, 865
1885
4, 355, 849
761.378
1886
6, 761, 825
745, 782
1887
6. 519. 731
912,762
1888
8. 088. 491
1, 132. 389
1889
6, 936, 096
970, 764
1890
7, 627, 668
1, 067, 872
1891
7, 503, 336
1, 058, 806
Yerba Paranagua. .
1892
8, 929. 946
1,250. 192
1876
0, 650, 054
1, 126, 451
1877
8, 826, 174
1,072.258
1878
6, 411,846
753. 572
1879
10, 170, 660
1, 308, 293
1880
9, 019, 510
1, 10J, 323
1881
8, 354, 413
1,111,731
1882
6. 754, 079
897, 445
1883
9.115, 997
1, 333, 401
1884
10, 326, 951
1. 354, 041
1885
9,830,877
1, 267, 207
1886
11,059,796
1,433.510
1887
13, 565, 427
1,492, 198
1888
9,751,602
975, 159
1889
13, 837, 059
1,383, 707
1890
15, 847, S91
1,584,789
1891
10,262,255
1, 020, 226
1892
14. 279, 622
1, 427, 963
Wine, in casks
1876
Liters.
48.214,126
3, 845, 909
1877
65.018. 772
4. U / 4, 005
1878
54, 413, 922
4,610.484
1879
54. 083, 782
4, 577, 370
1880
51, 863,718
4, 278, 974
1881
68,770,817
5, 002, 383
'
1882
51, 104, 193
4, 749. 390
6, 338. 504
1883
62, 863, 267
1884
80, 699, 077
7, 972: 486
1885
57, 155, 300
5, 785, 794
1880
128, 474. 264
2, 847. 426
1887
07, 345, 701
10, 734, 570
1888
181, 966. 294
8, 196, 629
1889
05, 650, 072
9, 570, 61 1
1890
86, 505. 380
8, 650. 538
1891
32. 352. 637
3, 235. 263
1892
51, 869. 584
5, 186, 960
Wine in bottles
1876
Dozens.
91.110
332. 982
1877
81,808
377, 256
1878
103, 229
276, 582
1879
95. 347
353, 699
1880
90, 392
324. 807
1881
111, 183
433. 797
1882
106. 128
408, 275
1883
79, 682
342. 320
1884
58, 001
287. 330
1885
77. 030
320, 798
1880
14. 224
06, 171
1887
106, 1 16
706, 002
1888
94,273
662, 136
819
Imports into Argentine Republic — Continued.
Articles.
Year.
Quantities.
Values.
.
Articles.
Year.
Quantities.
Values.
Dozens.
Dollars.
Total imports — Con.
Kilos.
Dollars.
Wine in bottles
1889
109, 918
779, 214
Merchandise. . .
1890
142,240, 812
1890
95,614
725, 037
1891
67, 207, 780
1891
7, 503
40, 976
1892
91,481,163
1892
1? 042
60, 508
Gold
1 870
(a)
Kilos.
1877
(a)
Zinc, nnmanufac-
1870
253, 345
37, 095
1878
(ft)
tniod.
1877
345, 641
49,910
1879
(ft)
1878
213,748
32,574 '
1880
(«)
1879
362, 291
33, 044
1881
3, 837, 738
1880
285, 774
25, 682
1882
2, 122, 922
1881
562, 908
51, 877
1883
1 , 598, 284
1882
429. 933
48, 735
1884
1 4,545,709
1882
654, 804
71,339
1885
! 6,148,427
1884
983, 430
107. 909
1886
I 19,408,809
1885
1,054, 618
109, 339
1887
| 9, 088, 939
1886
1, 705, 573
170. 450
1888
1 44,613,897
1887
1, 095, 256
156,491
1889
15, 576, 906
1888
1, 424, 872
113, 544
1890
6, 946, 812
1889
2, 782, 9u3
235, 747
1891
8, 885, 388
1890
1,011,589
90, 142
1892
6,345, 816
1K91
<)(>:* nan
85 015
1876
(ft)
1892
1,394, 251
117i 966
1877
(ft)
Total imports:
Dollars.*
1878
(«)
Mercliaudise . . .
1870
30, 070, 023
1879
(ft)
1877
40, 443 | 424
1880
(a,)
1878
43, 759, 125
1881
458, 498
1879
4u| 303! 593
1 *82
659! 854
1880
45, 535, 880
1883
836, 684
1881
55, 705, 927
1884
364! 511
1882
61 1 246! 045
1885
157, 824
1 883
80’ 435| 828
1886
1, 226! 853
1884
94, 056, 144
1887
659, 657
1885
92! 22l| 969
1888
196! 253
1886
95, 408' 745
1889
172! 853
1887
117, 352, 125
1890
204! 439
1888
128' 412, 110
1891
370! 220
1889
164, 569| 884
j 1892
174, 532
* National money.
a. Not stated.
Exports from Argentine Republic.
[From “Estadistica del Commercio ” and “de la Kepublica Argentina.”]
Articles.
Year.
Quantities.
Values.
Articles.
Year.
Quantities.
Values.
Kilos.
Dollars.*
Kilos.
Dollars.
Oils, animal
1876
216, 149
24, 748
Bran
1888
1 325,725
33 132
1877
891, 666
101, 780
1889
2, 382, 186
69, 082
1878
815, 592
94. 872
1890
2, 833, 704
28, 337
1879
422, 625
51,641
1891
6, 525, 123
120, 715
1880
300,381
. 38, 178
1892
22. 058, 241
290, 849
1881
199, 278
26,141
1882
542, 002
67, 179
Animals:
Number.
1883
397, 709
58, 314
Asses
1876
12,127
74, 848
1884
551,957
82, 576
1877
17,717
143, 159
1885
197, 486
29, 622
1878
8, 486
40, 027
1886
113, 446
13, 714
1879
5,762
29, 747
1887
131,069
18, 350
1880
11,401
58, 012
1888
130, 498
20, 266
1881
12,198
73, 900
1889
97, 276
21, 887
1882
9,046
55, 761
1890
97, 065
9,707
1883
11,675
23, 500
1891
71,754
7, 534
1884
8,916
17, 832
1892
49, 697
5, 989
1885
11,316
22, 632
Cran
1876
249, 748
5, 092
1886
8, 581
17, 162
1877
2, 355, 324
65, 929
1887
6, 200
12, 400
1878
2,661,686
60, 006
1888
9, 632
19, 852
1879
2, 191, 121
45, 832
•
1889
8, 821
88, 300
1880
1890
0, 793
67, 930
1881
1, 847, 289
38, 687
1891
6,793
67, 930
1882
1, 678, 008
29, 264
1892
10,185
101,870
1883
2, 909. 840
43, 647
Cattle
1876
109, 726
2, 837, 426
1884
3, 226, 762
58, 948
1877
169, 445
3,214,570
1885
5, 738, 090
87, 482
1878
86, 308
2, 024, 737
1886
2, 601,423
■ 40,105
1879
422, 573
1, 730, 826
1887
4, 194,777
62, 921
1880
65> 253
1,730, 751
* Rational money.
820
Exports from Argentine Republic — Continued.
Articles.
Tear.
1
Quantities.'
!
Values.
Articles.
Tear.
Quantities.
V alues.
Anim als — Con t’ d.
Number.
Dollars.
Number.
Dollars.
Cattle .
1881
84,638 '
1, 693, 180
Hides of horses,
1876
52, 160
67, 545
1882
53,995
1,120, 824
dry.
1877
45. 0157
43, 130
1883
92, 523
1,795,186
1878
33. 687
31, 475
1884
78, 455
1,810, 833
1879
66, 919
68, 589
1885
96, 175
2, 345, 313
1880
149. 948
154, 947
1886
128,405
2, 203, 150
1881
125, 152
129, 324
1887
70, 707
1,415,625
1882
35, 134
52, 066
1888
94, 726
1, 798, ‘'51
1883
38, 211
57, 450
1889
139, 637
3, 194, 113
1884
72, 325
134, 762
1890
150, 003
3, 579, 456
1885
43, 770
65, 651
1891
171, 105
3, 997, 270
1886
43, 089
86, 178
1892
125, 458
2, 624, 675
1887
115, 618
231,236
Sheep.
1876
17, 320
25, 767
1888
49. 850
84, 744
1877
65, 462
64, 125
1889
40, 358
77, 487
1878
14, 028
24, 004
1890
54, 716
82, 074
1879
38, 768
59, 373
1891
97, 517
117, 020
1880
20, 993
25, 654
1892
113, 948
142, 278
18S1
18, 686
33,413
Hides of horses,
1876
1 43, 708
343, 985
1882
19, 027
36, 681
salted.
1877
217, 260
450, 932
1883
38, 257
53, 503
187S
168, 002
347, 399
1884
50, 003
70, 472
1879
150,510
233, 298
1885
42, 235
58, 552
18S0
176, 937
321, 147
1886
26, 751
41, 557
1881
155, 416
289, 254
1887
29, 413
42, 884
1882
178, 715
377, 699
1888
22, 616
34, 685
1883
221, 156
5i0, 912
1889
19, 527
66, 526
1884
209, 126
413, 963
1890
50, 002
159, 428
1885
329, 595
682, 260
1891
114,691
387. 545
1886
235, 706
587, 271
1892
40, 100
170, 422
1887
209, 252
523, 128
Mules
1876
14, 796
456, 227
1888
208, 655
815, 840
1877
16, 228
484, 029
1889
156, 616
759, 588
1878
16, 621
305, 486
1890
173, 161
519, 483
1879
14, 270
278, 862
1891
259, 689
814,726
1880
17, 500
348, 071
1892
127, 442
380, 274
1881
14,574
274, 716
Hides, goat
1876
573,317
306, 704
1882
89, 609
226,118
1877
617,864
322, 682
1883
10, 111
261,776
1878
609, 808
312, 6S6
1884
6, 400
100. 930
1879
747, 947
511, 164
1885
6, 685
106, 960
1880
1,557,794
768, 802
1886
8, 893
142, 782
1881
609, 892
368, 462
1887
6, 445
103, 178
1882
697, 006
473, 882
1888
6, 893
109, 816
1883
830, 960
940, 470
1889
12, 104
242,080
1884
931, 070
1, 017, 046
1890
11,755
244, 350
1885
1, 744, 772
1, 081, 762
1891
14, 703
410, 794
1886
504, 540
306, 577
1892
16.514
333, 040
1887
766, 900
460, 140
Hides of
cattle,
1876
1, 689, 046
4, 945, 055
1888
770, 366
585, 478
dry.
1877
1, 725, 844
4, 290, 988
1889
1,045,280
821, 590
1878
1,611,715
4, 052, 820
1890
1,482, 111
1, 023, 478
1879
l, 668, 328
5, 040, 653
1891
963,231
577, 939
1880
2, 203, 260
7, 964, 970
1892
907, 540
493, 647
1881
1, 718, 720
6, 462, 795
Kilos.
1882
1, 454, 942
5, 865, 392
Hides, otter
1876
43, 734
12, 202
1883
1, 392, 948
5, 255, 927
1877
78. 337
58.811
1884
1, 706, 905
5, 854, 306
1878
70, 398
55, 194
1885
1, 931, 092
7,511,919
1879
329, 580
271,910
1886
1,813,183
6, 267, 592
1880
532, 098
438. 928
1887
2, 508, 500
8,408,742
1881
213, 172
132, 086
1888
2. 609, 428
10,046,281
1882
144, 191
111.515
1889
2, 424, 596
8, 448, 069
1883
491.217
392, 770
1890
3, 053, 649
5, 759, 745
1884
407, 549
244, 405
1891
2, 678, 905
4,444, 043
1885
322, 901
193,737
1892
2, 845,189
6, 056, 865
1886
550, 946
275, 273
Hides of
cattle,
1876
635, 820
3, 263, 269
1887
943, 047
471,523
salted.
1877
762. 688
3, 174,455
1888
448, 911
300, 770
1878
627, 087
2, 591. 939
1889
102,431
133. 160
1879
668, 201
3, 380, 786
1890
429, 044
214, 522
1880
588, 039
3, 296. 830
1891
852, 749
895, 386
1881
473, 650
2, 676,391
1892
412, 722
379. 144
1882
490, 485
2, 696, 645
Horns of cattlo —
1876
3, 056, 000
62, 829
1883
517, 270
2, 890, 443
1877
3, 862, 000
79. 384
1884
642, 804
2, 923, 602
1878
2, 998, 454
61,916
1885
811, 679
4, 488, 204
1879
2, 706, 780
133.419
1886
724, 794
3, 649, 287
1880
2, 966, 416
194, 840
1887
699, 837
3, 639, 095
1881
2, 903, 041
154,242
1888
797, 192
4, 584, 728
1882
1,410, 983
214, 761
1889
966, 177
5, 250, 945
1883
921,473
139, 273
1890
1,294, 109
5, 171,473
1884
851,911
118, 795
1891
1, 262, 502
4, 160, 348
1885
142, 120
159, 896
1892
1, 068, 611
3, 901, 404
1886
1, 167, 685
149, 431
821
Exports from Argentine Republic — Continued,
Articles.
Year.
Quantities.
Y allies.
Articles.
Year.
Quantities.
Values.
Kilos.
Dollars.
Kilns.
Dollars.
Horns of cattle
1887
1, 426, 934
182, 026
Copper, in bars —
1883
307, 671
103, 870
1.888
1,683, 768
229, 666
1884
173, 230
69, 372
1889
1,756,710
278,614
1885
170, 014
67, 996
•
1890
2, 289, 806
137, 388
1886
196, 955
76, 781
1891
2, 428, 008
116.554
1887
143,287
57, 315
1892
1,851,203
101,081
1888
115, 770
46, 308
Beef
1876
29, 666, 210
2,091,220
1889
56, 390
22, 556
1877
38, 732, 623
2, 802, 741
1890
102, 392
40,957
1878
33, 600, 293
2, 444, 774
1891
90, 791
36, 316
1879
32, 336, 252
2, 908, 561
1892
55. 175
22, 070
1880
26, 116, 479
3, 078, 342
Wool pelts
1876
27, 597, 973
4,634, 758
*
1881
22,412,631
2,631,606
1877
27, 849. 009
4, 064, 754
1882
26, 966, 613
3,881,459
1878
27, 848, 592
4. 031, 149
*
1888
21,543,200
2,814,411
1879
25, 088, 878
4, 097, 864
1884
18.869, 993
2, 456, 997
1880
29, 077. 187
5, 455, 327
1885
32, 055, 835
4, 204, 077
1881
22, 339, 591
4, 639, 437
1886
37, 388, 200
3, 738, 820
1882
22, 353, 021
4,231,718
1887
23, 984, 243
2, 398, 424
1883
26. 564, 619
5. 035, 886
1888
26, 449. 055
3, 456, 787
1884
24, 938, 623
5, 484, 952
1889
41, 767, 860
6, 139, 875
1885
31,336, 894
6. 267. 377
1890
43,481, 156
3, 913, 304
1886
35.312, 899
6, 350, 671
1891
39, (!•,!.), 035
3, 587, 153
1887
30, 447,716
6, 698, 408
1892
44, 699, 424
4, 100, 488
| 1888
28, 054,616
5, 610, 923
Baxley
1876
16, 052
403
1889
36, 378, 835
11,386, 593
1877
1890
27, 148, 432
6,787, 108
1878
30, 698
1,684
1891
24, 169, 950
7' 250, 985
1879
240, 537
10, 378
1892
32. 060, 586
9,618, 175
1880
556, 133
37, 364
Flour
1876
353,441
33, 069
1881
255,610
19, 099
1877
218, 124
20,419
1882
1,100,063
33, 408
1878
2,919, 793
300, 282
1883
177. 909
3.558
1879
1, 003, 045
160, 304
1884
362, 358
7, 251
1880
1, 428, 040
104,811
1885
2, 109, 368
42, 189
1881
1,287,396
109, 360
1886
876. 283
17.523
1882
548. 779
40, 494
18S7
825,816
16, 510
1883
4.844,385
343, 099
1888
234. 746
6, 596
1884
3, 734, 389
261, 406
1889
231,286
7,818
1885
7, 447. 077
521, 295
1890
1. 308, 627
13,871
1886
5. 262, 222
362, 807
1891
137, 422
3, 435
1887
5,401,096
378, 076
1892
996, 897
15,416
1888
6, 392, 442
639, 244
Bone asb and bones
1876
33, 234, 837
365, 453
1889
3, 360, 886
510, 853
1877
52, 304, 685
559, 952
1890
12,017.875
600, 894
1878
39, 231, 010
404, 253
1891
7, 015, 388
491,077
1879
36, 430, 207
523, 381
1892
18,049, 136
1, 024, 041
1880
27, 692, 477
444, 992
Wool, rr.TT
1876
89, 259, 122
20, 332, 387
1881
34. 763, 049
589, 246
1877
97, 310, 403
18,707,218
1882
28. 212, 508
796, 634
1878
81, 708, 190
15, 215, 358
1883
25, 798, 365
508, 474
1879
91,951,094
22, 330, 388
1884
28, 255, 486
621, 019
18S0
97,145,801
27, 467, 071
1885
35, 423, 768
782, 464
1881
103, 876, 955
31,446, 495
1886
31,369,145
583, 055
1882
111, 009, 796
29. 978, 960
1887
25, 546, 972
396, 635
1883
118, 403, 668
29,600,918
1888
40, 042. 079
919, 855
1884
114,344,648
32, 005, 819
1889
27, 680, 373
653, 857
1885
128, 393, 264
35, 950,111
1890
38, 787, 647
620, 602
1886
132, 130. 496
31,711,604
1891
57, 086, 986
677, 658
1887
109, 164, 383
32, 749,315
1892
44, 761, 204
561,749
1888
131,743, 339
44, 858, 606
Hair
1876
2, 074, 762
925. 711
1889
141,774,435
56, 709, 774
187"
1, 943, 565
707, 640
1890
118,405, 604
35, 521,681
1878
1,910,885
691, 085
1891
138, 605, 838
38. 809. 635
1879
2, 372, 962
791,971
1892
154, 635, 035
44, 326, 060
1880
2,253,411
765, 474
Flax
1876
1881
1, 870, 105
778, 5i5
1877
1882
4, 053, 717
911, 942
1878
104, 279
7, 107
1883
1, 535, 247
691, 057
1879
240, 034
20, 338
1884
1, 732, 875
867, 487
1880
957, 999
98, 668
1885
2, 009, 298
1, 004, 649
1881
6,394,618
624, 534
1886
1,714,174
775, 977
1882
23, 351,794
1,705,047
1887
1,977,281
988, 643
1883
23,061,736
1,153,087
1888
2, 019, 212
1, 257, 970
1884
33. 991,050
1, 699, 583
1889
1, 794, 622
1, 157, 525
1885
69, 426, 104
3,471,305
1890
2,324,215
929, 686
1886
37, 689, 967
1,825, 199
1891
2, 341, 177
725, 765
1887
81, 208, 176
4, 060, 409
1892
2, 138, 732
790, 227
1888
40, 222, 888
2, 131,813
Copper, in bars
1876
1889
28, 195, 810
1,607, 162
1877
13. 578
4,207
1890
30, 720, 636
1,228, 825
1878
407,847
89, 134
1891
12,213,303
610, 665
1879
409, 740
140.979
1892
42, 987,142
2, 546, 220
1880
176,685
57. 319
Corn
1876
8, 058, 369
298, 329
1881
492, 825
15 !, 777
j 1877
9,817,005
329, 366
1882
463, 626
129, 951
1 187S
17, 0C4, 044
185, 349
822
Exports from Argentine Republic — Continued.
Articles.
Year.
Quantities.
Values.
Articles.
Year.
' Quantities.
Values.
Kilos.
Dollars.
Kilos.
Rubles.
Corn
1879
29, 521, 317
458, 286
1878
2,547 438
105. 350
1880
15^ 032! 015
297, 884
1879
25, 609,317
1, 328. 692
1881
25, 052, 189
559, 094
1880
1, 165, 628
48, 305
1882
107, 327, 155
2,212, 511
1881
157. 078
11, 481
1883
18, 634, 351
372, 804
1882
1, 705, 292
69, 093
1884
133,710, 088
2, 274, 201
1883
60, 754, 677
2, 340, 184
1885
197, 859, 612
3, 957, 191
1884
108, 499. 228
4, 339, 970
1886
231, 660, 300
4, 653, 421
1885
78, 493, 392
3, 159, 736
1887
361, 844,305
7, 236, 886
1886
37, 864, 413
1,510,378
1888
162, 037, 510
5, 444. 464
1887
237, 865, 925
9, 514. 635
1889
432, 590, 679
12, 977, 721
1888
178, 928, 549
8, 248. 614
1890
707, 281, 955
14, 145, 639
1889
22, 806, 373
1, 596, 446
1891
65, 909, 903
1, 449, 996
1890
327, 894, 151
9, 836, 824
1892
445, 935, 009
8,501,231
1891
395, 555, 180
15, 822, 207
Pasto seco (dry
1876
3, 996, 593
105, 496
1892
470, 109, 617
14, 696, 089
food).
1877
6, 722, 345
219, 570
Total exports-
1878
8,417,139
130, 648
Merchandise. . .
1S76
48,090,713
1879
5, 337, 554
105, 625
1877
44, 769, 944
1880
9, 221,319
190, 852
1878
37, 523, 771
1881
2, 352, 563
38, 526
1879
49. 357, 558
1882
10, 771,847
137, 106
1880
58. 380, 787
1883
11,460, 500
137, 531
•
1881
57. 938, 272
1884
11, 846, 071
142, 153
1882
60, 388, 939
1885
11,765,011
165,587
1883
60, 207, 976
1886
12, 408, 450
149, 414
1884
68, 029, 836
1887
12, 375,411
148, 506
1885
83, 879, 100
1888
9, 250, 988
238, 308
1886
69. 834, 841
1889
20,434,032
572, 173
1887
84, 421,820
1890
19, 121,723
198, 866
1888
100,111,903
1891
30, 003, 920
270, 036
1889
90, 145, 355
1892
39, 209, 121
374, 428
1890
100. 818, 993
Ostricli featliers . . .
1876
51,075
106, 925 |
1891
99, 723, 221
1877
58, 819
108,854
1892
113,370, 337
1878
66, 444
109,511 j
Gold
1876
(*)
1879
54, 762
10l! 733 1
1877
(*)
1880
72, 229
161.098 J
1878
<*)
1881
45, 238
186, 165 i
1879
<*>
1882
55. 338
143,037 !
18S0
n
1883
42, 375
127,125
1881
2, 555, 953
1S84
30, 764
53,838
1882
1,258, 60
1885
34,710
00,741 i
1883
2, 875, 835
1886
25, 953
30, 335
1884
2, 444. 024
1887
28, 006
39,208
1885
6, 677.811
1888
42, 247
76,286
1886
7, 832, 816
1889
31, 505
74, 983
1887
9.471,983
1890
31, 900
32, 538
1888
8. 492. 374
1891
52. 028
62, 434
1889
27, 815. 546
1892
57, 705
60, 359
1890
5, 009. 358
1876
37, 463, 333
5, 829. 365
1891
1. 183.891
1877
27,431,217
4, 168, 892
1892
1,823, 193
1878
21 097, 022
3,283 724
1876
(*)
1879
15,454, Oil
2, 090! 717
1877
<*)
1880
11,868.989
1,810,810
1878
<*>
1881
10, 687, 170
1,475, 896
1879
<*)
1882
18. 434, 134
2, 789, 341
1880
;*>
1883
15,814,630
2, 372, 040
1881
535, 062
1884
14,335.715
2, 150, 228
1882
1.040. 951
1 885
23, 260, 234
3,489,169
1883
2. 028, 609
1886
12,701,661
1,715,158
1884
2, 065. 930
1887
7, 169, 649
788. 777
1885
1, 764. 833
1888
14, 802, 873
2, 140, 393
18S6
525. 202
1889
18,319, 282
3, 297, 471
1887
405. 202
189Q
17, 361,989
1,996, 629
1888
242. 126
1 SOI
20. 725,111
2, 383, 388
1S89
615.705
1892
19, 879, 429
2, 263, 729
1890
274, 542
VHient
1876
20, 868
997
1891
519, 209
1877
199! 611
7, 335
1892
156, 518
*Kot stated,
823
[Senate Ex. Doc. 95, Fifty-third Congress, second session.]
Letter from the Secretary of the 'Treasury, in response to the Senate resolution of March £9,
1894, calling for a statement of the cash value of imports from countries haring depre-
ciated paper as a circulating medium, and the rate of exchange with the same countries.
Treasury Department, May 9, 1894.
The President oe the Senate:
I have the honor to acknowledge the following resolution of the Senate:
“Resolved, That the Secretary of the Treasury he directed to furnish the Senate
with a statement of the cash value, determined by the average price of the New
York and London markets, of all imports classified under their respective heads,
from all countries having a depreciated paper as a circulating medium, dining the
fiscal year ending June 30, 1893; and also a table showing by months the rate of
exchange with those countries during the same period.”
I have reluctantly come to the conclusion, after a careful consideration of the
conditions attending the collection and compilation of the stat istics of imports, that
it is not possible to answer the resolution in such a manner as to afford any authentic
information.
The Department has been in correspondence with collectors of customs at the dif-
ferent ports of entry and with mercantile bodies, as well as individual merchants,
seeking to attain some method of applying the corrections and modifications required
by the resolution. The opposing difficulties are so great as to be insuperable, with-
out an expenditure of time and money not justifiable, in my belief, in view of the
unsatisfactory character of the results which could be obtained under the most fnvor-
able conditions. Apartial result would be worse than none, as it would introduce an
element of confusion and doubt much greater than that now existing. To apply a
correction to the principal articles affected bjr the faulty administration of customs
regulations is as definite a change as can be with reason and justice applied. To
attempt a like correction to every item, however small, would involve much incom-
plete revision, and the trade returns in a series of contradictions, which must seri-
ously diminish the confidence now justly reposed in the general accuracy of the
trade returns for the fiscal year 1893. Some of these difficulties will be enumerated:
First. The original invoices filed with the collectors of customs are ro longer col-
lected in one office. These invoices would have to be obtained, for example, in the
New York custom-house from the files of the “ record division.” This in itself would
be a task of such magnitude as to give employment to the 35 clerks of the statistical
division in that port for more thau four months, to the exclusion of all current work.
This estimate is based upon the most favorable conditions, as it is assumed that these
invoices would be found in the record division. This however is not always the
case, as under protests, appeals, and litigations of various characters, many invoices
have been removed from this division and scattered through other divisions of the
custom-house, such as the appraisers’ stores, the office of the general appraiser, the
office of the U. S. district attorney, and other divisions of the collector’s and
appraisers’ departments. This condition of affairs is not confined to the port of New
York, but will be found in every other port of entry, the difference being only in
degree.
Second. After the invoices have been collected, precisely the same compilation
must be made as was required at the time the invoices were first placed on file in
the custom-house. It would be of no avail to take the invoices filed in one month
and average them in the expectation of obtaining the result for twelve months.
Such an average would be worthless. To take up item by item for the twelve
months would be merely repeating the task that usually occupies the statistical
forces of the various custom-houses a full jear. It would have been a very simple
matter to make a correction after one or two months of the operation of the error;
but it is impossible, unless a special force is assigned to the task, to make a proper
correction in the records of twelve months. When it is considered that this admin-
istrative error was in full operation for nearly fifteen months, without an attempt
being made to apply a correction or remedy, and when it is remembered that the
returns for the last quarter of the fiscal year 1893 were as greatly affected as wtre
the returns for the whole of the fiscal year 1893, it must be recognized that to make
or undertake to make a correction to the year 1893, even supposing it possible to
do so, would not secure the accurate return's intended by the resolution, but would
produce results even more misleading than those now published.
Third. Having obtained the invoices it would then become necessary to reduce the
value of each invoice and of each item in thatinvoice, expressed in depreciated paper
money, to the proper value expressed in the money of the United States. Great as
would be the task of obtaining the invoices, it would be slight when compared to
the task of obtaining exchange quotations to apply in the reduction of the values
824
of these invoices. I have sought to obtain from banking and mercantile houses
tables of exchange rates for the fiscal year 1893, with a view to determine how far
it is possible to obtain such rates at stated periods, or even average quotations at
stated times. In making a correction 1 would hesitate to apply an average quota-
tion of exchange, as in many instances the fluctuations are great and sudden. .No
average could apply in such cases. Theonly true correction to be applied would be
the rate of exchange which was quoted upon the very day, almost the very hour,
the invoice was prepared at the port of exportation. It would be necessary to have
a daily record of the exchange rates; and the countries from which the greater part
of these imports were obtained are precisely those lacking in this definite and posi-
tive banking or statistical information.
No banking house, no individual merchant or mercantile firm, has been able to
assure me of the possibility of securing a daily record of rates which could be
accepted in a reasonable belief that it would be applicable to the correction of con-
sular invoices. The difficulty encountered in securing the rates of exchange prevail-
ing between the United States and the countries of Central and South America hav-
ing depreciated and fluctuating paper currencies is also encountered when it is
attempted to frame similar quotations of exchange between London and the same
countries. I can only say that such partial tables of exchange as 1 have been able
to obtain, very incomplete in themselves, would be misleading, and, in my belief,
without application to the purposes of the resolution. Deplorable as the original
administrative blunder was, the neglect to apply a remedy and the omission to pre-
pare the materials for making a proper correction during the fifteen months the error
was allowed to run, thus permitting mistake to accumulate upon mistake, were still
more deplorable. The error has become so interwoven in the trade returns of 1893
as to be inseparable from them without substantially destroying the published doc-
uments for that year. •
This question was brought to my attention by the chief of the Bureau of Statis-
tics in July, 1893, and steps were at once taken to correct the returns for 1893, as far
as it could be done under the circumstances. Careful attention was paid to the con-
ditions at that time and a full study made of the limitations necessarily applying to
any change or modification in the returns. An attempt was then made to <"btain
exchange quotations and a revision of the returns made by collectors of customs in
order that such returns as were expressed iu depreciated paper currency might be
reduced to values properly expressed, as required by the customs regulations. The
result of this attempt and the method of applying a correction to the trade returns
of 1893 were fully set forth by the chief of the Bureau of Statistics in his letter to
me, dated August 15, 1893, a copy of which is sent herewith. This letter was also
embodied in the annual returns on “ Commerce and Navigation” for 1893. The
question has been reviewed since the passage of the Senate resolution in the hope
that some difficulties had been exaggerated and that a more accurate correction might
be applied.
I am, however, brought to the conclusion that any reliable result, through more
extended effort would be impossible under the present organization of the custom-
houses, and would be incommensurate with the expenditure of money that must be
required even to attempt it. Were it possible to overcome the administrative diffi-
culties, and this, in my belief, is not possible, the scientific difficulties would still
remain to be encountered, and these are in themselves quite as insuperable.
The same difficulties which stand in the way of securing reliable returns of rates
of exchange also oppose all attempts to secure a record of the prices at the port of
exportation of each article of export.
Awaiting the further direction of the Senate in this matter, I am,
Respectfully, yours,
J. G. Carlisle,
> Secretary .
VALUES OF IMPORTS IN 1893 FROM COUNTRIES HAVING I>RPRKC1ATKI> PAPER CUR
RENCIKS.
Treasury Department, Bureau of Statistics.
Washington, I). C., August 13, 18D3
Sir: I have the honor to submit to you my reasons for noting material changes in
the trade figures of imports from certain countries of South America for the last
fiscal year. Was the difference between nominal (as officially published for the
last twelve months) and real values small, I should not undertake to make any alter-
ations, as in comparing so large amounts as are involved a wide margin is allowa-
ble. and docs not materially a fleet the conclusions to be drawn. But when the
error amounts to nearly 9 per cent of the total value of imports, and this 9 per cent
is concentrated upon tire imports of a comparatively few articles from a small num-
825
her of countries, I deem it expedient to attempt a proper correction in at least two
commodities and in the general total. Otherwise the returns of import values for
1893 in these special lines are worthless in themselves and more than misleading
when compared with the returns of previous as they will be when compared with
the returns of subsequent years.
The various stages of the development of this error are, in brief, as follows:
In January, 1892, an important firm of Philadelphia complained to the Department
of State that the American consul at Messina charged $1 for a currency certificate to
accompany an invoice of olive oil, and asked why it was necessary to require a cur-
rency certificate on invoices of commodities imported into the United States free of
duty or under a specific duty. The question, upon its face a reasonable one, was
referred to the Treasury, and under date January 23, 1892, Mr. Paulding, the Acting
Secretary, wrote :
“After due consideration I have to state that with your [i. e., the Department of
State] approval this Department will issue instructions to collectors to waive the
requirement of a currency certificate in all cases where the value of the currency does
not affect the dutiable value of the merchandise.” Thereupon the Department of
State issued a circular letter to tlx? consular officers embodying this decision of the
Treasury intended to relieve the importer of a consular tax. This instruction was
in alignment with a policy, which is to be commended, of removing all unnecessary
restrictions from the import and export trade of the United States. It has had, how-
ever. a disastrous effect upon statistical returns, one that was properly notified to
the Department of State as early as April, 1892, by Mr. Charles Heath, U. S. consul
at Catania. From all countries ha ving paper money of depreciated value merchan-
dise has been sent to the United States with the value expressed in paper money,
and with no record of the real value by which the nominal could be properly reduced.
From no less than 13 countries have such returns been received, for at least fifteen
months, with the consequence of entirely vitiating for that period the returns on
certain lines of merchandise from 2 and partially from 10 countries.
The wfide range to which this matter applies may be further illustrated. The
total imports of goods free of duty in 1892 were valued at $457,999,658, as com-
pared with the value of goods subject to duty of $369,402,804. Of the $458,000,000
nearly one-third, or $152,169,822, were imported from countries having a depreciated
paper medium of exchange. I do not quote the figures for 1893, because the inflated
values render them too misleading for comparison.
I have made an attempt to establish some principle by which I could make cor-
rections in the returns of all these countries having a depreciated currency. I find,
however, that no genera! rule will apply, for the manner of making the invoices
filed in the different ports of entry has not been uniform. In the port of New York
the values of imports from Brazil were “aim st always” expressed in paper money.
In the port of Baltimore the currency certificates were “in most instances” attached
to the invoices of imports of free goods and goods subject to specific duty. In the
port of New Orleans the proper corrections were “ occasionally ” made, and in the
port of Boston the corrections were made only “ to a limited extent.” The collector
of customs at San Francisco reports entries in excessive values from Chile, Russia,
and Italy, and the invoices “generally fail” to have a correcting certificate.
To introduce a full and complete correction each individual invoice in every
collection district and port of entry of the United States, now 125 in number, would
have to be examined and the proper correction made — not from any record attached
to the invoice, but from an independent reference to the actual value of the paper
medium on the day of export — a task entirely beyond the present force of the service.
I can therefore apply only a general correction.
I have prepared a list of countries which have, at the present writing, a paper
medium, circulating at a value below the face value. Against each country I have
placed the total value of merchandise exported to this country and entered free of
duty in the fiscal year 1893. I have also undertaken, with only partial success, to
determine the rate of depreciation of the respective currencies in July, 1892, and
June, 1893.
Country.
Imports free of duty.
1893.
1892.
Russia in Europe
$2,753,848
$1,458,344
Italy
lo, 749, 097
10,901, 745
I urkev in Asia
1, 330. 796
1,374,013
A rgfiitine Republic.. .
3. 843, 843
3, 921 , 623
151,008.364
118, 421, 158
Chile
3.847 588
8, D9,638
Ecuador
058. 216
307, 187
Uruguay (?)
1, 535, 880
t, 883. 927
Country.
Imports free of duty.
1893.
1892.
Costa Rica
$2, 308, 222
$2, 084,955
Guatemala
2, 554, 578
3, 182, 838
Honduras
081.424
959, 989
Nicaragua
1,398. 8>17
1 , 656, 708
Salvador
1, 85."). 074
2. 330, 097
Total
187, 328,397
152, 169, 822
826
In connection with the above table I am able to give the following notes : The value
of the silver ruble of Russia in July, 1892, was 51.9 cents United States currency; in
January, 1893, it \tas 49.1 cents, and in June, 1893, 48.3 cents. To be of full value
it should be worth 55.3 cents, while the gold ruble was worth 77.2 cents. Tbe paper
and silver currency of Russia, I am informed, fluctuates exceedingly, and an instance
was cited where 215 German marks were required to purchase 100 rubles paper cur-
rency one day, while 207 marks made the purchase of the same number of rubles
the very next day.
At Buenos Ayres, Argentine Republic, the premium on gold in June, 1892, ranged
from 206 to 214. In the last week of January, 1893, it fluctuated from 198 to 215,
and in June, 1893, from 233 to 243. So far, however, as individual invoices have
been examined the amount of error applying to imports from the Argentine Republic
is comparatively small.
The course of the currency of Brazil is sufficiently shown in the accompanying
diagram.
The Chilean peso, gold and silver, is worth at par 91.2 cents United States money.
In July, 1892, the paper peso was quoted at 34.25 cents; in January, 1893, at 35.25
cents, and in July, 1893, at 29 cents.
The paper sucre of Ecuador was worth, at the rate of exchange given in the mid-
dle of June, 1893, 44-^ cents as compared with the par value of 69.1 cents. A number
of merchants unite in the statement that Uruguay has no paper currency. In Costa
Rica, where the unit is silver, the paper is worth about 30 per cent less than the
coin; but the rate varies so widely and frequently that one transaction is no guide
to others. I am unable to obtain definite and satisfactory information on the cur-
rencies of other countries of Central America.
When it is considered that the import figures for the last quarter of 1892 were
quite as open tp criticism, and on the same ground, as the figures for the entire year
of 1893; when it is considered that imports as a whole have tended to decrease in
quantity, or remained stationary, reflecting the general condition of trade through-
out the commercial world; when it is considered, that the general trend of prices
has been downward; and finally, when it is considered that with hardly an excep-
tion the paper currencies of these countries have depre iated more and more through-
out the liscal year just closed, it will readily be admitted that in this one class of
merchandise — that is, goods admitted free of entry — there has been opportunity for
a wide departure from true values.
In this table no account has been taken of another important class of goods on
which the requirement of a currency certificate was waived — goods subject to a
specific duty, which would largely increase the total to be corrected. Of the total
amount of duties collected on the dutiable imports of the year 1892 somewhat more
than one-half arose from specific duties, the exact proportion being 50.2 per cent,
collected under specific rates, and 49.8 per cent, collected under ad valorem rates.
Applying the same ]>roportion to the total value of dutiable imports for the fiscal
year 1893, we find that $211,743,000 was subject to specific duty. How much of this
total was received from countries having depreciated currencies it is now impossible
to say; but the imports from Italy alone run up into the millious, and certain items
from tliis and other countries open up a tempting field for conjecture.
Given the total value of importations of these classes of merchandise and the
average rate of depreciation of the currency, and it would be a comparatively sim-
ple matter to make the proper corrections in every item; but to obtain that total
value is, as has been said, out of the question without reviewing the entire import
business of the year ; while I do not know where the daily variations in the value
of the paper money could be obtained. Where a paper medium fluctuates widely
from week to week, as did the milreis of Brazil (see diagram), the complicating
circumstances would be so many, and so subtle, as to baffle the most careful attempt
to eliminate them.
BRAZIL.
The most notable illustration of the working of this circular is to be found in the
coffee exports from Brazil to the United States. The unit of currency of Brazil, the
paper milreis, has been depreciated since 1889. I have prepared and print with this
a diagram showing the variation of this paper milreis from week to week since
January, 1892, together with the averages for the calendar and fiscal year and for ,
periods of six months. At the time the circular (February, 1892) was issued the
actual value of the milreis was a little more than 23 cents, the par or face value
being 54.6 cents.
The value of Brazil coffee as entered at the custom-houses began at once to rise,
showing that the merchants were availing themselves of the new privilege. The
average import price of coffee Jauuary-Mureh, 1892, was 20 cents; April to June, 23
cents; and in the first quarter of the new fiscal year (1893) it rose to 26 cents. The
reported increase in prico was continuous until (lie end of tin* quarter January-
March, 1893, when it stood at 30 cents. The average import value in the fiscal year
1892 was 21.1 cents, and in fiscal year 1893, 29.2 cents, an increase of more than 39
per cent. The import price for 1892 was above the real price at the place of export,
and with a proper correction would rule at a much lower rate. I have obtained
from one of the largest importers of Brazil coffee in New York the monthly quota-
tions at Rio Janeiro of standard No. 7 during the last liscal year:
1892. Cents.
duly 121
August 131
September ll|
October 15
November 15 J
December 15J
1893. Cents.
January 15 J
February 17
March 17
April 16
May 15£
June 15f
The import value as given at the port of Baltimore for the f.ser.l yi ar 1193 was
13.4 cents.
It is unfortunately too late to introduce any corrections info the roturns of 1892.
As the returns of 1893 must bo used in comparison with those of 1894, 1 propose to
make the following corrections : The average value of the paper milreis for the liscal
year 1893 was 24.3 cents, or about 45 per cent of its real value. There can be little
question that nearly all the imports of coffee from Brazil, valued at $120,760,424 for
the liscal year 1893, were reported at the custom-houses in their paper value. It
will, therefore, be within the limit of safety if the values of coffee from Brazil
monthly be reduced by about one half in value, making a difference in the value of
the imports of that article alone, for the last liscal year, of about $63,000,000. This
reduction may the more readily be accepted, as some allowance should be made for
inflated values of coffee imported from countries other than Brazil.
The same method can also he applied to imports of India rubber from the same
country and under the same conditions. The imports of India rubber from all sources
in the fiscal year 1892 were 39,976,205 pounds, valued at $19,718,216, or 49 cents a
pound. In 1893 the imports had increased to 41,541,680 pounds, but the value had
risen to $29,185,485 and the apparent price per pound to 70 cents. The average
import value of rubber from Brazil was 53 cents a pound in 1892 and 86 cents a pound
in l<-\3 — an increase of 62 per cent in apparent price. The two articles of coffee
and India rubber from Brazil — a total value of nearly $144,000,000 — are thus greatly
overvalued in paper in the returns and to the extent of more than 100 per cent on
the real value.
It would be interesting to take a number of articles admitted free of duty, or
under a specific duty, from these countries of depreciated paper and show how they
have been altered in value through this administrative blunder. But when it is
considered how wide a range must be covered in the imports from other countries,
covering an extensive schedule of articles that come in under our tariff free of duty
or sul> jet t to a specific duty, it becomes out of the question to apply a rigid rule of
correction. 1 have, therefore, taken the aggregate of coffee and India rubber imports
from Brazil alone — $144,000,000 — as the basis of a general estimate, and believe that
the values of the total imports into the United States during the fiscal year 1893
should be reduced $75,000,000. This general estimate is also based upon a belief
that it will allow for the change in values in all articles, other than coffee and India
rubber, coming from the thirteen countries named and entered in different methods
at the customs ports of the United States. It is based on a principle of general com-
pensation. I have therefore reduced the total value of imports of merchandise by
$75,000,000, thus making the following change in the so-called balance of trade:
Merchandise.
TJncorrected.
Corrected.
$941,400,922
847, 665, 194
$866, 400, 922
847, 665, 194
Excess of imports -
93, 735, 728
18,735,728
I also propose to reduce each of the two items of coffee and India rubber imported
from Brazil, the one by 52 per cent and the other by 50 per cent— these being fair
allowances, and if anything under, rather than above, the true percentages. To do
more than this would expose me to errors and contradictions, however desirable other
modifications might appear to be.
828
The returns of certain items of trade of 1893 must, therefore, remain open to suspi-
cion; and this administrative error, although noted early in the fiscal year 1893, has
been allowed to run so long as to make the details of that year in articles imported,
tree of duty or subject to specific duty from the countries of depreciated paper
money very unsafe wlieu used in comparison with the details of a former year.
the matter has been submitted to the Department of State, and, by agreement
with that Department, every precaution taken to provide against a repetition of
such an error. Under the new regulations a consular currency certificate will be
required for all classes of goods from countries of depreciated currency, but without
fee, thus effecting the object of the circular of February, 1892, and at the same time
giving the values expressed in invoices the official basis they formerly had.
Yours, respectfully,
Worthington C. Ford,
Chief of Bureau.
Hon. J. G. Carlisle,
Secretary of the Treasury.
[Senate'Ex. Doc. 1S4, Fifty-third Congress, second session.]
Letter from the Secretary of the Treasury in response to the Senate resolution of June IS,
1894, transmitting a statement of the amount of gold coin received into the Treasury and
subtreasuries since November 1, 1893, from what sources received, what payments or
redemptions have been made in gold coin or bullion, and other information called for by
the resolution.
Treasury Department, July 10, 1894.
I have the honor to transmit herewith three tabular statements in response to the
following resolution of the Senate, dated June 13, 1894 :
“ Resolved , That the Secretary of the Treasury is directed to send to the Senate a
statement in answer to the following questions:
“First. What amount of gold coin lias been actually received into the Treasury
and the sub treasuries of the United States since the 1st day of November, 1893, and
on what account the same has been received.
“Second. What part of the coin so actually received has been obtained from the
sale of bonds of the United States, and to what persons, banking houses, banks, or
corporations said bonds were sold and delivered, naming them.
“Third. What payments or redemptions have been made m gold coin or bullion
by the Treasury or subtreasuries of the United States since the 1st day of November,
1893, and what are the several descriptions of the obligations of the United States,
and the amount of each of such classes of obligations, to which such payments or
redemptions have been applied, and the names of the persons, banks, bankers, or
corporations on whose demand, or to whom such payments or redemptions have been
made or applied, with the dates of such redemptions or payments.”
The answer to the third question is incomplete in some of the details referred to,
but is as full as it can be made from the records.
Kespectfully, yours,
J. G. Cart. isle,
Secretary.
The President of the Senate.
829
I. — Amount of gold received into the Treasury and sub treasuries of the United States or
each account from November 1, 1S93, to June 13, 1394.
Account.
Amount.
Customs
Internal revenue
Sale of 5 per cent bonds
Miscellaneous
Treasurer’s transfer account
Post-Otlice Department account
U S. disbursing officers’ accounts
Transfers from depository banks
Redemption and exchange account:
National-bank notes
United States notes
Treasury notes of 1890
Gold certificates
Silver certificates
Gold coin
Standard silver dollars
Fractional silver coin
Minor coin
Gold bars for manufacturers
Bullion acquired by mints and assay offices
$9, 898, 749. 80
172, 975. 00
52, 850. 204. 24
1,039, 029. 35
2, 303, 051. 50
729, 242. 07
656 127.00
9, 938, 760. 27
5, 1 80. 00
10, 073. 247. 00
1, 918, 000. 00
5, 590. 00
1, 354, 083. 00
58, 208. 00
21. 109. 00
2, 347, 558. 80
54, 743. 20
2, 438, 534. 68
17, 070, 672. 95
Total
113, 529, 715. 92
II. —Amount of gold obtained from purchasers of United States bonds, from November 1,
1S93, to June 13, 1S94.
Purchaser.
TREASURY AT WASHINGTON.
Albert J. Buebler, Washington,
D. C
John A. Jones, Washington, D. C.
Rev. Y. L. Schmitt, Washington,
D.C
Henry McEnroe, Washington, D. C.
Laura J. Crawford, Washington,
D. C
I. Wind, Huntsville, Ala
Geo. D. Hawks, Weldon, N. C
A. W. Evans, Elkton, Md
Jas. Conway, Harpers Ferry, W.Va.
Win. B. Mathews, Washington,
D. C
Wm. T. Owsley, Washington, D. C.
C. J. Cooper, Oxford, N. C
H. O. Hall, Washington, D. C
Jas. F. Russell, Washington, D. C.
Total
SUBTREASURY AT BALTIMORE.
Drovers and Mechanics’ National
Bank, Baltimore, Md
Harriet Kelly, Baltimore, Md
W. D. Nierste, Baltimore, Md
J. J. Sweeney, Baltimore, Md
Alexander Seibold, Baltimore, Md.
Kummer & Becker, Baltimore, Md.
Eutaw Savings Bank, Baltimore,
Md
L. J. Lederer, Baltimore, Md
Frank, Rosenberg & Co., Baltimore,
Md
Manufacturers’ National Bank, Bal-
timore, Md
Total
Amount.
Purchaser.
Amount.
SUBTREASURY AT PHILADELPHIA.
Emory Freed & Co., Philadelphia,
$469. 09
Pa
$23, 675. Di .
251.85
Independence National Bank, Phil-
adelphia, Pa
211,002. 50
360. 00
Sailer & Stevenson, Philadelphia,
357. 30
Pa
117, 280. 00
First National Bank, Minersville,
300. 25
Pa
47, 385. 00
59. 05
The Girard Life Insurance An-
355. 50
nuityand Trust Co., of Philadel-
392. 50
phia, Pa
55, 535. 00
1, 760. 00
First National Bank, Milford, Del.
17, 595 00
James Spear, Philadelphia, Pa
24, 015. 00
354. 42
Bradford National Bank, Brad-
531. 76
ford, Pa
29, 050. 00
115. 00
Do
29, 530. 00
175. 00
Katherine Gibbon, Philadelphia,
1, 644. 27
Ta
1, 775. 00
Irvin H. Bright, Tamaqua, Pa
234. 00
7, 125. 99
A. C. Downer, Philadelphia, Pa
2, 365. 00
Total
560, 041. 50
SUBTREASURY AT NEW YORK.
20, 523. 00
404. 00
United States Trust Co., New York .
2, 775, 228. 80
60. 00
Chase National Bank, New York..
555, 057. 49
2, 360. 00
Manhattan Trust Co., New York..
277, 49.). 44
3, 553. 00
Mechanics’ National Bank, New
11, 780. 00
York
555, 057. 49
Brooklyn Trust Co., Brooklyn,
117, 300. 00
N. Y
222, 034. 72
117. 00
Gallatin National Bank, Now York.
444. 069. 45
Sixth National Bank, New York..
21, 795. 00
Bank of Manhattan Company,
55, 523. 34
New York
555, 057. 49
29, 389. 00
National Bank of Commerce, New
1, 110, 114. 99
207, 281. 00
New York Life Insurance and
Trust Co., New York
1,110, 114.99
830
II. — Amount of gold obtained from purchasers of United States bonds, etc. — Continued.
Purchaser.
Amount.
subtreasury at new York— con-
tinued.
Purchaser.
Amount.
subtreasury at new YORK— con-
tinued.
Fifth Avenue Bank, New York
Phenix National Bank, New Y ork .
National Citizens’ Bank, New York
Seaboard National Bank, New
York
National City Bank, New York...
Schafer Bros., New York
United States “Mortgage Co., New
York
Continental National Bank, New
York
Continental National Bank, New
York, attorney for German
American Savings Bank, Bur-
lington, Iowa
E. H. Bonner & Co., New York
Kuhn, Loeh & Co., New York
Hallgarten & Co., New York
Central National Bank, New York.
Farmers' Loan and Trust Co., N ew
York
Union Trust Co.. New York
Morton, Bliss & Co.. New Yrork ...
Importers and Traders’ National
Bank, New York
Vermilye & Co.. New York
Speyer & Co., New York
Bank of America, Newr Y“ork
Bank of British North America,
New York agency
Naiimhurg, latter & Co., New
Y ork
Bank of British North America,
New York agency
L. von Hoffman & Co., New York.
American Exchange National
Bank, New York
Heidelbach, Ickelheimer & Co.,
New York
Do
Fourth National Bank, New York.
Chemical National Bank, Now
York
Bank of the State of New York,
New York
Bank of New York National
Banking Association, New York.
I. & S. Wormser, New York
Peoples’ Bank, New York
National Shoe and Leather Bank,
New York
Merchants’ National Bank, New
York
New York Security and Trust
Co., New York
Hanover National Bank, Now
York
Knickerbocker Trust Company,
New York
Morris Mark, Herkimer, N. Y
Peoples’ Trust Co., Brooklyn, N. Y.
State Trust Co., New York
Hudson Hirer Bank. New York ...
Maier Berliner, New York
Van Sehaiek & Co., New York
'White & Hartshorne. New York .-
Metropolitan Trust Co., New York
New York Life Insurance Co.,
New York ;
L. von Hoffman & Co., New York.
J. & \V. Seligman & Co., New
York
Hanover National Bank. N ew Y ork
United States Mortgage Co., New
$555, 057. 49
55. 523. 34
110, 988. 05
222, 034. 72
1,110,114. 99
110, 988. 05
386, 442. 56
277, 499. 43
11,081.21
5, 866. 92
1, 665, 172. 48
277,499. 43
1. 110. 114. 99
2, 220, 229. 98
2, 775, 228. 86
555, 057. 49
1.110. 114. 99
555, 057. 49
1.110.114.99
535, 057. 49
293, 221. 27
110, 988. 05
203. 346. 15
777, 092. 23
3, 361, 546. 49
333. 022. 77
234, 577. 01
1.110. 114. 99
1. 110. 114. 99
110, 988.05
555. 057.49
1, lit), 114.99
222, 034. 72
234, 577. 02
555. 057. 49
555, 057. 49
555, 057. 49
555, 057. 49
117, 298. 14
586, 365. 79
277, 522. 23
33, 305. 01
5, 287. 22
6, 864. 91
222, 052. 96
277, 522. 25
3, 330, 559. 99
851, 819. 48
1,110, 206.20
110,997. 18
50. 00
555, 148. 71
G. J. Van Schott, Passaic, N. J
Brown Bros. & Co., New York
H. G. Trevor, New York
J. D. Probst & Co., New York
Rochester Trust and Safe Deposit
Co., Rochester, N. Y., through
National Bank of Commerce
Hanover National Bank, New York.
Bolognesi, Hartfield & Co., New
York
Charles Braden, West Point, N. Y .
J. W. Crosby, New York
National Park Bank, New York. ..
National Bank of Commerce, New
York
E. Rollins Morse & Bro., Boston,
Mass., through National Bank of
Commerce, New York
R. H. Cook, Whitehall, N. Y
Merchants’ National Bank, Boston,
Mass., through Fourth National
Bank, New York
Albany County Savings Bank, Al-
bany, N. Y
Adolf Rothbarth, New York
M. J. Hess, New York
David King, jr., guardian (New
York Life Insurance Trust Co.) . .
G. Sehreitmiller, New York
Ailing & Secor. New York
Baring, Magoun & Co., New York.
Brown Bros. & Co., New York
Fallkill National Bank, Pough-
keepsie, N. Y.. through Chase
National Bank, New York
East Tennessee National Bank,
Knoxville, Tenn., through Chase
National Bank, New York
Internal ional Trust Company. Bos-
ton, Mass., through Fourth Na-
tional Bank and the National
Bank of the Republic, New York
Lazard Frferes, New York
W. Graves & Co., Frankfort, N. Y.
Farmers’ National Bank. Hudson,
NY
Hambleton & Co., Baltimore, Md.,
through Chase National Bank,
New York
,T. E. Tower, New York
Brown Bros. & Co.. New York
Hanover National Bank, New York
National Bank of Redemption. Bos-
ton, Mass., through Fomth Na-
tional Bank, New York
Lazard Freres, New York
Merchants' National Bank. Middle-
town, Ohio, through First and
Third Nat ional Banks, New York.
Louis Schraidt, New York
M rs. E. C. Todd, Asbury Park, N. J.
Baring, Magoun & Co., New York.
Kidder, Peabody <fc Co., Boston,
Mass., through Bank of New
York National Banking Associ-
ation,and Central National Bank,
New York
Merchants' National Bank, Middle-
town, Ohio, through First Na-
tional Bank and Importers and
Traders’ National Bank, New
York
Evening Post Publishing Co.,
New York
' Bolognesi, Hartfield & Co., New
l| York
$710. 32
351,842.43
55, 532. 45
777, 219. 92
111,006.30
29, 320. 20
11, 728. 08
590. 28
590. 28
1, 110,297.41
29, 514. 15
234, 635. 50
11,846. 70
471,976.50 ’
82, 122. 17
594. 70
60. 03
47, 226. 41
118. 07
333. 164.87
82,103.31
117. 290. 44
117,317. 39
58, 783. 47
586, 591.96
499, 715. 93
1, 21)5 62
7, 083. 96
118,188. 23
58. 66
140. 625. 10
5S6, 500. 39
235, 192. 95
610, 722. 86
171, 844. 62
118. 08
60.04
195,490.64
524, 022. 49
50, 207. 20
27, 748. 32
5, SCO. 45
831
JI. — Amount of gold obtained from purchasers of United States bonds, etc. — Continued.
Purchaser.
subtreasury at new YORK— con-
tinued.
Hanover National Bank, New York
Prank 1 in Bank, St. Louis, Mo.,
through American Exchange Na-
tional Bank, New York
David King, jr., committee, etc.,
Washington, D. C., through New
York Lite Insurance Trust Co...
Brown Bros. & Co., New York
George M. Wright, New York
Mrs. S. H. Dewey, New York
Muller, Scliall & Co., Now York. . .
Elizabeth E. Leffingwell, Summit,
N.J
Brown Bros. & Co., New York
D. B. Freeman, East Saginaw,
Mich., through Chase National
Bank, New York
Hawley C. White, North Benning-
ton, Vt., through First National
Bank, New York
Charles A. Wiseman, New York...
Eleanor M. Cronin, New York
First National Bank, Bonham,
Tex., through National Park
Bank, New York
C. F. Sonthmayd, New York
First National Bank, Brewsters,
N. Y., through Continental Na-
tional Bank, N. Y
People’s National Bank, Burling-
ton, Kans., through Importers
and Traders’ National Bank, New
York
Charles C. Burke, New York
Silas Weaver, East Greenwich, B.
I , through FirstNational Bank,
New York
H. C. White, North Bennington,
Vt., through Beal Estate Loan
and Trust Co., New York
Frank Bosen berg & Co., Baltimore,
Md., through National Citizens’
Bank, New York
L. W. Morrison, New York
Cen tral N ational Bank, Spr i n gfield,
Mo., through Hanover National
Bank, New York
Stein Bros., Baltimore, Md.,
through National Bank of North
America, New York
Townsend, Desmond & Voorhis,
New York
Bolognesi, Hartfleld & Co., New
York
Boche & Coulter, Baltimore, Md.,
through A. M. Kidder & Co.,
New York
Caldwell & Bunker, New York
A. J. Mayer. New York
Merchants’ National Bank. Bieli-
mond, Va., through Mechanics’
National Bank, New Y7ork
Planters’National Bank, Bichmond,
V a., through Mechanics’ National
Bank, New York
Northwestern National Bank, West
Superior, Wis., through National
Park Bank, New York
Northwestern Nation al Bank, W7 est
Superior, Wis., through National
Bank of theBepublic,New York.
Merchants’ National Bank, Bicli-
mond, Va., through Central
National Bank, New York
Amount.
Purchaser.
Amount.
SUBTREASURY AT NEW YORK— con-
tinued.
$383, 724. 44
Less not recorded by items :
Gold certificates. . $5, 151, 310. 00
Silver and minor
118, 103. 77
coin 18. 83
$5, 151, 328. 83
23, G22. 64
Net total of gold
47, 021, 626. 00
234, 077. 23
708. 08
SUBTREASURY AT BOSTON.
708. 68
111,070. 12
B. L. Day & Co., Boston, Mass
Kidder, Peabody & Co., Boston,
1,110, 200. 00
471. 75
Mass
1, 437, 600. 00
260, 161. 07
E. Hollins Morse & Co., Boston,
Mass
New England Trust Company,
352, 180. 00
11, 089. 41
Boston, Mass
Bay State Trust Company, Boston,
588, 080. 00
Mass
170. 820. 00
5, 574. 04
Lea.H gginson & Co., Boston, Mass.
293. 200. 00
355. 02
J. H. Heeht, Boston, Mass
58. 800. 00
31,895. 66
Peoples’ Trust Company, Farm-
ington, Me
Lawrence National Bank, Law-
23, 432. 50
35, 290. 17
renee, Mass
23, 450. 00
11, 824. 16
Traders' National Bank, Lowell
Mass -
10,590. 00
D. W. Cosgrove, MVlboro. Mass ..
1, 760. 00
23, 628. 30
E. W. Townsend, Salmon Falls, N.
II
55. 00
W. H. Stuart, Bichmond, Me
1, 110. 00
29, 410. 87
Total
4, 071,277. 50
5, 871. 65
SUBTREASURY AT CINCINNATI.
22, 248. 45
Ohio Valiev National Bank, Cin-
Cinnati. < )hio
75, 000. 00
5, 576. 79
German National Bank, Cincin-
nati, Ohio
First National Bank. Cincinnati,
27, 500. 00
94, 575. 80
Ohio
132, 910. 00
146. 839. 77
Third National Bank. Cincinnati,
Ohio
James Levy & Bro., Cincinnati,
117, 2S0. 00
29, 302. 88
Ohio
11,800. 00
M. J. Brett, Washington, Ind
600. 00
W. J. Neil, Buelitel, Ohio
2,875.00
]
117, 510. 56
C. F. Trautman, Shepherdsville,
1, 115. 91
Kv
Bullitt County Bank, Shepherds-
ville, Kv
l 3, 535. 00
10, 101.46
Farmers’ National Bank, Greenville,
Ohio
11,965.00
Ella P. Carnahan, Findlay, Ohio..
660. 00
118, 020. 93
11,752.92
Total
384, 125.00
293, 760. 80
SUBTREASURY AT CHICAGO.
58, 764. 60
Merchants’ Loan and Trust Com-
panv, Chicago, 111
293, 915.00
236, 547. 14
B. E. Tilden. Chicago, 111
10, 030. 00
•T. Tauber, Eau Claire, Wis
590. 00
J. C. O’Connor, Joliet. Ill
60. 00
29, 524. 96
E. J. Dougherty. Indianapolis, Ind .
Columbia National Bank, Minneap-
590. 00
olis, Minn
546. 00
88, 574. 89
Susanna K. May. New Albany, Ind.
600. 00
Jay Brooks, Chicago. Ill
1, 008. 00
George E. Morgan, Fulton, 111
357. 00
117, 558. 07
-
307,696.00
, 172, 954. 83
Total
832
II- — Amount of gold obtained from purchasers of United States bonds, etc. — Continued,
Purchaser.
Amount.
SUBTREASURY AT ST. LOUIS.
Purchaser.
SUBTREASURY AT SAN FRANCISCO.
Amount.
Stanley & Hume, 'Wichita. Kans. . .
C. F. Spurgin, Kinsley, Kans
W. E. Newport, Kansas City, Mo . . .
Franklin Bank, St. Louis, Mo
National Bank of Commerce, St.
Louis, Mo
Wichita National Bank, Wichita,
Kans
$10, 000. 00
880. 00
470. 00
20, 000. 00
62, 730. 00
100.00
Total
SUBTREASURY AT NEW ORLEANS.
Ernest J. Hardtnor, Pineville. La. .
T. M. Moseley, West Point, Miss.,
through HiberniaNational Bank,
New Orleans, La
Irving S. Lothrop, Dalconr, La.,
through Hibernia National Bank,
New Orleans La
L Wormser & Bro., Jeanerette.
La., through Hibernia National
Bank, New Orleans, La
94, 180. 00
2, 340. 72
1, 173. 31
4, 694. 24
4, 725. 66
First National Bank, San Fran-
cisco, Cal
W. E. Hazeltine, Prescott, Ariz...
Merchants’ National Bank, San
Diego, Cal
$117, 291.05
11, 088. 50
55, 591. 77
Total
183, 971. 32
RECAPITULATION.
Treasury at Washington
Subtreasury at Baltimore
Philadelphia .
New York
Boston
Cincinnati
Chicago
St. Louis
New Orleans .
San Francisco
7, 125. 99
207. 281.00
560, 041. 50
47, 021, 626. 00
4, 071,277. 50
384, 125. 00
307, 696. 00
94. 180. 00
12, 930. 93
183, 971. 32
Total
5 2, 850, 264. 24
Total
12, 939, 93
Note. — In addition to the amount of gold coin above mentioned there was received the sum of
$5,810,420 in gold certificates and $233.39 in other kinds of money, making the total amount
received in payment for these bonds $58,660,917.63.
III. — Payments and redemptions made in gold by the Treasury and subtreasuries of the
United States from November 1, 1893, to June 13, 1894.
Account.
Amount.
$2. 802, 164. 00
351,047.00
1. 474, 510. 00
11,218,648. 03
43, 066, 175. 50
21, 485. 00
mount pahl to settle balances at New York through clearing bouse
Redemption and exchange account:
55, 571.210. 00
14, 017, 243. 00
1, 025. 575. 00
58. 208. 00
1, 205, 759. 00
853, 626. 00
50, 1 16. 00
5,^73^ 878. 59
2; 438; 534. 68
2, 476. 47
Total
139, 784, 411.27
833
Name* of persons , banks, bankers, and corporations to whom payments of yold have been
made in redemption of the obligations of the United States, with the dates of such
redemptions or payments.
SUBTREASURY AT BALTIMORE.
[Gold paid in redemption of Treasury notes. ]
Date.
Name.
Amount.
Hambleton & Co
$2. 000. 00
Mrs. M. J. Hogg
1,365. 00
2, 000. 00
18, 000. 00
American National Bank
Eutaw Savings Bank
Total
23, 365. 00
SUBTREASURY AT PHILADELPHIA.
[Gold paid in redemption of Treasury notes.]
1893.
How 1
Dec. 18
1894.
Jan. 15
23
31
Feb. 12
20
21
21
23
27
Mar. 1
2
3
5
6
8
9
12
13
13
14
15
16
19
20
20
21
22
24
26
27
28
28
29
30
30
Apr. 4
9
11
13
16
18
19
20
21
21
23
23
24
25
25
27
28
May 1
2
$285. 00
5, 000. 00
Farmers and Mechanics’ National Bank
do
Farmers and Mechanics’ National Bank
Farmers and Mechanics’ National Bank
Farmers and Mechanics’ National Bank
do
Central National Ban k
Fanners and Mechanics’ National Bank
do
Central National Bank
Farmers and Mechanics’ National Bank
Central National Bank
do
Farmers and Mechanics’ National Bank
Farmers and Mechanics’ National Bank
Central National Bank
Farmers aud Mechanics’ National Bank.
do
Central National Bank
Centra] National Bank
Philadelphia National Bank
Central National Bank
Philadelphia National Bank
Central National Bank
Western National Bank
Philips & Jacobs
Central National Bank
Western National Bank
Central National Bank
do
4, 300. 00
5, 000. 00
2, 800. 00
5, 000. 00
15, 000. 00
20, 000. 00
5, 000. 00
10, 000. 00
10, 000. 00
20, 000. 00
10, 000. 00
10, 000. 00
5, 000. 00
5, 000. 00
9, 300. 00
5, 000. 00
5, 050. 00
25, 000. 00
5, 000. 00
5, 000. 00
20, 000. 00
5, 000. 00
20, 000. 00
10,000. 00
5, 000. 00
5, 400. 00
5, 000. 00
10, 000.00
10, 000. 00
20, 000. 00
5, 000. 00
5, 000. 00
5, 000. 00
10, 000. 00
5, 000. Op
4, 980. 00
5, 000. 00
5, 000. 00
15, 000. 00
40, 000. 00
25, 000. 00
5, 000. 00
6, 000. 00
25, 000. 00
5, 000. 00
10, 000. 00
5, 000. 00
10, 000. 00
10, 000. 00
10, 000. 0Q
3, 000. 00
1, 000. 00
5, 000. 00
3, QOO, 00
S, Rep. 235- 53
VI
e.
3
4
4
5
7
8
9
9
10
10
11
14
15
17
17
18
19
21
21
22
22
23
23
23
24
24
24
25
25
25
26
26
28
28
29
29
31
31
31
1
1
4
5
6
7
7
7
8
9
11
11
11
12
12
13
13
13
14
14
15
834
f persons, banks, bankers, and corporations to whom payments of gold 1
ade in redemption of the obligations of the United States, etc. — Ccmtiuiu
SUBT.REASUKY AT PHILADELPHIA— Continued.
Name.
Philadelphia National Bank
<!» uitral National Bank
Philadelphia National Bank
Central National Bank
Western National Bank
do
Farmers and Mechanics’ National Bank
Central National Bank
Central National Bank
Western National Bank
Central National Bank
Philadelphia National Bank
Girard National Bank
do
Western National Bank
Central National Bank
do
Farmers and Mechanics’ National Bank
Girard National Bank
do
Central National Bank
Western National Bank
do
Girard National Bank
do
Central National Bank
Girard National Bank
Central National Bank
Philadelphia National Bank
Western Nation*! Bank
Girard National Bank
do
do
Farmers and Mechanics’ National Bank
Girard National Bank
Farmers and Mechanics’ National Bank
Philadelphia National Bank
Girard National Bank
Central National Bank
Girard National Bank.
do
Central National Bank
Girard National Bank
Philadelphia National Bank
Farmers and Mechanics’ National Bank
Girard National Bank
do
Central National Bank
Girard National Bank
Total
t.
•>
2
2
2
2
2
3
3
3
3
3
3
3
5
5
5
5
5
5
6
6
G
6
7
7
7
7
7
8
8
8
8
8
8
8
8
8
9
9
9
9
9
10
10
10
10
10
12
12
13
13
14
14
14
16
16
19
20
20
20
23
27
27
1
2
2
2
4
9
12
13
f persons, banks, bankers, and corporations to whom payments of f)ohl have been
nude m redemption of obligations of the United States, etc. — Continued.
SUBTREASURY AT NEW YORK.
[Gold paid in redemption of United States notes and Treasury notes.]
Name.
United States T
notes.
I. & S. Wormser
Merchants’ National Bank
Union Trust Co
United States Trust Co
Central National Bank
Bank of America
Bank of Manhattan Co
J. & W. Seligman & Co
Bank of New York, National Banking Association
J. & W. Seligman & Co
Bank of America
J. & \\r. Seligman & Co
Bank of New York, National Banking Association
Southern National Bank
American Exchange National Bank
United States Trust Co
National Bank of Commerce
I. & S. Wormser
Kuhn, Loch & Co
New York Life Insurance Co
National Bank of Commerce
•New York Security and Trust Co
Bank of New York, National Banking Association
Brown Bros. & Co
$150, 000
70, 000
330, 000
1, 000, 000
36, 000
240, 000
250, 000
1, 000, ouo
100, 000
840, 000
218,000
35, 000
1, 300, 000
642, 000
400, 000
151, 842
American Exchange National Bank
National Bauk of Commerce, New York
Fourth National Bank
National Bank of Commerce
United States National Bank
Third National Bank
National Bank of the Republic
Fourth National Bank *
David King, ;jr., by New York Life Insurance and Trust Co
National Bank of Commerce
Chase National Bauk
H. B. Hollins & Co
Fourth National Bauk
Burrill & Stitt
Chase National Bauk
Fourth National Bank
Bank of New York National Banking Association
II. B. Hollins & Co
Importers and Traders’ National Bank
United States National Bank
Third National Bank
Chase National Bank
Bank of New York National Banking Association
New Y'ork Security and Trust Co
American Exchange National Bank
New York Life Insurance and Trust Co
Brown Bros. & Co
Muller, Schall & Co
Brown Bros. &Co
H. B. Hollins & Co
Importers and Traders’ National Bank
New York Security and Trust Co
Muller, Schall & Co
C. C. Burke
Importers and Traders’ National Bank
Southern National Bank
Mercantile National Bank
Importers and Traders’ National Bank
Merchants’ National Bank, Newark, N. J
A. M. Kidder & Co
J. D. Probst & Co
National Bank of the Republic
Caldwell & Bunker
Central National Bank
Importers and Traders’ National Bank
do
Southern National Bank
Merchants’ Exchange National Bank
Corn Exchange Bank
Importers and Traders’ National Bauk
11, 000
100, ouo
483, 822
io.’ooo"
125, 000
15. 000
350, 000
48, 000
50, 000
50, 000
40. 000
115, 000
100, 000
43, 000
618, 000
50, 000
40, 000
50, 000
100, 000
200, 000
180, 000
200, 000
118, 000
24, 000
234. 000
61, 000
110, 000
50, 000
29, 000
200, 000
10, 000
5,500
10, 000
5, 000
135, 000
10, 000
10, 000
60, 000
293, 500
68, 500
117, 500
10,000
10, 000
8, 000
20, 000
270, 000
10, 000
reasury
notes.
$500, 000
200, 000
1, 000. 000
400, 000
230, 000
214,000
160, 000
320, 000
675, 000
110, 000
600, 000
700, 000
358, 000
154, 875
15, 000
29, 500
30, 000
81, 000
85, 000
73, 000
227, 000
50, 000
84, 000
50, 000
150, 000
10. 000
53, 000
20. 000
11, 700
r
83G
Names of persons, banks, bankers, and corporations to whom payments of gold hare been
made in redemption of the obligations of the United States, etc. — Continued.
SUBTREASURY AT NEW YORK— Continued.
Bate.
Name.
United States! Treasury
notes. [ notes.
1894.
21
21
22
22
26
27
27
29
29
30
Apr. 6
12
13
13
21
May 5
5
24
J une 12
Corn Exchange Bank
$300, 000
100, 000
300, 000
10, 000
Whitehonse A Co
Corn Exchange Bank
National Broadway Bank
do
$10, 000
Importers and Traders’ National Bank
10, 000
National Broadway Bank
20, 000
12, 000
10,600
Nesslage, Colgate A Co
National Broadway Bank
Importers and Traders’ National Bank
10,000
* 20.000
25, 000
500, 000
225, 000
25, 000
200, 000
50, 000
50, 000
100. 000
H. B. Hollins A Co
Hanover National Bank
Bank of the State of New York
Hanover National Bank
U ii it(ul States National Bank
Merchants’ National Bank
Harvev Fisk & Sons
do
National Bank of the Republic
Total
Grand total
13, 545, 664
6,618,075
20, 193, 739
[United States notes redeemed in gold for export.]
Date.
Name.
1894.
Mar. 6
17
20
Apr. 13
13
14
19
20
20
20
20
21
27
May 1
2
3
4
4
4
4
4
7
7
9
9
9
9
II
11
11
11
11
III
1(1
10
10
Lawrence Tumure & Co ,
. . 1 do
National Rank of the Republic, for Bolton, Bliss A Ballet
Heidelbach, Ickelheimer A Co
Ladenburg, Thalmann & Co
Baring, Magonn & Co
J. & W. Sell gm an A Co
L. von Hoffman A Co
Heidelbach, Ickelheimer A Co
Ladenburg, Thalmann A Co
Hoskier, Wood A Co
National Bank of the Republic, for Bolton. Bliss A Ballet
Lazard Frbros
do
Heidelbach, Ickelheimer A Co
Lazard Freres
Hoskier, Wood A Co;
Knauth, Nacliod A Kuline
Heidelbach, Ickelheimer A Co
Baring, Magoun A Co
Kessler A Co
Heidelbach, Ickelheimer A Co
Lazard Frbres
Ladenburg, Thalmann A Co
Kuhn, Loeb A Co
Heidelbach, Ickelheimer A Co
Bank of New York National Banking Association
Lazard Fr&res
Ladenburg. Thalmann A Co
Hoskier, Wood A Co
Hoskier, Wood A Co. (Treasury notes)
Heidelbach, Ickelheimer A Co
L. von Hoffman A Co
Lazard Fibres
Heidelbach, Ickelheimer A Co
Ladonhurg, Thalmann A Co
17
17
17
L. von Heilman A Co
Heidelbach, Ickelheimer A Co
Bank of New York National Banking Association, for Kidder, Peabody
18
18
18
18
Co., Boston
Baring, Magoun A Co
Knauth, Nacliod A Kuline
Heidelbach. Ickelheimer A Co
hazard Nrbres
Amount.
$100, 000
250. 000
100. 000
400, 000
500, 000
500, 000
60, 000
500. 000
1, 000, 000
1, 000, 000
200, 000
100. 000
750, 000
920, 000
500, 000
930. 000
350, 000
250, 000
1, 000, 000
500. 000
* 300, 000
500. 000
700, 000
750. 000
500. 000
650. 000
100, 000
1, 200, 000
500, 000
300, 000
200. 000
700, 000
500, 000
1,000,000
500, 000
500, 000
500. 000
250. 000
500. 000
500. 000
250. 000
600. 000
1, 200, 000
837
Names of persons , banks, bankers, and corporations to whom payments of g old have been
made in redemption of the obligations of the United Mates, etc. — Continued.
SUBTREASURY OF NEW YORK— Continued.
Date.
Name.
Amount.
1894
21
21
21
22
23
23
23
25
25
25
28
28
29
31
31
June 1
1
1
4
4
0
6
6
8
8
8
11
13
Heidelbach, Ickelheimer & Co
Ladeiiburg, Thalmann & Co
L. yon Hoffman & Co
Baring, Magoun &. Co
Lazard Frbres
Ladenburg, Thalmann & Co
J. and \V. Seligman & Co
Kuautli, Nacliod & Kulme
Hoskier, Wood & Co
L. von Hoffman & Co
Heidelbash, Ickelheimer & Co
Ladenburg, Tlialmanu & Co
Heidelbach, Ickelheimer & Co
do
Ladenburg, Thalmann & Co
do
Heidelbach, Ickelheimer & Co
Baring, Magoun & Co
Heidelbach, Ickelheimer & Co
Lazard Frbres
Ladenburg, Thalmann & Co
Heidelbach, Ickelheimer & Co
Lazard Fi bres
Heidelbach, Ickelheimer & Co
Ladenburg, Thalmann & Co
Lazard Freres
Heidelbach, Ickelheimer & Co
Lazard Freres ($500, 000 returned June 14)
$500, 000
500, 000
300, 000
500, 000
1,000, 000
500, 000
300, 000
250, 000
375, 000
250, 000
500, 000
500. 000
000, 000
400, 000
1,000,000
500, 000
1, 250, 000
500, 000
400,000
1. 000. 000
500. 000
500, 000
750, 000
1 000, 000
500, 000
1,000, 000
1, 000. 000
1,250,000
Total
40, 235, 000
[United States notes and Treasury notes presented lor redemption in gold coin to procure gold
bars for manufacturing jewelers.]
1893.
1894.
Name.
Nov.
l)ec.
Jan .
Feb.
Handy & Harmon
W. Connor
R. S. Williams
Woolstein & Sulzberger
Zimmerman & Forsliay
Merchants’ National Bank, Newark, N. J
C. S.Videon
German National Bank, Newark, N. J ..
F. L. Camm
Nesslage, Colgate & Co
Carter, Sloan & Co
A. W. Johnston
J. Millemad
National State Bank, Newark. N. J
First National Bank. New York
Fourth National Bank, New York
Hanover National Bank, New York
1). T. Pettit
$78. 035
10, 225
11, 020
15, 515
39, 325
80, 830
16,635
15, 500
16, 565
15, 395
16. 195
16, 520
5, 635
8, 740
358, 135
$15, 190
11, 155
21,715
22, 240
10,490
5, 110
11.080
16. 560
5. 520
5, 965
15,435
5, 200
$30, 775
10. 505
5. 480
20,515
21. 580
11,860
5, 435
10, 650
5, 510
5, 130
27, 460
5. 980
26, 5S5
$82, 325
10, 750
11,825
30, 515
5,210
34,310
5, 570
5.510
16. 160
15, 580
15, 680
22, 135
5, 420
5, 995
15.815
9, 070
5, 000
8, 920
154, 730 187, 465
296, 220
Total
838
Names of persons, banks, bankers, and corporations to whom payments of gold have been
made in redemption of the obligations of the United States, etc. — Continued.
SUBTREASURY AT NEW YORK— Continued.
[United States notes and Treasury notes presented for redemption in gold coin to procure gold bars
for manufacturing jewelers.]
Name.
Handy & Harmon
W. Connor
It. S. Williams
Woolstein Sulzberger
Zimmerman & Eorshay
Merchants’ National Bank. Newark, N. J .
C. S. Videon
F. L. Carum
Nesslage, Colgate & Co
Carter, Sloan &. Co
A. W. Johnston
J. Milleman
National State Bank, Newark, N. J
First National Bank, New York
Fourth National Bank, New York
Hanover National Bank, New York
Jeunnot & Shiebler
Total
Total
Mar.
$50,
5,
11,
20.
20,
57,
10,
5,
20,
15,
21,
5,
5,
15,
790
305
320
205
355
270
980
480
420
795
975
490
720
490
280
330
289, 295
1894.
Apr.
$74, 200
5, 230
10, 540
20,405
21,285
39, 420
10, 055
10, 995
20, 910
10, 900
22, 660
32, 690
15, 295
5, 140
5, 160
5, 195
316, 680
May
$o3, 050
5, 190
16, S35
15,190
10, 165
33, 980
5, 400
21, 595
15, 875
32, 695
48, 175
6, 000
15, 555
5, 095
294, 860
June (to
15).
$39, 560
5,115
5, 750
10, 235
5. 180
17, 270
5, 305
10, 920
15, 985
10.530
5, 170
131,020
2, 028, 405
SUBTREASURY AT BOSTON.
[Gold paid in redemption of Treasury notes.]
1891.
Apr. 4
5
6
7
7
11
11
12
13
14
16
16
16
20
23
24
May 4
8
14
14
16
16
16
17
21
21
22
22
23
24
24
25
29
29
June 2
7
7
11
11
12
13
14
14
National Exchange Bank
do
do
.do.
Tremont National Bank
National Exchange Bank
Continental National Bank
Tremont National Bank
National Bank of Redemption
Kidder, Peabody & Co
National Exchange Bank
Tremont National Bank
National Bank of the Commonwealth
Kidder, Peabody &. Co
National Exchange Bank
do.
Kidder, Peabody & Co
Washington National Bank
National Bank of the Commonwealth.
National Exchange Bank
.........
National Bank of Redemption.
Shoe and Leather National Bank..
do
do
National Exchange Bank
Second National Bank
Shoe and Leather National Bank..
National Exchange Bank
Shoe and Leather National Bank.
National Bank of Redemption
National Exchange Bank
Second National Bank
National Bank of Redemption....
Old Colony Trust Co
First National Bank
National Exchange Bank
Old Colony Trust Co
National Exchange Bank
Shoe and Leather National Bank .
National Bank of Redemption
First National Bank
National Exchange Bank
$10. 000
10. 000
10, 000
10, 000
5, 000
10, 000
5. 000
5. 000
10,000
625. 000
10, 000
5. 000
5.000
500, 000
5. 000
15, 000
500. 000
5. 000
5. 000
5, 000
5. 000
5. 000
10, 000
5, 000
10. two
5, ooo
50, 000
5, 000
30. 000
5, 000
5. 00"
5. 000
20, 000
5, 000
120, 000
5. 000
5. 000
100, 000
5, 000
5, 000
5, 000
10.000
10, 000
Total 2, 185,000
839
Names of persons, hauls, hanlcers, and corporations to whom payments of gold have been
made in redemption of obligations of the United States, etc. — Continued.
SUBTREASURY AT CINCINNATI.
[Gold paid in redemption of Treasury notes.]
Date.
Namo.
Amount.
1804.
Fob. 3
0
8
11
$080
1, 000
583
100
do
do
do
Total
3, 025
SUBTREASURY AT CHICAGO.
[Gold paid in redemption of Treasury notes.]
1804.
Fob. 8
B. E. Tilden, Chicago
$10, 015
[Senate Mis. Doc. 80, Fifty-tliird Congress, second session.]
The Vice-President presented the following letter from the Secretary of the Territory of
Utah, forwarding memorial of the Territorial legislature in favor of silver coinage.
Territory of Utah, Office of the Secretary,
Salt Lake City, February 1, 1894.
Sir : I have the honor to hand you herewith copy of memorial of the governor and
legislative assembly of the Territory of Utah to the Congress of the United States
urging the necessity of enacting at once such laws as may bo necessary to open our
mints to the coinage of silver without restriction at a ratio of sixteen of silver to one
of gold.
Very respectfully, Charles C. Richards,
Secretary of Utah.
The President of the Senate.
MEMORIAL.
To the Congress of the United States:
Your memoralists, the governor and the legislative assembly of the Territory of
Utah, would represent: That the commercial and manufacturing interests of the
United States have been increasing at an unprecedented rate, and that this increase
would naturally continue if not thwarted hy sinister legislation.
That abundant money of ultimate redemption is necessary to the growth and
stability of such business.
That accumulated capital can find secure and profitable investment only where
commerce and no. ifacturers are secured stability of prices.
That gold and si ver from time immemorial have been the money of ultimate
redemption.
That the demonetization of silver has wrought stagnation in business, a fall in
prices, and general financial distress.
'That the immediate remonetization of silver at a ratio with gold of 16 to L would
revive the business of our country, afford its people money of ultimate redemption
sufficient for the necessities of commerce and trade, and thus open the way to the
employment of all classes of our people.
Your memorialists would, therefore, urge upon your attention the necessity of
enacting at once such laws as may be necessary to open our mints to the coinage of
silver, without restriction, at the ratio of 16 of silver to 1 of gold, and your memori-
alists will ever pray.
llesolved, That our Delegate in the House of Representatives be requested to
present the foregoing considerations to the attention of the members of Congress,
and to use all honorable means to attain the end sought.
840
Resolved, That a copy of the foregoing he transmitted to the President of the
Senate, the Speaker of the House of Representatives, and the Hon. J. L. Rawlins.
I hese resolutions shall be of force and effect from and after their approval.
A. B. Emery,
Speaker of the House.
M. A. Breeden,
President of the Council.
Approved January 25.
Caleb W. West,
A true copy.
Governor.
Charles C. Richards,
Secretary of Utah Territory.
I hereby certify that the within is a true copy of the original memorial No. 9,
which originated in the House of the Thirty-first session of the Utah legislature,
and refers to the remonetization of silver.
C. E. Stanton,
Chief Clerk of the House of Representatives, Utah Territory.
[Indorsed.]
The within memorial was deposited and filed in the office of the secretary of the
Territory of Utah on January 25, 1894, at 3:20 o’clock, p. m.
Charles C. Richards,
Secretary.
[House Report No. 353, Fifty-third Congress, second session.]
COINAGE OF THE SILVER BULLION HELD IN THE TREASURY.
[To accompany H. R. 4956.]
The Committee on Coinage, Weights, and Measures, to whom was referred House
bill 4956, submit the following report:
The bill. No. 4956, provides for the issuing of silver certificates in amount equal
to the gain or seignioi-.ige that may accrue on the coinage of the silver bullion now
in the Treasury, purchased under the act of .July 14, 1890.
This seigniorage is stated by the Secretary of the Treasury iu his last annual
report to be $55,156,861.
The object of the bill is to make immediately available for the current expenses
of the Government this amount of money. The certificates are authorized to be
issued on the bullion and in advance of the coinage should the exigencies of the
Treasury require it. It is not likely, however, that this will be necessary, since the
bullion may be coined at the rate of four to six millions per month if necessary.
There is no question at all that the coinage can be executed far beyond any prob-
ability whatever of the demaud for their redemption in silver dollars. The bill in
no respect alters the final result that would be obtained by the execution of the law
of July 14, 1890, authorizing the purchase and disposition of this bullion. Section
3 of the act provides as follows:
“ That the Secretary of the Treasury shall each month coin two million ounces of
the silver bullion purchased under the provisions of this act into standard silver
dollars until the first day of July, eighteeu hundred and ninety-one, and after that
time he shall coin of the silver bullion purchased under the provisions of this act as
much as may be necessary to provide for the redemption of the Treasury notes herein
provided for, and any gain or seigniorage arising from such coinage shall be accounted
for and paid into the Treasury.”
It is clear that this bullion was dedicated to the redemption of the Treasury notes
issued in the purchase of the bullion by the coinage of the bullion tor such redemp-
tion, and that the law itself provides for the payment of any gain or seigniorage
into the Treasury.
The bill does not change the terms of the law iu this respect, but simply hastens
its execution. This view of the law is held by the Secretary of the Treasury and
so stated in liis annual report, above mentioned, on p. 53, as follows:
“The act of July 14, 1890, that the Treasury notes issued in payment for silver
bullion shall be redeemed in gold or silver coin at the discretion of the Secretary, and
when so redeemed maybe reissued; but the same act also provides that no greater
or less amount of such notes shall be outstanding at any time than the cost of the
silver bullion and the standard silver dollars coined therefrom then held iu the
841
Treasury purchased by such notes, and, consequently, when these notes are redeemed
with silver coined from the bullion purchased under the act, they can not he reis-
sued, but must he retired and canceled, for otherwise there would he a greater
amount of notes outstanding than the cost of the bullion and coined dollars ‘then
held in the Treasury .’ In this manner notes to the amount of $2,625,984 have been
retired and canceled since August last, and standard silver dollars have taken their
place in the circulation.”
As stated before, the hill does not change the final result that would follow from
the execution of the act of July 14, 1890, but is designed to facilitate and hasten its
execution. The fact that the Secretary of the Treasury has asked for the authority
to issue two hundred millions’ worth of short-time bonds, and for authority to use,
at his discretion, the proceeds for the payment of the current expenses of the Gov-
ernment, is in itself a 8u flicient reason for the passage of the bill, thus utilizing the
assets now in the Treasury instead of incurring the burden of a further bonded
debt.
It is believed that the amount of funds provided by the bill will be ample to tide
over any exigency that may arise until Congress shall meet next December. By
that time we will be in a position to estimate with greater precision the effect the
fiscal legislation of this session will have upon the revenues.
The following from the Director of the Mint will show approximately the amount
of silver dollars that can be coined per month :
“Treasury Department, January 29, 1894.
‘‘Hon. R. P. Bland:
“ Largest number of silver dollars coined in any one month under Bland act,
$3,600,265. Under Sherman act, $2,676,000.
“ R. E. Preston,
“ Director Mint.”
No doubt by running extra hours near twice the amount could be coined. It is
not at all probable that a demand for silver dollars will be equal in amount that
might be coined from month to month. If such should be the case there could be
no possibility of a demand that would endanger the policy of the bill, which is that
the coin now held in the Treasury for the redemption of the certificates may be used.
The monthly statement for the past month of January shows that there are now
in the Treasury 363,597,057 silver dollars; silver certificates outstanding against
said coin $336,919,504, showing a difference of $26,677,553 of silver dollars in excess
of silver certificates that are available for the redemption of the silver certificates.
Should it be necessary to issue $55,000,000 worth of certificates in excess of the
amount now authorized by law we would still have an ample reserve of coin in the
Treasury for their redemption. The annual report of the Director of the Mint for
the year 1893, on page 6, shows a total coinage of 419,332,550 standard silver dollars.
If certificates to the amount were issued, together with the amount authorized by
the bill, there would be, in round numbers, $474,000,000 of certificates on a reserve
of $419,000,000 of coin.
This would be more than ample for all redemption purposes, but, as stated before,
the bullion can be coined from time to time, so as to have a dollar in coin behind
every certificate, at least this can be so after the first two or three months from the
passage of the bill. Under existing law no particular silver dollar is held for the
redemption of any specified certificate.
The coin deposited is a special bailment or trust only in the sense that there shall
be no more certificates issued than there are dollars held for purposes of redemption.
The bill does not contemplate any change in this regard, except for a short period
and for the special purpose of making immediately available the certificates issued
on the gain or seigniorage specified.
It is recommended by the committee that the bill do pass.
VIEWS OF THE MINORITY.
There are in the U. S. Treasury 140,699,853 fine ounces of silver, for the purchase of
which and other silver bullion heretofore coined there were given Treasury notes
issued under the act of 1890, and of which $153,085,151 are now outstanding.
This silver bullion now in the Treasury cost the Government $126,758,280 and its
coinage value is $181,914,961, although its present market value is only $97,156,052.
Bearing these figures in mind, we proceed to the consideration of the bill referred
to the committee.
Its propositions are twofold; first, the issuing of silver certificates against the
“seigniorage,” so called, and the subsequent coinage thereof, and second, the coin-
842
age of tlic silver bullion in the Treasury exclusive of the so-calleil “ seigniorage”
and the subsequent issuing of silver certificates therefor, and incidentally the
destruction instead of the reissue of the Treasury notes thereafter redeemed.
It will be noticed that an entirely different order of proceeding is prescribed for
different portions of the silver bullion on hand, divided by a supposed distinction
between the “seigniorage” and the bulk of the bullion, and hence the two sections
of the bill, so distinct from each other, may be considered separately.
The first section deals with what is termed the “seigniorage,” and proceeds on an
entirely erroneous conception of what seigniorage is. Without going into the deriva-
tion of the word or the learning of the lexicographers, it is safe to say that under
every definition ever given in connection with money up to this time seigniorage is a
result of coinage and only comes into existence when coinage has been actually com-
pleted. An examination of the use of the word in our statutes will verify this asser-
tion. The act of 1890, under which all the bullion now in the Treasury was purchased,
provides as follows:
“That the Secretary of the Treasury shall each month coin two million ounces of
the silver bullion purchased under the provisions of this act into standard silver
dollars until the first day of July, eighteen hundred and ninety-one, and after that
time he shall coin of the silver bullion purchased under the provisions of this act as
much as may be necessary to provide for the redemption of the Treasury notes herein
provided for, and any gain or seigniorage arising from such coinage shall be accounted
for and paid into the Treasury.”
The act of 1878 provides “and any gain or seigniorage arising from this coinage shall
be accounted for and paid into the Treasury as provided for under existing laws
relating to the subsidiary coinage,” and exactly the same phraseology is found in
the act of 1876, providing for the issue of certain silver coins.
Keferring to the act of 1853, providing for this subsidiary coinage and being the
first law authorizing the purchase of silver bullion for coinage purposes, we find it
provided that the Director of the Mint “shall charge himself with the gain arising
from the coining of such bullion into coins of nominal value exceeding the intrinsic
value thereof.”
Although this measure of the gain arising to the Government from silver coinage
remained authoritative for twenty years, it is not accurate, as the “intrinsic” value
was a varying element in the comparison and did not always mark thereal gain cor-
rectly. Hence, in the Revised Statutes of 1874, the phraseology was changed as
follows: “The gain arising from the coinage of bullion purchased into coius of
greater nominal or face value than the cost,” and this may be accepted as the mod-
ern American idea of seigniorage. Hence it will be seen that there is and can be no
“ seiguiorage ” of bullion as long as it remains bullion, and the first section of the
bill seeks to deal with something which does not exist.
But the majority of the committee, erroneously as we think, seek to change and
broaden the meaning of the word seigniorage to cover the difference between the cost
of the bullion ou baud and its estimated coinage value, or what it would produce if
coined. This difference, however, is not substance, not bullion, not coin, not any-
thing tangible or corporeal, it is simply the faith and credit of the nation. Four
hundred anil twelve and one-half grains of standard silver are not a dollar. They
only become such when they have engrafted upon them the guaranty of the Gov-
ernment, not simply of the amount and purity of the silver, but that its exchange-
able value shall always be and remain 100 cents, not in other silver simply, but in
any money of the nation. Whenever the Government is unable to make good this
guaranty the coin sinks at once to its commercial value.
The real intrinsic value of the bullion in the Treasury can not be increased by
legislation. You can increase its exchangeable value by adding the element of the
nation’s credit, and that increased value remains so long as the credit remains intact,
but you can give equal exchangeable value to copper by the same process, only that
a larger element of national credit must be added. You can go further anil issue
intrinsically worthless paper certificates or obligations based entirely on the credit
of the nation, and while that credit remains unimpaired and untarnished these obli-
gations become a part of the currency, equally acceptable with the hybrid certifi-
cates issued agaiust a combination of the real value of the bullion and the added
credit of the nation, as proposed by this bill. Any of these devices for an enlarged
currency can be resorted to in an emergency if the necessity of the nation requires,
but the credit of the nation ought never be traded upon except in case of necessity,
and then it should bo done boldly and frankly, with no juggling or sleight of hand
devices to mislead the people as to the real nature ot the transaction. If such
necessity exists to-day let it. be frankly stated and fairly demonstrated, and not hid-
den behind manufactured definitions and false methods tending to mislead the
people.
It should be noted that&his bill does not contemplate any increase of the metallic
money in circulation, but' rather a further issue of paper currency in the form of silver
843
certificates. What is a silver certificate 1 It is not a note or obligation, but simply
a statement of fact. The act of 1878 provided that “any holder of coin,” authorized
by said act, might deposit it with the Treasurer of the United States and receive a
certificate stating the fact that such coin had been deposited. Such certificate reads
as follows :
“ This certifies that there has been deposited in the Treasury of the United States
one silver dollar, payable to the bearer on demand.
“Washington, 1). C.
“J. Fount. Tillman, “D. N. Morgan,
“Register of the Treasury. “ Treasurer of the United States.”
This bill requires the Secretary of the Treasury to issue $55,156,681 of such certifi-
cates when not one single silver dollar for which such certificates are to issue has
been deposited in the Treasury. Every certificate would bear on its face a lie.
What emergency has arisen that justifies such disregard of truth and fact?
The existing law, rvhile defining the trust imposed on the silver bullion in the
Treasury, gives to the Secretary of the Treasury abundant power to coin it just as
rapidly as necessary to comply with the terms of this trust, and makes the seignior-
age available as fast as, by such coinage, it comes into existence.
No further legislation on the subject is necessary. Abundant legal power now
exists. It is only the embarrassment of the financial situation that prevents its
exercise, as is fully evident from the recent report of the Secretary of the Treasury.
His strong statement of the difficulty encountered in keeping in circulation the
silver dollars and silver certificates is only another demonstration of the impolicy
of at this time forcing the substitution of silver certificates for the Treasury notes
in our currency as contemplated by this bill.
It may be properly noted that this bill does not in any way enlarge the market for
silver, nor benefit the silver owner, nor contemplate the use of any more silver as
money than is already represented in our currency. It simply provides for the
“watering” (if we may use a term which has obtained a recognized and definite
meaning in financial nomenclature) to the extent of $.55,000,000 of the paper now in
circulation and representing the silver bullion in the Treasury, and this, too, when
the amount of this outstanding paper already exceeds the real value of the bullion
which it represents by over $56,000,000.
This bill has two very evident purposes. First, to authorize the issuing of prac-
tically fiat paper currency by the Government to the amount of $55,158,161 to aid in
meeting the impending and existing deficit, to be used, as expressed in the bill, “for
the payment of the current expenditures of the Government,” and second, to replace
the present Treasury notes with an exclusively silver obligation and increase the
preponderance of the silver element in our national currency.
We dissent from the wisdom and propriety of either purpose. If there is, and is
likely to be, a deficit in the Treasury, the one honest, straightforward course is to
provide revenue sufficient to meet it, and the other frank mode of proceeding is to
authorize the issuance of the obligations of the Government, and honestly say they
are based on the nation’s credit, and issued to meet its necessities, and not seek to
obscure the issue by any such devious devices as are embodied in this bill.
The second purpose is equally unwise. The outstanding Treasury notes are pay-
able in gold or silver, at the discretion of the Secretary of the Treasury, bearing in
mind the declared policy of the Government to maintain the parity between the
two metals upon the legal ratio, but the intimation of a purpose by the Secretary of
the Treasury to pay these obligations in silver only was one of the important factors
which unsettled confidence and produced distrust in the early months of last sum-
mer. The speedy and forced redemption of the Treasury notes would either quickly
exhaust the Government’s store of gold, which is not now equal to one-half the
volume of the outstanding Treasury notes, to say nothing of the greenbacks and
gold certificates, and thus force a resort to sale of more bonds to replenish it, or the
Government would be forced to redeem only in silver, and when the fear of silver-
payments wrenched the nation’s credit, who can estimate the results of the actual
facts of such payments. The consummation of this policy would be surely taking
a long stride forward in our financial progress toward an exclusively silver basis.
The minority of your committee do not regard sporadic and fragmentary financial leg-
islation as wise. Our monetary system, so far as silver forms a part of it, ought either
to be let alone until the forces operating and that must continue to operate on other-
nations shall force them to a willingness to cooperate in proper and wise interna-
tional action fixing the relations of gold and silver in the monetary systems of the
world on a basis universally recognized and respected, and thus made stable and
permanent, or if this country is to act by and for itself alone, regardless of its rela-
tions to the commercial world, it should be by well-considered, conservative, and
844
comprehensive legislation simplifying and readjusting our entire monetary system;
and in the view ot the minority of your committee the passage of this bill would
be an obstacle in the way of the attainment of either of these ends.
M. N. Johnson-.
Charles Tracey.
Nelson Dingle y, Jr.
Michael D. Harter.
J. Frank Aldrich.
I. Rayner.
A. L. Hager.
Charles W. Stone.
[House Report 680, Fifty-tliird Congress, second session.]
TO PERMIT TAXATION OF UNITED STATES LEGAL-TENDER NOTES.
[To accompany H. R. 4826.]
The Committee on Banking and Currency, to whom was referred the bill (H. R.
432li) authorizing the taxation of the legal-tender notes of the United States, having-
had the same under consideration, respectfully submit the following report:
The purpose of this bill is to grant to the States and Territories the power to tax,
for State, Territorial, and municipal purposes, the United States legal-tender Treas-
ury notes. The evils which have suggested the passage of the bill are great and
apparent to all. They are too well known and too common to require specification
or recital in this report. The bill might properly be designated “A bill to prevent
the evasion of taxation by the use of the United States notes for that purpose.”
Congress, at the time of the authorization of the notes, commonly called green-
backs, provided that they should be exempt from local taxation. This statute,
amended at various times, has been kept in force up to this time. It was a simple
declaration of governmental policy, suggested, no doubt, by the conditions under
which these notes were issued. The Federal Government had but recently taxed
out of existence the circulating notes of State banks; there was serious objec-
tion to nnd prejudice against the new currency. Hence it was thought necessary
to guard it against the possibility of hostile State legislation. Those conditions
and objections have all long since passed away, aud every possible inducement or
motive for exempting this currency from local taxation has ceased to exist. Specie
payment has been resumed, and ample provision made for redemption in gold for all
such outstanding notes.
It is, however, urged, we believe, by some that having once established or declared
this policy with reference to this class of currency, we have become bound, as if by
contract, to guarantee its exemption so long as any of it remains in existence. The
case of Bank v. Supervisors (7 Wallace) has been cited in support of this conten-
tion, That case decides that Congress has by law exempted these notes from tax-
ation. That was the only question involved in the case, and of the correctness of
that decision no one expresses any doubt. A careful reading of that case, however,
will show that the court was clearly of the opinion that the whole matter was
within the discretion of Congress; certainly there is nothing in the case to justify
the conclusion that Congress having once declared its policy on the subject is per-
petually bound thereby . Judge Cooley, in his work on taxation, discussing this
subject, says :
“ It is perfectly well settled, however, that an exemption granted from motives of
State policy merely, and where the State and the citizen do not meet on a basis of
bargain and consideration, is to be deemed expressive only of the present will of the
State on the subject; and the law granting it, like laws in general, is subject to
modification or repeal in the legislative discretion, and it is immaterial that while it
continued in force parties have acted in reliance upon it.”
We think there is no doubt that the whole matter is within the power and discre-
tion of the Federal Government; and in view of the fact that this class of currency
is made the instrument and excuse for such and so much fraud, injustice, and inequal-
ity in local taxation, we think it is the duty of Congress to remove this inhibition
against the States and to subject this form of money to the same burdens and lia-
bilities that attach to gold and silver and all other kinds of currency.
The bill as proposed included the circulating notes of national-banking associa-
tions, but the committee was of opinion that these notes are not now by law exempt
from taxation, and that legislation with reference to them was unnecessary. They
have, therefore, proposed an amendment to the original bill and the title thereof so
as to make it read as follows, and recommend that the bill so amended pass:
845
“ A BILL to permit taxation of United States legal-tender notes.
“Be it enacted by the Senate and House of Representatives of the United States of America
in Conyress assembled, That no United States legal-tender notes circulating as cur-
rency shall be exempt from taxation under the authority of any State or Territory:
Provided, That any sucli taxation shall be exercised in the same manner and at the
same rate that any such State or Territory shall tax other money within its juris-
diction.
“Sec. 2. That the provisions of this act shall not be deemed or held to change exist-
ing laws in respect of the taxation of national banking associations. ”
VIEWS OF THE MINORITY.
The bill proposes to permit taxation of the United States legal-tender notes, for
State, Territorial, and municipal purposes. The fninority of the committee are of
the opinion that this power should not be conferred. These legal-tender notes are
now exempt from taxation by State and municipal authority by express provision
of law, and eveu if it had not been provided by law that they should be so exempt,
the courts of the country would undoubtedly hold that such notes, as credits of the
Government, are exempt from such taxation, and for reasons which apply, in the
opinion of the minority of the committee, with equal force against the passage of
any law authorizing their taxation by State and municipal authority.
The legal-tender notes of the United States are credits of the Government, and when
they were issued and put in circulation as money they were expressly exempted by
law from taxation by State and municipal authority. Even if it should be admitted
that it was not a part of the contract when these notes were issued that they should
bo exempt from taxation the minority of the committee are of the opinion that it
would be unwise for the Government of the United States to permit any State or
municipality to tax its credit.
Thos. J. Henderson.
M. Brosius.
Charles A. Russell.
Wm. M. Springer.
Nils P. Haugen.
Henry U. Johnson.
Tom L. Johnson.
846
VALUES OF FOREIGN COINS.
Treasury Department,
Bureau ok the Mint,
Washington, D. C., July 1, 1894.
Sir: In pursuance of the provisions of the act of October 1, 1890, I present in the
following table an estimate of the values of the standard coins of the nations of the
worl d :
Country.
Argentine Republic .
Austria-H ungary
Belgium .
Bolivia .
Brazil . .
British Possessions,
N or th A m e r i c a
(except Newfound-
land).
Central American
States —
Costa 'Rica- . .
Guatemala. . .
Honduras
Nicaragua . . .
Salvador
Chile
China
Colombia .
Cuba
Dm mark .
Ecuador . .
Egypt
Finland
Franco .
German Empire
Great Britain —
Greece.
Haiti ..
India ..
Italy...
■T apan . .
Liberia
Mexico .
Netherlands .
Newfoundland .
Norway
Peru
Portugal
Gold and sil-
ver.
Gold
Silver
Gold
Gold
Gold and
silver.
Gold
Gold
Gold a n d
silver.
Gold and
silver.
Silver
Gold a n d
silver.
Gold and
silver.*
Gold
Silver
Value
in
terms
of U. S.
gold
dollar.
$0. 96, 5
.20,3
.19,3
. 45, 7
Milreis . 54, 6
Dollar 1. 00
Gold and sil-
Peso
vor.
(Shanghai .
Silver
Tael.< llaik wan
((Customs).
Silver
Peso
Peso.
Crown .
Sucre..
Pound (100 pias-
ters).
Mark . .
Franc . .
Mark
round sterling.
Drachma
Gourde
Rupee
Lira
Ten
Dollar
Dollar
(Gold...
) Silver. .
Gold and sil-
ver.
Gold
Gold
Silver
Gold
Florin .
Dollar .
Crown .
Sol
Milreis.
* Gold the nominal standard. Sil\
.45,’
.91,2
.67,6
. <a,3
.45,7
.92,6
. 26, 8
. 45, 7
4. 94, 3
.19,3
. 19,3
.23,8
4. 86, 6.i
.19,3
.96,5
.21,7
.19,3
.99,7
.49,3
1.00
.49,7
. 10, 2
1.01,4
. 26, 8
. 45, 7
1.08
Coins.
Gold: argentine ($4.82,4) and 4 argen-
tine. Silver: peso and divisions.
Gold: former system— 4 florins
($1.92,9), 8 florins ($3.85,8), ducat
($2.28,7) and 4 ducats ($9.15,8).
Silver: 1 and 2 llorins.
Gold : present system — 20 crowns
($4.05,2) and 10 crowns ($2.02,6).
Gold: 10 and 20 francs. Silver: 5
francs.
Silver: boliviano and divisions.
Gold: 5, 10, and 20 milreis. Silver:
4, 1, and 2 milreis.
Silver : peso and divisions.
Gold: escudo ($1.82,4), doubloon
($4.56,1), and condor ($9.12,3). Sil-
ver : peso and divisions.
Gold: condor ($9.64,7) and double-
condor. Silver: peso.
Gold: doubloon ($5.01,7). Silver:peso.
Gold : 10 and 20 crowns.
Gold: condor ($9.64,7) and double-
condor. Silver : sucre and (li visions.
Gold: pound (100 piasters), 5, 10, 20,
and 50 piasters. Silver: 1,2,5,10,
and 20 piastc rs.
Gold: 20 marks ($3.85,9), 10 marks
($1.93).
Gold : 5, 10, 20, 50, and 100 francs. Sil-
ver: 5 francs.
Gold : 5, 10, and 20 marks.
Gold: sovereign (pound sterling) and
4 sovereign.
Gold: 5, 10, 20, 50, and 100 drachmas.
Silver : 5 drachmas.
Silver: gourde.
Gold: moliur ($7.10,5). Silver: rupee
and divisions.
Gold : 5, 10, 20, 50, and 100 lire. Silver:
5 lire.
Gold : 1, 2, 5, 10, and 20 yen.
Silver: yen.
Gold: dollar ($0.98,3), 24. 5, 10, and
20 dollars. Silver: dollar (or peso)
and divisions.
Gold: 10 florins. Silver: 4,1, and 24
tloi ins.
Gold: 2 dollars ($2.02,7).
Gold : 10 and 20 crowns.
Silver: sol and divisions.
Gold: 1, 2, 5, and 10 milreis.
er practically the standard.
847
VALUES OF FOREIGN COINS — continued.
Country.
Russia
Spain
Sweden
Switzerland
Tripoli
Turkey
Venezuela
Standard.
Monetary unit.
Value
in
terms
of U. S.
gold
dollar.
Coins.
$0. 77, 2
. 36, G
(Gold : imperial ($7.71,8), and £ impo-
Silver *
< rialf ($3.86).
(Silver: j, J, and 1 ruble.
Gold and sil-
ver.
Peseta
.10,3
Gold: 25 pesetas. Silver: 5 pesetas.
Gold
Crown
. 26, 8
Gold : 10 and 20 crowns.
Gold and sil-
ver.
Silver
Franc
Mahbuh of 20
piasters.
. lit 3
.41,3
Gold: 5, 10, 20, 50, and 100 francs.
Silver : 5 francs.
Gold
Piaster
.04,4
.19,3
Gold : 25, 50, 100, 250, and 500 piasters.
Gold: 5, 10, 20, 50, and 100 bolivars.
Silver: 5 bolivars.
Gold and sil-
ver.
Bolivar
* Silver the nominal standard. Paper the actual currency, tho depreciation of which is measured by
the gold standard.
t Coined since January 1, 1886. Old halfimperial=$3.98,6.
Respectfully, yours,
Hon. John G. Carlisle,
Secretary of the Treasury.
R. E. Preston,
Director of the Mint.
Treasury Department,
Office of the Secretary,
Washington, D. C., July 1, 1894.
Tho foregoing estimate, by the Director of the Mint, of the values of foreign coins,
I hereby proclaim to be the values of such coins in terms of the money of account
of the United States, to be followed in estimating the value of all foreign merchan-
dise exported to the United States on qr after July 1, 1894, expressed in any of such
metallic currencies.
J. G. Carlisle,
Secretary of the Treasury.
C
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